The fascinating story of Avalanche’s rise from nowhere to $19bn market cap in 2 years

Of the growing number of so-called “Ethereum-killers” out to displace Ethereum’s dominance of the new financial system known as DeFi, Avalanche deserves special attention.

He built the first proof-of-work cryptocurrency called Karma in 2003, four years before the launch of Bitcoin itself. After being told by his university peers that a competitor to the US dollar would never receive funding, he shelved it. Avalanche was a relative latecomer to the market, appearing only in 2020 once Sirer had subjected Avalanche to the most rigorous of tests. Avalanche is the name of the network, and AVAX is the native token that fuels transactions on this network.

Avalanche launched one of the first “proof of stake” blockchain systems . This made Avalanche one of the most eco-friendly networks on Earth. There is typically a trade-off between speed and decentralisation. Decentralisation is vital for maintaining security and privacy of transactions. Avalanche has been able to demonstrate thus far that it is a serious contender to host the world financial system of the future, adds Hope Robertson.

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