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...
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 […]
ELI5 AVAX Coin
AVAX is the native cryptocurrency of the Avalanche platform. The project began at Cornell University, led by professor Emin Gün Sirer and others. According to Dr. Emin Gun Sirer the number 1 problem in all cryptocurrencies is scale. “Look at all the major cryptocurrencies, none of them can break 4 digits [transactions per second]”. The […]
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 […]
Generate AVAX addresses and keys from a mnemonic phrase in Python
Concepts In This Page
A set of technologies developed by Ava Labs, which forms the basis for the AVAX Avalanche ecosystem.
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.
Ticker symbol for the Avalanche AVAX cryptocurrency.
AVAX is the cryptocurrency released in 2020 by Ava Labs.
The AVAX cryptocurrency is used for all transactions in the Avalanche network.
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.