Avalanche (AVAX), the platform for fast smart contracts in the spotlight

Avalanche in a nutshell

The name Avalanche actually perfectly describes the network itself: it’s fast, unstoppable, and covers pretty much everything on its way. In short, Avalanche is an open, programmable smart contract platform for decentralised applications (DApps). Also, you can build your own blockchain easier than on other platforms, customise it precisely to your needs and interconnect it with the elements of the Avalanche Ecosystem.

Avalanche’s superpowers

Being the best at something is usually a good sign, and Avalanche comes in Number One in two categories at the same time. According to their official website:

“Avalanche is the fastest smart contracts platform in the blockchain industry, as measured by time-to-finality, and has the most validators securing its activity of any proof-of-stake protocol.”

What does this mean in detail?

Time to finality simply indicates the time required for processing a transaction - the shorter this time, the faster the network. Proof of Stake is the consensus algorithm that secures the blockchain. Validators need to stake their crypto tokens - in this case, AVAX - and confirm transactions using their hardware which, in Avalanche’s case, can even be regular smartphones or computers.

Avalanche vs. Ethereum

When you hear about smart contracts and DApps, you are probably  immediately thinking of the crypto-giant Ethereum. But how does Avalanche, a relatively young network, compare to the second biggest blockchain? Let’s take a look.

Are you thinking of buying?

While it is true that there’s no need to dive into academic papers to see if you should invest, familiarising yourself with the crypto you want to invest in and doing your research is vital. Here are 4 simple steps you can start with:

1. Visit the coin’s official website - in Avalanche’s case, avax.network - and read up on the goals and status of the project
2. Take a look at the development of the AVAX price - you can easily do this with basic charts in our Bitpanda Web App, or on our iOS and Android apps
3. Ask yourself what kind of returns you want to generate. Quick and high returns usually also mean riskier returns, while long-term results may be lower but could potentially carry less risk.
4. The ultimate question is: will this altcoin bring you close to your financial goals? Consider the figures, but consider your gut feeling too.

Where can you buy Avalanche (AVAX)?

At Bitpanda, you can buy Avalanche (AVAX) with just a few clicks on your phone or computer. Our easy-to-use interface makes investing in crypto and other digital assets a walk in the park. All you need to do is to register and verify on Bitpanda and you can start right away.