What is Avalanche (AVAX)?

Blockchain platform Avalanche provides quick transaction confirmation times, great throughput, and affordable costs. It offers interoperability with different blockchains and is excellent for enterprise use cases and decentralised apps.

The History of Avalanche

A group of computer scientists and blockchain enthusiasts, including well-known cryptocurrency personality Emin Gün Sirer, created Avalanche. The project was started in 2018 with the intention of developing a blockchain platform that is more scalable and effective. Avalanche's creators chose to build a new blockchain platform that could handle large volumes of transactions and offer quicker confirmation times after realising the shortcomings of current blockchain platforms like Bitcoin and Ethereum.

The Use Case of Avalanche

The consensus mechanism of Avalanche distinguishes it from other blockchain platforms. Avalanche uses a novel consensus mechanism called Avalanche-X in place of proof-of-work or proof-of-stake. This makes it a perfect platform for decentralised applications (dApps) and other use cases, enabling nearly instantaneous transaction confirmation times and high throughput.

The major use case for Avalanche is to act as a platform for decentralised applications (dApps). It enables the development and deployment of dApps on the platform. Users can engage with these applications using AVAX, Avalanche's native coin.

Avalanche offers high transaction throughput, minimal fees, and quick confirmation times, making it perfect for enterprise use cases as well. Due to this, it is a platform that is appealing to companies that need a blockchain solution for their operations.