Avalanche is an open-source smart contract platform for launching decentralized applications and enterprise blockchain deployments in an interoperable, highly scalable ecosystem. The Avalanche network was created by Ava Labs which was founded by Emin Gün Sirer, Kevin Sekniqi, and Maofan ‘Ted’ Yin. The Initial Coin Offering (ICO) for Avalanche’s native token (AVAX) was announced in June 2020 and the Avalanche Mainnet was launched in September 2020.
The core of Avalanche’s architecture features 3 built-in blockchains: the Exchange Chain (X-Chain), Platform Chain (P-Chain), and Contract Chain (C-Chain). All 3 blockchains are validated and secured by a special subnet named 'Primary Network' and all members of all custom subnets must also be members of the Primary Network.
The subnets are powered by Snowball and Avalanche Consensus. They are Proof-of-Stake (PoS) consensus algorithms where validator nodes repeatedly query each other to determine the validity of the network’s transactions until they reach a common decision. Users are required to stake AVAX to become transaction validators. Both P-Chain and C-Chain implement the Snowman consensus protocol of high-throughput, adapted for smart contracts, while the X-Chain utilizes the Avalanche consensus.
AVAX is the native token of Avalanche. Participants can become block-producers and validators by staking AVAX and are incentivized by staking rewards. Moreover, it provides a basic unit of account between the multiple subnets created on Avalanche.
The token has a maximum capped supply of 720 million tokens.
Scalability & Speed
The Avalanche platform is able to manage 4,500 transactions per second, allowing users to send transactions in under 1 second.
Avalanche does not require specialized hardware to achieve high-performance numbers of 4,500 transactions per second, making Avalanche nodes both green and economical.
High level of Security
Avalanche manages to maintain a high level of security without losing its characteristic of being highly decentralized.
The Contract Chain is the default smart contract blockchain on Avalanche. It enables the creation of Ethereum smart contracts and it is compatible with every existing EVM tooling. C-Chain implements the Snowman consensus protocol.
Minting ERC-20 Tokens
In addition to creating Ethereum DApps, Avalanche Network supports ERC-20 tokens issuance. The token is created on the Avalanche C-Chain and remains accessible to that chain. The smart contract language used is Solidity.
The Platform Chain coordinates network validators and tracks active subnets while allowing the creation of new subnets. Subnets are sets of validators providing consensus for custom blockchains. A block can be validated by only one subnet, but each subnet can validate multiple blocks. The P-Chain also uses the Snowman consensus protocol.
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