What is Avalanche?

Description

AVAX is used to secure the system and verify transactions. New AVAX are given as an incentive in protecting the network and can be used to participate in project governance and pay transaction fees.

Avalanche is a Blockchain platform that competes with Ethereum in creating a network that allows for the execution of smart contracts and the creation of tokens. Avalanche supports, like Ethereum, the use of smart contracts to run decentralized applications on its network. Avalanche's smart contracts are written in the same language used by Ethereum, named Solidity.

Technology

Avalanche is an open source project, which means that anyone can view and contribute to the platform code. Transactions on the Avalanche blockchain are confirmed using a unique method that requires many small random subsets of network participants to confirm transactions before they are considered finalized.

AVAX holders with the most coins in stakes, and who actively participate as validators, are more likely to be chosen as validators for new Blockchain blocks. The coin is also required to vote in Avalanche network governance proposals.

On Conio it is possible to buy and sell AVAX (the native currency of the Avalanche blockchain), however, it is not yet possible to withdraw and deposit AVAX. On the other hand, you can use the "Convert" function to convert AVAX to another asset from among those in the Conio marketplace.