Avalanche x Crypto Challengers AMA Recap

AMA with Avalanche

Dear Crypto Challengers Community,

📍 Here is a recap of the AMA held with Avalanche on 26th June 2023, a session where we got to know more about Avalanche where the team answers the questions from Host & Live segment respectively. The AMA session was consisting of Introduction segment and Live segment.

On June 26th, 2023, Avalanche held an AMA on Telegram with Tanmay, the host of Crypto Challengers. The AMA was attended by over 1,000 people and also by Mrs. Khusboo Shahi, the guest.

This was an AMA session with the Avalanche team. The aim of this AMA session was to learn more about Avalanche by allowing the host to ask questions and having the team answer them.

Below is the recap of the AMA session that took place on 26th June 2023.

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Tanmay:

Good day everyone and welcome back to Challengers for another wonderful AMA :) Today we’re having an AMA with Avalanche together with Khushi to share us more about Toobit.

Khushi:

Thanks for having me here :)

Part 1 — Introduction and questions from the host

Could you please provide a quick self-introduction for the community?

Hi Guys, This is Kuen Shahi. I’m the community manager of Avalanche India. I started my journey in the crypto space in late 2019 before that I was a primary teacher for approximately 6 years. In 2020 bought my first investment in Avalanche and started reading about the same. Was really fascinated by the technology behind it which is indeed commendable. This is what encouraged me to work with the team. So I became a part of the team back in 2021 and it’s been a great journey so far working with brilliant minds in the crypto industry.

Can you briefly introduce the project AVALANCHE & how do you think you stand out among the competitors if there are any?

Sure!

Avalanche is the fastest, most reliable smart contracts platform in the world. Its revolutionary consensus protocol and novel Subnets enable Web3 developers to easily launch highly-scalable solutions. Deploy on the EVM, or use your own custom VM. Build anything you want, any way you want, on the eco-friendly blockchain designed for Web3 devs.

Though there are a tons of benefits but sharing some of them here:

INTEROPERABILITY: Avalanche is highly interoperable, as it allows for the creation of different subnets, with its blockchain serving as a common platform. This structure enables different blockchains to interoperate with each other and share assets and data.

SCALABILITY: Avalanche is capable of performing thousands of transactions per second by consuming minimum energy. And, it achieves this without compromising its decentralization.

USABILITY: Avalanche’s blockchain system allows all users and organizations who wish to utilize their tech to deploy their L1 and L2 blockchains. It even enables them to create them for either private use cases (permissioned blockchains) or public ones (permissionless).

SUSTAINABILITY — The use of a proof-of-stake consensus mechanism instead of proof-of-work makes Avalanche a less energy-consuming, sustainable platform.

DEFLATIONARY: Avalanche uses deflationary tactics. The first way is by having a fixed capped supply of native tokens ($AVAX) — there are only 720 million AVAX tokens in circulation at any given point in time. The secondary burning mechanism helps Avalanche control supply and increases the scarcity of the token.

Tanmay:

Yeah, Avalanche is the fastest and most reliable also eco-friendly blockchain & customizable VM options which makes it the ideal choice for building innovative applications.

Thanks for introducing Avalanche and sharing the benefits!

Khushi:

Indeed!

What are the major achievement targets AVALANCHE is yet to achieve is looking forward to achieving this year?

Great question

There are tons of things on which Avalanche is working on:

Avalanche Arcad3: In the current scenario, Web2 gaming developers have a lot of problems bringing their projects to Web3. It can be related to tech, BD, marketing, funding, etc. Avalanche Arcad3 is a program that is launched to help Web2 gaming leaders launch powerful blockchain deployments with an inaugural cohort headlined by Japanese media powerhouses GREE and Gumi. Ava Labs provides premium technical, business development, and advisory support to members along with Game Modification, Risk Management, Marketing and User Acquisition, and a lot more. Learn more about it here: Avalanche Arcad3

Avaissance: A program launched in late 2022, focused on supporting on-the-rise digital artists and driving Avalanche NFT ecosystem growth.

