What is Avalanche?
It is a protocol for decentralised finance. Avalanche was launched in 2020 and – despite it being recent – is far from immature. On the contrary, the platform is very complete and competitive, so much so that it is often compared to Ethereum. Its strength is the great freedom of action left to developers, companies and end users. Avalanche allows the creation of smart contracts, tokens, NFTs and even blockchains within the platform. One of Avalanche’s aims is also to bring the real economy closer to blockchain technology by tokenising financial assets according to easily set rules.
Why buy AVAX?
The token that powers Avalanche is AVAX: a cryptocurrency that gives access to the platform’s many features. AVAX is used to pay transaction fees on all of Avalanche’s networks. Furthermore, by staking enough AVAX you can validate transactions, or they can be delegated to validators. So why buy AVAX? Mainly, to take advantage of a flexible and highly scalable ecosystem like Avalanche. Inflation is also controlled: fees in AVAX are burned, keeping the token scarce.
How was it created?
Behind the Avalanche project is Emin Gün Sirer, a Cornell University professor who has been studying cryptography for over 20 years. He is responsible for the Karma System, a protocol theorised to transfer files between users bypassing any centralised server. The study dates back to 2003 and is based on proof-of-work. More recently, Gün Sirer founded Ava Labs in New York: a company that launched the Avalanche project in September 2020. In the same month, the AVAX cryptocurrency was listed by a number of large exchanges, increasing in popularity and value in just a few months.
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