Avalanche

Avalanche helps users deploy custom blockchain networks and build fast and low-cost decentralized apps (dApp) compatible with Solidity.

Overview

Avalanche is a decentralized blockchain network that uses AVAX, a hard-capped and scarce cryptocurrency asset, to facilitate peer-to-peer payments, ensure security through staking, and provide a basic unit of account. 

Avalanche provides individuals, app developers, enterprises, and governments with a secure and low-cost environment to build and run decentralized applications. Users can also create and deploy private or public blockchain networks without building from scratch.

Unlike older blockchain solutions, Avalanche uses validators and proof of stake (PoS), a consensus protocol to secure the network and confirm transactions in less than a second. Blockchain technology also supports the interoperability of blockchains, letting users transfer Avalanche and Ethereum assets between networks, seamlessly.

As a network of networks, Avalanche comprises three different blockchains. It distributes tasks between them to achieve optimal performance and decentralization.

The platform’s decentralized finance (DeFi) system enables anyone with an internet connection to access its financial products without worrying about any regulatory measures. In addition, Avalanche natively supports the creation of smart contracts and automatically executes the agreements without intermediaries.

Furthermore, the blockchain lets users create digital assets like non-fungal tokens, tokenize valuables and trade them on any NFTs marketplace. Avalanche also features an analytics tool (Avalanche Explorer) that allows people to search the platform for transactions, addresses and view all activities in real-time.

Product details

Avalanche uses AVAX as the native token to power the blockchain’s financial system. It provides a basic unit of account between subnets and enables decentralized digital payments at cheaper rates. Users can also stake their AVAX to validate and secure the network in return for rewards. The internet money is tradable with all the popular cryptocurrencies, including BTC (Bitcoin), ETH (Ethereum), BNB (Binance), and others. It’s also available across all the major exchanges.

Avalanche lets users create wallets in a few minutes, allowing them to be a part of the blockchain’s growing ecosystem. The simple, secure, non-custodial wallet enables users to manage their Avalanche accounts, store their Avalanche assets and carry out transactions seamlessly. The blockchain network currently supports and powers over 1.5 million wallets. Creating a wallet only requires a few mouse clicks, making the process pretty straightforward and intuitive. In addition, Avalanche uses a 24-word keyphrase to secure the wallets.

Avalanche’s decentralized financial (DeFi) system allows users to carry out financial transactions without third-party interference. It shields users from government regulations, institutional restrictions, middleman meddling, and KYC measures, allowing total control of their assets. The decentralized platform makes Avalanche financial products accessible to anyone with an internet connection, regardless of their background. It’s also transparent and fraud-proof since anyone can track market movements using a blockchain explorer. 

Avalanche provides users multiple options to access their wallets. They can recover their wallets using private keys, mnemonic key phrases, Keystore files, or ledgers. The private key is like a master password that enables someone to restore their wallets, and access all of its functionalities. The key phrase contains 24 words that let users regain control of their wallets. Using the Keystore file options allows them to get into their wallet by uploading a file, while the ledger option recovers the wallet by connecting to an HID device.

Avalanche contains three blockchains instead of one to keep the platform performing optimally and agile. It distributes tasks between the existing chains to achieve decentralization, security, and scalability. For example, the Exchange Chain (X-Chain) handles Avalanche assets transactions, generating fees in AVAX. At the same time, the Contract Chain (C-Chain) powers Avalanche’s smart contract capabilities and allows developers to build decentralized apps on the platform. But, the Platform Chain (P-chain) lets people create blockchains (subnets). It also manages the subnets and keeps track of validators.

Avalanche allows developers to build on its decentralized network and launch Ethereum dApps that can process 4,500 transactions per second, about two times higher than Visa. It enables Avalanche developers to build low-cost and eco-friendly Solidity-compatible dApps that can process and confirm transactions faster than any decentralized platform today. They can also build secured and intuitive decentralized exchange, safe and non-custodial lending solutions, and next-generation stablecoins. The blockchain platform empowers developers to build without limits.

Avalanche uses validators instead of miners to secure the platform and rewards them in return. The platform utilizes the energy-efficient proof of stake (PoS)—instead of proof of work (PoW) which requires users to solve mathematical puzzles—to prevent fraud and malicious attacks. It lets users run an Avalanche node, stake their AVAX, and earn up to 11% APY on staked AVAX without being at risk of slashing, unlike its peer networks. They can also set their fees for accepting delegations to their nodes. Also, staking on the platform doesn’t require special or high-priced equipment.

Avalanche allows users to create subnets and launch customized blockchains. As a result, institutions, enterprises, and governments can deploy private or public blockchain networks with features that fit their application needs. The customized subnets allow them complete control over their implementations with compliance, data security, and other rulesets built into them. This feature will enable users to own a blockchain network easily instead of building one from scratch, saving them stress and millions of dollars.

Avalanche lets users deploy smart contracts at a tenth of what it costs on Ethereum. The decentralized network is also the fastest smart contracts platform in the blockchain industry. A smart contract is a digital agreement that’s stored on a blockchain. It automatically executes when the parties meet the preset terms and conditions, eliminating human involvements and improving trust, transparency, and accountability. Smart contracts help organizations secure their transactions and speed up outcome execution.

Recap

Avalanche is a decentralized, open-source computing network powering the fastest smart contract blockchain network. It processes over 4,500 transactions per second, beating bitcoin’s seven TPS by a country mile. The platform’s transactional finality is less than two seconds, one of the lowest in the blockchain industry. Avalanche is immune to third-party inferences, and it's also open to everyone. The network also lets developers build on it.