Hey Publish0x community! Welcome back in this new article of my “Easy & Short Cryptocurrencies Made Accessible” area.
In this article we talk about more features of Avalanche!
In the last E&S article I introduced you Avalanche (AVAX) and I said that Avalanche is a layer one blockchain, which can be used as a platform for decentralized applications and custom blockchain networks. It is one of Ethereum's competitors and aims to replace Ethereum as the most popular smart contract blockchain. Its goal is to achieve this goal with a higher transaction output of up to 6,500 transactions per second without compromising scalability. Avalanche's unique architecture makes this possible.
Now let’s see some features of Avalanche.
The functioning of Avalanche is based on a complex, yet well-organized internal structure.
One of the main strengths is the so-called consensus protocol, which gives the possibility of guaranteeing a higher level of security and protection, while at the same time maintaining rapid transactions and exchanges, without going outside the schemes of a decentralized project. Contrary to other networks and ecosystems, essentially based on standard procedures, which standardize the internal system, Avalanche gives the possibility to structure solid applications, blockchain ad hoc, using specific adaptations for each individual project, purpose or use case.
In addition to the creation of specific blockchains, it is possible to focus on two additional aspects:
- Creation of NFTs: (No Fungible Tokens). This is simply the possibility to take advantage of Avalanche technology to create your own personal NFT, through a system that has recently undergone further simplifications. Inside the official page of the network, the organization exposes a real guide (complete with source codes) to be able to proceed step by step. The presence in an industry that is now strongly developed, is certainly an aspect to keep in mind.
- Creating different assets: Fixed-Cap Assets (particular assets with a fixed amount) and Variable Cap Assets (where the amount is variable). Also in this case, there are complete guides step by step.
What about AVAX token?
As with any new cryptographic ecosystem, the Avalanche platform also has its own tool, named AVAX. It is closely associated with the governance of the project, even if its purposes are now much more extensive. Among its many functionalities, we find its use for commission payments, to make possible the processes within the network through the staking process (which, as known, concerns the immobilization and blocking of certain resources in one's possession) and much more. In all of this, in reference to the use of AVAX for commissions, it is important to keep in mind how the process is in turn linked to a mechanism of "The Burn". In other words, the instruments are literally burned, to allow for potential and hypothetical value modulation.
In last period the value of AVAX has varied a lot, marking several changes within its benchmark chart. The overall capitalization value has also changed, leading the asset to climb the ranking.
Turning to the view of the trends, as shown in the chart proposed by CoinMarketCap, even though in the late 2020s the value of the cryptocurrency also fell below 3$ per unit, it is precisely during the early stages of 2021 that the same has shown upward trends.
Now, the price of AVAX fluctuates between 55$ and 75$.
In the course of the last times the project has had the ability to generate attentions inside the market, placing itself as one of the few operators to have bet also on the creation of the NFT. The latter represent a colossal business, just born and ready to bring hypothetical new upheavals.
I’ve already talked about NFTs in this article: https://www.publish0x.com/blockchain-insights/security-token-nft-a-real-estate-project-explains-us-the-pro-xmmmroe and others that you can find in my profile.
With this second article about Avalanche we have discovered new things about this project.
Next week I’ll introduce you a new cryptocurrency!
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