[Avalanche Blockchain] - Steemit Crypto Academy - S5W8 - Homework post for pelon53
Hello everyone. This is the last week of the 5th season. I am very grateful to participate in this homework for professor @pelon53. The professor has taught us "Avalanche blockchain". After reading the lecture carefully, i am now going to do my homework post.
Question 1.) Explain in detail X-Chain, C-Chain and P-chain.
The blockchain technology was introduced to eliminate the third party involvement in the transaction process. The basic theme was to provide a decentralized system where no intermediate party involve to perform the transactions. Now, the blockchain technology is getting the popularity very rapidly and spreading all across the world. This technology is being adopted by multiple fields of life and the world is becoming the decentralized now. Time to time, a lot of the blockchains has been introduced. One among them is Avalanche blockchain.
This blockchain was introduced to solve the scalability issues which was in the bitcoin network because of the blockchain trilemma. Blockchain trilemma is a problem which the developers faced while development of the blockchain. The problem is, a blockchain cannot be the decentralized, scalable and secure at the same time. It cannot have all three main features at once. The blockchain have to compromise with one among them. The BTC blockchain had compromised with scalability.
The Avalanche blockchain was introduced to solve this problem of the Bitcoin blockchain. The Avalanche blockchain is very secure and scalable blockchain. The security and scalability of the avalanche is maintained by the subnets. This is very decentralized too. There is no need of the middle man to perform the functions.
This is the great development on the defi ecosystem. The users are able to perform multiple transaction in a fast way. The scalability is very high here. The task of this blockchain has been divided into the three subnets which are known as the
- X-Chain which is known as the Exchange Chain
The Exchange is serve as a decentralized platform where the users are allowed to create digital smart assets which are launched in the real world such like bonds. . They are enable to create and trade these assets in a secure way. Here the Avalanche consensus algorithm has been used. The nodes on the C-Chain work parallelly and users are allowed to perform the transaction using the native token of this chain which is named as the AVAX token. The transaction fee on the X-Chain is paid in the AVAX. This token is allowed to exchange with other tokens such as ERC-20.
This is the dominants asset blockchain on the avalanche blockchain where the users can create and trade the digital assets. This is not able to use in Metamask wallet. The users cannot use it in defi. The address of the X-Chain is accessible only through the Avalanche address. This blockchain is use to send and receive the funds. The transaction fee to perform the transaction on X-Chain is 0.001 AVAX.
The next is the P-Chain is which known as the Platform chain. This is the metadeta blockchain . This user interaction chain is us to monitor the validator. This is use to maintain the record of working on the network by using the Snow man consensus algorithm. This blockchain is use to track all the validators on the avalanche blockchain. This create the new subnets and track the active on the network.
The developers are able to develop the high secure and scalable Dapps on the avalanche blockchain because of the P-Chain. The subnets are created and then the active subnets are tracked on the avalanche blockchain. It also use to coordinate the validators.
The next and last is the C-Chain which is also known as the contract chain. This chain allow the users to create the Smart contracts for decentralized applications. These are compatible with the ethereum virtual machine and thus the users of the avalanche blockchain are enable to access the Dapp which are build on the ethereum blockchain.
Here the snowman consensus algorithm has been used. The users can build the highly secure and scalable Dapps on the avalanche blockchain using the C-Chain. The developers here are allowed to create the smart contracts for different Decentralized applications which enable the users on the network to create the quality level system. The smart contracts which are created on the C-Chain are enable to work with ethereum network using the snowman consensus algorithm. The nodes work here linearly and use to perform the transaction very fastly. The AVAX is use to pay the transaction fee on the C-Chain too.
Question 2.- Explore the Avax Network platform. Screenshots required.
First of all, let visit the AVAX network to explore its functions. A lot of the features are shown on the home page like developers, Individual, Avalanche X, Press, COmmunity, Contract and Build Now.
When we visit the developer section, we have here two options. One is the validator and other is the Start Building.
This is the sub feature of the developers where the users are allowed to become a validator and earn the high profit. But here first we need to stake the native token of the Avalanche blockchain. At least 2000 AVAX need to be locked to start the staking and to earn the income.
When we scroll down the page, we will get to see the Validator Stats where we get the information about the Total Stake AVAx, The Staking Ratio, Staking Reward, Total Delegation, Total Validator.
