What is Avalanche?
Avalanche is a revolutionary general-purpose blockchain platform founded by Emin Gün Sirer, a professor at Cornell University. This innovative platform enables developers to create decentralized applications (dApps) across various domains, including decentralized finance (DeFi), gaming, and non-fungible tokens (NFTs). One of the key features of Avalanche is its use of smart contracts, allowing for extensive functionality within the dApps.
How Does Avalanche Work?
The Avalanche network consists of three distinct blockchains that interact seamlessly. The Exchange Chain (X-Chain) serves as the primary blockchain for asset creation and exchange, including its native currency, AVAX. The Contract Chain (C-Chain) is dedicated to the creation and execution of smart contracts, powered by the Avalanche Virtual Machine, which is compatible with Ethereum’s Virtual Machine (EVM). The Platform Chain (P-Chain) manages the validators, ensuring the network’s security and integrity through a proof-of-stake consensus protocol.
What is the AVAX Token?
AVAX is the native currency of the Avalanche network, designed for transaction fee payments and network security participation through staking. Users can trade AVAX tokens on multiple centralized crypto exchanges. HTX is a particularly popular choice, with the AVAX/USDT trading pair exhibiting substantial activity—over $5 million in trading volume within the last 24 hours. Other reputable exchanges also facilitate AVAX transactions, including Binance and OKX.
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