ELI5 AVAX IOU? Is it the real AVAX coin?
November 2020 Update
As of November 18, AVAX price has remained remarkably stable - for cryptocurrency standards.
Chart via Binance
Coincost shows the AVAX IOU slowly dep...
ELI5 Avalanche Consensus Mechanism Summary [Cryptocurrency consensus mechanisms]
A new class of consensus mechanism called Avalanche is being actively developed by Ava Labs, a startup founded by researchers from Cornell University. This new consensus mechanism is completely different from most systems we’ve reviewed until now. Avalanche works by randomly polling peers and comparing its own “opinion” to that received from the sample obtained […]
Is Avalanche safe from a Ripple-like battle with the SEC?
Ava Labs is a US-based company, founded by cryptography experts from Cornell University in NY and funded by several investors in the US. Ripple is a US-based company, founded by economists and cryptography experts from Canada and Kansas and funded by investors in the US. Notice any parallels? If you do, then you’re not alone. […]
What is the identity of “Team Rocket”, which created the Avalanche protocol?
The Avalanche protocol family creators’ true identity is, perhaps, cryptocurrency’s most poorly kept secret. Or is it? Why would such a great idea’s true creators want to keep their names private? Which brings us to an earlier question. Why did Satoshi Nakamoto want to keep his own identity private? Wouldn’t Satoshi be held at the […]
Who are Ava Labs?
Ava Labs is a Brooklyn, New York-based research and development company currently developing the Avalanche platform and AVAX cryptocurrency. Ava Labs is headed by Cornell professor Emin Gün Sirer, whose team is developing next generation cryptocurrencies. Founded in 2018, Ava Labs has been funded by Andreessen Horowitz, Initialized Capital, and Polychain Capital, with angel investments […]
Concepts In This Page
Avalanche is a consensus protocol introduced by Rocket Team in 2018.
It is an entirely new consensus protocol which builds upon classic consensus and Nakamoto consensus.
AVAX is the cryptocurrency released in 2020 by Ava Labs.
The AVAX cryptocurrency is used for all transactions in the Avalanche network.
A set of technologies developed by Ava Labs, which forms the basis for the AVAX Avalanche ecosystem.
Validation is the process by which AVAX transactions get verified by the P2P network. Similarly to what happens in PoS coin staking, validation generates returns for both stakers and validators.
IOU means, literally, "I owe you". It's a debt acknowledgement. It's more informal than a check or promisory note. IOU's are often used to trade cryptocurrencies before they're listed on large exchanges.