What is Avalanche (AVAX)?
AVAX is the cryptocurrency of Avalanche network, a blockchain launched in the second half of 2020 to provide greater efficiency in terms of speed, sustainability, and low cost. According to AVA Labs, its developer, it is the fastest smart contract platform in the industry, where Smart Contracts, DAPP'S, Defi Protocols, etc., can be developed. As the cryptocurrency of Avalanche blockchain, AVAX is useful as a means of payment within the network. You can also stake AVAX within the Avalanche ecosystem.
What makes it unique
AVAX is the cryptocurrency of Avalanche blockchain, the network's means of payment.
AVAX's total supply is limited to 720 million units.
The issue of commercially available AVAX units depends on the governance of the network.
You can stake AVAX within the Avalanche ecosystem.
Avalanche blockchain uses Proof of Stake (PoS) as a consensus mechanism, making it faster than other networks, with the ability to process approximately 4500 transactions per second.
AVAX is an Avalanche blockchain payment method. Despite being a cryptocurrency with limited supply, its issuance is controlled by mathematical calculations that coordinate the cryptocurrency minting process. This decision also goes through a voting process in which it is necessary to hold AVAX in staking (2000 units of the currency) on the Avalanche network to be entitled to vote. On the other hand, there are incentives in the form of rewards for those who make their AVAX available for transaction validation.