Crypto Corner: a profile on AVAX

We recently announced that the Wirex ecosystem now supports Avalanche. So, we thought it was about time you got to know the blazingly fast smart contract platform and its native token, AVAX.

What’s it all about?

Avalanche is an open-source platform that uses smart contracts to support custom blockchain projects. It’s known for being interoperable and highly scalable, with a focus on speed and low transaction costs.

You can find out more about the Avalanche ecosystem and how it works in this blog<link to “The Avalanche ecosystem explained” Community blog>.

What can you do with AVAX?

AVAX is the ecosystem’s native utility token, which serves as its common medium of exchange. It can be staked to secure the network, as well as used to reward stakers and pay transaction fees.

You’ll also find AVAX in the Wirex app, just waiting to be bought, exchanged or HODLed. And don’t forget, you can spend it in real life at more than 61 million locations with your Wirex card!

Who came up with the idea?

The company behind Avalanche, Ava Labs, was founded in 2019 by Cornell computer science professor, Dr Emin Gün Sirer. However, the idea for Avalanche was originally published a year prior, by a pseudonymous group of software developers called Team Rocket. Sirer went on to collaborate with them, releasing a revised version of their original paper in June 2019.

Any fun facts?

Uniquely, the Avalanche mainnet is made up of three blockchains, rather than the usual one. This helps the network overcome some of the limitations faced by older blockchains, like slow transaction speeds, centralisation and lack of scalability. Each chain has a different purpose, but they’re all interoperable with each other.