Avalanche Blockchain - Crypto Academy /S5W8 - Homework Post for Pelon53
Introduction
Since the emergence of the Bitcoin, several blockchains have been launched, this blockchains are actually being launched in other to find solutions to a previously existing blockchain. A few of this improvements are speed, latency, scalability and high fees. In this post, I will be discussing writing on the task giving @pelon53, on Avalanche Blockchain. Before I continue, I will like to give kudos to professor @pelon53, for the effort placed into getting this done. Without wasting any time, let me begin.
Avalanche (AVAX)
Transaction speed, low costs, and eco-friendliness, these are the features of the Avalanche (AVAX) network. Founded by AVA Lab headed by Kevin Sekniqi, Maofan "Ted" Yin, and Emin Gün Sirer and launched in September 2020. Ava lab made $6 Million in private sale and made $48 million in public sale.
Unlike other networks that use just one blockchain, Avax uses three blockchains in other to allocate different functions for different blockchains instead of having one blockchain doing all. Each of the blockchain deal with one of the following functions which includes decentralization, security, and scalability. Thee chains includes Exchange Chain (X-Chain), Contract Chain (C-Chain), and Platform Chain (P-Chain).
Exchange Chain (X-Chain)
The X-Chain known as the Exchange chain is a decentralized chain used for creating, and trading/exchanging Avax coin. The chain allows for the ability to create and trade the tokens based on modifiable rules/standards (similar to the ERC standards) thereby allowing it to create other tokens. Transactions done on this chain require fees and the fees are paid in AVAX.
Contract Chain (C-Chain)
As a developer on the Avalanche network, this is the chain that would be your favorite. The chain allows developers to be able to build decentralized applications on the network. The C-Chain allows the creation and running of smart-contract and the C-Chain is Ethereum Virtual Machine (EVM) compatible, thereby allowing DeFi that exists on Ethereum to deploy a version of their products on the Avalanche network.
Platform Chain (P-Chain)
This is the chain that allows users create subnets on the chain. Subnets are group of validators the provides consensus for the custom blockchain. The P-Chain keeps track of validators and active subnets
Exploring the Avax Network Platform
To explore the Avax Network, visit https://www.avax.network and the Avax user interface will appear.
On the homepage, there are several options for users which includes 'Developers', 'Individuals', 'Press', 'Community'
and 'Contact'. Scrolling down the homepage, a table of comparison among other blockchain and Avax network is represented.
Developers page
On the Developers page, developers can build applications without limits, run validations, mint tokens, and integrate exchanges.
Individual Page
The Individual page includes the Roadmap, Solutions, Ecosystem, Avalanche Wallet, Avalanche Explorer, and Avalanche Bridge.
The Avalanche Wallet allows users to create Avax wallet and access Avax wallet.
To create a wallet, click on "create your wallet" which will transfer you to the wallet creation page where you generate key phrase.
The explorer allows users to search for transactions, addresses, and other activities recorded on the Avalanche network.
To access the Explorer, click on "Open the Explorer" and the explorer page will appear.
The Avalanche Ecosystem includes, DeFi, Digital Securities, Ecosystem, Exchange, Explorer, Gaming, Identity, Infrastructure, NFT, Nodes, Oracle, Payments, Play to Earn, Security, Stablecoin, Tooling, Trading Bot, Wallet, Wealth Management.
Avalanche-X
With Avalanche-X, users can request and get grants on the Avalanche network to grow their project on the Avalanche network. The process can be completed in three steps;
- Submit application
- You are contacted immediately
- Get grant approved and start building
Press
This page includes news on Avalanche network and the community.
Community and Contact
This includes communities such as Medium, Twitter, Telegram, Discord, Forum, Reddit, Linkedin, FaceBook, YouTube, MeetUp, and Clubhouse.
Show the Last Verified Contract in the C-Chain Network and Show the smart contract that was generated at the address. Screenshots required
To get the last verified contract in the C-Chain Network, visit https://snowtrace.io/, slide the mouse on Blockchain and click on verified contracts.
After clicking on Verified Contracts, a list of verified contracts will appear. The contract at the top is the last verified contract.
As at the time of writing the last contract name is Distributor with the contract address 0x029290c564Ef921c56a784AA16C97E930dAF7372. The contract address has two transactions, one which is the contract creation and the other which is a transaction which involves adding a recipient.
The contract address creator is this address 0x029290c564Ef921c56a784AA16C97E930dAF7372
Explore the last block generated in the C-Chain network. Screenshot required.
To get the last block generated in the C-Chain network, visit https://snowtrace.io/, slide the mouse to the blockchain tab to see the drop down, click on "View Blocks".
On the block page, list of blocks appears and the last block on the chain was Block 9056616 which was hashed 7 seconds ago with 33 transactions. The transaction hash for the block transaction is 0x3f39dd04541eba22f6818e6ed8578e9023bc6d307ffc22229b9ee5f6644aeaea
Explain in details the Avalanche Consensus Protocol and Snowman Consensus Protocol
Avalanche Consensus Protocol
This is a completely decentralized protocol as there is no leader in order to get transactions validated. Unlike other consensus mechanism such as proof of work (POW), proof of stake (POS) and other consensus mechanism, Avalanche Consensus Mechanism does not need a leader when reaching consensus so all nodes are required to validate transactions through directed acyclic graph (DAG). This increases speed and scalability while being decentralized and once transactions are confirmed they are finalized and transactions are confirmed in parallel.
Snowman Consensus Protocol
Snowman Consensus Protocol is a protocol built on the Avalanche Consensus Protocol. The protocol create blocks and orders transaction in a linear way so as to allow easy recording of smart contracts and transactions on smart contracts.
Conclusion
The Avalanche blockchain is indeed a solution to so many previously existing blockchain flaws, such as scalability for Bitcoin, Speed for Ethereum, and it is totally decentralized thereby building complete trust. Avalanche can perform up to 4500 transactions per seconds thereby making it a scalable network, also, transaction fee is very cheap thereby eliminating problems of high gas fee which is still Ethereum's major setback.
Thanks to @pelon53 for the class, I hope to be a part of your class in subsequent times.