Ethereum rival? Briefly describe the development history and DeFi layout of the star public chain Avalanche (www.blockcast.cc)
Avalanche is swiftly “staking horses and enclosing the land”, uniting many partners to seize new territory of openness and integration.
Title of the original text: “Looking at the Development Philosophy of the Avalanche Agreement from “Broken” and “Established”
Written by: Meio
Based on Avalanche’s innovative consensus, the public chain star project Avalanche Avalanche Agreement is rapidly “staking out the land”, cooperating with many partners to build a new ecosystem of openness and integration, and grab the cake of the blockchain market.
Break through the boundaries of imagination and become one of the most powerful challengers of Ethereum
Blockchain 1.0 represented by BTC is called the “global ledger”, and blockchain 2.0 represented by ETH supports new decentralized applications with smart contracts. Jewels are ahead, and there are countless challengers for BTC and ETH. However, in retrospect, it is found that the above-mentioned star-like technological breakthrough cases in recent years are lacklustre. However, the Avalanche avalanche agreement that appeared in 2018 may be an exception.
Why is Avalanche an exception? All of this started in May 2015. Cornell University published a paper entitled “From “Snowflake” to “Avalanche”: A New Type of Metastable Consensus Protocol Family”, which quickly triggered a response in the market. Become a disruptive technological innovation comparable to Satoshi Nakamoto’s PoW mechanism and Ethereum smart contracts.
You should know that there are three ways to reach consensus in distributed history: traditional methods (with the advantages of high speed, scale, and energy saving), Nakamoto consensus (with the advantages of decentralization and robustness), and the avalanche protocol. The avalanche protocol merges the first two methods into a brand-new protocol. On the basis of a decentralized network, this protocol has scale, security, and high speed. Based on the new consensus of Avalanche, in 2018 Cornell University professor Emin Gün Sirer, computer scholar Kevin Sekniqi, Facebook Libra protocol HotStuff consensus first author Ted Yin founded the Avalanche avalanche protocol.
Protocol comparison chart: Avalanche has scale, security, and high speed
As an open source platform, the Avalanche avalanche protocol (the token is AVAX) is a brand new public chain driven by the Avalanche consensus. This is a consensus protocol based on random sampling and metastable decision-making. Simply understood as: in the process of verifying information, there is no need to compare with the nodes of the entire network, as long as the majority of the N nodes are randomly selected, and then the nodes of the entire network repeat this process. This form of verification between nodes, like a snowball on a mountain, will roll bigger and faster.
Therefore, transactions using this protocol can be quickly confirmed within a few seconds, and its network can support thousands of nodes to participate in consensus. In addition, data shows that the current Avalanche network node (validator) ranks first in the entire network, and it is also far ahead in terms of decentralization.
Number of validators for popular blockchain projects
Secondly, Professor Emin Gün Sirer, the founder of Avalanche, is not only an academic and researcher, but also a typical geek, a pioneer in cryptography, and a legend in the history of digital currency. He naturally has strong technical advantages. As early as 2001, the Karma virtual currency system developed by it was the first network to use the PoW workload proof mechanism. As of now, the papers published at that time are currently the most cited.
In addition to scientific research, he is also the co-founder of bloXroute, a Layer0 underlying protocol that attempts to increase the processing speed of the blockchain and reduce costs through the blockchain distribution network. In addition, Professor Gün also serves as the co-director of IC3, a blockchain alliance funded by the National Science Foundation in 2015. Emin Gün Sirer also works closely with core developers of blockchain projects such as Bitcoin, Ethereum, and BCH in academic research and technology commercialization.
It can be said that the high performance of the network brought by the unique consensus protocol and the brilliant background and professional ability of the founder naturally gave the Avalanche Protocol a star aura, making it the focus of industry attention.
But it is worth noting that Avalanche is not a traditional public chain project, it is more focused on an open source blockchain platform designed for decentralized finance (DeFi). Its founder also pointed out: “Our focus is to build a commercialized decentralized financial platform.” However, unlike the current main DeFi or cross-chain in the market, the highlight of Avalanche is interoperability.
Avalanche is compared with the current DeFi or cross-chain projects in the market
That is what the Avalanche official website introduces: users can customize the blockchain or digitize assets with arbitrarily complex rule sets. Therefore, its network design adopts a three-chain model, X chain (responsible for transactions), P chain (responsible for coordinating governance), and C chain (responsible for smart contracts) to support the self-combination and customization of various blockchain elements, allowing anyone Deploy a blockchain that suits your application needs.
Based on the present, continue to innovate, and work with partners to build an ecosystem
In the face of the great changes in the digital age, continuous development of partners and deepening and broadening of development areas are decisions made by the Avalanche Agreement based on industry development.
We have observed that the silent layout of the Avalanche Agreement and the continuous acquisition of new partners actually started very early. In June 2020, the avalanche agreement AVA Labs announced the cooperation with the oracle Chainlink to allow AVA developers to develop decentralized financial applications more efficiently. The Avalanche Protocol officially stated that Chainlink can make AVA’s contract chain perfectly compatible with all current DeFi tools, including MetaMask, Web3.js, etc.
On December 3, 2020, blockchain infrastructure company Bloq officially announced its cooperation with the Avalanche Agreement, which will provide a blockchain infrastructure for the Avalanche Agreement and help developers and companies build new products and services on the Avalanche Agreement. On December 8, 2020, Avalanche Agreement announced that the crypto asset broker VoyagerDigital will launch AVAX. US investors can trade AVAX through the Voyager app. On December 10, 2020, the tokenized securities issuance and trading platform Securitize has integrated the decentralized service platform Avalanche to improve the efficiency of financial services and reduce costs for its customers. Issuers on the Securitize platform can use Avalanche to issue and manage private security tokens.
Entering 2021, on January 9th, the Avalanche Protocol officially announced that it has integrated with the encryption hardware wallet provider Ledger. Users can now use the LedgerNanoS hardware wallet to store AVAX tokens. On February 23, the Avalanche Agreement announced that it will launch the Avalanche-Ethereum bridge on the mainnet next month to achieve seamless and two-way asset flow between Avalanche and the Decentralized Finance (DeFi) ecosystem of Ethereum. To achieve this goal, WrappedAVAX (WAVAX) is now available on Avalanche and Ethereum. WAVAX will increase its exposure to Ethereum AVAX and realize the interoperability of liquidity dual systems.
At the same time, the Avalanche Agreement stated that the cooperation with YIELD is expected to complete the new integration in the second quarter, which will enable YIELD users to easily obtain new ecological growth opportunities in Avalanche’s DeFi. In general, in the past year, Avalanche Agreement has adopted more plans to develop DeFi products such as Prosper, JellySwap and Pangolin through co-construction and sharing with many partners, successfully expanding the development boundary.
Conclusion
Not only to break the existing industry for the industry, but also to continuously develop and innovate based on the current situation, only companies that can keenly grasp the market pulse can find the right new direction. The Avalanche Agreement is obviously one of them. Since the release of the Avalanche white paper in 2018, many VCs have been bent over. In 2019, the avalanche agreement Ava received financing from institutions such as a16z and Polychain Capital.
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