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Avalanche is a cryptocurrency and blockchain platform that competes with Ethereum. It has its own native token called AVAX, which is used within the blockchain for various purposes. The blockchain is designed to support smart contracts, similar to Ethereum, and offers fast transaction confirmation.
AVAX token plays a critical role in Avalanche Network. It is used to pay transaction fees and ensure the security of the network. It acts as the basic unit of account across different blockchains within the Network.
The platform boasts a high transaction capacity, capable of handling up to 4,500 transactions per second.
Since its launch in 2020, Avalanche aims to provide a fast, flexible, secure, affordable, and user-friendly experience. The best part is that Avalanche is an open-source project, meaning anyone can view its code and contribute to its development.
What is AVAX Coin?
AVAX coin is the native cryptocurrency of the Avalanche platform. It serves multiple purposes within the blockchain. It is used to secure the network and pay transaction fees across the entire network. The governance model of Avalanche determines the transaction fees and the rate at which AVAX coins are created.
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How Does Avalanche Work?
- Exchange Chain (X-Chain): This blockchain enables the creation and trading of digital assets, including cryptocurrencies. Transaction fees on the X-Chain are paid using AVAX coins.
- Platform Chain (P-Chain): P-Chain acts as a metadata platform that coordinates validators within Avalanche. It also facilitates the creation of new subnets, allowing developers to build their own blockchains.
- Contract Chain (C-Chain): C-Chain is a blockchain specifically designed for smart contracts. It utilizes the Ethereum Virtual Machine and is powered by Avalanche.
Avalanche consensus protocol and proof-of-stake system are used to verify transactions. The consensus protocol employs a process called repeated subsampling voting, where a random subset of validators is selected to verify transactions. These validators respond by accepting or rejecting the transaction.
Who is Emin Gun Sirer?
Emin Gün Sirer is a famous computer scientist, entrepreneur, and blockchain expert. He is a professor at Cornell University, co-founder and CEO of Ava Labs, and co-director of IC3. Emin Gun Sirer has made notable contributions to consensus protocols and is highly respected in the cryptocurrency community.
How to Get AVAX Coins?
AVAX coins can be obtained by trading on various cryptocurrency exchanges. If you wish to invest in Avalanche, you need to create an account on one of the exchanges where AVAX is listed. Some popular exchanges where you can find AVAX include Binance, OKX, BingX, and Bybit. Once you have an account on one of these exchanges, you can buy AVAX coins and start participating in the Avalanche ecosystem.
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