Avalanche (AVAX)

I recently had a chance to directly listen to John Nahas, VP of Business Development at Ava labs on what Ava LABS and Avalanche is all about, the sectors they are bullish and the trends and expectations for the near future.

Summary of Findings:

·???????Ava Labs is a for profit initiative behind the Avalanche Ecosystem

·???????Ava Labs could be considered as a license service provider for Avalanche

·???????Whereas Avalanche Blockchain is run by Foundation

?What is Avalanche all about?

·???????Avalanche is a EVM compatible L1 Chain launched in 2020.

·???????Proof of Stake network

·???????Uses Avalanche consensus mechanism (More here: https://docs.avax.network/overview/getting-started/avalanche-consensus/)

·???????There are around 1500 validators on Avalanche network

·???????Avalanche claims that they have the achieved sub-second finality (Time to submit the transaction and finalize – Fastest) (Time to Finality)

·???????Cheap gas fees

·???????Super proud of being the Carbon negative, Ecofriendly and green Blockchain

o??Bitcoin carbon consumption of 8 MM households

o??Ethereum – 1.5 MM households (Things might change after they move to PoS)

o??Whereas Avalanche has 46 households of carbon

Architecture

·???????Avalanche has a Multichain Architecture

·???????Primary Chain – X chain

o??For Creating, burning, minting the Avax token

P Chain

o??P Chain is the Platform chain – Used for Delegation, Validation

o??You could deploy Subnets – Public or Private on P Chain (Avalanche is betting very big on Subnets to scale the Blockchain and launched huge incentive program as well - https://medium.com/avalancheavax/avalanche-foundation-launches-multiverse-an-up-to-290m-incentive-program-to-accelerate-growth-of-c815ac5692c7)

o??On P Chain you could create App Specific chains

§?E.g. – Enterprise, KYC, AML, Geo Location, GameFi etc

o??The Chain provides the ability to spin off chains to fit various use cases

C Chain

o??ERC 20 Standard

o??EVM Compatible, Runs on Solidity

o??Used for DeFi, NFTs

·???????The above 3 Chains make the Primary network and there are multiple Subnets that you could create for new use cases.

·???????AVAX token powers the gas fees on the network and the P chain is used to secure the network through delegation and validation.

Adoption & Bigger Use Cases:

DeFi

·???????Tremendous DeFi Adoption

·???????Aave, Curve, Sushi Labs are all launching on Avalanche

·???????Innovative products shaping up

GameFi

·???????GameFi is seeing the biggest adoption

·???????With growth of Subnets, this is poised to grow further

·???????Expecting to launch 50-60 high calibre games on the chain.

DeFi has the highest educational floor for people getting into Crypto, whereas GameFi will provide opportunities for billions of users to get into Crypto Ecosystem.

What’s exciting for Blockchain Space in the next 5 years?

Projects that abstract away the Crypto Complexity

o??Connecting to a wallet, storing password, transacting, there is lot of friction at the moment

o??Payments should become faster, cheaper than the current system.

o??Lower barriers of entry to be created for millions of users.

o??There has to be those Killer Apps which is not reinventing the current Web 2.0 platforms, but something which is native to Web 3.0 and onboards billions of users.

?Above all, if you are in Berlin this week, don’t miss attending Avalanche House to listen to the developers, participate in Hackathons and the fun part!

Avalanche is sponsoring Formula E race in alignment of their values (Speed, Technology, Carbon Footprint). (Formula E cars are Electric).

?https://www.avalanche.house/

#avalanche #promisingl1 #defi #gamefi #solidity #blockchain