Avalanche blockchain development - outsourcing company Boosty Labs

Key Features

Two Consensus Algorithms

The project uses two consensus algorithms: Avalanche is a DAG-optimized consensus protocol that is high performance, parallelizable, and easy to reduce. Snowman is a blockchain-optimized consensus protocol that is high performance, fully ordered, and optimized for smart contracts.

Multiple Blockchains System

Avalanche has virtual machines – this is a special code that generates databases using consensus. The database can be any structure that needs to be synchronized across multiple computers, be it a DAG, a blockchain, etc. Each VM logic can be deployed multiple times on separate subnets. Each instance of a virtual machine is a blockchain. It has a ChainID and can only belong to one subnet. However, within a subnet, a blockchain can be deployed any number of times.

AVAX Token

AVAX cryptocurrency is a native token of the Avalanche platform. The maximum issue will be 720 million, of which 360 million (50%) will remain on the mainnet. This is the basic unit of account in the Avalanche network. It provides access to a wide range of services and key security guarantees. In addition, it opens up management opportunities for owners.

Advantages

Low Сost of Transactions

Avalanche provides low cost of transactions, and, as a result, high availability for all categories of users, including novice investors. Although the user interface of DeFi applications is still more complicated than in traditional finance, lowering fees will attract more newcomers one way or another.

Low Slippage

When the blockchain is slow, then the user's order can be executed much later, when the price is no longer profitable. Avalanche instant transactions are a reliable protection against unsuccessful transactions. As a result, trading is almost as fast as on centralized exchanges.

An Alternative to ETH 2.0.

The second version of Ethereum was finally launched in 2022, but not all experts are convinced that it will be as effective as claimed. Avalanche and other alternative networks might even be more convenient

Avalanche (AVAX) is an open source blockchain platform designed to run DeFi projects or other decentralized applications (Dapps). AVAX is similar to Ethereum, but its key difference lies in lightning-fast transactions and almost zero fees.

The global goal of the Avalanche network is to scale and quickly deploy projects on its own blockchain, while eliminating damage to the speed of the network and its decentralization. Avalanche offers a truly unique product – the project runs on multiple blockchains and is a network consisting of subnets operating on the basis of different standards, allowing any user to trade assets in a decentralized manner using smart contracts.

The uniqueness of Avalanche lies in its consensus mechanism, which combines the “Classic” and “Nakamoto” mechanisms. Thus, the blockchain is both scalable and lightweight.

At the initial level of AVAX it is possible to create tokens, NFTs, smart contracts and dapps. Users can also earn extra money by staking. As for the blockchain, which is customizable, things are much more interesting. The platform provides an opportunity for increased scalability, which is considered an advantage for most projects. A customizable blockchain is more convenient for interaction with other participants in the ecosystem, and strengthens the overall security of the network.

Among the distinctive features of the Avalanche blockchain are consensus mechanisms optimized for DAG, high transaction speed (1 second), decentralization, compatible blockchains without restrictions, etc.

AVAX is a native token of the Avalanche platform with a supply of 395 million coins. AVAX is used in staking for passive income, or as an investment tool. The more AVAX Avalanche users hold, the higher the annual rate (up to 10% per annum). Therefore, AVAX staking is considered one of the most profitable in the DeFi sector.

Like other ecosystems, Avalanche runs various programs to stimulate the development of new DeFi, gaming and NFT projects on its blockchain, for example, it launched the Multiverse program worth up to 4 million AVAX.

The project continues to actively develop and enter into new partnerships with funds that invest millions of dollars in AVAX. Avalanche already compares favorably with similar projects by the set of options and benefits that it offers to its users (speed and security of transactions, low commissions, a wide range of possible transactions).

The prospects for the project are quite good (moreover, the project can attract some of the Ethereum users), especially if the developers continue to improve the protocols. The further development of the project will depend on the growth of the DeFi industry, as well as the creation of bridges with other blockchains.

There are already more than 160 projects in the Avalanche ecosystem, including Polyent Games, which means that it is possible that games and metaverses will be released on Avalanche.

Avalanche is a worthy alternative to ETH for working with decentralized finance services. The project is EVM compatible and provides low fees and fast transactions, which in turn makes AVAX a strong player among other blockchains such as Solana or Polygon.