As previously covered by Coin Rivet, Avalanche is one of the first smart contracts platform that confirms transactions in less than one second, while enabling millions of validators to participate as full block-producing nodes.
The platform’s token, AVAX, is used to secure the network through staking as well as to pay for operational fees.
“Monday will mark the beginning of a new era for cryptocurrencies, blockchains, and decentralised applications,” says Emin Gün Sirer, Co-Founder and CEO of Ava Labs. “Avalanche is the first major breakthrough in our space since Satoshi’s leap forward, and we intend to follow in their footsteps to have the same, defining impact as we stand on the cusp of a new decade.”
In addition to supporting rapid transactions, Avalanche is capable of throughput orders of magnitude greater than existing blockchain networks (4,500+ transactions/second on low hardware), and security thresholds well-above the 51% standards of other networks.
[1/4] Next Monday, September 21, @avalabsofficial will launch Avalanche’s mainnet to showcase the true potential of cryptocurrencies, blockchains, and decentralized applications. https://t.co/l6Z229cDN2
— Avalanche (@avalancheavax) September 16, 2020
“Avalanche moves at the rapid pace of crypto markets and will offer the first compelling alternative to existing networks that either rely on centralisation to perform or haven’t shown they can scale to market demand without incurring massive fees,” says Kevin Sekniqi of Ava Labs. “We’re excited to be launching with an outstanding community around us, and look forward to fueling DeFi’s next boom.”
Avalanche can help Ethereum-based applications achieve security and scalability without much change to their current workflow. The Avalanche Contract Chain (C-Chain) is an implementation of the Ethereum VM, meaning Solidity works out of the box to make porting over applications seamless.
“DeFi is emerging as an asset class with massive growth potential for individuals and institutions alike,” says John Wu, President of Ava Labs. “Avalanche can, and I believe will, be the network that brings that potential to reality by connecting these worlds together and creating a new market structure defined by velocity, efficiency, and innovation in new products and services available to people around the world.”
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.