Avalanche platform built by Avalabs is a decentralized proof of stake blockchain, it allows users to create their multifunctional blockchain and dApps using the smart contract.
Avalanche blockchain is designed to solve older blockchain platform limitations like slow transaction speed, centralization, and scalability. It uses a unique consensus protocol promising high throughput capabilities, low latency, and resistance to attacks.
Avalanche uses solidity language for smart contracts that allow Ethereum's projects to easily migrate to the avalanche platform.
Features
Avalanche is EVM compatible that allows Ethereum or similar EVM-based blockchain to be easily run on the avalanche blockchain. According to the creators, the blockchain can handle the order of 4,500 transactions per second. In comparison with other blockchains 7 transactions/second for bitcoin and 14 transactions/second for Ethereum, it can also achieve finality in 3 seconds. This makes the platform more suitable for massive calling dAppas.
Avalanche Consensus
Avalanche uses a proof of stake consensus mechanism. In the POW system blockchain depends on miners to mine new blocks or validate the transaction, in POS (proof of stake) instead of setting up expensive mining equipment users need to stake AVAX tokens to qualify as Validators.
Avalanche's Workings
Avalanche is built with three interoperable blockchains: Contract Chain (C-Chain), Exchange Chain (X-Chain), and Platform Chain(P-Chain).
X Chain: It is used for the creation of new assets like fungible and non-fungible tokens. AVAX token will be used to collateralize the assets.
C Chain: It is an EVM implementation that is used for smart contract development and deployment. The platform also provides a bunch of tools for developers to easily migrate applications to Avalanche.
P-Chain: It is used for creating subnets and coordinating validators. It is also responsible for hosting network Defi features like staking protocols.
"Snowman" consensus is used by both P-Chain and C-Chain that provides security for smart contracts. X-Chain uses DAG optimized consensus a scalable and secure protocol for achieving finality in seconds.
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November 21, 2024 at 12:02 pm
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