Avalanche AVAX
Current Avalanche price data
Avalanche's current price is $20.38 USD with 24-hour trading volume of $336,551,673 USD. Current CoinMarketCap ranks 15th with a real market capitalization of $6,423,482,788 and has 315,108,390 AVAX coins in circulation. The cryptocurrency exchanges for trading Avalanche stock are currently Binance, BTCEX, OKX, Deepcoin and Bybit.
What is Avalanche (AVAX)?
Avalanche is a Tier 1 blockchain that acts as a platform for decentralized applications and custom blockchains. It is characterized by high performance - up to 6,500 transactions per second, without sacrificing scalability. This is made possible by Avalanche's unique structure of three separate blockchains: the X-Chain, C-Chain, and P-Chain, each using different consensus mechanisms depending on the application.
Avalanche was created by Ava Labs, founded by Emin Gün Sire (he developed the conceptual peer-to-peer virtual currency six years before Bitcoin), Kevin Sekniqi and Maofan “Ted“ Yin.
How does it work?
Avalanche offers a solution to the "blockchain trilemma" - the view that blockchains cannot be secure, decentralized and scalable at the same time - which is to use three collaborative blockchains.
The Exchange Chain (X-Chain) is needed to create and exchange proprietary AVAX tokens and other assets that follow a set of standardized rules and use Avalanche's consensus mechanism.
The Contract Chain (C-Chain), which uses Snowman's consensus mechanism, hosts smart contracts and decentralized applications. The proprietary Avalanche Virtual Machine allows developers to forge EVM-compliant DApps.
Platform Chain (P-Chain), powered by Snowman's consensus mechanism, coordinates network validators, tracks active subnets (validator sets) and allows the creation of new ones.
Designed with the needs of each blockchain in mind, consensus mechanisms increase efficiency and throughput without sacrificing decentralization.
There is no single leader in Avalanche's consensus mechanism - transactions are processed and verified by nodes based on the directed acyclic graph (DAG) protocol. This allows transactions to be processed and validated simultaneously with statistical certainty by polling validators.
Where to buy and how to store AVAX?
AVAX can be purchased and exchanged on a number of exchanges including Binance, Bitfinex, Gate.io and Kucoin.
Coins can be kept in a convenient official wallet from the developer or on external services. Trust Wallet, Trezor, Ledger, and other platforms are suitable for storing coins.
