Key persons: Emin Gün Sirer, Tyler Smith, Kevin Sekniqi, John Wu
Trading volume (24h): $39,994,253,899
CoinMarketCap rank: 16
Avalanche (AVAX) general project description
Avalanche (AVAX) is the fastest smart contracts platform in the blockchain industry. One of the platform’s main features is the ability to integrate smart contracts from other blockchains with high transfer and validation speeds (time to final block validation is less than 3 seconds and the number of transactions per minute exceeds 4,500).
Avalanche (AVAX) achieves exceptional performance by integrating multiple blockchains in its platform structure:
C-chain — Avalanche contract chain is a blockchain responsible for interacting with data derived from smart contracts of other external blockchains (e.g. Ethereum).
P-chain is a blockchain that validates blocks, issues native tokens to validators, and reaches consensus on the new blocks validation.
X-chain — the main objective of this blockchain is asset creation and accounting within the ecosystem. It is also used to provide interoperability with the Avalanche virtual machine.
Consensus in Avalanche (AVAX) is achieved with the Proof-of-Stake mechanism using Snowflake technology, allowing any token holder who deposited tokens in staking to participate in validation.
Current state (ecosystem and partners)
After the fundraising process was completed in 2019 and 2020, the project team registered Avalanche Labs. The main network launch took place at the end of 2020. The Avalanche ecosystem is currently one of the fastest growing in the crypto industry. Following the $180M DeFi Incentive Program launch in August 2021, the amount of funds raised in various projects has increased significantly and is currently estimated at ~$6.5B.
Future plans and development (roadmap)
The project has a detailed roadmap for Q4 2021, that includes software code updates for the internal X-chain service blockchain, custom blockchains validation and reward system development, an updated version of the cross-chain bridge and wallet. Avalanche ecosystem (AVAX) aims to become a dominant player within the crypto arena by introducing a liquidity raising initiative and a grant system for new projects.