What Is Avalanche?
This blog post will cover:
- About Avalanche (AVAX)
- Where did Avalanche (AVAX) come from?
- What are the advantages of Avalanche (AVAX)?
- What are the disadvantages of Avalanche (AVAX)?
- How to buy Avalanche (AVAX)?
About Avalanche (AVAX)
Avalanche is a quick, cheap, and environmentally friendly ecosystem that allows the interaction of decentralized blockchains. Avalanche is known for its extraordinary scalability as well as the flash-like transaction speed of four and a half thousand transactions per second.
The project gives people a chance to make DApps and smart assets built on a rapid, private, and permissionless platform that also appears as a marketplace for decentralized finance users who have an opportunity to set up, sell, buy, swap and keep their funds. AVAX is a project’s native coin made for protection via staking, fees payment, and also delivering a basic currency unit between the few subnets started on Avalanche.
Where did Avalanche (AVAX) come from?
Avalanche was built on the mainnet in September 2020 by Ava Labs, located in Singapore. Since then, Avalanche has grown. More than 450 individual projects joined, over $118 million in AVAX burned and gained the trust of over 1.5 million community members all around the world.
Avalanche aims 3 wide use cases:
- Developing app-specific blockchains, covering private and public deployments.
- Generating and starting decentralized applications.
- Building arbitrarily complex digital assets with custom rules, covenants, and smart assets.
What are the advantages of Avalanche (AVAX)?
- One of a kind. The project has a truly exclusive technology. It managed to defeat competitors which usually face scalability troubles or lose a lot of functionality while scaling. Potentially, the Avalanche is infinitely scalable due to three compatible blockchains — X-Chain, C-Chain, and P-Chain.
- Fast and cheap. The main advantage is that the transaction speed is outstandingly higher compared to the other projects’. For now it’s 4,500 TPS.
What are the disadvantages of Avalanche (AVAX)?
- Too kind to intruders. Harmful activity doesn’t get penalized for mistakes or fraud. It is called “slashing”. Ethereum, for example, has at least thirty-two ETH required to be a network validator. It has a special slashing protocol for validators who break the rules. The official website of Avalanche states: “staked tokens are never at risk of slashing”.
- Too pricey. The AVAX may seem overpriced for smaller investors to purchase. Thus, it creates a narrow barrier to entry for the new crypto enthusiasts.
How to buy Avalanche (AVAX)?
Ready to become a part of Avalanche but not sure how to buy AVAX? Visit the SimpleSwap homepage. Follow our instructions to purchase your own AVAX:
- Choose the currency you want to exchange (e.g. BTC) in the first drop-down list. Enter the amount you would like to swap.
- Select AVAX in the second drop-down list. You will see the estimated amount that you will receive after the exchange.
- Click the Exchange button.
- Enter the Recipient's Address. AVAX will be sent to this address. Be careful and make sure you use the correct address.
- Create the exchange.
- You will see the Bitcoin deposit address. You need to transfer the necessary amount of BTC to this address to start the exchange.
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SimpleSwap reminds you that this article is provided for informational purposes only and does not provide investment advice. All purchases and cryptocurrency investments are your own responsibility.