Avalanche (platform)
Avalanche is an open-source blockchain platform for launching decentralized applications and enterprise blockchain deployments.[1] Its cryptocurrency is AVAX.
Background
Avalanche was co-founded by Cornell Professor Emin Gün Sirer, PhD candidate Kevin Sekniqi, and Maofan “Ted” Yin, first author of the HotStuff Protocol used in Facebook’s Diem.[2] Avalanche mainnet was launched on September 21, 2020.[citation needed]
It is the first smart contracts platform that confirms transactions in under one second, enables validators to participate as full block producers and supports the entirety of the Ethereum development toolkit.[3]
Avalanche is capable of supporting sub-second finality greater than existing blockchain networks (4,500+ transactions/second), and safety thresholds above the 51%.[4]
The Avalanche (AVAX) token is the native token of the Avalanche platform and is used to pay for fees, transact peer-to-peer and secure the network through staking.
Avalanche’s seed sale completed in February of 2019. On July 15, 2020 the public token sale was completed by raising a total of $42 Million in 4 hours.[2]
Staking
AVAX does not use slashing and does not propose a proof-of-stake (PoS) mechanism, and therefore, all stake is returned when the staking period expires.[5][non-primary source needed]
References
- ↑ "This Startup Aims to Prove Blockchain is Fast Enough for Finance". https://www.bloomberg.com/news/articles/2020-04-17/new-startup-aims-to-prove-blockchain-is-fast-enough-for-finance.
- ↑ 2.0 2.1 "Blockchain startup raises a quick $42M in first sale" (in en). https://news.cornell.edu/stories/2020/08/blockchain-startup-raises-quick-42m-first-sale.
- ↑ "These Researchers Are Trying to Build a Better Blockchain" (in en-US). Wired. ISSN 1059-1028. https://www.wired.com/story/researchers-trying-build-better-blockchain/.
- ↑ "These Researchers Are Trying to Build a Better Blockchain" (in en-US). Wired. ISSN 1059-1028. https://www.wired.com/story/researchers-trying-build-better-blockchain/.
- ↑ Minchev, Rado (2020-11-06). "Staking AVAX, by Validating or Delegating, with the Avalanche Wallet" (in en). https://medium.com/avalancheavax/staking-avax-by-validating-or-delegating-with-the-avalanche-wallet-f4d9adc182a6.
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