When we scroll down the more, we will get to see the advantage of validating the transaction on the avalanche blockchain. The users can earn up to the 11% APY reward by simply staking the AVAX coin on the avalanche blockchain. The users are able to set their own fee for accepting the delegation to their own nodes. The users are also enable to grow their network and no risk of slashing of their staked tokens. Only few hardware are required for this.
- Start Building
The users are able here to launch the ethereum Dapp, run a validator, mint the token. The users can find out the developer documents at the last in this manu.
When we click on any option among these, a new window is open where we are taught by a a complete document about how to perform that specific function. For example, i have clicked on the Mint Token option. The below page appeared to me.
The next is the individual option. There are multiple other features under this feature like Roadmap, Solutions, Ecosystem, Avalanche Wallet, Avalanche Explorer, and Avalanche Bridge.
In the roadmap section, we are given a roadmap of the avalanche blockchain. This section give us the information about the planning and strategies of the avalanche blockchain for the 2021. The plans are grouped into the Q1, Q2, Q3, Q4. There are basically the four phases. Each phase contain the 4 month period. In each section, the goals and the aims are mentioned which the blockchain will achieve in those four months.
The next sub feature of the individual is the Solution which give us the information about the avalanche's solution to the crypto coins industry and the enterprise governance sector, non fungible token sector, institution and the Ecosystem in the decentralized finance sector.
This sub feature give us information about the areas which are accessible by the users on the avalanche ecosystem such as the
DeFi, Digital Securities, Ecosystem, Exchange Explorer, Gaming, Identity, Infrastructure, NFT, Nodes, Oracle, Payments, Play to Earn, Security, Stablecoin, Tooling, Trading Bot, Wallet and Wealth Management
- Avalanche Wallet
This is the sub feature which allow us to access our existing wallet on the avalanche blockchain. f the user is new, he can create his avalanche wallet. For this, click on "Create new wallet"
- Then click on Generate key Phrase.
- Then a key phrase will be generated. Copy and store it carefully.
- Then Click on the ACcess wallet.
- A new page will be opened. There we need to enter the mnemonic in correct order. If you have verified by entering the mnemonic in correct order, your account will be created.
- Our account has been created, Now we are able to store the AVAX token and other tokens here.
- Avalanche Explorer
The next is the Avalanche explorer which enable the user to view and confirm all the transaction of the avalanche blockchain. You can get the information about all the transaction which have been performed on the blockchain. Here the C-Chain, P-Chain and X-Chain feature are available which the users can access to explore the transaction information.
This sub feature give us information about all those wallet which are available on the avalanche blockchain. The wallets which can be connected to this blockchain are find here like metamask, coinbase wallet and connect wallet.
There are two sub feature of this main feature which are named as the Submit a general proposal and Open Grant. Here the developers can get the funds for the developement of their projects.
- Open the Grant
We can explore here multiple Open Grants such as DEXs, Lending, StableCoin, Synthetics and Derivatives. If we want to grant, then we need to click on the desired one and then follow the steps which are mentioned.
- Submit a general Proposal
The next sub feature is Submit a General proposal where the information about how to apply for the grant and requirements which the developers need to fulfill in order to get the grant are mentioned. Here the instruction for the users to submit the project proposal are mentioned. First of all, the user need to send the application, then he wait for the call, After getting the approval, he can start building the project.
TIn this feature, we can get to know about the latest news on the Avalanche blockchain. The news are updated regularly. This feature is open for all. Any one is able to access this media house to get the latest and updates about the avalanche blockchain. Here we have two sub features; Press Inquiries and Press Kit &Media Assets.
- Press Inquiries
If the user have any query about the avalanche blockchain, they can sent it through email to the Avalabs.
- Press Kit &Media Assets.
Here i found the list of the articles which have been written about the avalanche blockchain.
Here the user get to know about the avalanche communities. The users are connected with these communities through multiple social media apps like twitter, telegram, discord, meetup, youtube, reddit, etc.
The users are able to ask anything about the avalanche project from the developers at any time. Just type your name, the email, and then enter the message or query or any concern which you have about the avalanche blockchain. Then send this message to the developers and the team of this blockchain. They will answer you if it worth.
Question 3.- Show the last verified contract in the C-Chain network and show the Smart Contract that was generated at that address. Screenshots required.
