Avalanche Blockchain - Crypto Academy / S5W8 - Homework post for pelon53. Presented by @beautybb 5-1-22

in SteemitCryptoAcademy3 years ago (edited)
Hello professor @pelon53 here comes my details of understanding to this weeks task.

source

My Entry

1) Explain in detail X-Chain, C-Chain and P-chain.

image.png

X-Chain (Exchange-Chain)

This is one of the network that make up avalanche primary network that assists in creating new assets and also enables exchanges between assets and cross-subnet transfer's and this only works on avalanche consensus protocol.

More to the above X-Chain prevails over some blockchain limitations, for instance Blockchain transactions and participants are been recorded in a ledger to keep the blockchain decentralized but X-Chain uses multidimensional structure that does self documentation and records.

C-Chain (Contract-Chain)

C-chain or contract chain is a default contract blockchain also in the primary network of avalanche and its assists in the creation Ethereum compatible smart contract.
It also helps in rapid transactions with less fee.
C-Chain uses snowman consensus protocol, and developers in C-Chain network create's smart contract for decentralized application, also EVM (Ethereum Virtual Machines) are used in creating contract's like NFT, ERC-20 token.

P-Chain(Platform Chain)

This is a metadata blockchain that keeps records of active subnets and assists in creation new subnet and it uses snowman consensus protocol.

2.) Explore the Avax Network platform .

step 1.

Open the platform with the link link

Some Features of Avax platform

Developersvalidators,start building
IndividualRoadmaps,Avalanche wallet
Avalanche -x
Press
Community
Contact
click the icon i marked to see features

image.png

You can also create an Avax wallet or access an existing wallet.
Some exchanges in the platform

image.png

this are social media networks that helps for interaction between Avalanche users.
My Avalanche page

Show the last contract verified in the C-Chain network and show the Smart Contract that was generated at that address. Screenshots required.

Last verified contract.

image.png

Smart contract generated

- Explore the last block generated in the C-Chain network. Screenshots required.

Last block generated

Explain in detail the Avalanche consensus protocol and the Snowman consensus protocol.

Avalanche consensus protocol

This is a fully decentralized network, that works so hard to improve scalability independently unlike other consensus protocol that requires leaders to achieve consensus, examples are PoW, PoS, and DpoS.

Avalanche consensus protocol is made of three primary blockchain network namely, C-Chain, P-Chain and X-Chain which i explained at the beginning of this task.

This consensus protocol gives opportunity for the development of customized blockchain unlimited it only requires subscription fees.

I can say that avalanche consensus protocol with its unique approach has been successful in solving the problem of scalability, usability and interoperability.

How?

Interoperability;

Avalanche with the use of subnet aims to solve interoperability issue,and also with the use of custom blockchain, that has network speed and security and compatibility.

High fees;

Avalanche produce fast and cheap network for transactions.

Scalabilty;

Avalanche aims to solve the issue of scalability by creating or building its own consensus Algorithm.

How does Avalanche work

Avalanche makes use of Nodes to validate transactions by applying DAG ( Direct Acyclic Graph) which allows the network to run transaction in parallel.
During transactions validator indicates if a new transaction is valid by polling other validator randomly, no confirmation is needed in avalanche consensus protocol.

Note that DAG has two concepts,

  • Ancestors
  • Descendants

The Snowman Consensus Protocol

This protocol is built on Avalanche consensus protocol, but it has a different when it comes to transactions, its transactions are ordered Linearly and it also deals with smart contract and can create blocks.

Conclusion

This task is one of a kind, I have been able to understand that Avalanche Blockchain is a fully decentralized network that has been able to solve the problem of scalability in the blockchain, with many validators, even the users can become validators.
Avalanche has a native token known as AVAX which can be used in daily expenses like paying fees and doing other things, it can also be used for staking.

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