Avalance AVAX
| What is Avalanche? Avalanche is a decentralized, open-source ( meaning anyone can view and contribute to it ) proof of stake blockchain with smart contract functionality. AVAX is the native cryptocurrency of the platform. It combines scaling capabilities and quick confirmation times through its Avalanche Consensus Protocol. It can process 4,500 TPS (transactions per second). AVAX is used in staking, which is a term for pledging crypto, in this case AVAX, to participate in the validation process and help secure the blockchain. Avalanche isn’t only for DeFi, though. Ava Labs financially supports metaverse investments in the network, too, with the idea being that a fast and cheap network could effortlessly support blockchain-based games and virtual worlds. How many are there? The maximum supply of AVAX is capped at 720 million tokens, but AVAX users govern how fast new coins are minted. AVAX holders can control the rate of new coin creation by voting to adjust the amount of AVAX that is paid as a reward for adding a new block to the Avalanche blockchain. Who Built Avalanche? Avalanche’s development is led by New York-based Ava Labs, which was co-founded by Emin Gün Sirer, a computer science professor at Cornell University, Kevin Sekniqi, a Ph.D. student, and Maofan “Ted” Yin, who wrote the protocol used in Facebook’s ill-fated digital currency project Libra. |