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What is Avalanche (AVAX)?
Avalanche – open source platform for launching decentralized applications, as well as deploying public and private blockchains in a single scalable ecosystem.
Avalanche consists of the main network (Primary Network) and an unlimited amount of subnet (Subnet).
In turn, the main network includes three blockchains:
- Platform chain (p-chain) It stores metadata, is responsible for the coordination of validators and monitors the subnets;
- Contract Chain (C-chain) allows you to create Ethereum-compatible smart contracts;
- Exchange Chain (X-CHINA) provides tools for data exchange between subnets, as well as the creation of interchangeable tokens and NFT .
Avalanche subnets are similar to L2-solutions for Ethereum and parachans in Polkadot, but with fully insulated blockchain states.
Any user Avalanche can create a subnet. To do this, you need to pay a commission in the amount of 0.01 AVAX.
All Avalanche Nodes must necessarily check transactions on the main network, and, if desired, in other subnets.
The creators of the subnets can include various parameters in them – run several blockchains and set their own requirements for validators like the obligatory passage of KYC/AML.
Who and when created Avalanche?
The first publication about Avalanche appeared on May 16, 2018. On this day, an anonymous group of developers Team Rocket published a Snowflake to Avalanche document: A Novel Metastable Consensus Protocol FOR CRYPTOCURENCIES on the official website of the IPFS Hypermedes.
A day later, Professor of Cornell University Emin Gyun Sirer commented on the publication on Twitter:
“Yesterday someone published this article on IPFS and several IRC channels. It describes a new family of consensus protocols, which combines the advantages of consensus Nakamoto with the best classic protocols. Huge breakthrough “.
In the same year, Emin Gyun Sirer, together with colleagues Kevin Sequin and Maofan Inem founded the company Ava Labs, the leading developer of the Avalanche platform.
In 2019, Ava Labs and Team Rocket published an updated version Snowflake to Avalanche called Scalable and Probabilistic Leaderless Bft Consensus Through Metastability. The company posted it on the site along with three White Paper: about token, stablecoins and Avalanche platform.
In 2020, Ava Labs attracted $ 12 million under private tokens and $ 42 million – as part of a public.
The launch of the main network Avalanche took place on September 21, 2020.
What consensus protocols do Avalanche use?
Avalanche Platform Whitepaper describes a family of consensus protocols called Snow*. It includes three consensus mechanisms: Avalanche, Snowman and Frosty.
To date, the project team has implemented Snowman In blockchains P-chain and c-chain, and Avalanche -On the Network X-CHAIN. Frosty Located in development.
Protocol Avalanche Uses the concept of a directed acyclic graph (Directed Acyclic Graph, Dag), which allows the network to process transactions in parallel.
To determine the reality of transactions, the validators send each other requests randomly. Additional confirmations are not required.
AT Avalanche No blocks: the protocol operates with parental transactions – peaks (Vertices). They allow validators to combine transactions into voting groups. The confirmation process takes place in stages throughout the series of rounds.
Snowman Created at the base Avalanche, but streamlines transactions linearly and creates blocks instead of peaks. This is necessary to work with smart contracts and increase the capacity of the network.
How does Avalanche protocol work?
In the Avalanche Hub blog, the author under the pseudonym SEQ explains the process of confirmation or deviation of transactions using the example of a collective choice of yellow or blue color by the nodes of the network.
Nodes choose color, and then interview each other. If the decision of the node differs from the position of the majority, it changes the decision.
The node selects the yellow color and directs the requests to five random nodes (in the figure are highlighted in red rings). Most of them are blue, so the sender changes color.
This interaction occurs in stages until all nodes are painted in one color.
The time of receiving answers is limited. This allows you to weed out nodes that create a large delay.
The algorithm defines the nodes randomly, however, the chance to participate in the testing of transactions increases with an increase in the number of Avalanche tokens in stakeing.
A more detailed description of the Avalanche consensus algorithm is in the Russian -speaking blog of the AVA Russia project.
What role in the ecosystem plays AVAX?
Avalanche (AVAX) – Native Token Platform with emission 720 million. The protocol burns all transaction commissions, which makes AVAX a deflation asset.
Token can be used:
- for stakeing with an annual yield of 11%;
- payments of commissions;
- calculations in the subnets Avalanche.
How to become a validator Avalanche?
Requirements for network validators:
- Stayiking tokens: 2000 AVAX in P-CHAIN;
- Hardware: 8 Core CPU >= 2 GHz; RAM: 16 GB; 200 GB of free space on the disk;
- software:Avalanchego from Ava Labs;
- operating system: Ubuntu >= 18.04 or Mac OS X >= Catalina;
- Internet connection: IPV4 or IPV6 with an open public port, throughput of at least 30 Mbit/s.
To work with the node, you can use the Avalanche Wallet web wallet. It also allows you to connect the node or delegate funds to other network validators.
Instructions for installing the node of the validator – in the Russian -speaking blog of the AVA Russia project.
How to delegate funds in Avalanche Wallet?
Steiking tokens should be in P-chain. If they are stored in C-chin or X-CHINA, open Avalanche Wallet, go to the tab Earn And make a cross-section.
Make sure the node is synchronized with the Avalanche network. After that, add it to the wallet – specify the identifier of the node in the field Node ID.
In the tab Delegate You can delegate the funds to the third -party validator: select the Node ID identifier, and then indicate the amount and period of stakeing.
Remember that the period of delegation should not exceed the value in the field End Time.
How to add Avalanche to Metamask?
Go to the wallet settings, select the item in the menu Network And press the button Add the network. Fill in the fields:
- Network name – Avalanche Network;
- New RPC URL – https: // API.AVAX.Network/Ext/BC/C/RPC;
- Chain identifier – 43114;
- Currency symbol – AVAX;
- URL-address of the conductor of the block – https: // Snowtrace.Io/.
Press the button Save. In the Avalanche reference materials, you can see a detailed Metamask connection instructions and the current list of supported wallets.
The second way is to use the Chainlist service. Press the button Connect Wallet, Enter the Avalanche Mainnet in the search bar and approve the addition of the network in the Metamask window.
How Avalanche develops?
According to the analytical service of Defi Llama, more than $ 13 billion was blocked in decentralized protocols based on Avalanche. The three leaders include the AAVE and Как майнинг влияет Benqi landing platforms, as well as Dex Trader Joe.
On the day of starting the main network of crypto -rope, Binance added AVAX support. Currently, the token is traded on Coinbase, Huobi, OKEX, BITFINEX and other exchanges.
In July 2021, the non -profit organization Avalanche Foundation, which oversees the development of the Avalanche ecosystem, attracted $ 230 million during the private sale of AVAX tokens.
In early November, Avalanche Foundation announced the launch of the Blizzard Foundation for $ 200 million. The organization will direct this money to support innovations in the ecosystem of the platform. The Fund was invested in Polychain Capital, Three Arrows Capital, Dragonfly Capital and CMS Holdings.
On November 16, the head of Ava Labs Emin Gyun Sirer announced the conclusion of partnership with the audit company Deloitte. As part of cooperation, the parties will launch the Close as You go cloud platform, focused on the aid of the victims during natural disasters.
On November 18, 21SHares announced the listing of an exchange product (ETP) based on Avalanche token. Since November 19, it has been trading at the largest Six Six Swiss Exchange Switzer Stock Exchange.
On November 24, AVAX was included in the top 10 rating of the CoinmarketCap market capitalization with a value of more than $ 24 billion.