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AVAX is the native token of Avalanche.
Avalanche is a decentralised network that introduces a unique consensus protocol in order to host a network of high-speed blockchains, smart contracts and applications. The AVAX token is primarily used for transactions, staking and network fees.
Follow these steps to purchase your first Avax.
Want to buy Avalanche? Follow these simple steps:
Compare exchanges that support AVAX, then determine if the exchange you choose supports buying AVAX with Australian dollars (AUD), Bitcoin (BTC) or Ethereum (ETH). You'll need to provide your email address and create a password to register for an account.
Many cryptocurrency exchanges only allow trading between cryptocurrencies and don't allow the direct deposit of fiat currency, such as AUD, so you'll usually need to own or buy BTC or ETH first.
The final step is to trade your chosen currency for AVAX on the exchange. Once again, the exact process you need to follow may vary slightly depending on the exchange you choose.
Unless you're looking to place a trade, storing cryptocurrency in an account on an exchange is not recommended. Instead, it's generally much safer to store your AVAX in a secure wallet.
The Avalanche network was designed in response to the scalability issues encountered by earlier generations of smart contract platforms, in particular Ethereum.
At the core of the Avalanche platform is its novel consensus protocol, which is also known as Avalanche. The Avalanche consensus protocol was developed in response to the scalability issues encountered by earlier generations of blockchains, such as slow transaction speeds on Bitcoin and Ethereum. Instead of using Nakamoto consensus which was introduced by Bitcoin and adopted by many blockchains that followed, Avalanche consensus is a brand new method of validating transactions, which allows for in excess of 4,500 transactions per second using a proof-of-stake model.
Sitting on top of the consensus protocol is the Avalanche network itself, which essentially supports a myriad of blockchains interoperating with one another. You can think of Avalanche as the parent network (like the Internet), with a series of subnetworks (blockchains) operating within it. This allows for a granular approach to programming, meaning that blockchains with different rules, purposes and users can all operate somewhat independently while remaining part of a greater whole.
As for users, Avalanche will look like any other blockchain network.
It will host an array of familiar features, such as decentralised applications (dApps), tokenised assets, decentralised exchanges and smart contracts – albeit with a different set of rules dictating how it all works behind the scenes. To demonstrate this, the creators of Avalanche, Ava Labs, launched Athereum. Athereum is an Avalanche-based version of Ethereum with all the features and applications of Ethereum, but instead running on the much faster Avalanche protocol.
|Circulating supply (approx. as of November 2020)||24,500,000|
|Purpose||Proof-of-stake and fees|
AVAX is the native token of the Avalanche network, which means it is used as the primary currency for network transactions, including gas fees and payments. AVAX is also used as the basic unit of account between the different blockchains which operate on the network, despite each of these networks potentially having their own currency.
Staking is another one of the primary uses for AVAX.
Avalanche uses a proof-of-stake consensus protocol to keep the network secure, which means users will be able to lock-up their coins to become a validator. In return for faithfully verifying transactions on the network, validators will be rewarded with additional AVAX tokens. To participate in staking, users will need to deposit a minimum of 2,000 tokens, with 50% of the total supply of AVAX tokens set to be distributed through staking rewards over the lifetime of the network.
Avalanche is yet another new protocol competing in the over-saturated market of base-layer blockchains which include platforms such as Ethereum, EOS and Tezos.
As a new protocol, it is yet to have its vulnerabilities and potential weaknesses thoroughly tested.
AVAX block rewards are set to vary over time in accordance with governance decisions, which means any return on investment via staking will be dynamic. In the first year after launch, the staking reward is set at a target between 7% and 12%.
If you want to sell your AVAX holdings, you can do so by following a similar process to that outlined in Step 3. You'll obviously need to look for the "Sell AVAX" link, while it's also worth remembering that you may not be able to directly exchange AVAX for the currency you want to acquire.
Yes, a user will need a minimum of 2000 AVAX tokens to stake and operate a validating node on the network.
A validator needs to stake funds for a minimum of two weeks.
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