Binance Learn & Earn Recap and Quiz: $20,000 AVAX Giveaway
We hope you enjoyed learning about AVAX this week. In case you missed it, here is a recap of what we covered. Also be sure to complete the quiz below and win up to $20 in AVAX.
What is $AVAX?
The Avalanche (AVAX) token is the native token of the Avalanche platform and is mainly used to secure the network through staking, pay for operational fees, transfer value peer-to-peer, and create new networks on the Avalanche platform.
Why was Avalanche created, and how is it unique?
Led by Professor Emin Gün Sirer, the creator of the first coin minted through proof-of-work, and supported by pioneering researchers from Cornell University, Avalanche is bringing the first major breakthrough in distributed systems since the Nakamoto consensus.
Avalanche is the first smart contracts platform that confirms transactions in under one second, supports the entirety of the Ethereum development toolkit, and enables up to millions of independent validators to participate as full block producers (during the Denali testnet, Avalanche had over 1,000 full, block-producing nodes).
In addition to supporting transaction finality under one second, Avalanche is capable of throughput orders of magnitude greater than existing blockchain networks (4,500+ transactions/second) and security thresholds well-above the 51% standards of other networks.
What problems does Avalanche solve?
Avalanche solves the scaling and transaction finality challenges that are holding back crypto and decentralized finance (DeFi) markets. Whereas other networks have to compromise either decentralization or scalability, Avalanche remains highly-performant as network participation increases.
Avalanche makes it easy for developers to create powerful, reliable, and secure applications and blockchain networks with complete control over its virtual machines, data privacy mandates, complex rulesets, and economic incentives. This means businesses and applications are free from rigid token and blockchain structures, while still being interoperable with other networks on Avalanche. Developers interested in Avalanche can learn more by joining the Developer Discord Lounge or exploring the Avalanche Documentation.
What use cases are being built on Avalanche? What markets does it plan to serve?
Avalanche is already seeing DeFi projects build on the platform and continues to expand its work with firms like Chainlink and Torus to ensure more DeFi applications can seamlessly migrate to Avalanche. It’s also actively exploring proofs-of-concept with leading institutions and enterprises.
Then finally we gave the community a chance to share how to buy AVAX using Fiat on Binance.
Complete the Quiz for a chance to claim up to $20 in AVAX!
Learn more about Avalanche:
Avalanche is an open-source platform for launching decentralized applications and enterprise blockchain deployments in one interoperable, highly scalable ecosystem. Developers who build on Avalanche can easily create powerful, reliable, and secure applications with private or public blockchain networks.