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Avalanche (AVAX)

Maxbit Support
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What is Avalanche (AVAX)?

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  1. Native Blockchain:
    • Avalanche operates on its own native blockchain platform, designed to be highly scalable and customizable. It utilizes a unique architecture with multiple chains and supports custom virtual machines.
  2. Consensus Protocol:
    • Avalanche employs the Avalanche consensus protocol, which is a novel PoS mechanism. This consensus method is touted to combine the benefits of the classical consensus and Nakamoto consensus models, promising speed without compromising decentralization and security.
  3. Trilemma (Security, Speed, Scalability):
    • Security: The Avalanche consensus protocol offers robust security assurances against attackers, even when a significant portion of the network is malicious.
    • Speed: Avalanche claims to finalize transactions in about a second or less.
    • Scalability: One of the hallmark features of Avalanche is its high throughput, capable of processing over 4,500 transactions per second (tps).
  4. Founder / Date Founded:
    • Avalanche was founded by Emin Gün Sirer, a prominent figure in the crypto and blockchain space. The platform was developed by Ava Labs and officially launched in September 2020.
  5. Objective / Use Case:
    • Avalanche aims to offer a platform for new financial primitives, bridging traditional and decentralized finance. It's designed to be a hub for DeFi projects and custom blockchain networks, and it promises a high degree of customizability and interchain operability.
  6. Total supply / Limit or Unlimited:
    • Avalanche (AVAX) has a capped supply of 720 million tokens. These tokens are used for staking, fees, and to secure the network.
  7. Supply Deflation:
    • AVAX employs a burning mechanism wherein a portion of the fees from certain operations (like creating subnets or blockchains) is burned, effectively reducing the total circulating supply over time.

          This summary should equip beginners with a foundational understanding of Avalanche and its distinguishing features in the cryptocurrency world. Given the fast-paced and evolving nature of the crypto sector, it's crucial to stay current with developments and updates.

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