Avalanche Network (AVAX): How Does AVAX Crypto Work? Everything You Need to Know

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Avalanche did not become the fastest smart contracts platform in one day. In 2020, Ava Labs launched Avalanche – a blockchain platform that focuses on lower costs, exceptional transaction speeds, security, and decentralization. Avalanche’s Total Value Locked (TVL) is now worth about $8.42 billion.

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Avalanche was created and developed by a group consisting of a Cornell professor of Computer Science – Emin Gun Sirer, his students – Maofan “Ted” Yin, and Kevin Sekniqi. This team worked to reduce Bitcoin’s transaction validation process from 2 layers to 1 to drastically reduce the time required for processing transactions. This is evident in the Avalanche and Bitcoin’s proof-of-works (PoWs). 

If you are willing to trade Avalanche safely and securely, move to the official trading site for guidance and instant and fast trading. This article will focus on Avalanche Network (AVAX), and every other thing you need to know about it.

Why Avalanche and How Does It Work?

Powered by Avalanche, AVAX – a blooming cryptocurrency, is a great means of exchange. AVAX has keyed in on the decentralised nature of the ecosystem to present an alternative to saturated networks like Ethereum.

AVAX ranked fifth across all major crypto platforms, which is impressive for a developing coin that was created just two years ago. Avalanche has been recording a lot of success in part due to its 180 million dollar DeFi incentive program. Since then, the total value locked on Avalanche has also risen sharply to 12 billion USD!

Avalanche, in a bid to upgrade on existing blockchain technology, addressed the scalability, usability, and interoperability issues that plagued the likes of Bitcoin.

Avalanche  uses 3 different blockchains to avoid congestion during processing the diverse levels of transactions:

  • X-Chain: Used for managing assets. X-Chain uses the Avalanche Consensus Protocol.
  • C-Chain: Used to create smart contracts. C-Chain uses the Snowman Consensus Protocol
  • P-Chain: Used to coordinate validators. P-Chain also uses the Snowman Consensus Protocol

All three work concurrently, and the more frequent a usual transaction is done through them, the faster it is.

How to Buy Avalanche (AVAX)

As of the time of this post, AVAX trades around $14.25, with an all-time high value of $145. AVAX’s adoption rate is on the high side, despite that it has had better days.

How to buy Avalanche ($AVAX) in Nigeria, Ghana?

  • Create a Bitcoin Smarter Account.
  • Buy a cryptocurrency
  • Go to ‘Trade’
  • Edge ‘BTC/AVAX’
  • Indicate how much AVAX you wish to buy in BTC.
  • Click ‘Buy AVAX’
  • An Avalanche wallet is created immediately and you can see it in your ‘Wallets’

Advantages of Avalanche (AVAX)

Here are a few of the challenges AVAX and Avalanche helps the world solve:

  • Interoperability
  • Scalability
  • Usability
  • Better prices
  • Speed
  • Accessible

Conclusion 

Avalanche has become one of the most sought after and invested crypto assets in present times, this is not a coincidence. AVAX brings a lot of value to the fore.

Information contained on this article are just that – a piece of information. You should not use this to make financial decisions and we highly recommended you seek professional advice from an authorized expert.

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