Last week, we discussed the ATOM project together. This week, we will discover together another project focused on decentralized applications and smart contracts, Avalanche.
Avalanche is a high-performance, scalable, customizable, and secure open-source platform dedicated to the deployment of smart contracts.
Developed by Ava Labs and led by the eminent Emin Gün Sirer, Avalanche describes itself as a revolutionary technology, notably thanks to its use of a new and radically powerful consensus protocol. Among other things, this protocol enables true decentralization and near-instantaneous transactions.
Avalanche’s network infrastructure was designed to be scalable and programmable. Thus, developers can deploy sub-networks with their own execution environments. The Avalanche platform comes with its own native token, the AVAX. It allows the payment of fees on the network and is eligible for staking.
It targets 3 main use cases: the creation of sub-networks, the hosting of decentralized applications (DApps) especially dedicated to decentralized finance (DeFi) as well as the creation of crypto-assets following customized rules and conventions.
To maintain its network, the Avalanche consensus is rather unique and brings its share of novelties. The Avalanche consensus is part of a family of protocols called Snow*. This family includes other protocols such as Snowflake and Snowball, hence its name.
The Snow* protocols work by repeated sampling of the network, i.e. each node in the Avalanche network polls a small, randomly chosen set of neighbors of constant size and switches its proposal if a supermajority supports a different value.
Technical point of view
From a technical perspective, AVAX has bounced off an extremely important support area around $13.50 after a nearly 90% retracement from its November 2021 high.
AVAX is now trading around $17.61 with a positive daily technical situation as evidenced by the MACD and WaveTrend which are well oriented to the upside. On a 4-hour time frame, the indicators are also positive.
For the moment we need confirmation before initiating a buy position. If AVAX touches $32 and retraces, we can open a long position around $24.
How to profit on the Upbots platform?
We have only one bot trading ATOM on our platform that allows you to trade long-only side.
- Smart AVAX
It’s pretty good, right? Come and try it for yourself!
And here is another new coin that no longer holds any secrets for you! This one was a different project in comparison with all the others we covered in this series. Next week, we will discuss another very interesting project, NULS.
See you next week!