- In order to access and Show the last verified contract in the C-Chain network, we need to first visit the SnowTrace website. A new page will be shown to us.
- From the home page, Click on the Blockchain from the top manu bar.
- -A drop down list will be appear. Click on the Verified Contracts.
- A list of the contracts will be shown to us. This list has been arranged according to the time of their creation.
- The top one contract is the latest one.
- The name of this contract is SynapseBaseAdapter
- I clicked on it to explore it. All the detail of this contract displayed on the new page.
- Below is the detail of this contract.
|Contract Txn Hash|| 0x0ae5fcd98936002bc002
Question 4.- Explore the last block generated in the C-Chain network. Screenshots required
- In order to explore the last block generated in the C-Chain, we need to visit the SnowTrace website
From home page, click on the blockchain.
A drop down list will be appear Choose the View Block option from that list.
A list of the block will be shown. These blocks are arranged according to the time of creation.
The top most block is the latest block. When i clicked on it to explore it, the below page shown to me.
The below is the detail of the latest block at the time of writing this post.
|Timestamp||17 secs ago (Jan-06-2022 09:46:07 PM +UTC)|
|Transactions||1 transactions and 0 contract internal transaction in this block
|Burned Fees||0.067820312477054497 AVAX
|Size||534 90 bytes|
|Gas Used||25,58,951 (32.30%)|
|Base Fee Per Gas||0.000000025 AVAX (25 nAVAX)|
Question 5.- Explain in detail the Avalanche consensus protocol and the Snowman consensus protocol.
The Avalanche blockchain has solved the scalability issue. The blockchain trilemma problems has been resolved with help of the avalanche blockchain. This blockchain use the Snowman consensus algorithm and Avalanche Consensus algorithm for the validation of the transaction.
Avalanche Consensus Protocol
As we have talked above, The C-Chain in the Avalanche blockchain use the Avalanche consensus algorithm to create the native token of the avalanche blockchain which is named as the AVAX token. It also use to create the other digital asset like ERC-20, NFT, etc. This is the leaderless protocol which make it different and unique from other consensus algorithms.
This is very secure, scalable and decentralized. It resist the 51% attacks and provide high transaction speed which improve the scalability of the blockchain.
Here the nodes work parallelly. The Directed Acyclic Graph technology has been used in the Avalanche consensus algorithm which enable the nodes to verify and validate the transaction parallelly. All the nodes here are known to process the transaction. This algorithm use the validators who verify and validate the transaction through the hearing process. The validators here create and track the subnet in order to validate the transaction.
This is the main and native algorithm of the avalanche blockchain. The transaction in the avalanche consensus algorithm is irreversible. The transaction speed is very high. The validated transactions are completed in fast speed.
Here the validators are allowed to choose another validator very randomly and may ask them to work with them in an agreement. Here the blocks are not created, instead the completed transactions are referred as the node. The use of the Avalanche consensus algorithm make the blockchain effective, efficient and more scalable. Here every node verify their transaction very efficiently.
Snowman Consensus Algorithm
This is another consensus algorithm which is use in the Avalanche blockchain. The C-Chain and P-Chain use this consensus algorithm. This is an extensive version of the avalanche consensus algorithm. Here the nodes work linearly. They verify and validate the transactions in linear way and create the blocks.
The validators here are allowed to create the new subnets and track the active subnets. The system thus become more fast and scalability get improved. The Snowman Consensus algorithm make the network to work very effectively and scalable.
The use of both protocol make the Avalanche blockchain work effective in high speed. The security is also maintained without losing and compromising on the decentralization feature.
The Avalanche blockchain has solved the blockchain trilemma and has brought new revolution in the crypto world. This is very effective, efficient, secure, scalable and decentralized blockchain which have the three different blockchains known as the C-Chain, P-Chain and X-Chain. Here the users are allowed to develop multiple Dapps and even generate the funds for creation of the project by submitting the proposal for grant.
The Avalanche and the snow man consensus algorithm have been use in the Avalanche blockchain for the validation of transaction and creation of the new block which make this blockchain highly secure, scalable and extremely effective. The basic goal of this blockchain is to solve the scalability problem. This blockchain allow the users to perform the multiple transaction in short timing. The speed get improved which enhance the scalability.
Thanks to professor @pelon53 for this interesting lecture.