Crypto Academy / S5W8- [Avalanche Blockchain] - Homework Post for @pelon53

Welcome to my homework post for the 8th week of Steemit Crypto Academy. From the lecture provided by professor @pelon53, I was able to learn about Avalanche Blockchain in great detail. There’s much more to discuss this project so let’s get started with homework so that you can also check out my understanding of this topic.

Avalanche is one of the fastest-growing blockchains and the reason is its amazing scalability. The majority of top cryptocurrencies were facing blockchain trilemma and was sacrificing scalability but avalanche blockchain has solved the issue for the crypto industry by using 3 blockchains that are called X-Chain, C-Chain, and P-Chain. These 3 blockchains have different uses and can perform 6500 transactions per second. This project considers itself the competitor of Ethereum and it is pretty much providing tough competition. Let’s take a closer look at the subnet that Avalanche uses:

This chain is called the Exchange chain and as the name represents itself, this is used for the creation, exchange, payment of fees, and other activities relating to tokens that are carried out and that makes it one of the most important chains in the network. This chain uses the Avalanche consensus algorithm and the transactions are processed rapidly as the nodes are assembled in parallel range due to which it doesn’t have to rely on other nodes to complete.

This chain is called the Contract Chain. It is used to manage the smart contracts in the Avalanche ecosystem. The snowman consensus mechanism is used by this chain and it is pretty much similar to Ethereum Virtual Machine due to which it has become a potential competitor to the crypto giant. Building smart contracts for Dapps is really easy and what makes it unique is that nodes are located in linear form. Plus, the Avax token is used to pay gas fees.

The platform chain is the full form of a P-chain which also uses the snowman consensus algorithm. It is used to manage the subnets of the ecosystem and even create new ones. Creating the subnet is the role of validators who will also perform consensus for the custom blockchain. Each subnet has different blockchains and that’s the core reason due to which it has a high scalability rate as compared to other projects.

Now I will take a detailed look at the Avax platform by visiting its official website. That’s not all, I will explain deliberately explain each section so that you can understand the uses of this blockchain and what makes it a rival to Ethereum and the best blockchain project.

First thing is to visit its official website and you will arrive at its homepage where you can find 6 sections on the header of the website that are Developer, Individuals, Avalanche-X, Press, Community, and Contact. There’s also an option of Build Now which is already covered in developer section.

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By clicking on this section, you will observe that it has 2 more subsections that are called validators and start building. I will take a look at each section for a better understanding.

Validators

This section provides the opportunity for Avax token holders to become the earn rewards by staking their assets and becoming a node. By scrolling down the page, you can also find validator stat along with the reason that makes it interesting to validate Avax. There’s a calculator as well where you can find out the APY according to the number of tokens you are willing to stake.

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Start Building

From this section, you can easily launch the Ethereum Dapp on Avalanche, run a validator, mint tokens, integrate an exchange, and opt for developer documentation. You can learn more about these options by clicking on the preferred section and it will show you the procedure and more details about it.

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Individuals

This section has a total of 6 sub-sections that are roadmap, solutions, ecosystem, avalanche wallet, avalanche explorer, and avalanche bridge. We will simply take a closer look at the most important section:

Avalanche Wallet

From this section, you can create an avalanche wallet where you can keep your avalanche assets in a simple and securest way.

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Roadmap

You can visit this section to find out the roadmap of the Avalanche platform for the previous year in a detailed manner. It also provides the option to join its discord server and build on its blockchain.

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Avalanche Explorer

From this section, you can explore the transaction that is being made on its network. It will show you the ID, Chain, wallet address, and much more. You can also search for any transaction from the search bar.

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Avalanche Bridge

Another unique thing about Avalanche is that it has allowed its users to connect their wallet of other blockchains with its bridge and easily swap or exchange tokens with great ease.

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Avalanche-X

This section is for developers which can boost their work relating to the building of Dapps. This section will help them to get access to various resources but it can be done by submitting a general proposal.

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Press

This section has 2 more subsections that Press Inquiries and Press Kit & Media Asset. Here you can simply find out about the news made on Avalanche by renowned news platforms like Bloomberg, Coindesk, The Block, Coindesk, etc.

