Avalanche
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Information about Avalanche (AVAX)
Avalanche is an open-source platform for developing decentralized finance (DeFi) apps, financial products, and transactions, as well as other services. Avalanche was created to become a global exchange that allows anyone to launch a DApp, support the trade of any type of property and control it in a decentralized way by using smart contracts and other advanced technologies. The developers claimed that Avalanche would be the first smart contract to complete a transaction in less than a second.
Avalanche was founded and developed by a group of computer science experts and PhDs from prominent US universities. It features CEO Emin Gün Sirer, who successfully developed and implemented the first cryptocurrency that used Proof-of-Work (PoW) to mint coins, and COO Kevin Sekniqui, a doctorate candidate with extensive software experience at companies like Microsoft and NASA JPL.
AVAX is the original token of the Avalanche platform, which serves as a payment and reward system for users and implements various tasks within Avalanche’s protocols. It serves the following purposes:
- Payment: All operations carried out on Avalanche sub-networks must be compensated in AVAX.
- Staking: Participants who stake from 2000 AVAX onwards can become Avalanche validators or block creators.
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