AMA RECAP : CRYPTO CHALLENGERS x AVALANCHE
Venue : CryptoChallengersD
Date : 02 JULY 2022
Time : 01:00 PM UTC.
Guest: KUSHBOO SHAHI
They shared detailed information and his opinions about the project AVALANCHE
SEGMENT 1 INTRODUCTION.
1. First of all Please give us a brief explanation about Avalanche
Kuen Sh∀hi 🔺,
Avalanche is a layer 1 blockchain that gives access to launch decentralized finance (DeFi) applications and deploy blockchains that fit your own application needs. Avalanche is capable of performing thousands of transactions per second and has minimal transaction fees. Also , Avalanche consumes the same amount of energy as only 46 US households per year. In total Avalanche is blazingly fast, low cost, and green. And that is what makes Avalanche unique.
2. So what are the main features and advantages that differentiate Avalanche from other projects?
There are many features and advantages, would like to cover some of them
1. Scalability — Avalanche is a massively scalable, robust and efficient blockchain protocol capable of 4500 transactions per second.
2. Speed — Avalanche is the fastest smart contracts platform among other blockchain ecosystems, as measured by time-to-finality.
3. Secure — It is a powerful protocol that guarantees stronger security considerably larger than the 80% standard of other networks.
4. Interoperable and flexible — The infrastructure of Avalanche allows it to be a universal and flexible ecosystem for a multitude of blockchain or assets, where AVAX is used for security and as a unit of account for an exchange/ your own token with the help of subnets
5. Sustainability — The use of a proof-of-stake consensus mechanism instead of proof-of-work, makes Avalanche a less energy-consuming, sustainable platform.
You can read more about this in an informative article written by one of the Avalanche supporter- https://cryptoseq.medium.com/what-sets-avalanche-apart-from-other-blockchains-3c5f4a4c0889
3. Can you please provide a brief introduction of Ava Labs team?
Ava Labs founder, Emin Gün Sirer was an associate professor of computer science at Cornell University, and is currently the co-director of IC3. He is known for his contributions to peer-to-peer systems, operating systems and computer networking. Sirer is a founder of Avalanche protocol, related to building computing platforms using Avalanche Consensus.
Our entire team is from the best backgrounds all across the world like Microsoft, Google, Credit Suisse, Morgan Stanley and many more, you can have a look at some of our team members here also their experience : https://www.avalabs.org/team
SEGMENT 2 TWITTER QUESTIONS.
1.Avalanche intends to accelerate the adoption and growth of its novel subnetworks by solving scaling for Web3 dApps. What will allow Avalanche to solve the scalability trilemma if ETH has not yet been able to solve it
Good question! Avalanche was designed to be customizable, scalable, and interoperable so the focus was always to solve the scalability trilemma and the solution to it are SUBNETS. Everything on Avalanche is a subnet, and every chain is part of a subnet. Subnet allows Avalanche users to create and run their own blockchain networks, and it is very flexible.
A Subnet manages its own membership and it may require that its constituent validators have certain properties.
If you are interesting in knowing more about subnet then you may have a look at this doc- https://docs.avax.network/subnets/
2.I noticed that if Avalanche started to spread its wings to Asia, one of them would be India. Do you have plans to go to Southeast Asia, countries like Indonesia, Philippines, Vietnam etc? Do you currently have an Indonesian community group?
Avalanche currently has 15+ local language groups. Indonesia, Philippines, Vietnam are already a part of it. You can refer the socials here- https://www.avax.network/community
3.Ava Labs has released Core, a non-custodial browser extension engineered for users to seamlessly and securely use Web3. What is this core? Will core be able to erase the pain points? And From where we can get this core browser extension?
Core is a free, non-custodial browser extension for the Avalanche ecosystem.
Core is more than a wallet. It is a curated web3 operating system combining the Wallet, Explorer, Bridge, Subnets, Dapps, and more.
