Avalanche Blockchain - Crypto Academy / S5W8 - Homework post for pelon53.
Greetings guys,
This week professor @pelon53 has delivered his lecture. A lecture on the avalanche blockchain and its importance to the DeFi world. After going through his lecture I will now submit my homework task.
1.- Explain X-Chain, C-Chain and P- chain in detail.
In the world of cryptocurrencies, the blockchain technology as we have seen is making significant progress. And everyday developers are trying to make the technology as good as possible. They are always trying to improve on what they have created by introducing different types of blockchains. Blockchain technology is know for its 3 outstanding features which are decentralization, scalability and security. Now to be more specific, a blockchain network cannot provide all these 3 features as one feature will have to be sacrificed for the other 2.
This is where the avalanche blockchain comes into the picture. Let's take the btc blockchain for instance; the btc blockchain uses 2 out of the 3 features which are the decentralization and security. The scalability feature of btc is a problem which the developers of the blockchain did not consider. The avalanche blockchain was developed developed rather deal with the problems associated with the ethereum blockchain so to this day the avalanche blockchain is regarded as a competitor to the etheruem blockchain.
The avalanche blockchain was launched in the year 2020 in the month of September. It was developed by **Emin Gun Sirer, Kevin Sekniqi and Maofan Yin with a couple of people. The developers of the blockchain refer to the blockchain as a "platform ot platform" . The name significantly means the blockchain was built for security, enjoy a global network of distribution and to be decentralized as possible; all these features simply being that the avalanche blockchain is decentralized, secure and scalable. Possessing all 3 features that are required for a blockchain.
The blockchain works on the DPoS. Its protocol is very open that the network has numerous validators who are able to validate 1000s of transactions within seconds. To be more specific 6500 transactions per second transactions are validated within a second. These is actually made possible because the nodes are allowed to work in parallel to each other allowing transactions to be validated in a random order.
The 3 features that a blockchain is supposed to possess which are scalability, decentralization and security are handled by different chains on the avalanche blockchain whiles on other blockchains they are handled by a single chain. I will talk about the 3 chains that handled the features below.
X-Chain
The X-chain is regarded as the first blockchain of the avalanche blockchain. This is the blockchain that handles the decentralization of the avalanche. It is also referred to as the exchange; where a user can actually create new tokens or mint tokens and also exchange tokens. The X-Chain is easy to program that is why its feature allows for users to be able to create and mint tokens rather easily. The native token of the blockchain is referred referred as AVAX. And as we know when a blockchain has its native token most task are accomplished with the native token. For the avalanche its not a different story as users are allowed to create and trade tokens with the use of the native token. The native token is also used to pay for commissions on fees for creating the token on the chain following rules similar to the ERC20 protocol.
C-Chain
The Second blockchain of the avalanche blockchain. This part of the chain can be called the contact chain. It's function is to make the conversion of Ethereum dapp developer easy. This allows for developers to be able create and manipulate their own smart contracts for applications which are referred to as DApps. There is a tool called the Ethereum Virtual Machine(EVM) which is made compatible with the C-Chain to allow decentralized apps built on the Ethereum blockchain to be able to interact with the avalanche blockchain. These allows for easy interaction between the avalanche and Ethereum blockchain.
P-Chain
The third and final chain on the avalanche blockchain. This is referred to as the Platform chain. The platform chain was built to handle utilities in the blockchain. The P-chain handles the validation in the blockchain by helping to coordinate validators. Here subnets are created, and then they are also managed and handled.
The P-chain is a also responsible for staking on the network. It monitors and allows for users to be able to stake easily on the network using the avalanche native token known as the Avax.
2.- Explore the Avax Network platform . Screenshots required.
For the question I will be exploring the avalanche platform.
To explore the platform I visited the platform here. Upon opening the site this is what I saw as the hone page.
Avax platform
On the homepage of the platform we see the features and at the top we see the following feature which i will be exploring.
- Developers
- Individuals
- Avalanche-X
- Press
- Community
- Contact
I will explore the following feature above first. Now let's take a look at them.
Developers
On the homepage is the Developers tap at the left side of the page. Upon pointing my pointer on it, a sub-menu appears where we can see the validators tab and start building tab.
Avax platform
Now let's explore these two sub-tabs.
• Validators.
Avax platform
The validator tab takes you to a page where the information there states that a user can become a validator whose job is to keep the blockchain secure and verify transactions. Whilst being a validator you can also earn avax rewards.
On the avalanche blockchain there are various advantages of being a validator by staking your avax token and keeping the network secure. A validator earns an 11% APY, a validator is also given the chance to decide the fees his delegators will pay.
