What is Avalanche blockchain?

The Avalanche blockchain can provide near-instant transaction finality. AVAX is used to pay transaction processing fees, secure the Avalanche network, and act as a basic unit of account among blockchains in the Avalanche network. Avalanche is a blockchain platform with the native currency AVAX.

What is the contract chain and platform chain in Avalanche?

The Contract Chain (C-Chain) allows for the creation and execution of smart contracts. Because it is based on the Ethereum Virtual Machine, Avalanche’s smart contracts can take advantage of cross-chain interoperability. The Platform Chain (P-Chain) coordinates validators and enables the creation and management of subnets.

What is the Avalanche network?

The Avalanche Network is based on two different consensus engines — Avalanche and Snowman. The Avalanche itself is based on a DAG-optimized consensus protocol. Directed Acyclic Graph (DAG) is already considered by many experts as an alternative to blockchain technology. Moreover, it is already used by other cryptocurrencies such as IOTA.

What is a blockchain and how does it work?

A blockchain, as a decentralized system, needs a way to reach decisions among its globally distributed participants (validators) who maintain the public ledger – a way to reach consensus governed by a protocol.