All the things you need to know about Avalanche (AVAX) and why it is important.

WHAT IS AN AVALANCHE ANYWAY?

It is an advanced blockchain open-source platform to perform trading services and launch decentralized finance (De-fi) applications for primitive financial purposes.

The striking feature of Avalanche to note here is that it raised 42 million dollars in its token sale and not only that, it was sold out in less than 5 hours.

Hence it launched its main net just after 2 months of its token sale in September 2020.

To raise such an amount and create hype in the mainstream it must have some special and unique features let’s take a brief look at all of them:

1)STRONG BASE OF FOUNDERS

Emin Gun Sirer, co-founder at Ava labs is a computer scientist associated with decentralized networks and Bitcoin for a long time.

Fellow co-founders Kevin Sekniqi and Marfan “Ted” Yin are both associated with Cornell University and Ted is undertaking a PhD in computer science. The rest of the team is made up of finance, economics, and law experts hence it provides a strong base for trustworthy founders.

2) TRANSACTION SPEED

Bitcoin handles 7 transactions per second, Ethereum handles 14 transactions per second, here comes Avalanche that can handle a whopping 4500 transactions per second and achieve transaction finality in under 3 seconds. Due to this reason, it’s able to achieve massive scaling that could give competition to Visa.

3) INTEROPERABILITY

Avalanche is highly interoperable as it supports cross-chain value transfers. You may ask how Avalanche enables this? The answer is quite simple. By allowing the blockchain to communicate with each other within a subnet and between the subnets.

4) NETWORK SECURITY

It follows the proof of stake (PoS) protocol.

When users stake their coins, it rewards those users. PoS networks get vulnerable for their low attack cost.

Avalanche promises to solve this by changing governance to make it impossible for an attacker to easily gain the necessary consensus.

5)HOW TO BUY AVALANCHE (AVAX)

Avalanche has made its way to major exchanges like Huobi Global, OKEx, and Binance with its freely exchangeable token. Firstly a user needs to create its Binance account and load his or her wallet with one of Avalanche’s trading pairs for example Tether(USDT). Then after the confirmation of your deposit, you need to go over to the AVAX spot trading page. Right at the bottom, there is an order panel, from there the ‘Market tab’ has to be selected. You have to enter the amount of USDT that you wish to spend on AVAX. After being fully satisfied you need to click on the ‘BUY AVAX’ button at the best available price. Your AVAX would then be available in your exchange spot wallet. You are free to withdraw, trade, or invest with your AVAX.

The future for AVALANCHE holds glitters and gold with a layer-2 decentralized exchange platform. It would help in bringing a diverse array of interoperable systems to the platform. It also plans to allow for private smart contracts by adding a privacy-oriented virtual machine which is one of the most significant upgrades on the Avalanche road map. One more development that is being talked about is the ‘Apricot’ upgrade allowing a freeze and unfreeze function for token issuers. ‘Verifiable pruning’ is also an expected improvement in this area. Avalanche is highly inclusive because it allows stakers who have at least 2,000 AVAX to participate. Adding to its one more quality it allows its users to earn a passive income by stating their owned coins on the network.

Thus we can say that within less than a year Avalanche has skyrocketed with its fast-moving pace with a whole heap of development.