What is Avalanche (AVAX)?
While blockchain and cryptocurrency have achieved certain milestones and recognition in the public eyes, the route to mass adoption and total replacement of traditional means is still rocky. The main challenges of blockchain that skeptics often mention include fiendish energy consumption, counterintuitive complicated processes, lack of investor protection, and good old fear of the unknown. After more than a decade of hard work of developers from all over the world, these remain major obstacles for the technology. Avalanche (AVAX) was created by Emin Gün Sirer and Kevin Sekniqi as an attempt to remedy these problems. It is an eco-friendly, low-cost, and fast-paced blockchain of the future. Created by a group of well-known blockchain experts and professors, Avalanche has attracted a huge amount of attention and capital from big institutions such as Andreessen Horowitz, Mastercard, etc. Despite being born quite recently in September 2021 at the height of a bull market, Avalanche now claims the top 4 spot of the biggest blockchain by Total Value Locked.
How Avalanche (AVAX) Works
In 2020, a group of developers took advantage of the Proof-of-Stake (POS) mechanism to come up with a new blockchain called Avalanche. POS is widely known to consume much less energy than its predecessor, Proof-of-Work (POW), because the former relies on voting to update data on the blockchain while the latter depends on the computing arms race among validators. Besides, POW is notoriously complex and hard to scale up, which makes it susceptible to network delays and congestion when the number of users and transactions increase. In fact, this happened to Ethereum in the bull market of 2020-2021; a transaction could take hundreds of USD of fees and days of waiting, but it might not go through despite all the hassles.
In contrast to the disadvantages of POW, POS enables Avalanche to have incredible speed and scalability. Avalanche claims on their website to be "the fastest smart contracts platform in the blockchain industry, as measured by time-to-finality, and has the most validators securing its activity of any proof-of-stake protocol".
Avalanche's goal is to provide the necessary tools and platforms for developers to build and run
(1) application-specific blockchains (both private and public blockchains)
(2) highly scalable dapps
(3) complex smart contracts and smart assets.
Avalanche has three built-in blockchains:
- Exchange Chain (X-Chain) is where digital assets are created and traded.
- Platform Chain (P-Chain) is where the numerous subnets of Avalanche are created and validators are coordinated. People can also build custom blockchains on the P-Chain.
- Contract Chain (C-Chain) is where all smart contracts are built and maintained.
These three chains are validated and secured by the Primary Network, a special subnet within the Avalanche blockchain.
With the clear designation of tasks among the three blockchains, it can clearly be seen why and how Avalanche can deliver such a superb transaction speed with a low fee compared to other blockchains. Furthermore, this design enables Avalanche to work in an efficient manner without consuming too much energy like other blockchains.
AVAX Token Supply Distribution
AVAX is the native token of the Avalanche blockchain. To do anything on Avalanche, you need AVAX. One special thing about AVAX is that the AVAX collected as a transaction fee is burned 100%, making AVAX rarer by seconds. Those with more than 2000 AVAX tokens can join as a validator and earn up to 11% APY in AVAX.
AVAX Tokenomics can be seen below:
- Staking Rewards: 50%
- Public Sale: 10%
- Team: 10%
- Foundation: 9.26%
- Community and Dev Endowment: 7%
- Strategic Partners: 5%
- Private Sale: 3.46%
- Seed Sale: 2.5%
- Airdrop: 2.5%
- Testnet Incentive Program: 0.28%
The total capped supply of AVAX is 720 million and half of them, which is 360 million AVAX tokens, were released at the genesis block. The remaining is being emitted according to a set formula in the Avalanche whitepaper, and the emission rate can be changed to adapt to different economic conditions. The current token holders will vote on the new emission rate if there is one. Currently, there are more than 404 million AVAX tokens in circulation.
AVAX was sold during Avalanche's ICO in 2020 at the price of $0.5 each.
How to Buy Avalanche (AVAX)
Consider investing in Avalanche (AVAX)? It only takes 2 minutes to create an account on Bitget and start trading AVAX.
Check out the available AVA X trading pairs on Bitget!
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Simple 3-step guide to buying AVAX today in Lesotho
Create your free Bitget account
Select a funding method
Complete your Avalanche purchase
Step 1: Create a free account on the Bitget website or the app
Step 2: Place an order for Avalanche using a payment method of your choice:
Buy Avalanche with a debit/credit card
For Visa or Mastercard, select Credit/Debit card, then click Add New Card under the "Buy" tab
Credit/Debit in the Buy Crypto tab of the Bitget app
Credit/Debit in the Buy Crypto tab of the Bitget websiteSelect your preferred fiat currency, enter the amount you wish to spend, link your credit card, and then complete your payment with zero fees.
Add a new card to complete your payment on the Bitget app
Enter your bank card details to complete your payment on the Bitget websiteFor Diners Club/Discover card, click Buy Crypto > [Third Party] in the top navigation bar to place your Avalanche order.
How to buy crypto with credit/debit cardBuy Avalanche with Google Pay or Apple Pay
Converting your Google Pay and Apple Pay balance into Avalanche is easy and secure on Bitget. Simply click Buy Crypto > [Third Party] in the top navigation bar to place your Avalanche order.How to buy crypto via third-party gatewayBuy with bank transfer
We accept various payment methods, including iDeal and SEPA for EUR, PIX for BRL, PayID for AUD, UPI for INR, QRIS, DANA, and OVO for IDR, SPEI for MXN, and GCash for PHP. These services are facilitated by Alchemy Pay, Banxa, Mercuryo, and Simplex payment gateways. Simply select Buy Crypto > [Third Party] in the top navigation bar and select a fiat currency to place your Avalanche order.Buy Avalanche with the fiat balance in your Bitget account
You can Deposit fiat funds using Advcash, SEPA, Faster Payments, or PIX payment gateways to top up your Bitget fiat balance. Then, click Buy Crypto > [Cash conversion] in the top navigation bar to place your Avalanche order.P2P trading
With Bitget P2P, you can buy crypto using over 100 payment methods, including bank transfers, cash, and e-wallets like Payeer, Zelle, Perfect Money, Advcash, and Wise. Simply place an order, pay the seller, and receive your crypto. Enjoy secure transactions with escrow protection.How to buy crypto on Bitget P2P
Step 3: Monitor Avalanche in your Bitget spot wallet
Bitget—where the world trades Avalanche
How to buy Avalanche for free
- Learn how to earn Avalanche for free through the Learn2Earn promotion
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- Receive free Avalanche airdrops by joining On-going challenges and promotions
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