Avalanche Blockchain - Steemit Crypto Academy - S5W8 - Homework Post for @pelon53
Hello All Steemians !!!
Today I'm going to make my Steemit Crypto Academy Homework task by professor @pelon53 that talking about Avalanche Blockchain. Very interesting lessons. Actually I have very little knowledge about this, but I will try to discuss it to improve my writing skills. On this occasion I will try to discuss it.
Explain X-Chain, C-Chain and P- Chain in Detail
In the world of cryptocurrency, blockchain is one of the most important foundations and systems in carrying out all transactions that occur in the cryptocurrency ecosystem. Until now, many developers are continuously innovating and trying to improve the quality of the blockchain to achieve maximum results. Users expect blockchain updates that can provide the 3 characteristics of decentralization, security and good scalability. It aims to fix the problems of the Bitcoin or Ethereum blockchain to date and is able to solve the blockchain trilemma in the cryptocurrency ecosystem.
The presence of the Avalanche blockchain in the cryptocurrency ecosystem that focuses on increasing scalability is expected to solve the blockchain trillema and help users to run multiple transactions quickly. The developers have created and designed the system in such a way as to produce a blockchain that has high scalability and high transaction speed. This is a great development on the DeFi ecosystem which is currently very much needed by many users in carrying out all types of transactions. This blockchain consists of three separate blockchains namely X-Chain, C-Chain and P-Chain that make up the main network.
X-Chain
X-Chain serves as a place to manage assets where users can create assets and make exchanges on the network. X-Chain uses the Avalanche consensus protocol and the nodes on the system work in parallel. Users can carry out any transaction using the native token of the Avalanche blockchain is AVAX token to meet certain needs.
X-Chain also allows users to exchange AVAX tokens for other digital assets such as tokens from the Ethereum network namely ERC-20 tokens. This helps users in carrying out the required transactions. The important point here is that users must have AVAX tokens in carrying out transactions and managing assets because transaction fees require AVAX tokens.
C-Chain
C-Chain serves as a place for developers to create smart contracts on the network. C-Chain uses the Snowman consensus protocol and the nodes on the system work linearly. Developers can create smart contracts for various decentralized applications (DApps) available on the platform to facilitate user access and create high quality systems.
C-Chain is compatible with Ethereum Virtual Machine (EVM) and this is very beneficial as each user can access various DApps that available on the Ethereum network. The important point here is that developers can provide NFT, ERC-20 tokens, and DApps to make it easier for users and the cost of creating smart contracts also requires AVAX tokens.
P-Chain
P-Chain serves as a place to create new subnets and keep track of active subnets. P-Chain uses the Snowman consensus protocol and the nodes on the system work linearly. In this case, validators play an important role in managing subnets to verify and validate transaction processes on the network so as to increase scalability and transaction speed.
P-Chain states that only one block is valid on a subnet but each subnet allows for verification and transaction validation to form multiple blocks on the network. The important point here is that the validator will create and track subnets in managing the network and validation process on the mainnet also requires staking the AVAX tokens.
Explore the Avax Network Platform
Here I will explore about the Avax Network by visiting the web Avax Network. On the main page, Avax Network has several main features such as Developers, Individuals, Avalanche-X, Press, Community and Contact. All of these features have other sub-features that can be accessed and explored further to find out all things related to Avax Network.
On the next page, I found information about Avalanche which is a platform that has open and programmable smart contracts for DApps on the cryptocurrency ecosystem. Avalanche is able to build DApps that are high-speed, low-cost and solidity-compatible. Avalanche is a blockchain that can be launched and customized to meet the needs of users. Avalanche is able to scale and connect multiple validators to process transactions and maintain security.
On the next page, I found information about the comparison of Avalanche with Bitcoin, Ethereum and Polkadot. Avalanche data shows that transactional throughput is >4,500 tps, transactional finality is <2 sec, energy efficient is yes CPU-optimal, number of validators is thousands of nodes, sybil protection is proof of stake and safety threshol is 80% parameterized.
On the next page, I found information about the characteristics of Avalanche which is solidity-compatible, fast transactions, highly-scalable, secure, private & public blockchains and Virtual Machines (VMs).
On the validators feature, I found information about validator statistics where total stake is 230.927.342.11, staking ratio is 58.24%, staking rewards is 9.79%, total validators is 1.199 and total delegations is 15.869.
On the Start Building feature, I found information on how to start building on Avalanche by launching the Ethereum DApp, run a validator, mint a token, integrate an exchange and create documentation.
On the Roadmap feature, I found information about the Avalanche roadmap which has 4 phases every 3 months during 2021. Each phase has different goals and developments on the Avalanche platform, major milestones and the project ecosystem.
On the Solutions feature, I found information about Avalanche's solutions to the cryptocurrency industry and ecosystem in the Decentralized Finance (DeFi) sector, the Institutions, Enterprises, Governments sector and the Non-Fungible Tokens (NFTs) sector.
