The subnets are uniquely tailored blockchains supported by the main network of Avalanche. The architecture of the platform includes subnetwork empowered by validators who work together to achieve consensus. The platform features two consensus engines: a DAG-optimized consensus protocol Avalanche and a chain-optimized consensus protocol Snowman for smart contracts.
The programmability of application and network levels delivered by the platform gives developers the possibility to control the execution of their decentralized apps and secure management of their private data. Supporting application-specific sharding, the protocol empowers developers to launch apps meeting their specific demands. The core innovation of the project is a novel consensus mechanism which is a fusion of a directed acyclic graph structure and “repeated subsampled voting.” One of its main benefits is the capability to scale to support millions of users. John Wu, President of Ava Labs, considers that the project has a great impact on the institutional finance and the DeFi sphere.Īvalanche utilizes an open-source proof-of-stake protocol that features a high level of performance and security.
The development of the project was initiated by the AVA Labs team. The speed of transactions processing offered by Avalanche is similar to Visa as it’s capable of processing 4500 TPS (some resources claim that this number equals 6500), while Ethereum is able to process 19 transactions a second only. The popularity of the network is so high that a large number of transactions entail its frequent clogging. The project attracted much attention in connection with the major problem of the Ethereum blockchain which is the speed of transactions. The protocol is able to support the Ethereum development kit fully and enable millions of full block producers. Avalanche became the first smart contracts platform with the capability to confirm transactions in less than a second. Avalanche is a groundbreaking decentralized consensus protocol sometimes abbreviated as AVA. AVAX is a utility token issued by the decentralized cryptocurrency platform Avalanche in 2020.