Where Avalanche (AVAX) is Accepted Locally and Globally
AVAX is the utility token of the Avalanche platform which seeks to “unify the financial world.” If you’re wondering what actually makes it stand out among the smart contract crowd, it is its blazing fast one-second transaction finality time. That’s right, one-second transactions with anyone anywhere in the world! Being “Blazingly Fast, Low Cost, & Eco-Friendly” AVAX functions as a commerce coin and is accepted by businesses around the world as payment — like Ivacy a Singaporean VPN service.
Who accepts AVAX…
Are you an Entrepreneur, freelancer, or manager of a business accepting cryptocurrency?
Should you buy AVAX?
You’d certainly be tempted to looking at the token’s performance since its launch in 2020! Other than it 20Xing in the past year what do you need to know about AVAX…
- 4,500 transactions per second across their entire network, beating handily Bitcoin, Ethereum. and Polkadot in the Transactional Throughput blockchain metric.
- Solidity-compatible — this means that Avalanche decentralized apps can be interoperable with the Ethereum network.
- AVAX is tokenomically sound with over 50% of the circulating supply staked and the developers burning AVAX with every transaction completed.
It looks like the real opportunity with AVAX is in staking it which yields 10% annual interest…
Transaction and throughput speeds seem to be the main thing that AVAX has going for it. None of the Avalanche use cases are really head-turning or connect to the real world in an interesting way. “This is a blockchain platform for launching blockchain platforms for launching blockchain platforms…” is how I’d cheekily characterize Avalanche.
About Avalanche
Avalanche is the fastest smart contracts platform in the blockchain industry, as measured by time-to-finality, and has the most validators securing its activity of any proof-of-stake protocol.
from avax.network
This paper introduces a family of leaderless Byzantine fault tolerance protocols, built around a metastable mechanism via network subsampling. These protocols provide a strong probabilistic safety guarantee in the presence of Byzantine adversaries while their concurrent and leaderless nature enables them to achieve high throughput and scalability. Unlike blockchains that rely on proof-of-work, they are quiescent and green. Unlike traditional consensus protocols where one or more nodes typically process linear bits in the number of total nodes per decision, no node processes more than logarithmic bits. It does not require accurate knowledge of all participants and exposes new possible tradeoffs and improvements in safety and liveness for building consensus protocols.
The paper describes the Snow protocol family, analyzes its guarantees, and describes how it can be used to construct the core of an internet-scale electronic payment system called Avalanche, which is evaluated in a large scale deployment. Experiments demonstrate that the system can achieve high throughput (3400 tps), provide low confirmation latency (1.35 sec), and scale well compared to existing systems that deliver similar functionality. For our implementation and setup, the bottleneck of the system is in transaction verification.
from the abstract of the Avalanche whitepaper
