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Why Avalanche is the Fastest Smart Contracts Platform in Crypto

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Unknown Speaker  0:01  

Welcome to the New To Crypto podcast designed to guide you through the crypto landscape with pinpoint accuracy created for the new and intermediate crypto investor. Join your host Crypto Travels Michael as he takes you through the different facets of getting started and succeeding in your crypto journey. New to crypto podcast brings you new episodes daily Monday through Friday with surprise bonus episodes sometimes on the weekend. Let me ask you, are you new to crypto don’t know where to start? Are you more experienced but have questions? Then you’re in the right place. This podcast is designed for you, coming at you from the training center in the lifestyle design studio. Here’s your host Crypto Travels Michael.

 

Michael  0:51  

Welcome to today’s episode, I’m excited to report to you that this podcast has now been heard in 83 countries around the world and 664 cities. So I’m excited about our journey together. And today I have a really exciting episode: why Avalanche is the fastest smart chain contract platform in crypto? Without further ado, let’s jump into today’s episode all about what is Avalanche? So what is Avalanche? Let’s start there. Avalanche is an open programmable smart contracts platform for decentralized applications. It’s built for decentralized apps, their website, a VAX.network. They claim that Avalanche is the fastest smart contract platform in the blockchain industry when measuring by time to finality, and it has been the most validators securing its activity of any proof of stake protocol. See, with Avalanche, you can build fast low-cost solidity compatible dapps. On their site, they have a chart breaking down the speed of transactions on Avalanche compared to other blockchains launch customized blockchains for both private and public, you can scale to millions of validators with minimal hardware. 

 

There’s quite an ecosystem of other projects building on Avalanche some of the notable names are Chainlink, Injective Protocol, The Graph, Trust Token, and many others are building on Avalanche. I’ll have a link on our site to list of the projects in their ecosystem. Currently, decentralized finance or DeFis being built on Avalanche asset issuance, automated market makers or AMMs, borrowing and lending and decentralized exchanges are dexes. These are a couple just several of the things that are being built on Avalanche. A couple of the projects would be Penta for DeFi trading, and BZX protocol which has products built on their protocol, and they have their own ecosystem. Projects like Fulcrum, a DeFi margin lending and trading platform and Torque, which is a platform for borrowing digital assets, crypto back loans with no KYC requirements, torque.loans is their site. Other projects in the BZX ecosystem include 1inch, ParaSwap and Alpha Wallet. So as you can see, projects that are built on Avalanche span entire ecosystems under them. 

 

The possibility of use cases with Avalanche is nearly limitless. Even institutions enterprises and governments are building on Avalanche such as the Congress of Quintana row, the state and Mexico, it’s actually work Cancun is located in this state. So the government of Mexico and that state is building on Avalanche. Some of what institutions enterprises and governments are using Avalanche for are as follows: asset issuance and trading, debt financing, digital identity, and document tracking. other use cases for Avalanche are also being applied in the digital collectible space for art certifications and licenses, collectibles and credentials. Even the baseball card brand topps has tops’ NFTs. And you guessed it, it’s being built using Avalanche their site is toppsNFTs.com by the way. Avalanche also has its own native token called AVAX or A-V-A-X. The maximum supply of these tokens is 720 million tokens. All fees paid on the Avalanche network are burned as a deflationary mechanism. 

 

These tokens have three use cases, you can stake AVAX to become a validator or delegated behind a validator. AVAX serves as the common unit of account for all subnets improving interoperability. And number three, AVAX is used to pay for transaction fees on the network. So let’s jump into some details about the AVAX token. It’s currently trading at just over $64 per token, the current market cap is just over $14 billion. And the current circulating supply is just over 220 million tokens. The price of AVAX has exploded about two months ago, it was trading at around $10 A token so as you can compare it to today’s price, it has exploded. So the Avalanche project it was actually launched in September of 2020, by the Avalabs team, and they raised $6 million initially in their financing round. So the future for Avalanche is bright. I mean, they have created where developers can create new tokens in NFTs smart contracts and dapps all an Avalanche. It’s a highly customizable blockchain, which is highly scalable. Other blockchains that Avalanche is competing with would be Polkadot, Polygon and Solana. These are other scalable platforms and interoperable blockchains.