Unlike other blockchains that the rewards is divided at a particular period of time, on the avalanche platform rewards are not divided. On the network a user doesn’t need to use sophisticated machines or expensive machines.
Avax platform
On the network the validator statistics are displayed for everyone to see as you can see from the screenshot below
Avax platform
As seen from the screenshot, we can notice that the total stake is 230, 107,166.12. The staking ratio is 58.00%. The staking rewards which is calculated per year is 9.78%. The total validators is 1,195 with 0 pending and total delegations is 15,082 with 0 pending as at the time of doing my assignment.
- Start Building.
Avax platform
The next tab is the start building tab, here users can act and develop decentralized apps on the platform. A user can launch a an ethereum Dapp, run a validator, mint a token m, integrate an exchange and there is also the developer documentation.
Individuals.
Avax platform
The next tab is the Individuals tab, when a pointer is placed on it we see the sub tabs under it which are the
- Road map
- Solutions
- Ecosystem
- Avalanche Wallet
- Avalanche Explorer
- Avalanche Bridge.
Now let's explore the 6 sub-tabs of the individual tabs.
- Road map
Avax platform
Road map as the name rightly says is a tab that tells the user what the network is up to. The Road map of avalanche is where users can see what the network has been able to achieve their milestone and projects for the year 2021. These roadmap is divided into 4 to cover the whole year which is 3 months.
Avax platform
- Solutions
Avax platform
On the Solutions tab, users can explore a world of possibilities that are on the avalanche blockchain. They are able to use and see the Defi world, institutions that work with avalanche and also NFTs.
Avax platform
- Ecosystem
Avax platform
On the Ecosystem tab, users are able to use and access the various projects that can be used on the avalanche platform such as the Defi world, digital security exchange, gaming, Identity and a whole lot as seen in the screenshot above.
- Avalanche wallet.
When we access the Ecosystem we are able to see the wallet for existing and new users on the platform. If you are a new user you will need to create a new wallet in the steps below.
Avax platform
Since I am a new user i will be creating my wallet by clicking on the create new wallet tab.
Then I will click on the generate key phrase.
Avax platform
A key phrase will be shown to me, I will have to copy it and store it safely offline. It is best to write it down.
Avax platform
The after writing it down safely, I will now click in the little box at the right down to verify that i have secured my phrase before continuing to access my wallet.
Avax platform
After that I Will fill in the gaps to verify my phrase before I continue.
Avax platform
After I verify my phrase I see a message of congratulations then I will click on access wallet to continue
Avax platform
My wallet has been created as seen in the screenshot below.
Avax platform
- Avalanche explorer.
Avax platform
On the explorer page, users are able to see the recent transactions that have occurred on the platform.
- Avalanche Bridge.
Avax platform
On the Bridge page, users are able to connect multiple wallets that belong to different blockchains. A user can also download the wallet on this page.
- Avalanche X
Avax platform
The next tab is the Avalanche X tab which has two tabs under it. The explore open grants and submit a general proposal.
- Explore open grants.
Avax platform
On this page, a user can explore decentralized exchange, a user can also build here, lending, stable coin, synthetics and derivatives and also volatility index(VIX).
- Submit a general proposal.
Avax platform
On this page, a user is allowed to make and submit his proposal on what he wants to see implemented on the blockchain. A user is required to do this by following certain step and requirements.
- Press
Avax platform
The next tab is the press tab which also has two sub tabs under it. The press inquiries and the press kit and media assets.
- Press inquiries.
Avax platform
The press enquiries is where a user can send am email through to the people that deliver news.
- Press kit and media assets.
Avax platform
This tab is where a user can see news articles and users can actually search search articles here too.
- Community.
Avax platform
As the name implies, here a user can get access through to their social media handles. Avalanche have social.media handles on twitter, Facebook, telegram, reddit and a whole lot of accounts
- Contact
Avax platform
A user can also access and get through to the Avalanche team though the contact us page. The user fills in the blanks and he is responded to as soon as possible.
3.- Show the last contract verified in the C-Chain network and show the Smart Contract that was generated at that address. Screenshots required.
For this part of the assignment, I will be showing the last verified contract in the C-chain network on the avalanche platform.
I will first open snowtrace and then go to the verified contracts option on the platform. At the top we can see blockchain and if we point the mouse pointer at it a sub menu opens. That is where we can access the verified contracts.
Avax platform
After clicking on the verified contracts, it opens a list of verified contracts. The latest contract is the one at the top. It is referred to as distributor.
