Avalanche (AVAX)
Last Updated 27/08/2021
Official Website: https://www.avax.network/
What is Avalanche (AVAX)?
Avalanche (AVAX) is an open-sourced platform built by Ava Labs. It is a programmable network for decentralised finance (DeFi) projects, allowing users to build and implement their own custom multi-layered blockchains and decentralised applications (DApps).
Developers claim that Avalanche is the fastest smart-contracts platform in the blockchain industry. Measured by time-to-finality, the protocol’s consensus mechanism offers transfer finality in under 1 second, and has the most validators securing its activity of any proof-of-stake (PoS) protocol.
Avalanche is programmed around a three featured interoperable blockchain systems; the Exchange Chain (X-Chain), Contract Chain (C-Chain), and Platform Chain (P-Chain). All 3 blockchains are authenticated and secured by the Primary Network. In an overview, the X-Chain enables the creation of new digital assets and their instant exchange, while the C-Chain is the default smart contract blockchain and Avalanche's instance of their Ethereum Virtual Machine (EVM) implementation. The P-Chain analyses and stores blockchain metadata and is used for coordinating validators and maintaining subnets.
In their bid to revolutionise DeFi compatibility, Ava Labs are "investing heavily in grants to DeFi projects". One of these included a cross-chain Ethereum Bridge, the Avalanche Ethereum Bridge (AEB) which launched February 9th this year. It will act as a two-way token bridge which features seamless transfers between ERC-20 and ERC-721 tokens and the Avalanche ecosystem.
Via their multi-functional infrastructure, Avalanche are targeting smart contract innovative technologies and aims to be something of a global digital asset exchange. Three main areas for user development include:
• Building low-cost Solidity-compatible DApps
Users can deploy their own smart contract on Avalanche using Remix and MetaMask
• Developing customised and multi-functional blockchains
Create a new purpose-built private or public subnetwork, using their PoS mechanism
• Global Validator scalability with minimal hardware
Earn APY rewards on your staked AVAX through validating new application and asset launches
Team
Ava Labs and Avalanche was co-founded by a leadership team of three technologists, with an endless list of blockchain, technology and finance expert support and partnerships. For many, the collaboration between innovation and experience is what sets the platform apart in their vision to implement a global permissionless smart-contract ecosystem.
Amongst the founders is current CEO, Emin Gün Sirer. A Professor of Computer Science at Cornell university, the veteran computer engineer long associated with Bitcoin (BTC) and distributed networks has vast experience in leading protocols for on-chain and off-chain scaling.
Current Ava Labs President is John Wu, comes from a long-standing history of fintech investing, with notable prior experience as CEO of SharesPost Digital Assets Group. He also founded Sureview Capital and is driven in innovating private asset accessibility and utility.
Maofan "Ted" Yin is the corporation’s Chief Protocol Architect (CPA). A student from the University of Cornell with a Master of Science in Computer Science, Ted is motivated to find decentralised and consensus solutions. His earlier work has contributed to protocols at Facebook Libra and the Snow/Avalanche networks.
Roadmap
The Avalanche Roadmap details the platform’s biggest developments and feature releases.
Apricot Phase Three upgrade will activate on the Avalanche Mainnet 2 p.m. UTC on Tuesday, August 24th. Q4 will also mark the beginning of the Blueberry Upgrade, which enables subnets as the next driving force for the Avalanche ecosystem.
Q1 – Q2 2021
Avalanche Platform
50% Reduction in Transaction Fees
Improvement in C-Chain block indexing and API upgrades
Activates Ethereum Berlin Upgrade
New C-Chain Precompiles making Avalanche Native Tokens (ANTs) more powerful
Milestones
Avalanche-Ethereum Bridge (AEB) launched
Pangolin, largest decentralised exchange (DEX) on Avalanche, launched
$0 to ~$400M Total Value Locked (TVL) across the Avalanche platform
Avalanche reaches 950 validators processing transactions and helping secure the platform
Ava Labs Surpasses 100 Team Members
NFT Marketplace V1
Ecosystem
Global Exchange Listings (Phase 1)
Global Exchange Listings (Phase 2)
US Exchange Listings (Phase 1)
Q3 2021
Avalanche Platform
P-Chain Governance, Pruning and Fast Sync
C-Chain Fast Sync and Dynamic Fees Update
Milestones
Industry-first secure bridging architecture
Avalanche Wallet V5: Browser Extension
Consolidated wallet workflow
NFT Marketplace V2: NFT SDK
Ecosystem
Additional Global Exchange Listings (Phase 3)
Additional US Exchange Listings (Phase 2)
Q4 2021
Avalanche Platform
X-Chain Dynamic Fees and Fast Sync
Cross-subnet transfers, permissionless
Blueberry
Permissionless subnets, Cross-subnet transfers and validation rewards
Milestones
Avalanche Name Space
Avalanche Wallet V6
New Avalanche Bridge V4
Where to Store Avalanche (AVAX)
The Avalanche Wallet is a software wallet, which will allow you to store and stake your AVAX, the native token to the Avalanche blockchain. Users will also be able to use its feature to mint new NFT’s (non-fungible tokens), one of the platform’s biggest areas of focus and development. Alternatively, while few hardware wallets support AVAX, the Ledger Platform is a viable option. Download the Ledge Live software to enable wallets such as AVAX, to store your assets securely.
Trust Wallet is a mobile-app wallet and supports the Avalanche mainnet token AVAX. This option is available on both Andoid and iOS and requires users to create and securely store their own recovery phrase. AVAX can be stored on The Trust Wallet by using a simple 5 step process which is specified in our Wallet Guide here.
Where to Buy and Sell Avalanche (AVAX)
You can Buy & Sell Avalanche (AVAX) here at BC Bitcoin. You can Buy AVAX by heading over to the Buy Coins page of our website. AVAX is available on BC Bitcoin trading against major fiat currencies: GBP and EUR. Buying AVAX has never been easier, simply place your order and provide your wallet address. Once your payment arrives, AVAX will be sent directly to your wallet.
If you choose to Sell Avalanche (AVAX), you can send us the coins and receive a payment directly to your bank account. Details and a live valuation can be found on the Sell Coins page.
Avalanche (AVAX) Resources
Website: https://www.avax.network/
Ava Labs: https://www.avalabs.org/
Developer Documentation: https://docs.avax.network/
Block Explorer: https://avascan.info/
Twitter: https://twitter.com/avalancheavax
Disclaimer: The information provided in this article is intended for informational purposes only. It is the readers responsibility to complete their own research and due diligence.