##AVAX

Avalanche /AVAX/ is a blockchain platform with the native currency AVAX.

Avalanche is a competitor to Ethereum that prioritizes scalability and transaction processing speed.

AVAX is used to secure the Avalanche blockchain and pay transaction fees across the network.

Transaction fees and the rate of AVAX coin creation are determined using a governance model.

Avalanche was created by a team of developers in 2020, including Stephen Buttolph, Amani Moin, Kevin Sekniqi, and Emin Gün Sirer. It is intended to serve as a payment system and as a platform for creating decentralized applications.

Originally, Avalanche claimed a much faster transaction processing time than it has demonstrated in the past—4,500 transactions per second vs. Ethereum's limit of about 14.6 But the Avalanche network has yet to reach that speed. For the week of Sept. 8, 2024, to Sept. 14, 2024, the network averaged more than 8.12 million transactions, or about 13.43 transactions per second.7 On its fastest day that week, Avalanche reached about 405 tps—much more than the Ethereum network manages.

Source Internet