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Platform - Coggle Diagram
Platform
Platform
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Smart Contracts in $AVAX
- At launch, it supports solidity based smart contracts
- Off-chain execution and on-chain verification
- An improved solidity called solidity++
Bootstrapping
- The first step in participating in Avalanche is bootstrapping
- The process occurs in 3 stages:
1) Connection to seed anchors
2) Network and State Discovery
3) Becoming a Validator
Architecture
Subnetworks
- A dynamic set of validators to achieve consensus on the state of BC
- Each BC is validated by 1 subnet and 1 subnet can validate arbitrarily multiple BCs
- In order to create a new subnet or join a subnet, one must pay a fee denominated in $AVAX
Advantages of this subnet model
- If the validator does not care about the blockchains in a given subnet, it will simply not join that subnet. This reduces n/w traffic, as well as computational resources
- One can create private subnets
- One can create a subnet where each validator has certain properties (compliance)
- There is a default subnet validates a set of predefined blockchains, including the blocklchain where $AVAX lives and is traded
Virtual Machines
- Each blockchain is an instance of a VM
- The interface, state and behavior of a blockchain is defined by the VM that the blockchain runs. The following properties of a blockchain, and other, are defined by a VM:
1) The contents of the block
2) The state transition that occurs when a block is accepted
3) The APIs exposed by the blockchain and their endpoints
4) The data that is persisted to disk
- We say that a blockchain "uses" or "runs" a given VM
- When creating a blockchain, one specifies the VM it runs as well as the genesis state of the blockchain
- A new bloclchain can be created using a pre-existing VM, or a developer can code a new one
Engine
- the protocols don't use PoW mining, and therefore avoid its exorbitant energy expenditure and high gas fee
- Use a combination of classical (light weight) consensus protocols + Nakamoto consensus
Mechanism & Properties
- A tx created by a user and sent to a validating node
- Tx propagated to other nodes via gossiping
- To choose among conflicting transactions (double spend), every node randomly selects a small subset of nodes and queries which of the conflicting transactions the queried nodes think is the valid one
- If the querying node receives a supermajority response in favour of one tx, then the node changes its own response to that transaction
- Every node repeats this process until the entire n/w reaches a consensus
Benefits?
- Permissionless - Don't have to know full membership
- Scalable & Decentralized - Scaling without any fundamental tradeoffs. Can scale to millions of nodes without delegation to subsets of validators. Less prone to cartel formation (vs PoS vs Sharding)
- Adaptive
- Asynchronously safe - Doesn't require synchronicity to operate safely
- Low latency - <=1 s
- High throughput 5000+ TPS
Concerns
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Inclusion & Equality
- Avalanche deploys an egalitarian distribution of minting: every single participant in the staking protocol is rewarded equitably and proportionally based on stake
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Discussion
Optimizations
Pruning
- Blockchains like BTC suffer from perpetual state growth. Has to store the entire history of transactions
- In Avalanche, nodes do not need to maintain parts of the DAG that are deep and highly committed
- 3 types of clients are supported - Archival, Full and Light
Sharding
- In avalance, network sharding is done through subnets functionality
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Goals & Principles
- Avalanche is a secure, high-performance, scalable, customizable. and secure blockchain platform
- Targets 3 broad use-cases
Use cases
1) Building application-specific blockchains, spanning permissioned (private) and permissionless (public) deployments2) Building and launching highly scalable dApps3) Building arbitrarily complex digital assets with custom rules, covenants, and riders (smart assets)