Avalanche was first proposed in a whitepaper released on May 16th, 2018, in an IPFS link by a pseudonymous group of developers by the name of Team Rocket. Cornell professor Emin Gun Sirer assisted Team Rocket with some analysis and context portions of the whitepaper, along with publicizing the protocol. Avalanche is a consensus mechanism and therefore could be used with a variety of sybil control mechanisms like proof of stake or proof of work to reach a distributed consensus around a blockchain or cryptocurrency system.
Launched by a New York-based team called Ava Labs, Avalanche became available in September 2020. Ava Labs raised about $300 million in funding, while the Avalanche Foundation carried out private and public token sales that totaled about $48 million. The three-person team behind Ava Labs includes Kevin Sekniqi, Maofan "Ted" Yin, and Emin Gün Sirer. Avalanche utilizes a mix of methods consisting of three major interoperable blockchains referred to as the X-Chain, C-Chain, and P-Chain.
The avalanche protocol has been implemented by Team Rocket for testing, as of the publishing of the whitepaper; however, no cryptocurrency had been released at that time. There are plans to launch a cryptocurrency token with the symbol Ava, short for Avalanche.
Avalanche's native token is AVAX. AVAX is a hard-capped asset that is utilized for fee payment, securing the platform via staking, and providing a basic unit of account amongst the different subnets developed on Avalanche. The token has a supply of 720 million, and all the fees that are paid on the network are then burned as a deflationary mechanism.
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- Consensus (computer science)In computer science, consensus refers to an agreement between multiple independent actors in a system on a single data value.
- BlockchainA blockchain is an append-only digital ledger storing a set of time-ordered transactions grouped in blocks that are linked together using cryptographic hashes.
- Blockchain (company)Blockchain is a blockchain and software development company offering hardware and software cryptocurrency wallets. Blockchain.com is a centralized cryptocurrency exchange established in 2012 and is registered in United Kingdom.
- Blockchain and cryptocurrencyTopics related to blockchain and cryptocurrency.
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- Directed acyclic graphA graph data structure that uses topological ordering, meaning that the graph flows in only one direction, and it never goes in circles.
- Distributed ledgerA distributed ledger is a database of information held and replicated independently by participants in a network called nodes. A blockchain is a specific subtype of a distributed ledger.
- AlgorandAlgorand builds technology that aims to accelerate the convergence between decentralized and traditional finance by enabling the creation of financial products, protocols, and exchange of value including NFTs, stablecoins, payments, and more.
- BitcoinBitcoin is a cryptocurrency and a digital payment system invented by an unknown programmer, or a group of programmers, under the name Satoshi Nakamoto. It was released as open-source software in 2009.
- CryptocurrencyA cryptocurrency (or crypto currency) is a digital asset designed to work as a medium of exchange using cryptography to secure the transactions and to control the creation of additional units of the currency. Cryptocurrencies are a subset of alternative currencies, or specifically of digital currencies.
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