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AVAX is a utility token designed for the payment of fees when operating in the Avalanche ecosystem, either when creating or using dapps, programming smart contracts or making value transfers on that network.
Inside and outside Avalanche, AVAX works like any other token of its kind, and can be traded on exchanges, traded, exchanged for fiat money and used for DeFi operations, since large decentralized finance protocols such as AAVE also work on Avalanche.
Avalanche is a decentralized blockchain network for programming smart contracts. One of its main features is that, through its scalability solution, it allows the creation of blockchain subnets, similar to Polkadot's parachains.
The method that the Avalanche developers found to optimize its use, time, scalability and interoperability was the use of three separate blockchains.- The X-Chain is used to manage AVAX and other tokens and network assets- The C-Chain is specifically dedicated to smart contracts- The P-Chain coordinates the validator nodesThe C and P networks work with the Snowman algorithm, based on a PoS consensus protocol. While the X-Chain uses the Avalanche, which seeks confirmation of transactions at random, stimulating the parallel work of the entire network and increasing its overall speed.
Cryptocurrency is now available on our web platform and in the app. Remember that to buy crypto on Ripio you need to have an active account and an available balance in pesos.
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