Avax platform
When I click on it, all the details of the latest transaction called distributor can be seen below.
Avax platform
| Contract address | 0x0a2Ef13a03b905bFd6ACa70C5bf1C23a847EEEB7 |
|---|---|
| Contract creator address | 0xaa5d587766f767905ca |
| Contract tnx hash | 0xa1fd2d28987a072f0e859b1d0330fa4b9beeb7b12096448b2eebe9e45aed7ddc |
| Contract name | Distributor |
| Complier version | v0.7.5+commit.eb77ed08 |
The transaction that are made with the latest transaction can be seen in the screenshot below
Avax platform
4.- Explore the last block generated in the C-Chain network. Screenshots required.
for this part of the assignment, I will b exploring the latest block generated in the C-chain. To do that you will have to first of all open the snowtrace and go to the view blocks in the blockchain tab at the top corner.
Avax platform
after a list of new blocks generated appears and the latest block generated is the one on top. My latest block is numbered as 9239716.
Avax platform
Now after clicking on my latest block I can now explore it.
Avax platform
The details of the block have been summarized in the table below.
| Block number | 9239716 |
|---|---|
| Block height | 9239716 |
| Timestamp | 2 mins ago (Jan-07-2022 04:51:46 AM +UTC) |
| Burned fees | 0.04116738120552896 AVAX |
| Difficulty | 1 |
| Total difficulty | 9,239,716 |
| size | 2,905 bytes |
| Gas used | 877,567 (10.97%) |
| Gas limit | 8,000,000 |
| Base Fee per gas | 0.000000025869220806 AVAX (25.869220806 nAVAX) |
| Hash | 0x8a4d4d011203eedc0c1b6111ba0e4d28fc92932e0f7f538fee956955bdb75d2d |
| Parent hash | 0x339ff0e497cd90bf0570f771e04be100a3949e942b8b665f23651acd0a45e465 |
| Sha3Uncles | 0x1dcc4de8dec75d7aab85b567b6ccd41ad312451b948a7413f0a142fd40d49347 |
| Nonce | 0x0000000000000000 |
| Transactions | 12 transactions and 1 contract internal transaction in this block |
5.- Explain in detail the Avalanche consensus protocol and the Snowman consensus protocol.
Unlike other blockchains, in the avalanche blockchain two consensus protocol combine to form the consensus mechanism of the blockchain. The two consensus mechanisms are the avalanche consensus protocol and the snowman consensus protocol which will be discussed.
Avalanche consensus protocol.
The avalanche consensus protocol is used in the X-chain. Over here avax tokens are traded and exchanged. Other cryptocurrencies can also be traded and exchanged here. A user can also create new token here.
All transactions are processed here, validated and it helps increase the fastness and efficiency.
As discussed earlier, the transaction verification is done parallelly.
on this type of blockchain, consensus is reached without requiring a leader to reach consensus unlike the PoW, PoS.
Block verification is done in a style parented transactions. This means that for verification there is no need for new blocks to be created by rather the block is verified in the form of vertices.
All nodes process the transactions at the same time on this type of consensus protocol.
Snowman consensus protocol.
The snowman consensus protocol is referred to the extensive version of the avalanche consensus protocol. Remember we said both of them work hand in hand.
It is used in the C- Chain where the smart contracts are created and managed in the blockchain. The P-Chain also uses this. This is where the subnets are created and also managed.
In this type of protocol transactions are verified linearly.
Smart contracts and transactions are recorded easily.
Blocks are created in the snowman consensus protocol after the transactions are processed.
Conclusion
The blockchain technology is growing everyday as we can see and we can actually say that the blockchain technology is always trying to make development and changes that will suite the modern problems that are faced by users. I can actually say that the avalanche blockchain seeks to face and conquer all the problems.
The avalanche blockchain has been able to tackle the problem of blockchain trilemma where developers actually do not know which to sacrifice for which. But the developer of the avalanche have been able to deal with this by going with all the 3 features of the blockchain. They have been able to use all the 3 features which have been pretty helpful. They have 3 chains which helps them also overcome problems, which are know as the X-Chain, C-Chain and the P-Chain. There are also 2 consensus protocols that work hand in hand with the blockchain and they are know as the avalanche consensus protocol and the snowman consensus protocol.
This has been an enjoyable lecture.
Thank you
Hi @steemcurator02,
I believe this is an intermediate work and the percentage of upvote should be x2 which is (8.8x2)=17.6% of upvote.
Would you kindly review this for me.
Thank you.
Cc. @sapwood.
Creo que deberias revisar tu estado del club5050