Avalanche Blockchain Overview - Internet of Finance!

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It is a platform that is composed of three separate Blockchains that make up its main network, these Blockchain are: X-Chain, C-Chain and P- Chain. Its main objective is to improve scalability, which has been a problem in the main existing Blockchain. Auto calls the Blockchain of smart smarter contracts in the world.

It was created to revolutionize the DeFi world and say it is a direct rival from Ethereum, since it is compatible with Ethereum Virtual Machine (EVM), but with the advantage of offering greater scalability and transaction speed, problems still remain in force on the network of Ethereum.

According to estimates, this Blockchain is capable of processing up to 6,500 TPS (transactions per second), giving a termination time of less than one second, for this, it has millions of validators. Its consensus protocol allows the nodes to work in parallel, in this way the transactions that have been validated will be randomly confirmed, verifying that a transaction is true after going through a repetitive show, work done by the validators.

This project had its origins in 2018, where a group experts in Computing, Finance and Law of the University of Cornell (United States), created Ava Labs to start what we know today as Blockchain Avalanche, launched on the market in September 2020, behind this great project are Emin Gün Sirer, Kevin Sekniqi and Maofan Yin among others. He obtained a collection for his 12 million dollar financing in his launch, subsequently made another public sale where he raised 42 million dollars in only 4 hours. Its offices are located in New York and Miami.

This network works with 3 different but interoperable Blockchain and each Blockchain fulfills its role in order to improve the scalability and speed of transactions. All these processes, Avalanche then executes it in a single string.

We can say, that Avalanche works with subnet, so each chain is part of a subnet.

The Exchange Chain (X-Chain):
In this chain, digital assets are managed, the TOKEN AVAX is used for the exchange of assets and the commissions are paid in AVAX. The consensus protocol used in this network is Avalanche. The nodes work in parallel, with the aim of verifying the confirmations that other validators have performed.

The contract chain (C-Chain):
The protocol used in this network is the so-called Snowman, and this is where developers can create their intelligent contracts for decentralized applications. Use the EVM (Ethereum Virtual Machine), for the creation of these contracts. NFT, TOKEN ERC-20 and DAPP can be created. The nodes are located linearly, not in parallel.

The TOKEN AVAX can be used for intelligent contracts or to pay gas.

The platform chain (P-Chain):
The protocol used in this network is also the Snowman. The TOKEN AVAX can be used as a bet when the main network is validated. On this platform new subnets are created, but active subnets are also traced.

A set of validators forms the subnets that are at the same time the consensus for the custom blockchain.

Avalante Consensus Mechanism:

The Avalanche Consensus Protocol, use two very similar consensus protocols. But each one fulfills specific functions in their Blockchain. The use of this dual consensus system is one of the reasons why this network has very good scalability and rapid transaction processing speed.

The difference of avalanche with other consensus protocols such as POW, POS or DPO, is that Avalanche does not need a leader to reach consensus. Therefore, it is totally decentralized and scalability is not sacrificed.

Use the Acrylic Graph Directed Consensus Protocol (DAG), allowing the network that transactions are processed in parallel. Avalanche To validate and process transactions, use all nodes.

Once the transactions are confirmed, these are finalized. No blocks are created, only transactions known as vertices are seen.

Snowman Consensus Protocol:
This consensus protocol is based on the Avalanche Consensus Protocol, but does not work with parallel nodes, but the nodes are located linearly, that is, the transactions are ordered linearly. In this protocol, blocks are created. A block scanner of Avalanche is located in the C-Chain network.

Advantages of the Avalanche blockchain

It has powerful dual consensus protocols.

You can count on thousands of validators, which makes it highly decentralized.

Its transaction speed is high.

In the Avalanche Blockchain there is no limit to the amount of interoperable Blockchain. That is, the amount of interoperable Blockchain is unlimited.

In the Avalanche network the transaction costs and the commissions are low.

The Avalanche Blockchain has become a strong rival of Ethereum, as it has a team with enough knowledge and a platform that offers better advantages that Ethereum. It is necessary to see in real life that so well the data is met that the project creators offer. It is highly decentralized because it has a lot of validators and any user can be validated, when complying with the established rules.

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