Staking Project | Avalanche — A more efficient decentralized smart contract platform
Learn about and participate in Avalanche staking
Avalanche is a decentralized smart contract platform built for decentralized applications and enterprise blockchain with high scalability and interoperability. Through a unique consensus algorithm, Avalanche is able to permanently confirm transactions in less than 1 second and is considered a powerful alternative to Ethereum, offering new ideas for the development of blockchain technology.
Avalanche Technical Features
Faced with the “impossible triangle” problem, Avalanche Consensus gives the answer by using a DAG structure to store data, and a snowball algorithm to determine blocks and validation by multiple sampling, combining the two to achieve a relative balance between decentralization, security and efficiency, with low latency and high throughput.
The process of Avalanche consensus building is simply that when a decision is to be made, a node randomly queries a few nodes in the network about its preference for the current option, records the answer chosen by most of them as a reference for the next query, and repeats the process until the majority of the nodes in the network agree on the choice and it becomes an irreversible consensus. Since the number of “few nodes” is a constant n, no matter how many nodes there are in the network, only n nodes need to be asked in each query, therefore the network is highly scalable.
Avalanche staking status
As one of the many key PoS consensus projects, Avalanche also uses staking to reflect the will of network participants. According to Avalanche’s Token Economy white paper — — Avalanche Native Token ($AVAX) Dynamics, AVAX is the unit of account used by Avalanche to pay expenses and maintain the network, with a total supply of 720 million AVAX, with the Genesis block generating 360 million AVAX and the remaining AVAX to be minted following its formula. The current total staking rate is 56.22% and the annualization of AVAX staking is 10.24%.
Here is a comparison of Avalanche’s staking situation with that of the head PoS projects.
Unlike general PoS programs that have no minimum amount required, Avalanche sets a threshold for delegates, requiring a minimum of 25 AVAX to participate in staking and receive rewards. There are also restrictions on the delegation period, with the same AVAX staked for at least 2 weeks to be redeemed, and up to 1 year.
At the same time, Avalanche also limits the delegation fee that should be charged by the velidators in the network, stipulating that the delegation fee cannot be under 2%. In other words, no less than 2% of the reward received by the node will be allocated to the node as commission before the delegates receives the staking reward.
In terms of risk, in the design of Avalanche, there is no slash mechanism, which means that when a node has a problem affecting the network such as giving an incorrect response or a node dropping out, the AVAX staked on that node will not be cut, but only the reward for this verification will be deducted.
How to participate in Avalanche staking?
One word minimalist tutorial: open the Avalanche Wallet website, create or login to your own Avalanche Wallet and select the verification node for staking through the Earn-Delegate portal. If you do not have at least 25 AVAX on the P chain (platform chain), you need to transfer it from the X chain (transaction chain).
Sign up / log in Avalanche Wallet at:
Details can be found in the official video tutorial at:
https://support.avax.network/en/articles/5334307-how-to-stake-avax-via-delegation
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