Popular altcoin project Avalanche (AVAX) has been rising strong in recent days. Cryptocurrency has recorded a 110 percent increase in a week. Defi protocol has tripled its price from a monthly low of $9.34. AVAX has become the second biggest winner in the crypto market due to the recent massive increase. The current price increase is attributed to the recent announcement of a $180 million “liquidity mining incentive program” to help the protocol scale to new heights.
Titled “Avalanche Rush,” the incentive program is tuned to help the network attract more Defi protocols to its platform, starting with the top DEfi protocols AAVE and CURVE. So what is the notable cryptocurrency project Avalanche (AVAX)? cryptocoin.com We researched Avalanche (AVAX) for you, let’s examine the project together…
What is Avalanche (AVAX)?
Avalanche is an umbrella platform for launching decentralized finance (DeFi) applications, financial assets, trading and other services. It aims to be a global asset exchange that allows anyone to issue or trade any form of asset and control it in a decentralized manner using smart contracts and other cutting-edge technologies.
Ava Labs developers claim that Avalanche is the first smart contracts network to offer sub-second transaction settlement as standard. Avalanche launched its mainnet in September 2020. The native token of the platform, AVAX, performs various tasks within Avalanche and also functions as a reward and payment system for users.
Who are the founders of Avalanche?
Ava Labs has three co-founders, among them Emin Gün Sirer, a senior computer scientist who has long been associated with Bitcoin (BTC) and decentralized networks. Sirer has long been interested in Bitcoin scaling, and Avalanche Consensus is a direct follow-up to this research, allowing for significantly higher transaction volumes than Bitcoin and competing with the likes of Visa.
Like Sirer, co-founders Kevin Sekniqi and Maofan “Ted” Yin are also associated with Cornell University. Sirer is an advisor to Yin, who is currently pursuing a PhD in computer science. The rest of the team consists of computer science, economics, finance and legal experts.
What makes Avalanche unique?
Avalanche provides decentralized asset trading that anyone can initiate and use, and it does so with a unique network in the digital realm to provide sub-second transaction confirmations. The developers aim to allow unhindered access by bringing together the huge, fragmented and often incomprehensible world of asset trading under one roof.
Developers can create and release any asset, from Blockchain to digital representations of any asset, allowing them to trade according to any given parameter. These include, for example, imitating compliance regulations in various jurisdictions. The AVAX token constitutes the in-house payment method for Avalanche and is used for incentives and related purposes as well as fee collection during transactions. Users can also earn passive income by staking their coins on the network.
How many Avalanche (AVAX) coins are in circulation?
AVAX has a limited supply of maximum 720,000,000 (720 million) coins. The Genesis block contained half of that supply. The other half will be released according to an emissions curve detailed in the Avalanche whitepaper. A key difference in Bitcoin emission, which is immutable, is that the AVAX issuance rate can be changed by community consensus. The supply cannot be changed; The only thing that could differ from the consensus is the rate at which the supply limit is reached.
Unlike Bitcoin and many other networks, transaction fees are “burned” to increase token scarcity. This process is offset by the issuance or “printing” of new cryptocurrencies. Transaction fees vary depending on the type of transaction the AVAX transaction is processing on the Avalanche network.
How secure is the Avalanche network?
Avalanche is a Proof-of-Stake (PoS) protocol that rewards users for staking coins. PoS networks have come under fire for their low attack costs, which in some cases exposed serious vulnerabilities. According to Ava Labs, Avalanche solves this problem by changing management to make it nearly impossible for an attacker to secretly gain the necessary consensus.
Where can you buy Avalanche (AVAX)?
AVAX is a freely exchangeable token and has entered major exchanges including Binance, OKEx, and Huobi Global.
How and where to buy Avalanche (AVAX)?
AVAX is listed on a number of cryptocurrency exchanges, unlike other major cryptocurrencies, it cannot be purchased directly with fiat money. However, you can still easily buy this coin by buying Bitcoin, ETH, USDT from any major exchange and then transferring it to the exchange that offers exchanges for that coin.
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