Avalanche AMA RECAP
Hello Everyone ! Welcome to our 5th AMA (Ask Me Anything) with Avalanche. On 11th of Sep 2021, CryptoSpartans had a live AMA session with Kuen Shahi (Community Manager of Avalanche India). In case you missed it here is the recap.
AMA Summary:
Segment 1: Admin Round
The transcript has been edited for clarity.
INTRODUCTION PART
Kuen|Avalanche
Hi Guys, This is Kuen Shahi. I’m the Community Manager of Avalanche India. Before becoming a part of the Avalanche ecosystem, I was teaching 3rd grade English for the past 6 years. Two years back, I was introduced to the crypto world by one of my friends. I started reading about it and was really excited to be a part of it. Then I took a step ahead to become fully involved in crypto and finally decided to quit my job.
I bought my first investment in Avalanche. Then I started reading about Avalanche and was more fascinated by the technology behind it. Avalanche taught me a lot on how blockchain actually works, what problems this industry was facing and what is next in this journey of crypto. While staying active in the community I came across this wonderful opportunity, Avalanche Hub, a social mining platform which rewards you for participating in community building activities. I had some hidden content creation and public speaking skills which I used for this opportunity. This is how I became a part of the Avalanche ecosystem.
Segment 1: Admin Round
~S~| HOST
1. What is Avalanche, and what are it’s strengths?
Kuen|Avalanche
Avalanche is the fastest smart contracts platform in the blockchain industry, as measured by time-to-finality, and has the most validators securing its activity of any proof-of-stake protocol (over 1,000 participating actively in the consensus for every transaction). Avalanche is blazingly fast, low cost, and eco-friendly. Any smart contract-enabled application can outperform its competition by deploying on Avalanche. Don’t believe it? Try an app on Avalanche today. You can view our ecosystem projects here .
Priyank Gupta |HOST
2. Can you overview the various blockchains available on Avalanche platform?
Kuen|Avalanche
Of course. Unlike other projects like Ethereum and Bitcoin that have one chain, Avalanche features 3 built-in blockchains: Exchange Chain (X-Chain), Platform Chain (P-Chain), and Contract Chain (C-Chain).
The P-Chain is the metadata blockchain on Avalanche, managing validators and custom subnets. Validators stake AVAX on the P-Chain to secure the network.
The X-Chain is the default asset blockchain on Avalanche enabling the creation and instant exchange of assets. This blockchain is for transfers that benefit from high-throughput and instant finality (for dapps, use the C-Chain).
The C-Chain is the default smart contract blockchain on Avalanche and enables the creation of any Ethereum-compatible applications and assets with lower fees and faster transactions.
Lucifer Morningstar |HOST
3. Can you tell us more about the fees on the Avalanche network?
Kuen|Avalanche
Transaction fees differ depending on the type of transaction and you can find all the details here . A basic transaction on the X-Chain will cost you 0.001 AVAX and a single send on the C-Chain costs around 0.005 AVAX (21,000 units of gas at a price of 225 AVAX). More complicated transactions that involve smart contracts, such as a swap on Pangolin or any other Avalanche ecosystem DEX, may reach fees of around 0.03 AVAX. This fixed configuration of transaction fees is only temporary. It is important to know that all transaction fees on Avalanche are burned permanently, which adds considerable deflationary pressure to AVAX (which has a max supply like BTC). To date, over 236,000 AVAXs have been burned in total, which equates to over $ 12 M, and that number will only increase exponentially with increasing grid usage, not to mention the introduction of subnets. You can watch this live on a site created by a community member: https://burnedavax.com/
Priyank Gupta |HOST
4. Can you explain to me how someone can go about if they want to participate in securing the network (staking)? What are the rewards offered?
Kuen|Avalanche
You have the choice between becoming a delegator, i.e. entrusting your AVAXs to a validator to receive interest, or becoming a validator and owning your own node:
You can delegate your AVAXs directly through the Avalanche wallet provided you have 25 or more AVAXs. You will need to lock your tokens for a minimum of 2 weeks and a maximum of 1 year. The rewards you will receive depend on the commission fee of the node you choose (minimum of 2%) and the length of time you lock your AVAXs.
To become a validator and own your own node, you will need a minimum of 2,000 AVAX (As per the roadmap, in quarter 3,2021 Avalanche will launch P chain governance, so, we can expect these numbers to go down). You can tie your own knot by following this guide . You will also need to lock your AVAXs for a period of between 2 weeks and 1 year. Note that Avalanche does not have a slashing system in place and therefore there is no risk of losing funds, however it will be necessary to maintain an uptime of over 60% to receive the rewards.
Under current grid conditions, you can expect an annual return that varies between 9% and 11%. In the future, validators will be able to validate subnets in addition to the primary network and receive their rewards on top of what they already receive.A lot of Avalanche ecosystem projects, rewards validators/delegators in terms of airdrop for securing the network. You can learn more about staking here .
~S~| HOST
5. Can I use Metamask with Avalanche?
Kuen|Avalanche
Yes, Avalanche should be as simple to use as your favorite web 2.0 applications. Because Metamask is the go-to web extension to enter the web 3.0 metaverse, MetaMask is absolutely compatible with Avalanche. Many DeFi Dapps are coming to Avalanche, and new ones are popping up as well. One example is Pangolin, a community-driven decentralized exchange for Avalanche and Ethereum assets with fast settlement, low transaction fees, and a democratic distribution–powered by Avalanche. To interact with Pangolin, users can use MetaMask connected to Avalanche. Here are resources that will help you get started:
Connect MetaMask to Avalanche: https://pangolin.exchange/tutorials/getting-started
[Video] Setting up MetaMask on Pangolin: https://www.youtube.com/watch?v=DQlPi56lOks
Lucifer Morningstar |HOST
6. Is there a program or platform where one can earn passive income by contributing to the Avalanche ecosystem?
Kuen|Avalanche
Yes, we have a platform called the Avalanche Hub (https://community.avax.network/) . Avalanche Hub is a community accelerator built to reward community contributions and coordination. Community participation can come from many skill sets including research, education, and development for the Avalanche platform. Avalanche Hub is the way to coordinate and give back to the passionate supporters. The platform is open for all.
Priyank Gupta |HOST
7. Could you please talk about the Avalanche Rush program?
Kuen|Avalanche
Avalanche Rush is an incentive mining grant and airdrop program with up to $180M in USD from the Avalanche Foundation that seeks to deploy decentralized finance applications on the Avalanche platform. The program objective is to empower new and existing DeFi traders with easy-to-use, fast, and cost-effective applications.
The Avalanche Rush incentive program cements the Avalanche Foundation’s commitment to scale DeFi and create a more accessible, decentralized, and cost-effective ecosystem.To participate you must click here: Avalanche Rush
Thank you everyone once again for participating in this exciting community AMA! It was our pleasure to host AMA with Avalanche.