Ledger-enabled. Compatible with industry-leading hardware wallet
Portfolio & Collectibles Pages. Dashboards for seeing all fungible and non-fungible tokens in a unified display without having to add token addresses or switch networks
Bridge. Native ERC-20 and BTC bridging using the same trusted technology powering the Avalanche Bridge
Swap. Swap between hundreds of tokens directly from the wallet (powered by ParaSwap)
Buy. Buy AVAX directly from the wallet (powered by MoonPay)
Address Book. Create contacts to save frequently used addresses
Account Switcher. Create and manage multiple addresses using the same recovery phrase
Download Core here : https://chrome.google.com/webstore/detail/core/agoakfejjabomempkjlepdflaleeobhb
Playlist for Core can be found here : https://youtube.com/playlist?list=PLRHl-ulWK4-F3aSOQYi9Zv5NYUN9ADZhu
4.Can you give a brief overview for tokonomics and token supply? Would there be any form of burns and buybacks? What does that aim to achieve for you and does it include any form scarcity paths such as stake, store, or burn?
Unlike most other platforms which have an unlimited supply and continuously increase their supply at a compounded rate through high inflation, leading to dilution of existing token holders, Avalanche $AVAX has a fixed capped supply of 720 million, creating scarcity.
360 million tokens were minted at launch (with vesting periods between 1 and 10 years) whilst the other 360 mil are used for rewards for staking released over decades.
For AVAX Token Distribution refer to the pie chart 👇
All fees in AVAX is burned which makes it a very scare, you can track it in real time here: https://burnedavax.com/
5.Being a blockchain developer there are so many hurdles on the way. If due to some reason a blockchain and its consensus mechanism is not working as expected. Then what are the top reasons to migrate on Avalanche platform? What kind of constraints he has to face initially?
There are not a few but many reasons for which one should migrate on Avalanche like I mention in the above questions. Also Avalanche has strong fundamentals and consensus which makes with highly secure and smooth.
When talking about Avalanche Consensus protocols it was the next big breakthrough in consensus protocols, combining the benefits of Nakamoto consensus (robustness, scale, decentralization) and all the benefits of Classical consensus (speed, quick finality, and energy efficiency)
I would recommend you to have a look at this article to get a better understanding — https://cryptoseq.medium.com/a-quick-overview-of-avalanche-avax-and-why-you-should-be-paying-attention-612278598da2
Now coming to the next part of your question, will there be any issue initially so the answer is NO. Avalanche tires to make the user experience very smooth and we believe we are doing pretty well in that
SEGMENT 3 TELEGRAM LIVE.
What network is $AVAX deployed on (like bsc, eth, solana network etc), what exchanges is $AVAX available on and do you support #STAKING $AVAX to earn rewards. ?
[In reply to Joshua]
Avalanche uses Avalanche Network. It is available on many exchanges, have a look here: https://coinmarketcap.com/currencies/avalanche/markets/
Staking on Avalanche can be done either by being a Delegator or Validator
Know more about staking here: https://docs.avax.network/nodes/validate/staking#validators
Why do you say that Subnets will help in smooth functioning of any project on your platform?
Can you please explain it more?
[In reply to Sakshi]
Creating a subnet on Avalanche means creating your own blockchain. Subnets can have their own gas token apart from the the main chain token that is AVAX. This helps to reduce burden on the main chain and provides you great user experience on both Avalanche as well as on the subnet.
For example: If you are a game lover and you like playing games then your priority will be low transaction fees and smooth experience and subnets provides you both as it reduces congestion on the network by dividing it into subnetworks
How can users stay updated with this project? Are there channels, including local communities where users can get the latest updates?
[In reply to Stephanic Lee]
You can stay updated with Avalanche socials
Here you go: Website (https://www.avax.network/) | Whitepapers (https://www.avalabs.org/whitepapers) | Twitter (https://twitter.com/avalancheavax) | Discord (https://discord.com/invite/RwXY7P6) | GitHub (https://github.com/ava-labs) | Documentation (https://docs.avax.network/) | Forum (https://discord.com/invite/RwXY7P6) | Avalanche-X (https://www.avax.network/avalanche-x) | Telegram (https://t.me/avalancheavax) | Facebook (https://www.facebook.com/avalancheavax) | LinkedIn (https://www.linkedin.com/company/avalancheavax/mycompany/) | Reddit (https://www.reddit.com/r/Avax/) | YouTube
It was great being here. There were amazing questions asked by the community. If you want to know more about Avalanche and explore it on greater ground then don’t forget to follow our socials and stay updated.
Indian members are most welcome to join Avalanche India community- https://t.me/avalanche_hi