24 March 2022 / All about networks
Avalanche – the most extraordinary of Ethereum’s competitors

Avalanche is young but a very promising cryptocurrency. It was born in 2020, and those who bought AVAX coins at $0.5 then were able to sell them for $120 or more in a year or so. Since its inception, the Avalanche network has managed to be among the top 10 cryptocurrencies with the largest capitalization. What makes it unusual is that it partly competes with Ethereum and partly expands its capabilities. The Avalanche network is also known for its bright and creative advertising, as well as its close-knit community of users. Most importantly, however, it solves the so-called blockchain trilemma. In practice, this means that Avalanche combines decentralization, security and scalability. And almost all other cryptocurrencies have to sacrifice one of these three qualities. Now we see that this network is worth getting to know better. A great way to get started with the Avalanche network would be to buy AVAX coins through the EvoDeFi blockchain bridge. 

What coins are available in the Avalanche network

AVAX coins are circulating on the Avalanche network. Of these, 360 million went to early investors and other early participants in the network. Another 360 million AVAX coins are distributed by the Avalanche algorithm to nodes that are staking coins, thus taking part in securing the network. A kind of Delegated Proof of stake (dPos) algorithm is used to validate transactions. In practice, this means that users can earn income on their AVAX coins by simply storing them in a special wallet. The wallet software allows AVAX coins to be leased to one of the nodes authorized to validate transactions. Such nodes share a proportional portion of their revenue with users who have temporarily lent them coins. Unlike many other cryptocurrencies, network transaction fees do not become income for miners here, but are destroyed. This reduces the total number of AVAX coins, making this cryptocurrency deflationary. 

How the Avalanche node system and network architecture are structured

The Avalanche node has relatively low system requirements. It is enough to have a computer with 500 GB of free space on the hard drive, 8-core processor and 16 GB of RAM. However, it is required to have 2000 AVAX coins in a dedicated account as collateral. Such a measure reduces the total number of AVAX coins in circulation, which indirectly contributes to the growth of the price of this cryptocurrency. 

The Avalanche network has an original three-tiered architecture. The P-Chain (Platform Chain) level is designed to interact with nodes that receive rewards for staking coins. At the level of X-Chain (Exchange Chain) can make a transaction between nodes, paying a fixed fee of 0.001 AVAX. Thanks to the C-Chain (Contract Chain), AVAX coins can be stored in the popular MetaMask cryptocurrency wallet.     

What advantages the Avalanche network has

Support for the Solidity programming language allows developers to easily redesign for the Avalanche network web3 and DeFi applications previously written for the Ethereum network. The Avalanche Virtual Machine (AVM), much like the Ethereum Virtual Machine (EVM), operates on the network. It allows the creation of web3 apps, dapps and blockchain smart contracts that are fast to execute and inexpensive for the user. A clever marketing system, a friendly community and a deflationary system that constantly reduces the number of coins available in circulation are also among the advantages of Avalanche. 

How to start enjoying the benefits of the Avalanche network

The AVAX coin is a great way to get started with cryptocurrencies and an opportunity to expand your cryptocurrency portfolio for the more experienced investor. Getting started with the Avalanche network can present no problems at all. It is enough to specify the settings of this network in the connection parameters of the popular MateMask cryptocurrency wallet. However, by using official Avalanche client wallets, you can earn extra income with AVAX coins. So, it’s worth buying this cryptocurrency to provide yourself with additional income as well. The easiest, most convenient and cheapest way to buy coins in Avalanche network is to use the EvoDeFi blockchain bridge services.

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