Avalanche is often referred to as “Ethereum Killer”. The blockchain protocol rests on three different blockchains. A blockchain is used to create AVAX coins and process financial transactions (for which it uses a low-issuance proof-of-stake system).
Another blockchain deals with the participation process, and the third is directed at the smart contracts encoded in the “blockchain”.
What is Avalanche (AVAX)?
Avalanche is a platform for building smart contracts, decentralized applications, and custom and interoperable Blockchains.
The network was launched in 2020 by Ava Labs, comprised of Kevin Sekniqi, Maofan “Ted” Yin, and Emin Gün Sirer, with the aim of offering better scalability without compromising Blockchain decentralization and security.
Other objectives involved are to offer lower rates than other smart contract platforms, such as Ethereum, and to present a solution for interoperability between networks, with the possibility of creating subnets that share the security and speed of the main network of the Avalanche.
Its ecosystem has potential for expansion, with Aave and Sushiswap being great examples of some of the DeFi projects that already comprise it.
The platform’s main token is AVAX, used for network protection, fee payments, and as a base currency for subnets created on Avalanche.
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What can be done with Avalanche?
If you’re interested in building something on top of Avalanche, or if you’re just curious about what’s possible, be sure to check out our developers portal. There you’ll find all the resources you need to get started building on Avalanche.
In addition to being a platform for launching assets, Avalanche can also be used as a reliable source of data. With its decentralized nature, Avalanche is able to offer accurate and up-to-date information that can be used by institutions, businesses, and governments. This data can be used for things like market research, risk management, and more.
If you’re looking for a reliable source of data, Avalanche is definitely worth considering. We encourage you to check out our data explorer to see what kind of data is available on the network.
Avalanche allows the creation of smart contracts, which can be used to create a wide variety of services, such as Ethereum compatible DApps, but much faster and cheaper.
One of the key features of Avalanche is its support for smart contracts. Smart contracts on Avalanche can be used to create a wide variety of services, such as Ethereum compatible DApps, but much more. With the use of smart contracts, businesses and individuals can create their own custom applications on top of the Avalanche network.
This flexibility opens up a world of possibilities for what can be built on top of Avalanche. In addition to traditional DApps, we can see the creation of things like decentralized exchanges, stablecoins, synthetic assets, and much more. The sky is the limit when it comes to what can be created with smart contracts on Avalanche.
It is also possible to create custom Blockchains, whether public or private, with their own operating settings, which suit the needs of each developer. They are also interoperable, that is, capable of interacting with each other in the same ecosystem.
With this, the network benefits decentralized finance, with functionalities such as asset issuance, loans, decentralized exchanges (DEXs) and collection of NFTs.
In addition, institutions, companies and governments can also benefit from Avalanche’s resources, as it is a reliable platform to launch assets, build applications and subnets with complete data security.
See below what can also be done with your AVAX token: