There have been many crypto tokens launched over the years after the success of Bitcoin as a flagship cryptocurrency, and some of these continue to evolve and go mainstream even to this date. One such crypto token that we will be talking about today is the Avalanche; it is a rather recent crypto token but not without its own particular use case and some extreme benefits that other cryptocurrencies seem to be missing.
The very elementary aspect of this particular network is that it sets out its focus to improve the scalability issues that are present and prudent in multiple decentralized applications. There are three different blockchains that intermingle together to make a specific main net that connects with the Avalanche network and becomes its functioning space; these are X-Chain, C-Chain, and the P-Chain, respectively.
X-Chain is associated with the proper management of the asset, and it uses the Avalanche consensus protocol. The C-Chain, on the other hand, is given a separate responsibility which is to develop smart contracts and orchestrate their creation as well as execution with the intended parties; last but not least, we have the P-Chain, whose sole purpose is to coordinate with the validators or miners of the network and providing them with practical information about a transaction, so they have all the data and requirements they require for the sake of validating these transactions.
These last two blockchains that we have discussed use the snowman consensus protocol, which is a bit different than what the X-Chain uses. The whole setup of Avalanche is extremely next generation because it has divided the blockchain systems into three particular entities, thus routing out any complexities or hindrances that would otherwise be apparent in executing multiple tasks and processes for the blockchain media.
Every blockchain has its own particular responsibilities, and no one is allowed to intermingle or dissolve into the other one, which ensures scalability, efficiency as well as extreme dedication and focus towards making a large crypto network enjoy proper success within the crypto market. The consensus protocol that Avalanche uses has all the nodes employed in the network work in a parallel fashion, which means that one node will be checking or validating the transactions of the other node and vice versa; the confirmations are completely random.
After multiple random validations from multiple nodes and repeating the process again and again, a transaction is set to be true and then subjected to the Avalanche blockchain there, it becomes a public entity, and anyone can access the information. You would be glad to know that the validation process is extremely speedy, and it only requires one second or even lower to finalize everything.
The snowman consensus protocol, on the other hand, is practically the same as the Avalanche consensus protocol, but it takes effect in a linear fashion and works not randomly but consistently. You can also create multiple interoperable blockchains that are fully customized on the Avalanche network and also there is no limit to the number of blockchains that can be developed but to be able to do so; you have to pay a subscription fee which would be taken from you in the native token of Avalanche.
Brief Information About the Origin of Avalanche Network
Blockchain technology, by no account, is a static discipline; it has developed over the years to offer new solutions to the old problems of the financial world. Some of these problems are interoperability, scalability, and accessibility, but blockchain technology has addressed all of these the best that it can, and it continues to do so all these years later. As explained earlier, Avalanche is the only blockchain entity out there that has taken a unique approach with three different blockchain systems that are endorsed within its platform.
These are given the responsibility to not only orchestrate the validation of transactions, orchestrating and executing smart contracts but taking charge of the scalability issues which would halt the blockchain from progressing with its duties. It is a rather fantastic approach that no other blockchain has ever thought about but Avalanche. The native token fuels the blockchain of Avalanche along with multiple mechanisms based on consensus algorithms which also chip in their own two cents to this whole charade.
Ether was considered to be the fastest and most secure blockchain entity when it came to the development of smart contracts and their execution, but now Avalanche has readily taken the throne that the Ether had and has placed it on its own. The time to finality aspect of launch is also extreme; some experts have argued that it might be the fastest blockchain system there is when it comes to the validation of transactions and execution of smart contracts because it takes less than a second to validate the transactions.
Multiple factors would be considered throughout the article regarding Avalanche and how it has progressed to become the breathing emblem of such a subtle blockchain technology. Let’s talk some about the launch of Avalanche. It was launched back in September 2020 by the Ava labs based in the United States. $6 million were raised by Ava labs for the sake of financing the Avalanche network along with the development of its native token; since then, the blockchain has been kicking it, and it seems that there is no stopping this behemoth of the blockchain world.
Top-Notch Features of Avalanche Network
As explained earlier, the volume of cryptocurrencies in blockchain technology has been hindered by multiple problems over the years. The most obvious ones are scalability, interoperability, and accessibility. But Avalanche network is going to set the record straight and will take care of the problems according to the developers. But would it be able to actually do all of it in this regard is a completely different angle, and that is what we are here to discuss;
Scalability Vs. Decentralization
Blockchains have struggled over the years to manage scalability with that decentralization. Decentralization means that there is no centralized command or unit of operation, people are actually connecting with the network on their own using an Internet connection and a computing device that forms a particular node, and millions of these nodes comprise to form the network of a particular cryptocurrency.
When this is the operational feasibility of our network, then scalability is obviously going to be an issue. Along with that, when the users continue to increase and the activity on the network also skyrockets, the validation of the transactions becomes burdening, which completely negates scalability. Bitcoin is a fair example that can be used to address the issue. Sometimes when the network is experiencing higher than average activity than, a single transaction could take hours or even days to be completed and validated.
One thing that could be done in this regard is to make the network more centralized, but that would completely take away the essence of decentralization. Other than that, the validators that are in charge of validating the transactions need to bounce off the data from one node to another to verify the transaction as many times as they can. If a small number of people are put in charge of validation, then the speeds would get more streamlined, and the transactions could be validated in no time.
But all of these solutions put a dent into the bowl of decentralization, something that won’t be taken kindly by the crypto community. Avalanche has brought a very dedicated solution to this problem by dividing its blockchain working into three different elements. One is in charge of validating the transactions, the other one helps in executing and orchestrating the smart contracts, and the third one is actually used for the sake of putting up with the ever-increasing demands of scalability.
Fees
Another extremely common issue with the blockchain interface is the fee that is charged to the user when they are using the network to transact some crypto. This fee is termed a transaction fee, and it is charged one time by the network because the network needs to validate the transaction. The fee is charged to the user who is actually transacting the crypto. But the intensity of these fees continues to change over time. When traffic increases, usually, a network would charge more than the average fee from the consumers so that they can get their transactions validated.
Ether is notorious in terms of increasing the transaction fees without any prior notice to the users, which leads to stress among the users and means more traffic coming towards the network. This kind of behavior needs to be negated as much as it could be not only for the continuity of blockchain technology but to make sure that it interacts with the very foundation on which the whole setup was built, and that is ease and accessibility to the user.
Interoperability
Interoperability has been a daunting issue within blockchain technology, and that is something that we have established at the very beginning of the article. Different businesses and programs that are working towards a common goal insight sometimes need to interact with each other for the exchange of the information and for the sake of working harmoniously to shed off some traffic that is nagging down the throat of the network in question.
Customizability had never been an option before the launch of Avalanche, but now it is something that can be approached by businesses and enterprises of every taste and size so they can get customized solutions for their own financial problems or technology that they want to maintain.
Before Avalanche, people would either be forced to use Ether or some other private blockchain system to get whatever they required in terms of blockchain solutions, but it was never enough, and it was never according to their own tastes and requirements. But Avalanche is bringing extreme security, efficiency, and compatibility with its customizable blockchain solution for businesses of all sizes.
What Makes Avalanche Different from Other Blockchains?
There are potentially multiple blockchain entities out there who are providing scalable solutions to the businesses, so to what end Avalanche is different from all of these? Avalanche is competing not only against the blockchain systems of the past but also with this scalable blockchain system that offers interoperability as well. But what makes Avalanche greater and more appetizing than any of these?
Consensus Mechanism of Avalanche
The most incredible aspect of the Avalanche blockchain system is its consensus mechanism; it has been divided into three different blockchain entities that are in charge of their own particular elements. No one is allowed to intermingle with the other or nudge each other to take command of the tasks that they are supposed to take care of individually. This is what makes the whole system more elegant, efficient, and scalable.
The consensus mechanism of Avalanche is supposed to be incredibly faster, which means that any and all transactions or tasks that are rounded up to the blockchain media could be taken care of and completed in under a second, which says a lot about the engineering of the modern blockchain systems in comparison with the past ones. Bitcoin still has a lot of problems when it comes to validating a transaction, and as stated earlier, it could take hours or even days for a transaction to get validated, but thanks to the modern consensus algorithm proposed by Avalanche, that won’t be a problem for users who are willing to switch to Avalanche blockchain media.
Speed of Transaction
The finality time is referred to as the timeframe required by blockchain technology to process all the information pertaining to a particular transaction, extracting every ounce of data out of the transaction and funneling it into the particular blocks. It is considerably higher for various blockchain systems out there, but for Avalanche, the finality time is under one second.
Once a transaction is finalized, it can’t be reversed or changed in any way. Ideally, according to the experts, more than 100K transactions could be completed and validated in under a second by Avalanche blockchain media. The three different blockchain entities for Avalanche help the network to stay reasonably faster for all the users out there, no matter the current load over the network.
Decentralization
Avalanche has a claim that it is the most decentralized blockchain system ever developed. It doesn’t mean that Bitcoin, Ether, or XRP are not living in the potential merriment of blockchain systems or decentralization, but the statement is made to belittle those for sure. The statement claims that Avalanche has the most respect for decentralization and is the most secure blockchain media.
The requirements for the validation of transactions are fairly minimal, which means that it enjoys validation of a large number of transactions which ultimately cuts costs and supports the agility for all the users. With the subtle increase in the price of the Avalanche token, it has generally become more expensive than it was before; it has also made it harder to become a validator for the Avalanche blockchain system. But, even so, people are not giving up, and they are trying their very best to snatch whatever opportunity is presented to them in this particular regard.
Interoperable Blockchain Systems
Interoperability is a trait that is found abundantly within Avalanche blockchains, along with the fact that these can be customized to meet the very requirements of the businesses or enterprises who long to use such a blockchain environment.
This puts Avalanche in direct competition with multiple blockchains and entities out there, and if the user wants, they can have any and all aspects of the Avalanche blockchain to meet their particular demands. Along with that, they will have complete control over the blockchain media developed, and rightly so, all for extreme customizability and to meet the requirements of their businesses, and to accomplish things that they want to be done.
You won’t have to stake your crypto tokens for the sake of getting access to the blockchain environment of the Avalanche or manufacturing or designing your own customizable blockchain systems. Neither do you have to become a validator to avail of this feature; you simply would have to pay a subscription fee that can either be monthly, weekly, or yearly based on your personal preference, and you would become eligible for customizing your own blockchain systems.
People are already fed up with Ether as it was the only blockchain environment that could host a myriad of changes and interoperability. Businesses and enterprises might have come to the blockchain technology media in the past, but the ever-rising gas fees and the rather complex user interface of Ether are putting an end to the longlisted partnerships of businesses with the blockchain entity.
Users are already looking for alternatives to Ether, and Avalanche comes out on top because of its extreme customizability, efficiency, interoperability, and ease inaccessibility to the users. There is still a lot to do and a lot to be changed if blockchain technology is to move further and truly capture the imaginative essence of people, but Avalanche is already taking a step toward the future, and bravely so.
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