What exactly is Avalanche Cryptocurrency (AVAX), and is it superior to Ethereum?
The debut of the Avalanche main network occurred on September 21, 2020, and after just 14 months, according to the CoinMarketCap assessment, the currency joined the top 10 cryptocurrencies by market capitalization. The key to the success of the platform lies in its unique approach to network scalability, which partly addresses the issue of Ethereum, its primary opponent. Initially, the creators intended to tackle the challenge of synchronizing many protocols for decentralized apps and provide the bitcoin community with a solution that could compete with Ethereum 2.0. With its novel approaches to consensus techniques and technologies, the platform has developed into an ecosystem over time.
What is the Avalanche (AVAX) protocol?
Avalanche is an open-source platform capable of handling around 4,500 transactions per second for the development of decentralized applications. The platform comprises two components: the primary network (Primary Network) and an infinite number of subnets (Subnet).
Avalanche subnets are comparable to solutions at level 2. The scale issue is resolved by second-level solutions, which are add-ons to apps built on top of the primary network. Any user who pays 0.01 AVAX to build a subnet may do so. In other words, subnets are extra blockchains for decentralized apps to which users may add their constraints. For example, validator requirements or mandatory compliance with the KYC policy.
AVAX vs ETH
Avalanche is one of Ethereum’s primary rivals and an additional effort to solve the blockchain trilemma. The core of the trilemma is the three pillars of blockchain technology, namely scalability, decentralization, and security. The network developer must choose between them. Avalanche offered a similar concept to L2, sidechains and parachains, which Ethereum lacks.
A quick tip: To swap ETH for AVAX, go to the Godex website and get a quick and safe result.
Avalanche vs. Ethereum Comparison Based on Several Criteria
- The rate of transaction processing. The standard processing speed is 4,500/sec, with the option to overclock to 20,000/sec for Avalanche and 15/sec for Ethereum. Despite the importance of this characteristic for dApp developers, Ethereum continues to keep the lead. The importance of the investors’ faith in Vitalik Buterin’s platform cannot be overstated.
- Security. Ethereum has around 280 thousand validators, whereas Avalanche only has roughly 1,000. Reducing the number of important network players participating in transaction confirmation speeds up decision-making on the one hand, but has a detrimental effect on security. Capturing a single Avalanche validator confers 0.1% network control.
- Volatility. At the time of a market decline in the same regions, the drawdown of Avalanche might reach or exceed 75%, while Ethereum loses between 50% and 60% of its value. This indicates that investors have greater faith in Ethereum and are not in a rush to remove their funds.
Avalanche surpasses Ethereum in terms of theoretical characteristics, but lags in terms of practical factors. The developers have unilaterally announced superior network performance, although it has not yet been shown in reality. In contrast, Ethereum, an older platform, is gradually advancing and impressing people with practical outcomes. Today you can swap ETH to USDT almost everywhere, including on the Godex website.
Cryptocurrency wallets are software applications that store your cryptocurrencies offline. There are many different types of cryptocurrency wallets, but all of them have the same basic features.
Before you start using a cryptocurrency wallet, you need to create an account with the wallet provider. This is usually a simple process and it will usually take less than 10 minutes. After you have created your account, you need to generate a new password for your wallet. You should also write down this password so that you can easily access your wallet later on Cryptocurrency Wallet Users Manuals
Once you have created your account and generated your password, you can start using the wallet. The first thing that you need to do is load the cryptocurrency that you want to store into the wallet. You can do this by importing cryptocurrencies into the wallet or by buying cryptocurrencies on an exchange and then transferring them into the wallet.
After you have loaded the cryptocurrency into the wallet, you need to set up some basic security measures. These measures include creating a backup of your private key and creating a recovery phrase for your wallet. You should also make sure that you keep your computer secure and protect yourself from cybercrime