Avalanche
Avalanche is the fastest, most reliable smart contracts platform in the world. The platform's revolutionary consensus protocol and novel subnets enable Web3 developers to easily launch highly-scalable solutions, deploy on the EVM, and use their own custom VM. Avalanche’s smart contracts platform supports both decentralized applications and autonomous blockchains. AVAX, the native token of the Avalanche platform, is used to power transactions in its ecosystem. AVAX serves as the means to distribute system rewards, participate in governance and facilitate transactions on the network by paying fees.
ABOUT AVALANCHE
Avalanche is an L1 network of blockchains that uses a proof-of-stake consensus algorithm called the Snowman Consensus Protocol.
The blockchain platform offers tools and features that allow users to launch decentralized applications.
The platform also has a suite of tools for creating financial assets and enables trading and the building of enterprise-scale financial solutions.
Avalanche is seen as an alternative to the Ethereum network. Its network features lower fees and faster transaction speeds than Ethereum’s.
Avalanche’s native token is AVAX, which is used to secure the network and pay transaction fees.
HOW AVAX WORKS
The Platform Chain (P-Chain).
The chain that coordinates validators, manages the network's staking mechanism, and allows users to create new L1s, which are groups of validators that work to achieve consensus.
The Contract Chain (C-Chain).
The chain that runs smart contracts.
The Exchange Chain (X-Chain).
The chain that allows users to create new assets and facilitates asset exchanges and cross-chain transfers.
AVAX FEATURES
Coin creation rate.
AVAX holders can control the rate of new coin creation by voting to adjust the amount of AVAX paid as a reward for adding a new block to the Avalanche blockchain.
Transaction fee structure.
Transaction processing costs vary depending on the type of transaction and Avalanche's network congestion.
Consensus mechanism.
Transactions on the Avalanche blockchain are confirmed using a unique method requiring many small, random subsets of network participants to confirm transactions before the transactions are finalized.
Participation incentives.
High uptime and fast response times can boost the amount of AVAX rewards a network participant can earn for processing AVAX transactions.