Having the fastest transaction speed in transacting in cryptocurrency is essential because of the need of having each transaction done in real-time. Crypto developers are creating other cryptocurrencies that can offer this innovation. One of them is Avalanche, developed by Ava Labs in September 2020.
What is Avalanche?
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Avalanche is a platform where users can use their subnets for faster transactions within the network and across other networks like Ethereum and Bitcoin. Avalanche uses its own Avalanche Consensus Protocol, which can verify new information within the blockchain faster than its predecessors. Offering 4500 transactions per second against Ethereum’s limit of 15 transactions per second.
Avalanche’s network has subnets composed of three chains: C-chain, X-chain and P-chain. These chains stand for contract, exchange and platform. Later, these subnets will be discussed under use cases or utilities.
How to Buy Avalanche (AVAX)?
Avalanche (AVAX) is the native cryptocurrency of the Avalanche platform that is used to pay for gas fees and transactions within the network. This token has a maximum cap of 720 million tokens. AVAX is also a governance token for the platform. Having more AVAX entitles the holder a greater vote in the decentralized organization.
AVAX can be bought through Binance and PDAX.
Binance
Investors and enthusiasts can buy AVAX through Binance by either converting USDT and BUSD into AVAX or do a Spot Trade using the said stablecoins.
PDAX
Investors and enthusiasts can buy AVAX through PDAX by trading their fiat or assets to AVAX.
PayMaya
AVAX is also available in PayMaya. Users can just convert their pesos to AVAX or vice versa within the app.
Avalanche Wallet
Avalanche has its own wallet that can be downloaded from their website https://wallet.avax.network/. It is a non-custodial wallet for storing Avalanche assets. Therefore, it does not require Know Your Customer (KYC) but rather a 24-chronological word Seed Phrase. Seed Phrase serves as the key to access the wallet from any web browser and should be written down and not stored online to avoid being compromised by hackers.
Each subnet has its own unique wallet address. Make sure to use the right address to where the AVAX will be transferred to.
What are Avalanche’s Use Cases?
Avalanche’s X-chain is where transactions are made. Its native token, AVAX, is used to pay gas fees just like with Ethereum, ETH is used for paying their gas fees.
Developers can create decentralized applications (Dapps on the C-chain of Avalanche while leveraging the platform’s security and scalability benefits. The C-Chain runs smart contracts for the platform and is Ethereum Virtual Machine (EVM) compatible. This means anyone can use Ethereum smart contracts on the Avalanche platform. Developers can make NFT marketplaces, Dapps, DeFi and more because of its ecosystem.
Validation of the network requires at least 2000 AVAX and this gives the validator their own node. An individual can also be a delegator for lending at least 25 AVAX but they will not have their own node. In this process, AVAX holders can earn through proof of stake (PoS) and proof of work (PoW). This feature is found in the Avalanche wallet.
P-chain oversees the other subnets and in the same way the other subnets also validate P-chain.
A unique feature of Avalanche is that the developer can make their subnet either public or private. The developer can require validators to undergo KYC or not.
Closing Thoughts
Avalanche is another innovation in the crypto space that offers a faster transaction time, a secure network for creating Dapps in its own ecosystem, and to bridge to other networks like Ethereum and Bitcoin for faster transactions. This can be one of the alternatives for Ethereum blockchain.
Do due diligence in researching cryptocurrencies before investing in them.
This article is published on BitPinas: Avalanche | How to Buy AVAX in the Philippines
Disclaimer: BitPinas articles and its external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for Philippine-crypto and beyond.
