Ava Labs launched Avalanche, a blockchain platform with smart contract capabilities in 2020. Avalanche seeks to provide a scalable blockchain solution while retaining decentralization and security, with an emphasis on cheaper costs, faster transaction speeds, and environmental friendliness. Avalanche swiftly gained traction in the cryptocurrency industry, with Avalanche TVL and continuing rise throughout Avalanche decentralized apps (DApps). The native token Avalanche (AVAX) and numerous consensus methods power Avalanche. Users may utilize Avalanche to construct an infinite number of customizable and compatible blockchains. A membership fee is required to run a blockchain on the Avalanche coin, AVAX.

History

Kevin Sekniqi, Maofan "Ted" Yin, and Emin Gün Sirer are the creators of Avalanche. In May 2018, a pseudonymous entity dubbed Team Rocket published basic protocol details on the InterPlanetary File System. The system was later created by a group of Cornell University academics led by Emin Gün Sirer, a Cornell professor of computer science and software engineer. Maofan "Ted" Yin and Kevin Sekniqi, two of his PhD students, aided him. In March 2020, the AVA codebase for the Avalanche consensus protocol became open source, making it available to the public. The initial coin offering (ICO) for Avalanche concluded in July 2020, followed by the launch of Avalanche in September of the same year.

Ava Labs, the creators of Avalanche, who devised a smart three-blockchain solution to overcome the major issues plaguing blockchains. Ava Labs US debuted the Avalanche blockchain in September of 2020 after obtaining 6 million USD in a funding round. Their following private and public token sales totalled 48 million USD.

How does it work

Avalanche designers attempted to offer a solution to some of the typical difficulties of previous blockchains like as Bitcoin in an effort to continually grow and improve on blockchain technology. Some of these include a lack of interoperability as well as scalability and usability issues. Avalanche approaches the challenges discussed above in a novel way: it employs three distinct blockchains. Avalanche promises to be the blockchain industry's quickest smart contracts platform, as measured by time-to-finality. Here are the three blockchains that comprise the Avalanche mainnet:

X-Chain: This blockchain is used for asset management. The Avalanche consensus protocol is used.

C-Chain: This blockchain is used to generate smart contracts. The Snowman consensus protocol is used.

P-Chain: This blockchain is used for validator coordination. The Snowman consensus protocol is also used.

By having all nodes operate in parallel, the Avalanche consensus algorithm verifies validators' transaction confirmations at random. The premise is that doing random checks frequently enhances the likelihood that a transaction is true/valid. The Snowman consensus system is similar, except it employs blocks in a linear process.