What is Avalanche (AVAX), Popular Cryptocurrency of the Last Days? How Does AVAX Work?

Avalanche (AVAX) It is the name of a blockchain project that provides infrastructure for different services such as decentralized finance applications (DeFi), digital assets, trading platforms. With the easy and powerful operation of the infrastructure offered by AVAX, anyone who wishes allows them to produce their own blockchain or digital asset and crypto money without having to develop any blockchain structure, without being tied to any center.

The Avalanche project was developed by Ava Labs and was launched in September 2020 under the leadership of Cornell University Professor Emin Gün Sirer, Ava Labs’ largest partner and executive of the project.

How Does Avalanche (AVAX) Work?

AVAX consists of three different chains in total. The most important link of this chain and the main chain, X-Chain (Chain of Change), is the main chain used when managing other digital assets on the blockchain, especially AVAX. The P-Chain (Platform Chain) represents the chain structure used to create subnets connected to the blockchain, as well as being a chain in the AVAX network that validates transactions and manages the underlying data on the network. The C-Chain (Contract Chain) creates the smart contract network of the AVAX network and is an Ethereum Virtual Machine implementation. This contract chain allows to be used like the Ethereum network.

The main chain of the network operates on a foundation called Proof of Stake, which can also be translated as “proof of stake”. Tuned specifically for the Avalanche blockchain, this consensus protocol offers some important and up-to-date technological solutions such as high scalability, decentralization, low latency and high instantaneous transaction capacity.

These features, which make AVAX unique, have made it much more popular in recent days. Developers can easily realize effective units for the crypto money world in a fast and reliable way using AVAX. Using AVAX, developers can single-handedly create and release any asset on the blockchain, up to a digital representation of any asset, and set the trading fundamentals and rules for that asset. The AVAX token appears as the base token of this blockchain network and is used as an in-house payment method. Users can also earn passive income by staking their coins.

“The maximum amount of AVAX coins in circulation is determined as 720.000.000.”

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