A blockchain with a modular library architecture
- Avalanche is a layer-1 proof-of-stake (PoS) blockchain platform with the native currency AVAX.
- Avalanche has three constituent blockchains: the X-chain, the C-chain, and the P-chain.
- X-chain is the default chain of the network. The X-chain is a Direct Acyclic Graph (DAG) used for fast peer-to-peer (P2P) transfers, creation of assets, and cross-chain subnet transfers. It uses the Avalanche consensus and can leverage optimizations to achieve very high throughput.
- C-Chain is an Ethereum virtual machine (EVM) modified smart contract blockchain, where all the EVM decentralized applications (dApps) and Solidity smart contracts are supported. It uses Snowman consensus.
- P-Chain is the platform’s blockchain that creates and keeps track of active subnets. It is where the primary network validators stake their AVAX. It also uses Snowman consensus.
- Avalanche’s architecture allows individuals to create private custom chains, which are then validated by a subnet. A subnet is a dynamic set of validators working together to achieve consensus on the state of a set of blockchains. Each blockchain is validated by exactly one subnet. A subnet can validate arbitrarily many blockchains.
- Avax (AVAX) is the native token of the Avalanche network, with a maximum supply of 720 million. 360 million were minted at the genesis block, while the rest are distributed as staking rewards. Transaction fees on Avalanche are burned, thereby deflating the token supply.
- The protocol's fundamentals were first shared in a whitepaper in May 2018 by a pseudonymous group of enthusiasts going by the name "Team Rocket”. It was later developed by a dedicated team of researchers from Cornell University, including computer science professor Emin Gün Sirer, and doctoral students Maofan "Ted" Yin and Kevin Sekniqi.