With so many options for cryptocurrencies available today, it can be easy to overlook some of the rising stars in the token world. One of the coins performing well within the market and offering a unique token is Avalanche (AVAX). The Avalanche blockchain has many similar characteristics to the Ethereum blockchain in that it can be used to build decentralized apps. The main goal of Avalanche is to provide a scalable ecosystem for building DApps that run on AVAX tokens—a new cryptocurrency token explicitly constructed for use with this platform. Here’s a quick look at Avalanche and how you can invest in AVAX today.
Avalanche Architecture
Avalanche is an open-source platform for launching decentralized finance applications and enterprise blockchain deployments in one interoperable, highly scalable ecosystem.
The Avalanche platform is a next-generation blockchain designed to support the full spectrum of decentralized applications, including the underlying infrastructure for financial applications such as lending and investing. The Avalanche platform features a multi-chain architecture with interoperability between chains, which means that users can move data seamlessly from one blockchain to another.
Avalanche’s user-friendly interface allows developers to create their own decentralized financial applications using smart contracts with minimal programming knowledge required. Through these applications, users can buy or sell assets such as stocks and bonds while earning passive income from the platform via staking AVX tokens (the native cryptocurrency). Not only can the Avalanche platform benefit developers and those looking for new ways to utilize the DeFi space, but it provides an opportunity for investors to benefit from the growing AVAX value over time.
Avalanche’s Proof of Stake Model
Avalanche is a proof-of-stake protocol that uses consensus nodes to validate blocks. The industry refers to proof of stake and other mining alternatives as “consensus protocols” in the industry.
Consensus nodes are responsible for validating transactions on the network and creating new blocks, much like miners do on Bitcoin and Ethereum networks. In Avalanche’s case, there are currently over 2000 nodes responsible for maintaining its blockchain.
The Snowflake consensus protocol is Avalanche’s proprietary proof-of-stake protocol developed by an independent team with help from several Bitcoin developers. It aims to guarantee safety without compromising speed or efficiency, two problems plaguing existing proof-of-stake algorithms such as Casper (Ethereum) and Ouroboros (IOTA).
Where to Buy AVAX
To buy AVAX, you’ll first need to open an account with a cryptocurrency exchange that lists the token. We recommend using FTX when looking for where to buy Avalanche crypto tokens since it is one of the world’s biggest and most reliable exchanges, offering over 300 cryptocurrencies for investors to choose from. FTX also boasts some of the lowest exchange fees on the market, making it a highly competitive and beneficial exchange for beginner and advanced traders alike.
Once you’ve decided which exchange to use, you can sign up for an account, add funds to your digital wallet and purchase AVAX directly on the exchange using fiat currency or another accepted crypto.
Whether you’re looking for a way to invest in Avalanche or learn more about this cryptocurrency, you can visit the FTX knowledge base for more information and access to the marketplace. Add Avalanche to your digital portfolio and follow its progress in the coming years. As the project continues to grow and develop, it may be a lucrative investment.