The Avalanche network essentially builds upon pre-existing smart contract technology to provide users with a range of potentially more efficient capabilities. It also tracks and enables active subnets. The C-Chain is tasked with hosting smart contracts and dApps using its own Avalanche Virtual Machine, (similar to the Ethereum Virtual Machine).įinally, the P-Chain acts as a sole coordinator of network validators. The X-Chain functions as a source of creation and distribution of the native AVAX token it's similar to the Ethereum ERC-20 standard. In early November 2021, the project created a $200 million fund to incentivize developers to build on the network.Īvalanche is also divided into three "interoperable" blockchains: The Exchange Chain (X-Chain) The Contract Chain (C-Chain) and The Platform Chain (P-Chain). It pays fees and secures, via staking, the platform while serving as a basic unit of account among the Avalanche ecosystem's sub-realms.Ī rival to Ethereum, and one that is gaining momentum, Avalanche has positioned itself as a speed merchant able process up to 6,500 transactions per second.Īva Labs co-founder, Emin Gün Sirer, is known as a reputable cryptographic research veteran, bent on solving scalability issues confronting Ethereum and several other smart contract platforms.
It’s focused on decentralized applications (dApps).ĪVAX is the network's native asset. Founded by Ava Labs, Avalanche is said to be one of the fastest smart contract platforms in the blockchain industry.
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