Avalanche is a decentralised platform designed to offer a faster, more secure, and efficient way to process transactions using a unique triple-blockchain architecture. It aims to enhance decentralisation, scalability, and network security through its use of three interconnected blockchains known as the Platform Chain (P-Chain), Contract Chain (C-Chain), and Exchange Chain (X-Chain). AVAX is the native token of the Avalanche platform, serving multiple purposes including staking, transaction fees, and network governance.
Avalanche operates using a unique triple-blockchain structure consisting of the X-Chain for asset creation and exchanges, the C-Chain for running smart contracts, and the P-Chain for managing validators and custom blockchains (subnets). It employs the Proof of Stake (PoS) consensus mechanism, enhanced by the Snowman Consensus Protocol, which offers high throughput and quick finality, completing transactions in just about one second. The C-Chain's compatibility with the Ethereum Virtual Machine (EVM) allows developers to easily deploy Ethereum smart contracts on Avalanche.
Avalanche offers a wide range of applications, including:
Avalanche was founded in 2020 by a team including Emin Gün Sirer, Stephen Buttolph, Amani Moin, and Kevin Sekniqi. The launch introduced 720 million AVAX tokens, with significant partnerships and integrations achieved over time, including with traditional finance firms and large tech companies such as AWS. Notably, in 2023, Avalanche introduced innovations such as Evergreen Subnets and AvaCloud, and formed strategic collaborations with entities from various sectors. The platform continues to enhance its technology and expand its presence in the blockchain ecosystem through continuous development and strategic initiatives.