{"id":6397,"date":"2022-01-30T10:08:58","date_gmt":"2022-01-30T10:08:58","guid":{"rendered":"http:\/\/egrowonline.com\/?p=6397"},"modified":"2022-01-30T10:08:58","modified_gmt":"2022-01-30T10:08:58","slug":"avax-coin-bureau-explains-why-it-is-bullish-on-ethereum-rival-avalanche","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=6397","title":{"rendered":"$AVAX: Coin Bureau Explains Why It Is Bullish on Ethereum Rival Avalanche"},"content":{"rendered":"


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Market analysis and crypto commentary show Coin Bureau says that one Ethereum competitor is poised to break into the top five by market capitalization.\u00a0<\/p>\n

Speaking in a recent YouTube video, Coin Bureau\u2019s host \u201cGuy\u201d said that $AVAX, the native token of smart contracts platform\u00a0Avalanche<\/a> has a chance to compete with $ETH and become a top 5 cryptoasset by market cap.\u00a0<\/p>\n

Below is a brief description of Avalanche from its\u00a0developer documentation<\/a>:<\/p>\n

\u201cAvalanche is an open-source platform for launching decentralized applications and enterprise blockchain deployments in one interoperable, highly scalable ecosystem. Avalanche is the first decentralized smart contracts platform built for the scale of global finance, with near-instant transaction finality. Ethereum developers can quickly build on Avalanche as Solidity works out-of-the-box.<\/em><\/p>\n

\u201cA key difference between Avalanche and other decentralized networks is the consensus protocol. Over time, people have come to a false understanding that blockchains have to be slow and not scalable. The Avalanche protocol employs a novel approach to consensus to achieve its strong safety guarantees, quick finality, and high-throughput without compromising decentralization.<\/em><\/p>\n

\u201cAVAX is the native token of Avalanche. It\u2019s a hard-capped, scarce asset that is used to pay for fees, secure the platform through staking, and provide a basic unit of account between the multiple subnets created on Avalanche. 1 nAVAX is equal to 0.000000001 AVAX.<\/em>\u201c<\/p>\n

Avalanche is being developed by\u00a0Ava Labs<\/a>, a blockchain startup founded in Brooklyn, New York in 2018 by\u00a0Professor Emin G\u00fcn Sirer<\/a>\u00a0(CEO), who does computer science research at Cornell University, Kevin Sekniqi (COO), and Ted Yin (Chief Protocol Architect).<\/p>\n

As reported<\/a> by The Daily Hodl, here are some highlights from Guy\u2019s comments about Avalanche and $AVAX:<\/p>\n

\u201cIt\u2019s possible if not likely that Avalanche could crack the top five, especially since some of the cryptocurrencies in its way are of a lesser caliber, to put it mildly<\/em>\u2026<\/p>\n


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\u201cAvalanche] remains in a clear uptrend despite the massive crypto market dip we\u2019ve seen over the last few months. This is for one simple reason, and that\u2019s demand.<\/em>..<\/p>\n

\u201cAccording to DappRadar, Avalanche\u2019s C-chain has around half a million monthly active users which is not too shabby at all. The number of daily transactions on the C-chain has also been on a relentless rise.<\/em>..<\/p>\n

\u201cBesides the C-chain\u2019s EVM (Ethereum Virtual Machine) support, Avalanche\u2019s amazing adoption is likely because [of] Binance and Coinbase support withdrawals and deposits directly from and to the C-chain. This makes Avalanche very accessible to the average crypto holder.<\/em>..<\/p>\n

\u201cRight now, AVAX seems to be focused on DeFi (decentralized finance), and that\u2019s all well and good, but that\u2019s a very crowded neighborhood\u2026<\/em> That said, the trends are in Avalanche\u2019s favor and if it continues the way it has, it could become big enough to challenge Ethereum.<\/em>\u201c<\/p>\n

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