This week, the Avalanche (AVAX) crypto asset will be listed on Indodax. Open deposit will start on April 6th, 2022 at 14:00 WIB (UTC +7) and open trading will start on April 7th, 2022 also at 14:00 WI (UTC +7).
AVAX is a limited and asset used for paying rare fees, staking platform listings, and providing a basic unit of account between the multiple subnets created on Avalanche. Curious? Let’s read more here!
What is Avalanche (AVAX)
Avalanche is a layer one blockchain that functions as a platform for decentralized applications and custom blockchain networks. It is one of Ethereum’s rivals, aiming to unseat Ethereum as the most popular blockchain for smart contracts. It aims to do so by having a higher transaction output of up to 6,500 transactions per second while not compromising scalability.
This is made possible by Avalanche’s unique architecture. The Avalanche network consists of three individual blockchains: the X-Chain, C-Chain and P-Chain. Each chain has a distinct purpose, which is radically different from the approach Bitcoin and Ethereum use, namely having all nodes validate all transactions. Avalanche blockchains even use different consensus mechanisms based on their use cases.
The Exchange Chain (X-Chain)
Is employed to create and exchange the native AVAX tokens and other assets. Similar to the ERC-20 standard on Ethereum, these tokens follow a set of standardized rules. It uses the Avalanche consensus mechanism.
The Contract Chain (C-Chain)
Hosts smart contracts and decentralized applications. It has its own Avalanche Virtual Machine, similar to the Ethereum Virtual Machine, allowing developers to fork EVM-compatible DApps. It uses the Snowman consensus mechanism.
The Platform Chain (P-Chain)
Coordinates network validators, tracks active subnets and enables the creation of new subnets. Subnets are sets of validators, sort of like a validator cartel. Each subnet can be validating several blockchains, but a blockchain can only be validated by one subnet. It also uses the Snowman consensus mechanism.
After its mainnet launch in 2020, Avalanche has worked on developing its own ecosystem of DApps and DeFi. Different Ethereum-based projects such as SushiSwap and TrueUSD have integrated with Avalanche. Furthermore, the platform is constantly working on improving interoperability between its own ecosystem and Ethereum, like through the development of bridges.
Avalanche (AVAX) Team
Avalanche was launched by Ava Labs, founded by Cornell University professor Emin Gün Sirer, and Cornell University computer science PhD’s Kevin Sekniqi and Maofan “Ted” Yin. Gün Sirer is a veteran in cryptographic research, having designed a conceptual peer-to-peer virtual currency six years before the release of the Bitcoin whitepaper. He was also involved in work on Bitcoin scaling solutions and research on Ethereum before the infamous The DAO hack in 2016.
From that research arose the whitepaper that led to the foundation of Ava Labs in 2018. The project closed a seed round in February 2019 that included investors such as Polychain, Andreessen Horowitz and Balaji Srinivasan. Avalanche closed its initial coin offering in 2020 in under 24 hours, raising $42 million in the process.
What makes Avalanche (AVAX) unique?
Here are some unique features of AVAX that you can learn about here.
Uses a novel consensus protocol, developed by a team of Cornell computer scientists, and is able to permanently confirm transactions in under 1 second.
Capable of 4,500 transactions per second–an order of magnitude greater than existing blockchains.
Ensures stronger security guarantees well-above the 51% standard of other networks.
Easily create custom blockchains and decentralized apps that contain almost any arbitrary logic.
Uses energy-efficient proof-of-stake consensus algorithm rather than proof-of-work.
Smart Contract Support
Supports the creation of Solidity smart contracts and your favorite Ethereum tools like Remix, Metamask, Truffle, and more.
Private and Public Blockchains
Create your own public or private blockchains.
Designed for Finance
Native support for easily creating and trading digital smart assets with complex, custom rulesets.
Avalanche (AVAX) Crypto Assets
The current CoinMarketCap ranking is #10, with a live market cap of $24,891,475,029 USD. It has a circulating supply of 267,275,390 AVAX coins and the max. supply is not available.
How to Buy Avalanche (AVAX) Crypto Assets on Indodax
For those of you who want to buy Avalanche (AVAX) crypto assets, you can buy them on Indodax starting April 7th, 2022 at 14:00 WI (UTC +7).
Here’s how to buy it:
- For those of you who are not yet a member, you can click the link here
- After that, make a deposit. For those of you who are confused about how to deposit, click on this link
- After your deposit and balance come in, you can return to the market
- Look for Avalanche (AVAX) in the Rupiah market then click
- After entering, all you have to do is buy by filling in the balance and at what price you want to buy Avalanche (AVAX). You can also buy it instantly or directly at the current price
- After that, you need to patiently wait for the price to increase for some time
- After the price increases, you can sell it at a higher price with the instant method
- If you sell with the limit method, you can place orders after buying. Make sure you enter a higher number when selling.