Avalanche Blockchain - Crypto Academy / S5W8 - Homework post for pelon53.

QUESTION 1:

ANSWER 1:

Avalanche is an blockchain that has open smart contract platform for decentralized applications which directly competes with the successful Ethereum blockchain which is currently considered as the mother of decentralized applications and smart contracts, at the same time avalanche support the Ethereum transactions all due to the Ethereum Virtual Machine (EVM) which open the gateway to access the Dapps running over Ethereum blockchain.

Currently the Avalanche support 4500 Transactions per second which is way more faster than the Ethereum Blockchain, the Avalanche Blockchain is stand out more scalable then the Ethereum Blockchain which suffer a lot of issues due to its low scalability. In the Avalanche Blockchain the cost for initiating a smart contract is significantly low as compared to Ethereum blockchain, that's why avalanche have a great successful future ahead.

Let's Discuss about X-Chain, C-Chain and P-Chain.

X-Chain

The X Chain blockchain ecosystem is a decentralized platform that is used to create crypto tokens, avalanche token exchanges and other different token exchanges for digital currencies and all this happens through the help of smart contracts. The validation and confirmations are done by running the nodes in parallel with each other and that may be carried out by some other block validator present on the network and each time any exchange or translation occur is often done in AVAX token.

C-Chain

The C-Chain Blockchain is made with the help of a upgraded version of the algorithm called Snowman consensus protocol, in this blockchain the developer will be able to create smart contracts for decentralized applications over the ecosystem. The ecosystem supports the Ethereum Virtual Machine (EVM), this allow developers to integrate Decentralized applications that are compatible in Ethereum Blockchain throught the help of EVM.

P-Chain

The P-Chain blockchain like C-Chain uses the Snowman consensus protocol just like the C-chain, the C-chain keep connected with the validators of the network, it keep all the record of the subnets and makes fresh subnets. The validation are responsible for the modification of consensus protocol of the blockchain and one Blockchain is able to validate one subnet and every subnet will be able to validate many blockchains .

QUESTION 2:

ANSWER 2:

To Explore the Avax Network platform, we need to go to the website that is called Avalanche Network, when we go to their website we got landed on their home page, which shows all the various options and functions of the website.

I Joined their discord server in order to explore the server that what's going on their, so I click the join button and I'm dropped at their official discord server.

I explored that their are people present their who are developers, validators, investors and many various people and at that server they can communicate with each other.

Validators

In this tab called Validators page, we can see the data about the validators present over the blockchain and from here we can also become the validator over the Avalanche Blockchain, we can see the Total staking amount, staking ratio, staking rewards, total number of validators, total number of deligations etc.

Start Building

In this tab called Start Building, we can build our own decentralized application and can launch over the avax network. We can mint tokens, validate, integration, etc.

Individuals

In this tab called Individuals, we are here expose to many features like roadmap, wallets, explorer and avalanche bridge, let's explore them one by one:

Roadmap

In this tab called roadmap, we can see the roadmap of the Avalanche blockchain and we are exposed to the milestones that are achieved earlier by them.

Solutions

In this tab called Solutions, we can see all the solutions available over the Avalanche network such as DeFi(Decentralized finance), Governance, Institutions, Enterprises, NFT (Non-Fungible token), etc.

Wallet

In this tab called wallet, we got redirect to the Avalanche network's native wallet, here we can create new wallet and also we can login to our own old wallet, if we create a wallet we are provided with a unique seed phrase and we can use that seed phrase to recover our wallet.

Explorer

When we click on the Avalanche explorer tab we will be redirected to the explorer and here we got exposed to the data of the blockchain in terms of transactions, blocks, subnets, validators of all the C,P,X-Chain.

Avalanche Bridge

The Avalanche Bridge is used to connect different networks, we can exchange our tokens of one platform to another platform using the Avalanche bridge, we can swap swap our tokens for the wallets MetaMask, Coinbase wallet and wallet connect and their own native token.

Open Grants

In this tab called open grants, here we can create our own DEX based on the Avalanche blockchain. We can code our lending mechanism for non-custodial tokens. We can also create stable coins over avalanche platform.

Submit a General Proposal

Here we can apply for our projects like creating token, building a Dapp, building a Dex, so here we can apply and submit our application here through the General Proposal.

QUESTION 3:

ANSWER 3:

In order to check the last contract in the C-chain we need to go to the C-Chain explorer called Snowtrace, To see the last block we need to go to the page where the latest contract are displayed.

Now here we can see the list of latest contracts list in descending order of freshness of the contract, To see the detailed information of the latest contract we will click on the top most contract.

These are the details of the Latest Contract of the time of writing this post:

• Contract: 0x57dBD32F93c108C7c8549F162CBaD77BC3560DFe
• Contract Name: TestVault
• ContractCreator: 0xAEe8bAA7e905Bbc8eD19129427b710C87EEE2124
• At transaction : 0x1547ca35253d27659e7f941875cd92bdc54c436e28af72033b93bf7b202d6110

QUESTION 4:

ANSWER 4:

In order to check the last generated block in the C-chain we need to go to the C-Chain explorer called Snowtrace, To see the last block we need to go to the page where the latest contract are displayed.

Now here we can see the list of latest block generated in descending order of freshness of the blocks, To see the detailed information of the latest block we will click on the top most block.

These are the details of the latest block generated at that time :

• Block Height: 9297611
• Timestamp: (Jan-08-2022 12:50:33 PM +UTC)
• Transactions: 25 transactions and 0 contract internal transaction in this block
• Burned Fees: 🔥 0.106570597500593103 AVAX
• Difficulty: 1
• Total Difficulty: 9,297,611

QUESTION 5:

ANSWER 5:

Avalanche Protocol

The Avalanche Protocol is based on a voting consensus algorithm, Transactions and blocks are approved by the mechanism of voting. In the starting the transaction are validated by a single node, Then the voting process is done by the rest of the validators on the network, if they approve the transaction then the transaction is done.

Initially, the transaction details are issued, then the validator receive the transaction details and it depends on the validator that he confirm the transaction or not, it he validate the transaction details then the transaction is proceed further for processing, the transaction is subsampling and repeated at random, after subsampling the selection of validator is based on the basis of amount of token staked. After this if the transaction surpass the confidence threshold then the transaction is completed.

Snowman Consensus Protocol

Snowman consensus algorithm is also a consensus algorithm that is a upgraded version of previous avalanche protocol. Here the smart contract are created and managed with the help contract chain of snowman consensus algorithm, the subnet are also managed by the help of snowman consensus protocol.

The main difference in snowman and avalanche protocol is that, the nodes are arranged in the linear order. Because of this they wait for the formation of new node to establish a link with node that are already used in the protocol.

Avalanche is a project which has all the qualities to replace the Ethereum Blockchain, This blockchain is a combination of all three blockchain that are called C-Chain, P-Chain and X-Chain, these chain makes this project more scalable and secure and faster. It basically works the proof of stake consensus algorithm, and the validator are responsible for the validation on the transactions.

The validator are responsible for the validation of transactions by the system of voting. Once most of the nodes show an agreement sign. towards the transaction then the transactions are moved further for processing.