Avalanche is a smart contract platform with one of the fastest transactional throughputs of any layer one chain, utilising multiple chains for scalability. In addition, Avalanche is EVM compatible and has Ethereum bridging to build interoperability between chains.
Developed by Ava Labs and launched in 2020, Avalanche aims to provide a scalable and interoperable ecosystem for decentralised applications (dApps), decentralised finance (DeFi), non-fungible tokens (NFTs), and other blockchain-based solutions.
At the core of the Avalanche network is its unique consensus mechanism, the Avalanche Consensus Protocol, which combines elements of both the Nakamoto Consensus (used in Bitcoin) and the Classical Consensus (used in traditional distributed systems). This enables Avalanche to achieve fast transaction finality of under one second and a throughput of up to 4,500 transactions per second.
AVAX is the native token of the Avalanche platform and is used to secure the network through staking, pay for transaction fees and participate in the network's governance. It's also a basic unit of account between the multiple subnets deployed on Avalanche.
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