• Artist-in-Residence (AIR): 50+ artists became a part of this program. AIR is giving artists a 6-month opportunity to pursue a personal creative project while receiving substantial funding, one-on-one mentorship, virtual workshop opportunities, and support from the Avalanche ecosystem. Artists can attend educational sessions tailored to help them manage successful careers.
• Mona Lisa Initiative (MLI): In Mona Lisa Initiative, the Avalanche Foundation collaborated with DAOs’ curatorial teams, helping to cement the next generation of digital art. The Foundation will gift Avalanche NFTs to pioneering art-focused DAOs, expanding the DAOs’ NFT collections.

Know more here: How Avalanche is Making NFTs More Accessible to Creatives

Evergreen Subnet: Avalanche Evergreen Subnets offer a suite of blockchain deployments and tooling designed to address company-specific and industry-wide considerations. Evergreen Subnets maintain the benefits of public network development while enabling particular features historically only possible within enterprise solutions. Know more here: Avalanche Launches Evergreen Subnets for Institutional Blockchain Deployments

Talking about the technical aspect, so recently The Tie wrote an article on HyperSDK, Avalanche Warp Messaging, and Elastic Subnets, starting their current status and what changes will come into existence when they will go live. You can refer to the article here for more information: An Analysis of the Developing State of Avalanche’s Technology

In total, you will get to see a lot of news focused on Gaming, NFTs, institutions, Technical growth, Subnets, and a lot more.

So stay tuned!

Tanmay:

It’s good to see that Avalanche is actively involved in initiatives such as Arcad3, supporting Web2 gaming studios in their transition to Web3, and Avaissance, aiding digital artists through programs like Artist-in-Residence and the Mona Lisa initiative.

Khushi:

Right, there is a lot happening in all the fields

I see many events happening in the community. Please share some thoughts about the upcoming events happening in the AVALANCHE community, especially interested for members.

Spaces, engagement, and developer-centric events keep on happening in the Avalanche ecosystem on a regular basis.

Some of them are conducted every week/bi-week. Will share for you here, so the ones interested can participate in the same.

Gün, the founder and CEO of Avalanche, is doing a series on what’s new in Avalanche every Friday called All Access. If you are interested, you can stay updated on the Avalanche announcement channel or simply Twitter.

Here is the episode from the last All Access where Gün and 2 of the guests from Ava Labs team talked about tokenization: All Access — Tokenization

Apart from this, every week we have Twitter spaces on the channels which I have shared in the last question. You can follow them and be a part of the event, staying updated with the ecosystem.

Also, Avalanche has a platform called Avalanche Hub, which is a community growth platform building an inclusive environment for all aspects of Avalanche. From expansion efforts to open-source development, members directly contribute to vital research, education, and engineering initiatives to earn AVAX tokens.

You can create your account here and be a part of the growing community.

There are many events which will come in the near future too. So, would suggest you follow the socials to stay updated with the same.

Part 2: Live Telegram segment

What experience does the Team Have?

Ava Labs founder, Emin Gün Sirer was an associate professor of computer science at Cornell University. 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

How does Avalanche’s consensus mechanism compare to other blockchain platforms?

Avalanche is a consensus protocol–high-throughput, parallelizable, and simple to prune. The Exchange Chain (X-Chain) implements the Avalanche consensus protocol.

Learn more about Avalanche here (technical overview). : https://assets.website-files.com/5d80307810123f5ffbb34d6e/6009805681b416f34dcae012_Avalanche%20Consensus%20Whitepaper.pdf

About Avalanche:

Avalanche is a blockchain platform that aims to address the blockchain trilemma of scalability, security and decentralization thanks to its unique Proof of Stake (PoS) mechanism. Like Ethereum, Avalanche supports smart contracts to run decentralized applications (dApps) on its network.