With cryptocurrency heading in a direction that’s nowhere but up, we’re now at a phase where several options exist. Not just for coins and currencies but also for platforms.
In this post, we’ll be looking at AVAX, also known as Avalanche, the up-and-coming Defi Blockchain.
What is AVAX?
Avalanche, abbreviated as AVAX is a blockchain platform that’s capable of smart contracts. It focuses on fast and efficient transactions, low costs, and being as eco-friendly as possible—with the latter being very important considering how people are becoming more aware of how much cryptocurrency affects the environment.
But what makes it different from other blockchain platforms? Aside from the fact that it’s an alternative for many, Avalanche aims to be one of the most frequented platforms that can deliver a highly scalable blockchain that doesn’t compromise when it comes to security and decentralization, the two most important aspects of crypto-trading.
When Did AVAX begin?
Avalanche began in the headquarters of Ava Labs in Singapore in 2019 when Dr. Emin Gun Sirer came up with the idea. The pitched idea was to create a proprietary proof-of-stake blockchain compatible with Ethereum.
They began working on the codebase for the platform in March of 2020. They started on the AVA codebase called AVA DAP or Developer Accelerator Program for the consensus protocol. In September of the same year, they released their native coin called Avax.
How Does AVAX work?
Unlike the slow and costly transactions common in platforms like how Bitcoin uses Proof of Work consensus and how validating it is resource-intensive, AVAX uses a unique Proof of Stake mechanism.
Aside from how it operates, Avalanche isn’t that different when you compare it to other platforms in terms of the user interface. Avalanche has a trusted wallet for the avalanche mobile app, but it can also be accessed on personal computers.
Should I Use AVAX?
People’s opinions are divided when it comes to using AVAX as it’s a relatively new platform, and years ago, this would’ve been just another ambitious project. Still, today it’s looking to be one of the more successful blockchain platforms.
It’s live hosting a growing community that has invested more than $230 million in its ecosystem’s fund after being founded in 2019. However, the coin isn’t doing particularly well—with it shooting up by 14% and dropping 13% the day after, becoming a trend in its value. With this volatility in mind, there isn’t any guarantee at all.
What Do Experts Say About AVAX?
With global corporations like Mastercard and Deloitte partnering with the Ava Labs research team, Avalanche seems to be a stable enough platform that crypto-enthusiast trust. Mastercard selected them as one of several invited to join the Mastercard Start Path Crypto.
With this in mind, doing your own research and coming up with your own decision before using the platform is still very important.
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