Simple Explanation of an Open, Programmable Smart Contracts Platform for Decentralized Applications - AVALANCHE
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Assalam-o-Alaikum Steemians !
I'm @moneyster, a professional level Cryptocurrency investor and an analyser. As usual, today I thought to share another Crypto-related experience with you. I hope this article will be considerably beneficial for all the Steemians in this community
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Avalanche can be defined as a very fast decentralized ecosystem created on the Avalanche Blockchain. When we discuss this Avalanche project, there are a lot of things to share with you. However, here I will state some of these important and useful contents as a summary. There are three main characteristics of this Avalanche project.
- Scalability
- Security
- Decentralization
The most interesting thing about this project is that it works in the mechanism of Proof of Stake (PoS). As a result of this Proof of Stake (PoS) mechanism, this Avalanche project has achieved all the above-mentioned features in a very effective manner.
Anyone can easily create wonderful decentralized applications with the help of this Avalanche Blockchain. It means, this Blockchain supports smart contracts feature in a very effective manner like the well known Ethereum project. However, the Scalability and Transaction speed is very fast within this Avalanche ecosystem as compared to Ethereum. Maybe that's why some Crypto experts define this Avalanche project as one an Ethereum killer project. But personally, I don't think it is 100% correct. Because Ethereum is the world's 2nd largest Crypto project and we can't compare any other projects with ETH projects due to its Loyalty and popularity. However technically, these Crypto projects have gained some special features such as Transaction speed.
At the same time, there are some additional projects contained on this Avalanche Blochain such as lending protocol and decentralized exchanges. In addition to these decentralized projects, it also supports Metaverse projects in which anyone can create Blockchain-based Games with very low gas fees as compared to other Blockchains.
This Avalanche project is a Highly decentralized platform exactly like the Bitcoin project which was created by Satoshi Nakamoto. The most interesting thing is its high scalability as compared to other Decentralized Projects. As a result of these features, the Avalanche Blockchain is working as a very fast blockchain to accomplish all the Transactions within less than 2 seconds.
Additionally, this Avalanche project works as a good ecosystem which doesn't consume much energy to validate Transaction within the Blockchain. Because here we don't need to provide much GPU power as it works in the mechanism of Proof of Stake and it consists of thousands of Validators.
First of all, let me expand an Overview of this Avalanche Project (AVAX). Below I have included a screenshot that I have taken from the Official website of this Avalanche project.
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This is basically the modern technology for creating Web3 based apps within a good ecosystem and minimum gas fees. As I described above, there are a lot of valuable features of this Avalanche Project. However, due to the significant downtrend of the entire Crypto Market, the value of this Avalanche Native Token (AVAX) has been discounted at a very low rate. So, sometimes, it can be a good zone to accumulate these valuable Tokens to our portfolio.
As usual, I believe that the value of this Avalanche Native Token (AVAX) will increase further in the near future due to its usefulness. Therefore, I have begun to invest in this Avalanche Native Token (AVAX) as a long term investment and let me show a screenshot of my Binance wallet as proof of my Holdings. You can see my AVAX coin amount from the right side of this paragraph. However, I didn't invest more than 1 Token as this is my accumulation period and I hope to buy more tokens if the value deducts more than this level. Usually, I'm showing this only for motivation and don't invest in this Token without doing your own analysis.
I have studied the below-sourced articles to further study these topics and I have explained all the above facts in my own words and experience.
10% benificiary set for @tron-fan-club
Twitter Shared
https://twitter.com/moneyster12/status/1529542857949859844?s=20&t=5zlW9D_wAOJQ5t-j9ie3mg
Avalanche is indeed a good blockchain with its POS concensus mechanism making it very scalable.
Thank you for sharing this.
Thank you very much for adding some additional valuable info to my article.
Thank you @pelon53 for your support. It means a lot to me.
AVAX is a great project, the token is currently in downtrend I think it's a good buy.
You've explained and highlighted each point in details
Definitely, but we should try to do the money management method. Because, there is no specific way to find the exact bottom of the market.
almost all of these coins are currently declining and the last time I saw Avax it was in the 25 dollar price range
You are correct brother. There are a lot of retail Traders who are currently facing a considerable loss including me. Wait and see.
I hope it all comes back
Indeed avalanche is notable for it high scalability. Thanks for this awesome piece.
You are most welcome brother. yeah it is notable for its high scalability. Thank you very much for your valuable comment.
This is a well detailed information, thanks for sharing
Thank you very much for the positive response to my article. It's a pleasure to hear such wonderful positive comments.