What is the Avalanche Blockchain (AVAX)?

The Avalanche Network (AVAX) plans to offer new features to its users. The platform specifically aims to evolve significantly, making it easier and more enjoyable to use. But what is the network? What are its peculiarities? Here are some answers.

What is the avalanche network (AVAX)?

Avalanche (AVAX) is a platform launched in 200 by Ava Labs. Compatible with smart contracts, it aims to provide a scalable blockchain solution, while maintaining decentralization and security. In addition, it focuses on cost reduction, transaction speed and eco-friendliness.

In recent years, Avalanche (AVAX) has become very popular. Like this Avalanche TVL’s valuation rose to $ 8.41 billion and continues to grow thanks to Avalanche’s decentralized applications (DApps).

With Avalanche, people can create an unlimited number of custom blockchains. However, there is one element to take into consideration: in order to operate a blockchain on Avalanche, you must have a subscription.

What is the Avalanche (AVAX) cryptocurrency for?

AVAX is a token that serves as a medium of exchange in the Avalanche ecosystem. It is exploited as a currency within the network to enable collect rewards, transact and to do many other things. Also, AVAX is used to secure the network. In short, users use AVAX to earn passive income on the network.

But why was AVAX created? To find out, you have to go back in time. When the Bitcoin blockchain was launched in 2009, it paved the way for the design and invention of the blockchains that followed it, including Ethereum (ETH). However, with the widespread use of non-fungible tokens (NFTs) and decentralized finance protocols (DeFi), technical limits of the blockchain’s original design have become more evident.

It is to remedy this situation that many companies, such as Ava Labs, are implementing new solutions. For example, the founders of Avalanche came up with this brilliant solution: creating the blockchain. Therefore, in September 2020, Ava Labs US launched the Avalanche blockchain after having it raised 6 million dollars in its funding round. His subsequent token sales – private and public – totaled $ 48 million.

Avalanche (AVAX) is a blockchain which, due to its characteristics, is useful and practical for cryptocurrency users. Its features allow its users to easily transact, create tools and do many other things. It should also be noted that its popularity is increasing, as is the value of the AVAX cryptocurrency.

Source: Cointelegraph

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