Avalanche is a smart contract platform aiming to overtake Ethereum as the market leader. For instance, the network focuses mainly on Decentralised Finance (DEFI) with their own built blockchain called Avalanche Consensus Model. This describes how a transaction should be executed.
The Proof-of-Stake consensus mechanism is based on the snowball effect, the more people own the Avalanche coin the more validators there are. Their goal is to overtake the Ethereum network.
The project can process as many as 4,500 transactions per second.
Avalanche is built on DeFi which makes for an easy experience at home.
Avalanche statistics from the last 24 hours
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Ava Labs the founders of Avalanche started building the Avalanche protocol in 2018 under the leadership of Emin Gün. The network was officially launched on 21 September 2020 and is still being built to this day.
During the launch of Avalanche, the price of an Avalanche stood at €3.88 per coin. This was soon followed by a big price rise in January 2021 to an update called "Apricot" that would take place in February when the price stood at its highest at €31.98.
In May 2021, part 2 of the "Apricot" update came online which caused a pump and dump. Soon the bullish market led to a huge price rise towards December 2021 and AVAX reached €114.12 at its high.
After the bullish move, the price briefly slumped again, but rose to €88.77 at its highest in March, this was due to the release of tokens on the platform ICO. A bullish downtrend soon followed, sending the price into a valley.
The Avalanche system works through a Proof-to-Stake consensus mechanism. This mechanism works, With holders of the coin who can validate transactions. When a validator validates something that is incorrect, they are fined, which is taken from their own staked stake. This keeps the network safe and secure.