 

Of course, Avalanche is decentralized. Avalanche is a great alternative for DeFi platforms looking to be built on another blockchain, aside from Ethereum. I’m working hard on providing ongoing valuable content. Soon I’ll be interviewing here on the show leaders in the crypto and blockchain industry. I hope that this episode has been informative, and has helped paint a better picture for you as to what Avalanche is. If you like today’s episode, be sure to like and subscribe to the podcast, show your support, and tune in here for the very next episode. Until then, make it a great day.

 

Unknown Speaker  6:59  

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By: cryptotravelsmichael
0

Table of Contents

Welcome back to yet another episode! In today’s episode, we are back at it yet again with another crypto discussion. 

Have you heard of Avalanche? Not an avalanche, but Avalanche? 

Avalanche has had the most validators safeguarding its activity of any proof-of-stake protocol. It is the quickest smart contracts platform in the blockchain market in terms of time-to-finality.

Prepare to be blown away, and that too unrelated to the natural phenomenon of the same name. 

What Is Avalanche? 

Avalanche is a framework for building decentralized applications and custom blockchain networks (dApps). The Avalanche crypto platform, developed by Ava Labs, is one of several initiatives vying to dethrone Ethereum as the most frequently used smart contract platform in the blockchain ecosystem. 

With a transaction throughput of 4,500 transactions per second, Avalanche claims to be more scalable than Ethereum. 

Avalanche’s original AVAX coin, which has a restricted supply of 720 million, is said to pay network transaction fees as well as part of the Avalanche consensus mechanism.

Avalanche has attempted to challenge Ethereum by establishing its own decentralized finance (DeFi) ecosystem, with SushiSwap, Reef, and TrueUSD among the Ethereum-based DeFi companies that have connected with its platform. 

Avalanche is also working on a gateway to the Ethereum network that would allow users to transfer assets between the two chains easily.

The Avalanche network infrastructure is designed to support modular blockchains that are scalable and compatible with other Avalanche blockchain entities, and the project aspires to connect to Ethereum and the larger blockchain ecosystem to a greater extent.

What Is Avalanche Bringing To The Table? 

The Avalanche Virtual Machine is a proprietary Virtual Machine (VM) that powers Avalanche’s architecture (AVM). 

Subnets created on the Avalanche platform can use the AVM to establish agreement using typical blockchain databases like Ethereum. Still, they can also employ new database structures like the block-lattice database format pioneered by crypto networks like Fantom. 

Such adaptability ensures that projects using Avalanche can achieve a high level of customization while maintaining interoperability with a variety of platforms.

Avalanche makes use of Snowball, an Ava Labs-designed Proof-of-Stake (PoS) consensus mechanism that requires users to stake AVAX in order to become transaction validators.

Validator nodes in a subnet continually question one another to evaluate the validity of the network’s transactions until they reach a mutual decision — and so build network-wide consensus — using the Snowball consensus mechanism. 

The higher a node’s stake in AVAX currencies, the more often it is queried. The Primary Network is required for all validator nodes, while involvement in other subnets is optional.

See, with Avalanche, you can build fast low-cost solidity compatible dapps. Avalanche is a great alternative for DeFi platforms looking to be built on another blockchain, aside from Ethereum.

- Crypto Travels Michael

Here's What We Discussed in Detail in This Interview

  • What is Avalanche
  • Features of Avalanche
  • The Ecosystem
  • Founders of Avalanche
  • The AVAX Token

Killer Resources

HOW TO REACH TO CRYPTO TRAVELS MICHAEL

Final Thoughts

Avalanche is an Ethereum alternative launched by Ava Labs in 2020 that allows users to create unique blockchains (including private blockchains) and decentralized apps (dApps).

The platform’s native, fixed-supply AVAX token serves as the platform’s unit of account, allowing users to pay transaction fees and participate in Avalanche’s consensus process by staking.

Avalanche aims to stand out in a saturated market of Ethereum competitors by focusing on DeFi and offering a three-pronged solution of customizability, scalability, and interoperability.

Though it is unclear whether Avalanche will be a potential long-term challenge to Ethereum, the platform is well on its way to building its own ecosystem, with a focus on DeFi applications.

The New to Crypto Podcast is designed to guide you through the crypto landscape with pinpoint accuracy. New episodes are added daily. Be sure to subscribe to the podcast and listen to all of the episodes to help you in your cryptocurrency journey.

I’d love to hear from you! Email me at show@newtocrypto.io and let’s chat.

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