Many popular nowadays cryptocurrency is there someone. Although the largest cryptocurrency is Bitcoin (BTC), Ethereum (ETH) and many alternative altcoins bitcoin has come to compete with Among these altcoin projects, one stands out in particular: Avalanche and its cryptocurrency AVAX coin.
So what is AVAX coin? Is it worth buying AVAX coins? In this article, we will talk about the Avalanche project and the future of the AVAX coin.
What is AVAX Coin?
AVAX coin is the native cryptocurrency of Avalanche, which is considered among the best blockchain networks. It is a network where smart contracts and decentralized applications can be created on Avalanche. But in doing so, it provides a high level of security, scalability and decentralization. Thanks to its fast, low-cost and very secure structure, Avalanche has become a blockchain network preferred by many DeFi applications.
At the center of this network is the AVAX coin. Users stake AVAX coins to become validators on the network. Shown among the best cryptocurrencies, AVAX coin is also used for transactions such as creating smart contracts on the network.
What You Need to Know About AVAX
The Avalanche network and the AVAX coin are of interest to anyone interested in cryptocurrencies today. Let’s take a closer look at what you need to know about AVAX, which is considered among the leading Ethereum alternatives.
How Fast Is Avalanche?
Avalanche is one of the fastest blockchain networks. Bitcoin can process about 7 transactions per second, while this number is around 15 in Ethereum. Avalanche, on the other hand, can process around 4,500 transactions per second, thanks to its three-chain network architecture and the Snowflake consensus protocol.
Architecture of Avalanche Network
The Avalanche network actually consists of three separate blockchains: X-Chain (chain of exchange), P-Chain (platform chain) and C-chain (consensus chain). Thanks to this three-chain structure, the activities in the Avalanche network take place on separate planes both from the main network and from each other. Thus, high speed and security are ensured while avoiding network congestion.
What is Subnet?
One of the most important features of the Avalanche network is subnets, that is, subnets. Decentralized applications can create their own networks by creating subnets on the P-Chain. Thus, they can provide their users with much safer and faster transactions.
Avalanche validators also become subnet validators. This means that an unlimited number of subnets can be created even though there are a limited number of validators.
Consensus on the Avalanche Network: Snowman
Avalanche maximizes its scalability with its unique Snowman consensus protocol. This protocol allows Avalanche to separate from traditional Proof-of-Stake (PoS) networks. Because according to this protocol, the authority to reach consensus in the Avalanche network is in a randomly selected group among the validators. Random selection continues until the consensus threshold is exceeded. Upon reaching this threshold, transactions are added to the blockchain.
Users can stake AVAX coins to increase their chances of being selected into the validator group according to the Snowman protocol.
How Much is the AVAX Coin Supply?
AVAX coin is a cryptocurrency whose supply is limited to 720,000,000 coins. The AVAX coin market cap is over $5 billion at the time of this writing.
How to Get AVAX Coins?
The AVAX coin, which is among the best cryptocurrencies, can be bought and sold on cryptocurrency exchanges. It is also very easy to buy AVAX coins with Turkish lira in Turkey. You can make AVAX/TRY buy and sell transactions safely and easily on Bitlo. Serving its users since 2018, Bitlo lists over 70 cryptocurrencies.
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