Cryptoworld review#2: Avalanche (AVAX)
Avalanche is a platform for decentralized applications and custom blockchain networks. It aims to have a higher transaction output of up to 6,500 transactions per second while not compromising scalability. Avalanche has a unique architecture and it consists of three individual blockchains:
- the X-Chain, used to send and receive funds on the Avalanche network, which is the X-Chain’s only function.
- the C-Chain, used for decentralized finance, as it is the chain used for smart contract and DeFi apps.
- the P-Chain, used for staking AVAX and facilitating validator activities.
Every blockchain has a different purpose and uses different consensus mechanisms based on their use cases.
Avalanche supports standard Solidity-based smart contracts through the Ethereum virtual machine (EVM), but the platform will support a richer and more powerful set of smart contract tools. After its mainnet launch in 2020, Avalanche has worked on developing its own ecosystem of Dapps and DeFi and other Ethereum based platforms like TrueUSD and Sushiswap have integrated with it. According to the White Paper, the total supply is set at 720,000,000 tokens, with 360,000,000 tokens available on mainnet launch.
Avalanche was founded in 2018 by Cornell University professor Emin Gün Sirer, Cornell University computer science PhD’s Kevin Sekniqi and Maofan “Ted” Yin. The most notable member of the team is co-founder Emin Gun Sirer, who has been teaching at the prestigious Cornell University in Ithaca, New York for over 20 years. Furthermore he has designed a conceptual peer-to-peer virtual currency six years before the release of the Bitcoin whitepaper. Now Avalanche is developed by Ava Labs, headquartered in Brooklyn, New York.
The company has received funding from Andreessen Horowitz, Initialized Capital, and Polychain Capital, with angel investments from Balaji Srinivasan and Naval Ravikant.
Avalanche already collaborates with Mastercard. One of Ava Labs’ primary goals is to apply crypto-based innovations to traditional businesses. By blending these two worlds, Ava Labs thinks it can make everyday transactions such as paying for coffee or even buying a house cheaper and easier.
“Working with Mastercard gives us the opportunity to bring the benefits of the blockchain to regular consumers,” Ava Labs president John Wu said. Furthermore Avalanche started a partnership with Deloitte to improve U.S. disaster-relief funding.
Avalanche has a position on Coinmarketcap oscillating between the tenth and the twentieth place of the most capitalized coins.
A winner is a dreamer who never gives up.
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