Blockchain, the technology that underpins Bitcoin, was a ground-breaking invention. However, blockchain was only launched to generate a new cryptocurrency. Blockchain is a distributed ledger that has the potential to revolutionize healthcare, supply chains, financial infrastructure, and the IT industry. The idea of Bitcoin was first popularized by Satoshi Nakamoto, but developers soon found creative uses for the blockchain that went beyond money.
Blockchain technology has opened up the possibility of establishing decentralized platforms and applications that guarantee autonomy and security for developers. Since that time, blockchain has been developing continuously. When compared to the original Bitcoin blockchain, recently developing blockchain platforms are more advanced and developed. The bitcoin blockchain has a number of drawbacks, including scalability issues, slow transaction speeds, interoperability, environmental concerns, etc. However, these issues were addressed by later released blockchain protocols, which added a number of useful features.
One of the most recent additions to the blockchain networks is Avalanche, which has notable sophisticated features and remarkable transaction speed. Avalanche is an open-source, proof-of-stake technology for developing decentralized applications and corporate blockchain installations that was introduced in September 2020. With its own infrastructure, Avalanche development tools address scalability problems as well as other restrictions including poor transaction speeds and security.
Due to its advantages, the Avalanche platform is a superior ecosystem for creating specialized smart contracts, DeFi apps, decentralized applications, etc. Let’s first gain an understanding of Avalanche through this post before going through how to install smart contracts on Avalanche.
What is avalanche
Emin Gün Sirer, the founder of Ava Labs and a professor of computer science at Cornell University, introduced the safe, adaptable, and scalable Avalanche ecosystem for the creation of decentralized apps. It is one of the quickest, most programmable, and interoperable smart contracts platforms, allowing anyone to create unique blockchain applications. The native token of Avalanche is AVAX.
Avalanche is a combination of three internal blockchains that work well for various applications. As follows:
- Exchange Chain (X-Chain): For the creation, administration, trading, and administration of assets and related transactions.
- Platform Chain (P-Chain) – To manage and create subnets and coordinate validators
- The Ethereum Virtual Machine’s Contract Chain (C-Chain) is a platform for building smart contracts.
- Scalability: Avalanche is a highly scalable, reliable, and effective blockchain protocol that can handle 4500 transactions per second.
- Speed: Avalanche is the fastest smart contracts platform among other blockchain ecosystems.
- Secure – It is a strong protocol that ensures much greater security than the 51% norm used by other networks.
- Adaptability – Avalanche’s infrastructure enables it to be a universal and adaptable ecosystem for a variety of blockchains or assets, with AVAX being utilized as a form of exchange security and a unit of account.
- Sustainability – Avalanche is a less energy-intensive, sustainable platform since it uses a proof-of-stake consensus process rather than a proof-of-work one.