One of the main properties advanced in blockchain technology is interoperability, the art of different blockchains communicating with one another. Interoperability is crucial when it comes to exchanging data and assets such as nonfungible tokens (NFTs) or cryptocurrencies while enjoying the best of two or more platforms to save on fees, for example, or transact faster.
The Avalanche blockchain is an interoperable, versatile platform and cryptocurrency network that addresses scalability, security and decentralization issues with a unique proof-of-stake (PoS) governance type. It was developed by Ava Labs, a New York-based research and development company, to launch decentralized finance (DeFi) and enterprise blockchain applications.
It is powered by its native token, AVAX, and has smart contract functionality that puts it in direct competition with Ethereum. The PoS platform’s smart contracts primarily support decentralized applications (DApps) and autonomous blockchains with fast transaction processing times, a reward structure incentivizing participation, and advanced…
