Smart contracts are one of the most important parts of any blockchain network. On the other hand, DeFi is one of the main applications of blockchain networks, which most networks have this capability. But the problems that some of these networks have have caused the emergence of many different blockchains, each of which solves one of these problems. The main problem that most blockchain networks such as Ethereum are facing is the slowness and high fees of the network. Avalanche is one of the blockchain networks that started with the slogan of fast speed, low cost and environment friendly. This blockchain network has its own digital currency called OAX. If you are looking to know what Avax digital currency is and how Bella China Avalanche works, read the rest of the article.
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Is Blockchain Ulanche Chepst?
Launch Network was created in 2020 to improve smart contracts and DeFi. This blockchain network was launched by Ava Labs with the aim of providing a high-speed network, more security and lower fees. If you want to get familiar with DeFi and smart contracts, read the article What is DeFi , What is DeFi 2. After its release, the Ulaunch platform quickly became popular among traders. The total value of this platform is currently more than 9 billion dollars and continues to increase. This blockchain network, like other blockchain networks such as Tron and Ethereum, has its own digital currency.
Awax digital currency is this blockchain network, which we will explain in the following article, what is Awax digital currency. Blockchain Avalanche allows users to create their own custom blockchains, which requires paying a subscription fee to do so. Another problem that this network solved is the problem of scalability and improving the lending of digital currencies. Identify the best lending platforms by reading the article on the best cryptocurrency staking sites.
What is Avax digital currency?
Avax is a proprietary and native token of the Ulaunch platform, which is available on exchanges with the symbol AVAX. The Ulanche network uses this digital currency to perform peer-to-peer transactions and increase network security. This digital currency was launched in 2020 shortly after the launch of the Ulanche network. In general, there are 720 million digital currencies of Avax, of which 360 million were released at the beginning of the operation. The rest of this amount, which is 360 million tokens, will be distributed according to the date stated in the white paper of this project. Among the uses and applications of Avax digital currency are: payment of transaction fees, asset management, increasing the security of Avax blockchain, etc.
At the time of its initial release, Avax had a price of $4, which after almost a year, was bought and sold for $54 in the market. Currently, the price of Avax digital currency is equal to $15.61, which ranks 18th on the Coin Market Cap website. You can also buy Avax digital currency by visiting various exchanges.
What is the use of Avax digital currency?
Avax digital currency, which is available in many exchanges with the symbol AVAX, is a native token of the Ulaunch blockchain network. Users must buy Awax digital currency to pay for subscription to the Ulanche blockchain network. Another use of this digital currency is to create communication channels and means of exchange on the Ulaunch platform. This token is also used for in-app payments, bonus payments, lower fee payments, and more. As you know, staking increases the security of the blockchain network, which Awax token is also used to increase the security of the network through lending. Every trader who starts staking in this network will receive Avax digital currency as a reward. Also, by referring to the article of the best digital currency staking sites, you can invest your desired cryptocurrency in the best website.
History of Avalanche Blockchain
When Bitcoin digital currency was launched as the first digital asset, it paved the way for many other blockchain projects. But the blockchain networks that were released after Bitcoin, in general, there was a fundamental problem among them. Scalability and slow speed were problems that can be clearly seen in the two famous networks of Bitcoin and Ethereum. Most blockchain networks such as Ethereum and Bitcoin have used the proof-of-work algorithm, which reduces the speed of transactions. Avalanche blockchain founders implemented a very interesting solution to solve these problems.
To solve this problem, they used 3 blockchains to eliminate possible threats. By implementing this method, they were able to collect more than 6 million dollars and get the necessary capital to create the Ulanche blockchain. This blockchain network was able to earn approximately 49 million dollars a while later by offering the exclusive Awax token.
Founders of Avalanche
The Olaunch blockchain team consists of three people named Kevin Sekniqi, Maofan Ted Yin, and Emin Gun Sirer. A team called Team Rocket published information about Project Avalanche on the Internet for the first time. After the publication of this information, a group of experts from Cornell University led by Amin Gon Sirer expanded and developed this technology. After optimizing the project, the team decided to make the project’s code available to the public and turned it into an Open Source project. The big Avalanche project was completed in June 2020 and was fully operational for a few months in September.
What are the benefits of the launch network?
As you have seen up to this part of the article What is Avax digital currency, the Ulanche network has many benefits. This network was launched with the aim of being a better alternative to the Ethereum blockchain network. In the following, we will review the benefits and advantages of this network over other blockchain networks for you.
Read more: How to mine Ethereum
Solving the network congestion problem
From the very beginning, the Olang blockchain network intended to solve the congestion problem of the Ethereum network. The development team of the Ulanche project proposed and implemented good solutions for the scaling problem. By implementing these methods, they were able to increase the speed of transactions to an acceptable level and solve the problem of Ethereum scalability. The number of transactions that can be done on this network per second is equal to 6500 transactions per second. Therefore, this group was able to develop and increase the number of transactions of the Ethereum network and solve the scaling problem. At present, the Ethereum network is capable of performing 15 transactions per second and Bitcoin 3 transactions per second.
Another issue that most traders deal with is the issue of high fees for blockchain networks. On the other hand, most users are attracted to blockchain networks that charge less fees. Therefore, Ulanche Blockchain has set a low fee for its network to attract users and traders to this network. On the other hand, the Ulanche blockchain network has its own digital currency called Avax. Until this part of the article, you are familiar with Avax digital currency, users will normally pay less fees per transaction using this digital currency. By charging a lower fee than Ethereum, the development team of Ulanche has been able to somewhat overtake the Ethereum blockchain network and attract the attention of many people.
Today, you will rarely find a blockchain network that has the ability to transfer cryptocurrencies between other networks. This network allows its users to transfer data and various digital currencies between other platforms. If you want to understand the basic concepts of digital currencies, I suggest that you read the comprehensive article on digital currencies.
Easy user interface
This blockchain network has prioritized ease of use as much as possible. Traders do not get confused when using the Avalanche platform and do their work easily.
Avax digital currency is the exclusive cryptocurrency of the Avalanche blockchain network, and its value has also increased with the growth of this network. In addition to being used in the field of buying and selling, this digital asset has other capabilities. We have fully reviewed the uses of this digital currency above for you dear ones. On the other hand, the Avalanche blockchain network performs more transactions per second compared to the two big networks of Bitcoin and Ethereum. This digital currency has a staking feature, which is mostly aimed at increasing the security of this blockchain network. In this article, we tried to answer the Avalanche blockchain network and the question of what is Avalanche digital currency .