Hello dear friends,
The topic of today's article is the Avalanche Protocol, which has gotten great attention these days.
Let's get started.
Avalanche is an open, programmable smart contracts platform for decentralized applications. According to its developers, it is the fastest smart contracts platform in the blockchain industry, based on time to finality, and includes the most validators of any other proof-of-stake platform.
Avalanche is a decentralized platform that allows anyone to produce decentralized applications and multi-functional blockchains. Its developers raised $42 million only two months ago in a successful native token sale. Avalanche’s native token is called AVAX, which secures the Avalanche network via staking. Token holders can use it to pay fees and conduct peer-to-peer transactions. The network hopes to replace Wall Street's traditional role of building new financial foundations by providing a secure and scalable platform.
Avalanche Protocol is a software stack enabling you to deploy a smart contract between any parties you find suitable. The goal of the project is to allow smart contracts to be composed in any programming language, such as Solidity. It will have two programming interfaces: one for building smart contracts in JavaScript, and another for building smart contracts in C++.
The protocol is split into two layers:
Active state and Passive state.
The active state allows the system to be ready for users and the economy immediately while the passive state is a record of activities and information for the inactive state. Avalanche smart contracts run in a distributed consensus between 500 nodes, all simultaneously submitting for validation, thus the system is, as the developers explain, very fast and robust. It is able to process 25 million transactions a second.
It features the following benefits:
AVAX has the potential to be an incredible store of value. There are only a small number of projects which have the tokenomics to match Bitcoin. Avalanche tokens (AVAX) have a 1-year vesting schedule where 10% of their allocation was released on the main net launch, and then 22.5% is released every 3 months over a year. The tokens are used for various ecosystem-building initiatives, including marketing, bounties, incentive programs, and more.
Avalanche has more than 1,200 validators who can and will be rewarded for maintaining the platform for blockchain stability, security, and longevity.
Their expertly designed protocol ensures that each operation is secure and works as designed, building a trustworthy foundation for blockchain applications.
The project has been referred to as a “platform of platforms” by its developers. Uniquely, the protocol leverages three distinct blockchains to create an interoperable and trustless framework for developers to build upon. The network has demonstrated sub-second transaction times, putting it on par with the top payment processors in the world, such as VISA and PayPal. Avalanche is flexible in that you can program using multiple languages, including EVM and WASM.
Thursday, Avalanche said the sale of its cryptocurrency AVAX had reached **$230 **million in the private market. The token has made big gains following the news and is trading 12% higher over the last 48 hours. The company's blockchain platform provides relatively fast solutions for smart contracts as well as providing a platform to develop non-fungible tokens and decentralized finance applications. An investment from a group of private companies was seen as a vote of confidence by well-connected sources.
Avalanche leverages recent advances in cryptography, consensus algorithms, and decentralized systems to create a user-friendly and safe smart contracts platform that can be easily constructed, tested, deployed, and upgraded. We envision future versions of the platform to include: Increasing security & privacy in smart contracts, as well as multi-party computation and auditing of smart contracts. Increased flexibility & usability of blockchains. Increased transparency in blockchain projects. Upgrade of existing legacy and limited smart contracts platforms to more advanced capabilities. The possibility of testing and upgrading blockchain networks to advanced, secure protocols, while continuing to remain on-chain with the current system.
Smart contracts will make a big impact on our lives.
They have the potential to simplify many parts of our lives and automate them in a way that would make the world a much better place.
With the help of a secure, robust, and scalable smart contracts platform, we can reach our full potential as human beings and contribute to this world in a better way.
A new smart contract solution called the “Avalanche Protocol”, based on Ethereum’s popular Solidity programming language is now available for everyone. While using a smart contract platform is not necessary for every smart contract application, Avalanche could prove to be a very useful tool for applications that require zero user interaction and customization.
What’s your opinion on this new smart contract solution? Share in the comments section below!
Cheers!
Resources
https://learn.bybit.com/altcoins/what-is-avalanche-avax/
https://medium.com/avalanche-hub/why-avalanche-avax-has-the-potential-to-be-an-incredible-store-of-value-8ef6e68cbb60
https://www.fool.com/investing/2021/09/16/heres-why-avalanches-cryptocurrency-is-skyrocketin/
https://www.avax.network/
