No More Missing Out For AVAX
The Avalanche ecosystem is a cutting-edge place for the most prominent crypto & NFT enthusiasts to gather and play. It is a multiverse still undiscovered by many, yet breaking new barriers every day.
Protocols like Avalanche aim to solve many pressing issues in today’s decentralised online world such as lack of environmental concern, high transaction fees and low speeds, and a handful of others.
Avalanche has become one of the fastest smart contracts platforms among large players such as Ethereum, and people in this space are starting to realise this — one must not forget that back in 2018, a group of brilliant researchers at Cornell University came together to develop this open-source proof-of-stake blockchain network outcompeting most of its fellow networks.
Avalanche’s original whitepaper was one of the first to acknowledge the importance of decentralised voting-based protocols and attempted to describe how a proper one should work. Avalanche’s ecosystem, since its early beginnings, has been adopted by numerous smaller and larger scale startups and has undergone multiple partnerships which have brought the network where it stands today.
AVAX Summit & Where We Are Headed
Speaking of, where exactly does it stand today? To answer this, let’s go back a few weeks and visit Barcelona, Spain, where a groundbreaking event — Avalanche Summit — took place and swept every enthusiast off their feet.
The event has introduced countless new technologies and embraced the existing ones. For example, Avalanche’s Core has been one of the main points of the conversation that led many to even more broad topics such as advanced computing and operating systems, as Core is considered a Web3 operating system by both its creators and ecosystem participants.
In addition, the introduction of the Avalanche Bridge has brought native support for the Bitcoin network, enabling an incredibly expanding mainstream adoption of crypto as a whole. Because of such immersive and meaningful technologies, Avalanche has been called the Ethereum killer for a while now.
One of the key elements we have mentioned before that make Avalanche so adaptive and efficient is its team’s approach to smart contract creation and execution. Ethereum is known for having some of the highest gas fees and slowest transactions that limit both utility and inclusivity.
Maybe this data sample result would mean something to the critics: the Ethereum Network can process 14 transactions per second (TPS), while the Avalanche Consensus Protocol can handle over 4,500 TPS — quite a difference, huh?
Build On Avalanche And Forget About Recurring Misgivings In Web3
Avalanche’s benefits fundamentally lie in another keyword, maybe a buzzword for some, that describes how effective something can be — scalability. Although these data points might sound unfamiliar and foreign, Avalanche has indeed become one of the largest blockchains, and one should consider that despite it being started back in 2018, the network was launched only in 2020.
DeFi enthusiasts today sit with their favorite ecosystem that is worth over $33 billion dollars, according to CoinDesk. Whilst other, some of the main decentralised protocols we have today, can offer little in terms of network compute power and efficiency, Avalanche has high throughput, low latency, is environmentally friendly, resilient to 51% attacks, and robust.
These qualities really make the protocol a cutting-edge emerging giant that might just overthrow today’s major networks.
Of course, there are a number of elements we haven’t covered above like tokenomics, the platform’s use, and major exchanges offering ways of participating in the ecosystem, and we can still go ahead mentioning things like the Avalanche token’s max supply of 720 million and impact of them, but why not proceed with cooler subjects — who’s building what on Avalanche and how they are changing the world?
Prominent Players In Avalanche’s Sandbox
Avalanche, being one of the fastest-growing distributed ledger technologies, welcomes around 30 new and meaningful projects every month that sit and build on top of the robust ecosystem. Some of the most famous Avalanche-based projects include 0x, 1inch Network, Aave, and DappRadar, most of which you have probably have already heard of.
To refresh some memories, let’s have a look at them — 0x is a peer-to-peer DeFi exchange that relentlessly ships new features and uses both state channels and AMMs (Automated Market Makers) that reduce transaction costs and helps conduct trades seamlessly between two parties, and 0x refer to themselves as Craiglist for cryptos.
On the other side of the decentralised conversation, we see 1inch Network, a set of protocols that cover the 1INCH token, the 1inch DAO, an exchange, a grant program, and an entire sea of developer resources to choose from. 1inch was one of the first projects to deeply think about decentralised governance and community rewards from the very beginning — mass scale airdrops.
Aave does not sit on the couch with no action either — it is a leading liquidity protocol that enables borrowing of crypto assets, earning of interest through lending, and so much more.
Not All Is Fun And You Know It
It is fun talking about things that are currently changing the financial system as we know it, isn’t it, Bueller?
However, getting to the crux of this article, we believe that AVAX has not yet reached its full potential.
The Avalanche community is amazing and the developers are building terrific infrastructures of tomorrow, but just like in numerous other decentralised ecosystems, some of the most crucial things get overlooked because of hype, excitement, or the comfort zone.
We are, in fact, speaking of fairness and inclusion. One can have an ecosystem that is fast and seamless, and has countless features helping many enthusiasts, but what if the right mechanisms for fairness are just not there?
Simply put, it takes a lot of courage and even more headaches to tackle these problems. So, while almost the entire ecosystem is building things in quite a repetitive manner — similar features, improved utility, and user experience, some are taking up challenges that, if won, would single-handedly solve many whitelisting, minting, and access issues.
Who Is Building Fairer Systems?
Recently, an entirely new concept of dealing with these problems has been created — Fair Prediction Launches, or FPLs. FPLs have been invented and are being developed by a very recently created startup called SparkWorld* which is working on a NFT launchpad that implements prediction markets, staking, and more, for the community in the first place.
The aforementioned NFT whitelisting today operates on a first-come-first-serve basis which is not favourable to most people. Fair Prediction Launches simply would not allow projects to release NFTs and forget about their ecosystem participants, allowing those with the most resources and time to take advantage of every drop.
This is not a way to have healthy online economies and operate in a fair manner, but fortunately, projects themselves are starting to realise this and take new approaches to building platforms and marketplaces.
Issues like these can be seen constantly on platforms like OpenSea and Rarible, where gas fees, low speeds, and lack of fairness rule, so why not emerge from the ashes with new and better mechanisms giving everyone equal chances?
Today, more than ever, we need features like FPLs to be able to include everyone and make them kings/queens of their individual decentralised node throne.
Are you going to join the fairness and gamification revolution in Web3 or not?
If you are, this is SparkWorld*’s online presence. Act accordingly and beat all the odds!