The avalanche community is set to benefit from three major developments. One, the Web3 developer host Coinbase cloud has added infrastructure solutions supporting smart contract and Avalanche blockchain network.
Additionally, the Coinbase cloud will be running the AVAX public validators node by integrating the novel support features.The move is essential for allowing avalanche network users to wager their Avalanche tokens with Coinbase cloud and assign power for authenticating dealings on the blockchain.
There will also be an AVAX collaboration with Coinbase wallet, the cryptocurrency exchange’s proprietary Web3-allowed virtual asset wallet. The integration will offer developers the needed documentation to organise applications on the Avalanche platform.
Coinbase cloud has the capability of boosting the Transact and Query feature for its participants. The feature will allow developers to find, interact and study sections of the code that builds the avalanche platform. Coinbase believes that the developers will be able to figure out individuals who can have their way in the node infrastructure and allocate them across four geographic locations and two cloud-based providers.
Besides Coinbase Cloud’s most recent contributions to the Avalanche community, AVAX has also shown its support for the Bitcoin platform via the Avalanche Bridge. Thus, enabling Bitcoin (BTC) holders to move their coins to the Avalanche ecosystem and take part in decentralised finance activities.
AVAX Coin Market Cap
Avalanche has $23,043,976,041 live market cap and 267,265,309 circulation supply of Avalanche coins. However, there is no available maximum supply. It was ranked #10 in CoinMarketCap in the past 24hrs and has risen by 2.77%. The avalanche price was $86.22 within a trading volume of $1,561,851,712 in the past 24-hours.
Description of Avalanche
Avalanche is a single-layered blockchain that rivals Ethereum. Its platform acts as a portfolio for custom blockchain networks and decentralised applications. AVAX aims to defeat Ethereum to become the most famous blockchain for smart contracts. For this reason, it has a very massive transaction which amounts to 6,500 transactions carried out in a second without interfering with its scalability.
AVAX has been working to establish an ecosystem of Decentralised Finance and DApps since its mainnet launch in 2020. Various Ethereum based projects comprising TrueUSD and SushiSwap have collaborated with Avalanche. The avalanche network aims to boost interoperability between its scope and Ethereum, similarly to building bridges.
The Avalanche platform comprises three independent blockchains, including P-chain, C-chain and X-chain. A unique primary function characterises each chain, and that is, all nodes authenticate all transactions. Additionally, the Avalanche blockchains use various consensus mechanisms depending on their functionalities. This approach is exceptional and distinct from that of Ethereum and Bitcoin.
Avalanche was established by Ava Labs, developed by Professor Emin Gün Sirer, Computer science PhD’s Kevin Sekniqi and Marfan “Ted” Yin, all from Cornell University.
What Makes Avalanche Exceptional?
Avalanche aims to unravel the blockchain trilemma. AVAX urges that blockchain cannot pull off a great degree of decentralisation at a scale, which posits challenges such as high gas fees as in Ethereum. To solve these challenges, Avalanche has come up with three interoperable blockchains.
The contract chain (C- Chain) is a hub for decentralised applications and smart contracts. The C-chain and Ethereum virtual machines are similar, and it lets developers fork EVM compatible DApps. Additionally, the contract chain utilises the Snowman consensus mechanism. The Exchange chain (E- Chain) is tasked with creating and exchanging the AVAX tokens and other digital resources. Similarly to the ERC-20 on Ethereum blockchain, the tokens adhere to standardised rules. E-Chain operates on an avalanche consensus mechanism.
The platform chain is responsible for coordinating network validators. It keeps track of active subnets and allows the creation of novel subnets. Subnets are a collection of validators. Each subnet can certify various blockchains. However, a blockchain can only be authenticated by a single subnet. Also, it utilises the Snowman consensus mechanism.
Security of Avalanche Network
AVAX is traded on an Exchange chain that follows its Avalanche consensus mechanism. All nodes process and legalise transactions using a directed protocol, acyclic graph (DAG). Validators’ unsystematic polling ensures that transactions are accurate with statistical certainty and are processed simultaneously. This consensus mechanism has no blocks, allows instant finalisation, and significantly boosts the blockchain’s speed.
Where can you Purchase Avalanche?
AVAX is available on Bitfinex, Binance, Kucoin and Gate.io.
Links
• coinmarketcap.com/currencies/avalanche/news/
• www.fxstreet.com/cryptocurrencies/news/coinbase-cloud-launches-avalanche-developer-tools-suite-202203230227
• www.investopedia.com/avalanche-avax-definition-5217374
