Bittime - Australia and New Zealand Banking Group (ANZ) together with Chainlink have just announced the successful trial of cross-blockchain tokenized asset transfers, namely between Avalanche and Ethereum. This opens up the potential for tokenization on the Avalanche blockchain.
This trial aims to demonstrate cross-blockchain interoperability (ability to work together) using the Cross-Chain Interoperability Protocol (CCIP).
With CCIP, tokenized assets, for example digital currencies that represent real assets, can move between different blockchain networks.
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ANZ and Chainlink want to demonstrate that tokenized assets can be accessed, traded and completed using other digital currencies on various blockchain networks.
The scheme used is Delivery vs. Payment (DvP), a standard method in traditional trading.
Testing was carried out in a testnet environment. Here are the steps:
- ANZ customers purchase the NZ$DC stablecoin (a digital currency whose value is pegged to a real currency) issued on the Avalanche blockchain via ANZ's Digital Asset Services platform.
- Customers then purchase tokenized assets representing Australia's natural resources. These assets are issued as NFTs (Non-Fungible Tokens) with the value pegged to the A$DC (ANZ-issued) stablecoin on the Ethereum network.
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Impact and Hope for the Future
Last year, Avalanche collaborated with Amazon Web Services (AWS) to attract more companies, institutions, and governments to use blockchain. This collaboration between ANZ and Chainlink can increase investor confidence in Avalanche.
ANZ's Anurag Soin emphasized the importance of Avalanche's Evergreen Subnet technology. This subnet allows financial institutions such as ANZ to develop new applications and business strategies.
The success of this trial is expected to fuel the growth of the tokenization and Decentralized Finance (DeFi) sector on Avalanche.
The next step is to implement this solution on the main network (mainnet). It is hoped that ANZ and Chainlink can expand their functionality to facilitate cross-blockchain communication for various use cases.
The price of AVAX, Avalanche's native token, is on the rise. In the past week it rose 22% and is expected to reach $71 by the end of this year. Crypto market players show confidence in AVAX because its technology is increasingly applicable in the traditional financial sector (TradFi).
Getting to Know Avalanche (AVAX)
After discussing the successful cross-blockchain tokenized asset transfer trial carried out by ANZ and Chainlink on the Avalanche network, let's get to know more about Avalanche (AVAX).
Avalanche Unique Features
Avalanche offers a smart contract platform that supports the development of autonomous decentralized applications (dApps) and blockchain. Here are some of the features that make Avalanche unique:
AVAX Supply Restrictions
The maximum amount of AVAX in circulation is limited to 720 million tokens. However, the speed of new token production is controlled by AVAX users through voting. AVAX holders can determine the amount of AVAX given in exchange for adding new blocks to the Avalanche blockchain.
Transaction Fee Structure
Transaction fees on Avalanche vary depending on the type of transaction and level of network congestion. All transaction fees are burned (removed from circulation), so that the AVAX supply becomes smaller over time.
AVAX users can also vote to determine transaction fees, so AVAX fees fluctuate.
Consensus Mechanism
Confirmation of transactions on the Avalanche blockchain uses a unique method involving many small, random sub-groups of network participants. This sub-group then confirms the transaction before the transaction is completed.
Participation Incentives
The higher the uptime and network response speed, the greater the potential AVAX income that network participants can obtain through validating AVAX transactions.
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Proof-of-Stake in the Heart of Avalanche
Avalanche generally uses a proof-of-stake mechanism. AVAX holders need to stake, that is, lock their AVAX (not trade or sell) to gain the right to validate AVAX transactions.
AVAX holders with the largest amount of staking and active participation as validators have a higher chance of being selected in the Avalanche block creation process. Additionally, ownership of AVAX tokens is also required to participate in voting on Avalanche's governance proposals.
With successful cross-blockchain trials and a variety of interesting features, Avalanche is increasingly attracting the attention of investors and blockchain application developers.
How to Buy Avalanche (AVAX) on Bittime
You can buy and sell Avalanche (AVAX) in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
Avalanche (AVAX) is available on Bittime with the market pair AVAX/IDR. To be able to buy AVAX IDR at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn the complete guide on how to buy Avalanche (AVAX) on Bittime.
Monitor the price chart movements of Avalanche (AVAX), Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also Read:
Avalanche (AVAX) Price Prediction in 2024
How to Stake Avalanche (AVAX), Follow the Tutorial!
Unlocking the Potential of AVAX and the Thriving Avalanche Ecosystem
Avalanche (AVAX) Price Soars After Durango Upgrade
DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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