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Introduction
Hello to all crypto lovers, it's another opportunity to learn at the master's feet. This time it'll be about the Avalanche Blockchain a lecture which was explained in detail by intermediate crypto professor @pelon53. Without any waste of time lets begin with our first question.
Explain in detail X-Chain, C-Chain and P- chain.
We all know how the Blockchain has come to revolutionize the economic and social world and is still growing so fast to take over other spheres of influence. The Avalanche Blockchain is likened to other blockchains like Cardano which works on smart contracts for dApps. What makes avalanche perculiar is the speed at which the processes are made.
The compatibility of Avalanche on the Ethereum Blockchain makes the speed even faster and lowers the transaction fees. This fee takes only 10% of what the net offers, this fee is a dynamic on Ethereum. This high speed of transactions has made avalanche to be among the best blockchains in the world with a processing speed of about 6500 transactions per second.
Coupled with it's speed and transaction rate, the Avalanche is divided into several chains, the Exchange chain (X chain), Contract chain (C Chain) and the Platform Chain (P chain). I'll be looking into these chains in detail below.
Exchange Chain (X-chain)
In this chain we can create new assets, exchange between assets and transfer of assets through smart contracts. This system makes the process even faster and more precise in every transaction execution. The user has the possibility of creating ERC tokens because each token works in parallel with each other to verify transaction confirmations randomly using the avalanche consensus protocol.
Contract Chain (C-Chain)
This chain helps users to create smart contract decentralised apps for the Blockchain. These dApps are compatible with the Ethereum Blockchain and also, it uses a protocol called snowman which helps modify the consensus mechanism and makes the Avalanche Blockchain fast and secure. This option gives authority to users to create smart contracts which must be carried out. These rules are already set and incorporated into the avalanche Blockchain.
Platform Chain (P-Chain)
This process is governed by validators. These validators are in charge of speed improvement and scalability of the system. This process has characteristics and each of these are important for the perfect rolling of the system. Each subnet has the ability to create new subnets and validate blockchains.
Explore the Avax Network platform. Screenshots required.
Talking about Avax, we would have no choice than to explore about it on it's official website at https://www.avax.network follow me closely as i bring it up with screenshots.
Firstly when we open the site, we can find different options on validation such as Delegated validation, validation participation, bet rewards, total validators, total delegations, and relationship participation. Below is a screenshot of that
Image sourceHere we have the validator stats which shows all the above stated information.
Image sourceWe scroll further in the same option and we find the bet reward info and then a calculator beneath showing us the exact stake for each Avax.
Image sourceNow we go to the next option, individual which shows us the information about how to use this system .
Image sourceAt the end of this section we can see the wallet and in this page we can either connect to an already created wallet or create a wallet if we don't have any yet.
In my case I'll be creating a new wallet.
Image sourceNow i will click in the **create wallet option and it will lead me to another section which shows me another page where i generate a new key phrase.
Image sourceOnce that is done, i am then asked to copy the generated 21 keyword phrase to somewhere safe.
Image sourceOnce i saved them i then went on to the next step. Here, we are asked to prove that we have actually saved these keywords and a series of them given with some blank spaces for us to fill then we validate.
Image sourceOnce that is done, we then see a message showing that we have successfully created a wallet.
Image sourceFinally, i clicked on access wallet and here is what is what showed up! In this view, we can see the various chains, (C, X and P).
Image sourceNext i went to the Avalanche Explorer and this time, i could find different transaction details which lasted already. Sich Info like block history, transaction duration etc.
Next is a process on Avalanche X which allows us to create our own DApp on the platform. This also allows us create a safe token for lending non-custodial token such as AAVE or as another token like USDC.
Image sourceNext is submitting grants and in this case, it shows us how we can build any project on token creation on the platform. We then are allowed to submit our project proposal here.
Image sourceShow the last contract verified in the C-Chain network and show the Smart Contract that was generated in that direction. Screenshots required.
Checking the last verified contract on the C chain on the platform is quite easy! All we got to do is, get to the https://snowtrace.io/ site and begin.
So when we enter the sure, we locate the top bar menu and click on Blockchain and then we select the verified transaction
Image sourceOnce that's done, we click on the recent contract and we see in this case that the contract name is Distributor and compiler is solidify
Image sourceOnce that's done, we click on the contract and this opens up. This shows us all details on the contract.
Image sourceSummary,
| Contract | 0x16ce3645E96D3D3e7c09f6aFfeda163D8e5a0c3a |
|---|---|
| Transaction hash | 0x9e85879c75b364839c820f419527793f8b73a0be927ede77d698aa417a0dafa4 |
| Block | 9313321 |
| Status | Success |
| From | 0x2554fe74a448750efa63b5bf249c5b20af18545c |
| To | 0x16ce3645e96d3d3e7c09f6affeda163d8e5a0c3a |
| Transaction fee | 0.02705349147301619 |
Explore the last block generated in the C-Chain network. Screenshots required.
To check on the last block, we still get to the same site as the previous question and we start by clicking on the top menu bar and choose blocks. The first block Shows the last block on the Blockchain
Image sourceAs we see below, as we click on the block option it opens us up to this page and we choose the first option. Which obviously shows the latest block.
Image sourceAfter clicking on this block, it brings us to this page which gives us all details of the transaction taken on that block.
Image sourceExplain in detail the Avalanche consensus protocol and the Snowman consensus protocol.
Avalanche
I'll begin by explaining what the Avalanche consensus protocol. We first have to understand that this protocol fonctions on the voting mechanism and based on votes, transactions are either accepted or rejected though it began as a single node. By this, we understand that decision making is not by an individual but by individuals on the network.
The process is quite organized, because when a transaction is created, the validator confirms it's validity. Once it is deemed valid, it passes to the next stage but when it is not, it is ignored immediately. We should also note that it is by this system that the platform is being recognized as one of the fastest in the world.
I can give out all these information because of the picture i found on avalanche's white paper which gives us in detail what it is all about. The picture is below.
image sourceSnowman
We know foremost that snowman is derived from avalanche in the sense that it kind of is the better version of Avalanche. In this Snowman, the consensus mechanism helps the subnets and contracts to be managed.
Though they are similar in that one is derived from another, there is a great difference by the way. This Snowman is arranged in a linear way which explains the reason why when the link arrives it helps in the creation of the new link. These nodes on this sequences are variables
These nodes also do create dApps and improves the speed and scalability of the Blockchain on question.
Conclusion
Avalanche is not only a great initiative in the crypto world as regards to it's speed, reliabily, scalability and decentralization. All these attributes came about because of the 3 consensus combined smart contracts on one place.
Validators also have a great role to play as the progress of the Blockchain transactions depend on them by voting and then validating. These 2 processes are totally independent.
Thank you all for following my assignment task, and God bless you as you prepare for the next episode of the crypto-academy. Thank you prof, @pelon53 for your lecture.
CC: @pelon53