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Community

Avalanche is connected with its community on various social media platforms like Discord, Twitter, YouTube, Facebook, LinkedIn, and many others. Amazing thing is that it is available in various languages so you can choose your preferred one and join its community.

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Contact

Avalanche also allows its users to contact its support team through the Contact page. All you need is to fill the form with details and a message to connect with its help center.

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3.- Show the last contract verified in the C-Chain network and show the Smart Contract that was generated at that address. Screenshots required.

Now I will show you the last contract verified in the C-Chain network along with the smart contract that was generated. I will perform this task at snowtrace.io and provide a screenshot of each step as well for your understanding. So, let’s start by visiting this website first.

After visiting the website, you have to click on the Blockchain section which is on the top of the homepage. Once done, you can find more subsections and you have to click on the Verified Contracts that I have highlighted.

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You can see that the name of the latest contract is TimeBondDepository whose compiler is Solidity. I have to click on the smart contract to access more details about it.

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You can see from the below-mentioned image that it has provided complete details about the smart contract like balance, AVAX value, contract address, contract creator, and much more.

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Attributes	Details
Contract Address:	0x71D534111849FeC6369eD8B0366397b7e4f935e5
Balance:	0 AVAX
Content:	Creator Address: 0x197969959Aee77CeEC6568fDc8196c66c7af8535
Holders:	5 addresses
Decimals:	9
Value:	$0.00

4.- Explore the last block generated in the C-Chain network. Screenshots required.

In order to explore the last block generated in the C-Chain, we have to once again visit snowtrace.io where every detail is provided relating to Avalanche. The first thing is to visit its website and click on the Blockchain which will show additional subsection and you have to click on View Block that is highlighted.

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You can see from the below-mentioned image which shows the series of blocks that were recently created. I have highlighted the latest one and clicked on it to access further details about this block.

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Once clicked, complete details were provided which can be seen from the attached image.

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Attributes	Details
Block:	0xbc9356b8f298d01303713670f8f6e26309d82e074730f3f5a47344782c75e87e
Block Height:	9301789
Timestamp:	6 mins ago (Jan-08-2022 03:10:06 PM +UTC)
Burned Fees:	0.080012644 AVAX
Difficulty:	1
Total Difficulty:	9,301,789
Size:	4,462 bytes
Gas Used:	3,062,464 (38.28%)
Gas Limit:	8,000,000
Base Fee Per Gas:	0.000000025 AVAX (25 nAVAX)
Hash:	0xbc9356b8f298d01303713670f8f6e26309d82e074730f3f5a47344782c75e87e
Parent Hash:	0x7713b8487984eaadc8ee90c78dffb15948993c0e4314846b8b6fd73e1e4f6603
Sha3Uncles:	0x1dcc4de8dec75d7aab85b567b6ccd41ad312451b948a7413f0a142fd40d49347
Nonce:	0x0000000000000000

5.- Explain in detail the Avalanche consensus protocol and the Snowman consensus protocol.

Avalanche Consensus Protocol

Avalanche Consensus Protocol is totally different from other consensus mechanisms like PoS, PoW, DPoS, PPoS, and others due to the reason that it doesn’t need any leader to reach consensus. It simply uses a voting system to run the ecosystem which makes it utmost secure, decentralized, and scalable.

This consensus mechanism can be considered as the voting system because once the transaction is made, it is validated by the single node which is later confirmed by other nodes and that’s how the transaction is accepted. If there’s any fishy transaction, then it will be rejected by nodes.

Snowman Consensus Protocol

This consensus mechanism is built on Avalanche consensus protocol. It is used to create smart contracts and manage subnet which is done through C-Chain. The only difference between both consensus mechanisms is that this one uses linear order to process the work so it has to wait for the one node to be completed in order to process the other.

Conclusion

My homework concludes that Avalanche is a great project which has overcome the Blockchain Trilemma issue by providing a scalable, secure, and decentralized ecosystem to the crypto enthusiast. The developers have smartly used 3 chains which improves the experience of everyone and makes it possible to perform thousands of transactions per second. Plus, its user-friendly platform offers a lot of things to users which other projects have failed to do so.

Thanks For Visiting My Post And Your Appreciation

Cc:
@pelon53