Tuesday, November 30, 2021

What is Avalanche?

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The AVAX coin is used to secure the Avalanche network and create new networks on the platform.

On Avalanche, an open-source platform, users can work together with decentralized finance applications and corporate blockchains and create scalable applications. The main goal here is to allow developers at Avalanche to quickly create robust, reliable, and secure applications with complex rule sets and private blockchain networks or build applications on existing private or public subnets.

On the other hand, Avalanche states that it is the first smart contracts platform that can confirm transactions in under a second, supports the entire Ethereum development toolkit, and allows millions of independent validators to participate as a full block producer.

Also, it is stated that the Avalanche platform is highly reliable and even highly resistant to 51% attacks. In Avalanche architecture; consensus machines, virtual machines, chains, and subnets. Everything in Avalanche is designed as a subnet, and each chain operates as part of a subnet. Validators must be a member of the “Primary Network.” In the “Primary Network,” there is a chain: the platform chain, the exchange chain, and the contract chain.

The platform chain, called P-Chain, is the metadata chain on the Avalanche and coordinates validators, keeps track of active subnets, and allows new subnets. On the other hand, X-Chain is the default asset chain in Avalanche and provides new assets, the exchange of support among themselves, and transfers between subnets.

Finally, the contract chain is the default smart contract chain in Avalanche and enables Ethereum compatible smart contracts.

What is blockchain?

Imagine that you live in a primitive community that does not use money; instead of cash, they trade by swap. If you have ten pigs and sell them for one cow and take records that everyone can see, you can not sell the same ten pigs for something else to someone else. If youı do so, it can be seen, and people would be aware of your fraud in this sense. The blockchain system works more or less this way. Every transaction and exchange is taken as records so that online coins can have value, and no fraud can happen. All of the details are publicly available to everyone, and the people cannot change or take back the earlier transactions.

What is Cryptocurrency?

A cryptocurrency is a digital or virtual currency designed to work as a medium of exchange. It uses cryptography to secure and verify transactions and control new units of a particular cryptocurrency.

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