Wednesday, May 22, 2024

All you need to know about Avalanche, Ethereum’s competitor

Avalanche, a smart contracts platform, has been steadily building quite a healthy reputation for itself as a competitor to Ethereum. The reputation was strengthened recently owing to a rise in the price of Avalanche’s native token – AVAX. For a brief period, the token found itself among the world’s top 10 cryptocurrencies. While it sees itself outside the top 10 at this point in time, its 33% rise over the last week has been quite impressive.

The surge came hot on the heels of an Ava Labs announcement. Ava Labs is supporting the Avalanche blockchain’s development, and it announced its partnership with Deloitte, a global giant among consulting firms. The partnership’s purpose is the improvement of accuracy, security, and speed of the funding of the Federal Emergency Management Agency (FEMA). Deloitte will make use of the blockchain developed by Avalanche for building disaster-relief platforms that are more efficient.

The Avalanche blockchain has drawn many comparisons to the Ethereum blockchain, primarily due to the fact that both boast of smart contract capabilities. Smart contracts are defined as code collections carrying out certain instructions on blockchains, which are vital for running non-fungible tokens (NFTs) and decentralized finance (DeFi) applications.

Right now, even though the Ethereum blockchain is much more popular than the Avalanche blockchain, the latter offers some advantages over the former. For instance, transaction times on the Avalanche blockchain are quicker, and the costs are lower than Ethereum.

Experts predict that for now, Ethereum will have the edge over Avalanche. However, over time, Avalanche has all the right tools at its disposal to compete with Ethereum.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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