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Avalanche (consensus protocol)

Avalanche (consensus protocol)

Avalanche is a Brooklyn-based smart contracts platform in the blockchain industry.

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.

Overview

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.

Code implementation

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.

Cryptocurrency

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.

Timeline

September 16, 2021
Avalanche raises a $230,000,000 initial Coin Offering from CMS Holdings, Collab+Currency, Lvna Capital, Polychain Capital and Three Arrows Capital.
June 24, 2020
Avalanche raises a $12,000,000 series A round from Bitmain, Dragonfly Capital, IOSG Ventures, Initialized Capital and NGC Ventures.
June 2020
Avalanche raises a $50,000 initial Coin Offering.
2020
Avalanche was founded by Emin Gün Sirer, Kevin Sekniqi and Maofan Yin.
February 2019
Avalanche raises a $6,000,000 seed round from Abstract Ventures, Andreessen Horowitz, Balaji S. Srinivasan, Initialized Capital, MetaStable Capital, Naval Ravikant and Polychain Capital.

Invested in

Funding Rounds

Patents

Further Resources

Title
Author
Link
Type
Date

AAA First-Person Shooter Game Shrapnel Unveils Plans To Build On Avalanche Blockchain

Avalanche

Web

March 3, 2022

Arweave Broadens Decentralized Data Storage Capabilities on Avalanche

Avalanche

Web

April 14, 2022

Ascenders Launches Open-World Action RPG on an Avalanche Subnet

Avalanche

Web

February 28, 2022

Ava Labs Joins the Blockchain Association, Expanding Push for Sensible Regulation of Cryptoassets

Ava Labs

Web

March 18, 2022

Ava Labs Reaches $5B Valuation | Headlines | News | CoinMarketCap

Web

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References

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