AVAX/AUD: Convert Avalanche (AVAX) to Australian Dollar (AUD)

Avalanche (AVAX) is a layer one blockchain platform designed to serve as a foundation for decentralized applications and custom blockchain networks. It is a competitor to Ethereum, striving to become the preferred blockchain for smart contracts by offering a higher transaction output of up to 6,500 transactions per second without compromising scalability. The Avalanche network is composed of three individual blockchains: the X-Chain, C-Chain, and P-Chain, each serving a distinct purpose. This unique architecture allows Avalanche to handle different consensus mechanisms based on their use cases, enhancing its efficiency and interoperability with other blockchains.

Avalanche operates through its unique architecture consisting of three individual blockchains. The Exchange Chain (X-Chain) is used to create and exchange the native AVAX tokens and other assets. The Contract Chain (C-Chain) hosts smart contracts and decentralized applications, while the Platform Chain (P-Chain) coordinates network validators and enables the creation of new subnets. Each chain uses a different consensus mechanism tailored to its specific requirements. The Avalanche consensus mechanism employed by the X-Chain and the Snowman consensus mechanism used by the C-Chain and P-Chain allow for simultaneous transaction processing and validation, ensuring transaction correctness with statistical certainty.

Avalanche aims to provide a platform for a wide range of decentralized applications (DApps) and decentralized finance (DeFi) projects. It seeks to enhance interoperability between its ecosystem and Ethereum, facilitating the integration of Ethereum-based projects. Avalanche's unique architecture allows for the creation of private blockchains on the network, which could require validators to be geographically decentralized or comply with certain regulations. This modular structure enhances Avalanche's interoperability with other blockchains wishing to integrate with its ecosystem. Furthermore, Avalanche's high transaction output and scalability make it a suitable platform for applications requiring high throughput.

Avalanche was launched by Ava Labs, a company founded by Cornell University professor Emin Gün Sirer, and Cornell University computer science PhD’s Kevin Sekniqi and Maofan “Ted” Yin. Gün Sirer is a veteran in cryptographic research, having designed a conceptual peer-to-peer virtual currency six years before the release of the Bitcoin whitepaper. Ava Labs was founded in 2018, following the development of a whitepaper that led to a seed round in February 2019. Avalanche completed its initial coin offering in 2020, raising $42 million in under 24 hours. Since its mainnet launch in 2020, Avalanche has been developing its own ecosystem of DApps and DeFi, integrating with various Ethereum-based projects.