The Avalanche ecosystem explained

You’ve probably heard the term “Ethereum killer” being thrown around lately to describe a blockchain vying for second place after Bitcoin. Well, we’ve got another to introduce you to - and this one’s a serious contender.

If you haven’t come across it yet, Avalanche is a “blazingly fast”, low-cost smart contract platform that allows the creation of custom blockchains and decentralised apps.

With countless big name DeFi projects now building on its platform, Avalanche has become one of the fastest-growing ecosystems in the blockchain industry. But what exactly is it, and how does it work?

What is Avalanche and how does it work?

Avalanche set out to address the age-old Blockchain Trilemma - the belief that no blockchain can be secure, decentralised and scalable at the same time.

It manages not to sacrifice any of these qualities by splitting its architecture across three separate blockchains.

The Avalanche mainnet is made up of the following: Exchanges Chain (X-Chain), Platform Chain (P-Chain) and Contract Chain (C-Chain). X-Chain is used for managing assets, P-Chain is for coordinating network validators and C-Chain is used for creating smart contracts.

With each chain taking on different roles, the network’s speed and scalability is significantly improved, compared to a single blockchain on which everything is run.

The Avalanche ecosystem also operates two different consensus mechanisms, which are tailored to its specific blockchains - both P-Chain and C-Chain are secured by the “Snowman” consensus, whereas X-Chain is secured by the “Avalanche” consensus. This is where Avalanche’s increased level of decentralisation comes from - the Avalanche consensus protocol does not rely on one actor whose work is then validated by others, as the Proof-of-Work and Proof-of-Stake models do. Instead, it uses “subnets” - a set of validators working together to achieve consensus.

The ecosystem centres around its native utility token AVAX, which is used for paying network fees, staking and providing a common unit of account between Avalanche subnets. The platform also notably allows for the creation of an unlimited number of customised, interoperable blockchains. To operate one, you just need to pay a subscription fee in AVAX.

What’s so special about it?

So, we’ve seen that Avalanche is secure, decentralised and scalable. But what else makes it stand out?

Well, its speed certainly sets it apart from other blockchains. Ava Labs, the company behind Avalanche, claims that the platform can handle more than 4,500 transactions per second and sub 1 second finality.

Interoperability is another huge benefit of Avalanche - the network allows communication and the transfer of value between blockchains.

It’s also gained a fair amount of attention for being an eco-friendly blockchain platform, thanks to its novel consensus mechanisms.

Wirex & Avalanche

Avalanche has just gone live in the Wirex app and the Wirex Wallet!

This means that DeFi is now more accessible than ever, with hundreds more digital assets now available in the non-custodial Wirex Wallet. Plus, you can now make significant savings on gas fees by swapping between blockchains as you please.

As for the Wirex app, we plan to add multiple Avalanche-based tokens to it very soon - so stay tuned.


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I would appreciate much more, if someone here could finally explain how we can use this super great Avax network today and not sometime in the future. After all, it is thanks to this super network that the XLM network no longer works.

How can I withdraw my WXT on Avax-Chain. And to what destination? What exchange accepts wxt tokens on Avax-Chain or where it is able to swap them?
I cant even find WXT token in snowtraceio
So how to transfere them on this network to Metamask?
Some practical instructions that can be used today would be worth much more.

Thanks.

It is possible. You need Metamask (or similar wallet). Then add Avalanche / AVAX to metamask using guide found by goolge.

https(colon)//academy(dot)binance(dot)com/en/articles/how-to-add-avalanche-to-metamask

  • Network Name : Avalanche Network
  • New RPC URL : https(colon)//api(dot)avax(dot)network/ext/bc/C/rpc
  • ChainID : 43114
  • Symbol : AVAX
    and so on.
    Send an amount AVAX of your choice to this network to pay gas fees later.

Then import WXT-Token (ERC20) to this network.
Token-Adrees is here:
https(colon)//snowtrace(dot)io/token/0xfcDe4A87b8b6FA58326BB462882f1778158B02F1
Guide how to add it:
https(colon)//www(dot)followchain(dot)org/add-custom-token-metamask/

Then you can send (50ct fee) wxt from wirex via C-chain to your Wallet and Swap it there for ~4$ fee to USDT or whatever and sell USDT on Binance.
Or you do not swap it and stake it there with nereus.finance if you want to…

Best regards

beneblack

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