On the Ecosystem feature, I found information about the Avalanche ecosystem with many platforms and very broad in various fields such as deFi, digital, securities, ecosystem, exchange, explorer, gaming, identity, infrastructure, NFT, nodes, oracle, payments, play to earn, security, stablecoin, tooling, trading bot, wallet and wealth management.
On the Wallet feature, I found information about wallets that can be used to store Avalanche assets simply and securely. Users have two options to access the wallet or create a new wallet to carry out any transactions on the platform.
On the Explorer feature, I found information about all transactions that occur on the Avalanche blockchain. This feature involves X-Chain C-Chain and P-Chain and any user can access this feature to find the required information about the transaction.
On the Bridge feature, I found information about several wallets that can be connected to the Avalanche platform such as metamask, coinbase wallet and wallet connect for certain needs.
On the Explore Open Grants feature, I found information about the Avalance that allows users to build applications on the platform in various sectors such as decentralized exchange, lending, stablecoin, synthetics & derivatives and volatility index (VIX).
On the Submit a General Proposal feature, I found information about the procedures and instructions that users must follow in submitting a project proposal, firstly submitting an application, secondly waiting for a call, thirdly getting approval and finally starting to build.
On the Press feature, I found information about various kinds of news which is constantly updated on all things related to Avalanche and this can be accessed by all users easily and quickly.
In the Community feature, I found information about the Avalanche community which is very broad and can be accessed by users on various social media such as medium, twitter, telegram, discord, facebook, forums, reddit, linkedin, youtube, meetup, and clubhouse.
Show the Last Contract Verified in the C-Chain Network and Show the Smart Contract that was Generated at that Address
Here I will show the last contract verified in the C-Chain Network by visiting the web SnowTrace. On the main page, select the Blockchain option and click on Verified Contract as I marked on the screen.
On the next page, there are many verified contract lists which are constantly updated. Here I choose the first or the latest verified contract as I marked on the screen.
On the next page, all the details about the contract are available as follows:
The details of the transaction or smart contract that was generated at that address are as follows:
Explore the Last Block Generated in the C-Chain Network
Here I will show the last block generated in the C-Chain Network by visiting the web SnowTrace. On the main page, select the Blockchain option and click on View Blocks as I marked on the screen.
On the next page, there are many blocks lists which are constantly updated. Here I choose the first or the latest block 9158460 as I marked on the screen.
On the next page, all the details about the block 9158460 are available as follows:
Explain in Detail the Avalanche Consensus Protocol and the Snowman Consensus Protocol
Avalanche Consensus Protocol
Avalanche consensus protocol is a leaderless protocol which is the main factor that makes it different from other consensus protocols in blockchain ecosystems such as PoW and PoS. This protocol is on an X-chain which allows users to create new tokens and exchange assets such as AVAX tokens, ERC-20 tokens, NFT and other DApps. This is able to improve the characteristics of decentralization and scalability where high scalability and high transaction speed are the main factors and the advantage of the Avalanche blockchain.
This protocol uses Directed Acyclic Graph (DAG) technology where nodes will verify and validate transactions in parallel and validators will work randomly to create and track subnets so that transactions will be proven valid. Every confirmed transaction will be completed quickly and this is referred to as a visible node because it does not form a block. This makes the process run effectively and efficiently which will have a positive impact on achieving scalability and transaction speed on the network.
Snowman Consensus Protocol
Snowman consensus protocol is a protocol based on Avalanche consensus but the difference is that nodes will verify and validate transactions linearly and will create blocks on the network. This protocol is on the C-Chain and P-Chain which allows developers to create smart contracts for DApps and allows validators to create new subnets and track active subnets. This is able to make the blockchain work effectively, efficiently and have good quality where high scalability and high transaction speed are the main factors and advantages of the Avalanche blockchain.
The use of two protocols where this protocol is a continuation of the previous protocol process and also runs on different blockchains proves that this blockchain has been successfully developed based on the different and interconnected system functions. The presence of this two protocols is one of the important factors that makes the Avalanche blockchain have a focus on the characteristics of scalability without losing the characteristics of decentralization and security.
Conclusion
Blockchain Avalanche which has three separate blockchains X-Chain, C-Chain and P-Chain have different functions in network governance. These three blockchains allow users to create new tokens, exchange assets, transact with AVAX tokens, allow developers to create smart contracts for DApps on the platform and allow validators to create and track subnets. These different functions and characteristics are a good innovation on the Avalanche blockchain so that it benefits many users and help users get easy access in transactions proccess on the network.
The use of the Avalanche consensus protocol and the Snowman consensus protocol which are interconnected in terms of the transaction validation process and block generation on the network is also one of the important factors that influence and have a positive impact on the blockchain. The use of different protocols is expected to solve the trillema blockchain which is still a problem in the current blockchain ecosystem. The goal of all of this is for the Avalanche blockchain to have high scalability and high transaction speed in the cryptocurrency world.