What is Avalanche?
Avalanche is another Ethereum rival - its platform makes it possible to build decentralised blockchains and applications.
Avalanche hopes to reach Visa-level throughput with transaction times of less than a second!
Who are the founders of Avalanche?
Emin Gun Sirer, who previously taught at Cormell University and holds a doctorate in computer science, founded Avalanche in 2018.
In 2018, Emin established the Ava labs Avalanche team.
Emin is of Turkish descent, and Avalanche is the only cryptocurrency present in Turkey. As a result of the devaluation of the Turkish lira, a significant number of people are adopting cryptocurrencies.
President John Wu
Wu was CEO of Digital Assets Group, a leading cryptocurrency technology company that provides trustworthy products and management advisory services to individuals in the developing digital asset industry.
CFO Chris Lavry
He was Executive Vice President at Blockchain.com, a leading platform for crypto assets with more than 42 million users and more than $70 billion in transaction volume.
COO Kevin Sekniqi
He worked at Microsoft as a researcher and software engineer.
In comparison to other blockchain ecosystems, what sets Avalanche apart?
Speed
Avalanche is the fastest platform for smart contracts.
It can complete transactions in less than a second when it reaches finality!
Solidity, which is the programming language used by Ethereum, is compatible with Avalanche.
As a result, developers who are familiar with Ethereum can easily utilize the Avalanche blockchain.
Ethereum bridge
A bridge has been constructed that makes it simple for Ethereum projects to switch to Avalanche.
Scalability
Validator nodes communicate with each other about network transactions and Avalanche can process up to 4500 transactions per second.
Validators can agree on the network in one second and process 4500 transactions per second due to the speed at which gossiped information can spread.
What are Avalanche's primary objectives?
DeFi
Given that DeFi on Avalanche is fully compatible with Ethereum assets and offers faster speeds, increased throughput, and lower fees, why wouldn't an Ethereum project switch to Avalanche?
Institutions and governments
The CEO of Avalanche, Roche Cyrulnik Freedman LLP, and Republic Advisory Services have joined forces to bring litigation financing, a multibillion-dollar asset class, to retail on the Avalanche blockchain.
According to him, the primary objective is to provide a platform for the tokenization of assets on the blockchain.
Central Banks
According to the CEO of Avalanche, the company is collaborating with a dozen different central banks to make it easier to use digital currencies issued by those institutions.
NFTs
Avalanche makes it possible to run smart contracts from any blockchain, which is great news for the NFT market.
NFTs on the Ethereum blockchain and other blockchains can coexist without having to worry about high fees, high throughput, and, as a result, slow transactions.
A game will be able to accept NFTs from Ethereum, Solana, and other cryptocurrencies on the Avalanche blockchain.