Avalanche Token (AVAX) has lately received lots of attention from the community due to its highly applicable platform. The product roadmap has frequently been developed and expanded to achieve new goals. To help everyone have a better look at AVAX, VNDC takes a deep dive into Avalanche, the fastest smart contracts platform in the blockchain industry.
About Avalanche platform
What is Avalanche?
Avalanche is an open-source platform for launching decentralized finance (DeFi) applications, financial products, transactions, and other services.
Avalanche aims to become a global exchange, allowing anyone to launch a DApp, trade any asset, and control it in a decentralized way by using smart contracts and other advanced technologies.
Avalanche launched its blockchain in September 2020. The developers claim that Avalanche will be the first smart contract to complete a transaction in less than a second.
- CEO – Emin Gün Sirer: He is a professor of computer science at Cornell University, focusing on operating systems, networks, and distributed networks known for the success of the research and implementation of the first cryptocurrency using Proof-of-Work (PoW) for minting. In addition, he is the co-director of the initiative on Cryptocurrencies and Smart Contracts (IC3).
- Chairman – John Wu: 20 years in Fintech, now working as a CEO of SharesPost Digital Assets Group, technology investor in companies like Tiger, Management, Kingdon Capital, and Sureview Capital.
- CPA – Maofan “Ted” Yin: Design and build realistic distributed systems that address issues such as fault tolerance, consensus inefficiencies,…
- COO – Kevin Sekniqui: Ph.D. candidate in Computer Science at Cornell, studying distributed systems, cryptography, security, and economics. He had very successful researches on software at prominent organizations such as Microsoft, NASA JPL.
In addition, the Avalanche project is also advised by Maureen O’Hara – a professor of finance at the Johnson School of Management, Cornell University, and Adam Kravetz – the executive director of ETF Market Making and Arbitrage.
How does Avalanche work?
Avalanche allows financial networks to connect to a common platform, making it easy to launch dApps and trade digital assets. This is possible because Avalanche creates a platform of the platform, which contains thousands of different subnets depending on the user’s intent. Those subnets can connect to create a global marketplace.
Avalanche blockchain platform uses Proof of Stake algorithm with “Snow Protocol” inspired by the Gossip Algorithms. This overcomes Nakamoto’s algorithm and the traditional ones.
- Decentralized Finance: Avalanche is fully compatible with Ethereum assets, applications, and tools with faster speeds, higher throughput, and lower fees. Avalanche currently provides DeFi solutions, including asset issuance, AMM (automatic market maker), borrowing and lending platform, DEX, peer-to-peer payment, prediction market, stablecoins.
- Solutions for organizations, businesses, and governments: Avalanche is the best verifiable platform for organizations, businesses, and governments. Organizations can launch content, build apps, and create subnets with complete control over deployment with data security and other rule sets built into the platform.
- NFT: Avalanche allows minting NFT coins in seconds with low fees. NFT helps to digitally prove ownership and streamline the value stream, helping to create and share artwork and collectibles.
- High speed and Scalability: The transaction processing speed allows Avalanche to handle thousands of transactions per second, making it compatible with thousands of validators without sacrificing performance.
- Security: Avalanche ensures confidentiality and safety.
- Multi-blockchain support: Avalanche supports smart contracts created and used by Solidity and Ethereum-based tools like Remix or Metamask. In particular, users can also create their own public or private blockchains.
- Support for a variety of assets: Avalanche supports the creation and trading of a variety of complex financial assets such as capital, stocks, debt, real estate,…
About Avalanche Token (AVAX)
What is AVAX?
AVAX is the native token of Avalanche, which performs various tasks within Avalanche’s protocols and also functions as a payment and reward system for users. AVAX can be used for the following purposes:
- Payment: All operations deployed on Avalanche sub-networks need to be paid in AVAX.
- Staking: Participants need to stake at least 2000 AVAX to become validators or block creators in Avalance.
- Name: Avalanche Token
- Symbol: AVAX
- Platform: Avalance
- Smart Contract Address: FvwEAhmxKfeiG8SnEvq42hc6whRyY3EFYAvebMqDNDGCgxN5Z
- Type: Utility, Governance
AVAX has a max supply of 720,000,000 AVAX, with the following allocation:
- Community and developer funding: 7%.
- Partners: 5%
- Seed Sale: 2.5%
- Private Sale: 3/64%.
- Public Sale: 10%.
- Team: 10%
- Airdrop: 2.5%
- Founder: 9.36%
- Staking reward: 50%
AVAX’s full roadmap: https://www.avax.network/roadmap
Trading AVAX on VNDC Wallet
AVAX has been listed on VNDC Wallet, allowing users to monitor price movements and conduct research and investment activities. To get started, go to the VNDC Wallet app and find AVAX in the portfolio. Select the Exchange feature to convert from VNDC to AVAX and vice versa.