Avalanche (AVAX) is a cryptocurrency and blockchain project that works faster and cheaper in the cryptocurrency world and has a scalable structure.
What is Avalanche (AVAX)?
Avalanche has reached a serious market value that has quickly become widespread in the cryptocurrency world with both its processing speed and the technological infrastructure it uses.
The Avalanche project has received investments from several investment companies such as a16z, Polychain and Galaxy Digital. Avalanche project can have multiple blockchains built for different purposes on it. Subnets with specialized structures for projects are the most important scaling solution of the Avalanche ecosystem.
The Avalanche blockchain has been a preferred blockchain by many developers shortly after its release with its EVM supported chain structure. Low network transaction fees and the use of infrastructure similar to Ethereum have allowed many applications to integrate easily into the blockchain. In this sense, Avalanche offers an easy-to-use ecosystem for both users and developers. Avalanche has a favorable structure in many innovative areas, such as DeFi, NFT, and Metaverse.
Who are the founders of Avalanche (AVAX)?
The Avalanche (Avax) project is a Layer-1 blockchain project developed by Ava Labs in 2020. The foundations of the project, which managed to raise funds from many investment companies in the process of its development phase, date back to 2018.
The Avalanche Consensus Model, the innovative structure of the Avalanche project, was developed in 2018 by a team called Team Rocket. After the article published in 2018, articles by Emin Gün Sirer, Kevin Sekniqi, Maofan Yin, Robbert van Renesse were published describing the basics of the Avalanche blockchain and the project began development.
The Avalanche project is a blockchain developed by US-based Ava Labs. The team at Ava Labs includes important people in both the blockchain and cryptocurrency worlds. Within Ava Labs, Emin Gün Sirer is actively serving as CEO, Kevin Sekniqi COO, Chris Lavery CFO and Devon Ferreira CMO.
Emin Gün Sirer is a computer scientist of Turkish origin. After receiving his high school education at Robert College in Turkey, he won a scholarship from Princeton University in the USA and then worked as an associate professor at Cornell University and then as a professor at Cornell University.
How does Avalanche work?
The Avalanche blockchain has a customizable structure for many different projects with its multi-chain structure. The Avalanche blockchain base has 3 different chain structures and 1 customized scaling solution.
X-Chain is also called the exchange chain. This chain is used to create Avax coins and
other digital assets.
P-chain, or platform chain in other words, is used to be a validator on Avalanche and create subnets.
C-chain allows running smart contracts and applications on it with its EVM compliant structure within the Avalanche ecosystem.
Subnet allows the creation of subnets with different purposes and directions for scalability on the Avalanche network. Subnets are defined as a dynamic set of validators that work together to reach consensus on the state of a blockchain.
What Are the Benefits of Avalanche?
Avalanche has quite significant advantages over other blockchain projects. Some of the important advantages of the Avalanche blockchain are as follows:
- Perform fast and cheap transactions
- Easy application development with EVM compliance
- Customizable subnets
What Are the Disadvantages of Avalanche?
Although the Avalanche blockchain has quite competitive advantages, it has some disadvantages. These disadvantages are as follows:
- Structure prone to partial centralization
- Malicious or careless validators are never penalized by losing their AVAX
- Avalanche validators must stake 2,000 AVAX token
- Stiff competition from platforms like Ethereum
The Avalanche ecosystem makes it easy and simple to create applications for many developers, just like other EVM-enabled ecosystems. Within the Avalanche ecosystem, the presence of many platforms such as DEX increases the activity on the network. It is quite easy to carry out asset transfers with bridges established with other blockchains on the Avalanche network.
Avalanche also has a structure that can run its own chain for many projects with the subnet ecosystem. Subnets are blockchains designed according to the wishes of the projects and have a high TPS rate.
What are the projects in the Avalanche Network?
The Avalanche network has a structure conducive to token creation, just like on the Ethereum blockchain. There are many DeFi applications actively on the Avalanche network and applications that have an important place in the cryptocurrency world. Some of these applications and projects include:
- Dexalot (ALOT)
- Pangolin (PNG)
- Trader Joe’s (JOE)
- Play Crabada (CRA)
- Avalaunch (XAVA)