Avalanche: The high-performance, Scalable, Customizable and Secure Blockchain Platform
Avalanche is an open-source platform for launching decentralized finance applications and enterprise blockchain deployments in one interoperable, highly scalable ecosystem. Developers who build on Avalanche can easily create powerful, reliable, and secure applications and custom blockchain networks with complex rule sets or build on existing private or public subnets. Avalanche gives you complete control on both the network and application layers–helping you build anything you can imagine.The platform is a combination of a very powerful consensus protocol and a novel that gives rise for genuine decentralization with a very fast time of confirmation with a programmable network infrastructure that is extensible and makes it possible for developers to come up with a new sub-network that has an environment for arbitrary new executions.
Why Avalanche?
Developers who build on Avalanche can easily create powerful, reliable, and secure applications and custom blockchain networks with complex rulesets or build on existing private or public subnets.
Avalanche Consensus
What is proposed here is a metastable consensus protocol inspired by epidemic protocols and gossip networks which comes with lessons learned from Classical Consensus and Nakamoto Consensus. This serves to combine the best of both to fundamentally improve the known issues in layer 1.
- Quick finality and low latency: It takes around 1–2 seconds to achieve finality across the globe. This is how long it takes to get your payment processed and verified.
- Higher throughput: 1000–10,000 transactions per second. 6500 TPS benchmarked at NYC Blockchain Week over 1000 nodes hosted on AWS.
- Robust: The network doesn’t need to agree on participants identity to achieve undeniable consensus.
- Quiescent protocol: A green protocol that requires no energy or specific hardware resources in order to be secure.
- Highly Scalable: The protocol is lightweight and therefore admits scalability and low latency.
- Egalitarian ecosystem: The Avalanche protocol gives rise to an egalitarian ecosystem, i.e., all nodes in the network are born the same (there are no leaders and none have special rights). Since there are no miners, there is no centralization of the hash power through “pools”.
- Byzantine tolerance: A significant percentage of Byzantine participants can be tolerated with no impact on safety. For example, under certain configurations of Avalanche, up to 50% of the nodes can be Byzantine, i.e., nodes that attempt to trick the network and keep the entire network imbalanced. However, they will be unable to do this in a way that causes two nodes to decide on two different colors at the same time.
Avalanche introduces scalability, quick finality, extreme performance, and decentralization on layer 1. Moreover, the team will take the opportunity to apply lessons learned from blockchain 1.0 and 2.0 in order to solve major problems that are barricading the road to wider adoption.
*Decentralization for Performance; Scalability for Security; Decentralization for Security; Scalability for Performance;
Avalanche improving Digital Cash — Payments processing
Besides the fact that AVA bench marked nearly 4 times higher the TPS of VISA, there is not much more to say.
Bitcoin — 7 transactions per second
Ethereum — 15 transactions per second
Ripple — 1500 transactions per second
VISA — 1700 transactions per second
PayPal — 193 transactions per second
AVA — 6500 transactions per second
Avalanche Architecture
1. Consensus Engine
Avalanche has two consensus engines on launch:
Avalanche: A DAG-optimized consensus protocol–high-throughput, parallelizable, and simple to prune.
Snowman: A chain-optimized consensus protocol–high-throughput, totally-ordered, and great for smart contracts.
2. Virtual Machines (VMs)
Virtual Machines (VMs) in Avalanche are code that uses consensus to produce a database. This database can be in the form of a chain, a DAG, a logfile, or some other data structure that requires synchronization across multiple machines.The VM logic can be deployed many times across many subnets.
3. Chains
Chains are a generic term for VM instances. Each chain is assigned a ChainID and can be part of one and only one subnet. However, the same VM instance can be used to deploy the same type of chain multiple times within a subnet.
4. Subnets
Subnets (short for “sub-network”) are a dynamic set of validators working together to achieve consensus on the state of a set of blockchains. Subnets are required to create custom incentive mechanisms for these validators.
Governance and The $AVAX Token
AVAX is a native supply token that is capped in the Avalanche platform. $AVAX, is capped-supply, where the cap is set at 720, 000, 000 tokens, with 360, 000, 000 tokens available on mainnet launch. However, unlike other capped-supply tokens which bake the rate of minting perpetually, $AVAX is designed to react to changing economic conditions. It is possible for participants to become validators and full block producers by simply staking AVAX, and because of the staking rewards.The objective of $AVAX’s monetary policy is to balance the incentives of users to stake the token. By burning, fees for every operation on the platform are been paid out in AVAX, this therefore increases the scarcity of AVAX for every user of all token holders.
AVA introduces economic governance through voting, a feature that rests on the very core of the protocol itself. The consensus is reached through subsampled voting, and the same voting mechanism can be used for completely decentralized governance. This allows changes to be made on the protocol level, including critical parameter adjustments
Compared to other platforms today, which either run classical-style consensus protocols and therefore are inherently non-scalable, or make usage of Nakamoto-style consensus that is inefficient and imposes high operating costs, the Avalanche is lightweight, fast, scalable, secure, and efficient.
Some Useful Links:
▪️Website: https://avax.network
▪️Whitepaper: https://avalabs.org/whitepapers
▪️Avalanche Hub: https://community.avax.network
▪️Twitter: https://twitter.com/avalancheavax
▪️Discord: https://chat.avax.network
▪️GitHub: https://github.com/ava-labs
▪️Documentation: https://docs.avalabs.org
▪️Explorer: https://explorer.avax.network
▪️Avalanche-X: https://avalabs.org/avalanche-x
▪️Telegram: https://t.me/avalancheavax
▪️Telegram announcement: https://t.me/avalanche_announcements
▪️Linkedin: https://linkedin.com/company/avalancheavax
▪️Reddit: https://reddit.com/r/avax
▪️Medium: https://medium.com/avalabs
▪️Facebook: https://www.facebook.com/avalancheavax
▪️Youtube: http://www.youtube.com/c/AVALabsOfficial
