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![]() Icon of Avalanche | |
Denominations | |
---|---|
Code | AVAX |
Development | |
Original author(s) | Emin Gün Sirer, Kevin Sekniqi, Maofan “Ted” Yin |
White paper | https://www.avalabs.org/whitepapers |
Initial release | 23 September 2020 |
Code repository | https://github.com/ava-labs/ |
Development status | Active |
Written in | Go, TypeScript, JavaScript, Python, Vue |
Developer(s) | Ava Labs |
Source model | Open source |
Ledger | |
Block explorer | https://explorer.avax.network/ |
Website | |
Website | https://avax.network/ |
Avalanche is a decentralized, open-source Layer-1 blockchain platform developed by Ava Labs and launched in September 2020. It is designed to support fast, scalable, and secure decentralized applications (dApps) and smart contracts. [1]
Avalanche’s architecture features three core blockchains—the X-Chain (Exchange Chain), C-Chain (Contract Chain), and P-Chain (Platform Chain)—working together to respectively manage assets (sending of funds), smart contracts, and network coordination, [2] [3] making it a flexible competitor to platforms like Ethereum.
Known for its Avalanche Consensus mechanism, it blends classical and Nakamoto consensus methods to deliver high transaction speeds (throughput), low delays (latency), and strong decentralization, processing thousands of transactions per second with near-instant finality. [4] [5] [6]
Avalanche was conceptualized as a consensus protocol that operates efficiently in a network of unreliable machines, addressing both crash-faults and Byzantine faults. [7] The foundations of Avalanche were first shared in May 2018 through the InterPlanetary File System (IPFS) by a pseudonymous group known as "Team Rocket". [8] [ non-primary source needed ]
Avalanche was later developed by researchers from Cornell University, led by Emin Gün Sirer and doctoral students Maofan "Ted" Yin and Kevin Sekniqi. [9] After the initial release phase, they founded a startup technology company to develop a blockchain network that would meet finance industry requirements. [10] [11] [9] In March, 2020, the AVA codebase, part of the Developer Accelerator Program or AVA DAP) for the Avalanche consensus protocol, was released as open-source and made publicly available. [12]
In September 2021, the Ava labs foundation secured a $230 million from a consortium including Polychain Capital and Three Arrows Capital through the purchase of the AVAX cryptocurrency. [13]
In November 2021, following an agreement with Deloitte to improve U.S. disaster-relief funding, the Avalanche blockchain entered the top 10 cryptocurrencies by market capitalization. [14]
In January 2023, a partnership was announced between Avalanche and Amazon Web Services (AWS) to improve Avalanche's infrastructure and decentralized application ecosystem. [15] Arkham Intelligence also announced a partnership with Avalanche, allowing Arkham users to analyze the activities of wallets and entities within the Avalanche ecosystem.
In August 2022, the whistleblower group "Crypto Leaks" published a report alleging that Ava Labs had entered secret agreements with Kyle Roche of Roche Freedmen law firm with the intent to legally undermine Avalanche's competitors. Emin Gün Sirer, the CEO of Ava Labs, denied any involvement in illegal or unethical dealings with Roche Freedmen law firm. [16]
In August 2024, Avalanche partnered with Tixbase and Passolig to implement blockchain technology in Turkey’s ticketing industry. The collaboration integrates blockchain-verified tickets into Passolig's system, which handles ticketing for Süper Lig and other events, while also addressing secondary market regulation and introducing NFT-based digital tickets. [17]
In December 2024, Avalanche raised $250 million (USD) through token sale for Avalanche9000 upgrade. [18]