THE EVOLUTION OF THE BLOCKCHAIN

UNDERSTANDING THE VALUE AVA HOLDS.

The advent of cryptocurrency in 2008 was the genesis of the evolution of the blockchain. This was launched by the first and well-known cryptocurrency, Bitcoin. Cryptocurrencies are known for their anonymity, security, and majorly, decentralization as they are not controlled by any government organization neither are they tied to any country. The blockchain serves as a base where cryptocurrency transactions are recorded and also is a distributed ledger that is public and decentralized. Bitcoin blockchain Is the first and well known decentralized ledger.

FIRST GENERATION

Bitcoin blockchain works based on cryptographic proof and can process 7 transactions per second. To improve the security of bitcoin blockchain, it is verified and secured by nodes which validate the history of the bitcoin blockchain. The more the nodes, the more decentralized and secure the blockchain is.

SECOND GENERATION

As years passed by, there have been several numbers of blockchain platforms that tried making modifications to the shortcomings of bitcoin by duplicating its codebase but unfortunately, there was no additional value-added. In 2014, Ethereum which is the second-largest cryptocurrency by market capitalization, came about with a decentralized open-source blockchain but this time around, featuring smart contract functionality. Ethereum started a tremendous influx of decentralized applications including Defi applications.

NEW GENERATION

Into the new model of the blockchain space is AVA which is unlike any of the other blockchains. AVA is a heterogeneous network of many blockchains and validator sets; meaning that AVA is not like the legacy blockchain networks with one blockchain and one validator set. AVA is a high performance, scalable, secure, and customizable blockchain that aims to provide a unifying platform for the creation, transfer, and trade of digital assets.

The AVA platform is an open-source platform for launching Decentralized finance (Defi) applications and enterprise blockchain deployment in one interoperable, highly scalable ecosystem. Developers who build on AVA can create powerful, reliable, and secure applications and also custom blockchain networks.

Just as Ethereum allows one to launch a decentralized application defined by a smart contract, AVA allows one to launch decentralized applications defined by a Virtual Machine. A virtual machine specifies the blockchain’s state, state transition function, transactions, and the API through which users can interact with the blockchain.

At first, blockchain networks had one Virtual Machine with a pre-defined, static set of functionality. This rigid, monolithic design limited what blockchain-based applications one could run on such networks.

People who wanted custom decentralized applications had to create their own, entirely new blockchain network from scratch. Doing so required a great deal of time and effort, offered limited security, and generally resulted in a bespoke, fragile blockchain that never got off the ground.

Ethereum made a step toward solving this problem with smart contracts. Developers didn’t need to worry about networking and consensus but creating decentralized applications was still hard. The Ethereum Virtual Machine has low performance and imposes restrictions on smart contract developers. Solidity and the other few languages for writing Ethereum smart contracts are unfamiliar to most programmers.

AVA Virtual Machines make it easy to define a blockchain-based decentralized application. Rather than lightly-used, poorly-understood languages like Solidity, developers can write Virtual Machines in Go. (AVA will support VM creation in other popular languages in the future.)

In AVA, every decentralized application runs on its own independent blockchain and is validated by a subnet. A subnetwork is a dynamic set of validators working together to achieve consensus on the state of a set of blockchains. Each blockchain is validated by exactly one Subnet. A Subnet can validate arbitrarily many blockchains. A node may be a member of arbitrarily many Subnets.

AVALANCHE CONSENSUS PROTOCOL

AVA blockchain will be the first blockchain network to use Avalanche. Avalanche is a hybrid of the best properties of pre-existing families of protocols which are the classical consensus protocol and the Nakamoto consensus protocol. The classical protocol relies on all to all communication; it has low latency, high throughput but low scalability. The Nakamoto protocol, on the other hand, relies on proof-of-work mining with the longest chain rule; it has high scalability, but has a low throughput, requires constant energy outlay for security, and suffers from high confirmation latencies.

Avalanche combines the best properties of both families and comes about with a revolutionary consensus protocol that has low latency, a high throughput, avoids the constant energy overlay by not making use of the Proof-of-work mining, and high scalability ranging from thousands to millions of participants thereby yielding a lightweight protocol. AVA uses Proof-of-Stake, which allows tens of thousands of validators to have a first-hand say in the system while consuming minimal energy.

FINAL NOTE

The blockchain has seen several modifications over the years but AVA has brought about a new paradigm to the world of blockchain. Asides working on a better blockchain and creating a great platform that will be of extensive adoption, it has its own consensus protocol which is a constituent of the best properties of its predecessors making it revolutionary. AVA has proven to be of great value and has set a new path in the world of blockchains.

“It’s through curiosity and looking at opportunities in new ways that we’ve always mapped our path.”- Michael Dell

For more information, Visit the Website.