Published: 2023-04-25 18:31
Revolut has introduced another offer, thanks to which we can receive cryptocurrencies worth 1 EUR for free. To receive them, it is enough to answer a test that we have prepared for you with a set of correct answers :)
In the Revolut app, click on the icon “Hub” at the bottom -> Utilities -> Education -> Cryptocurrencies and there is a course we need to complete.
If you do not see the “Education” button, go to the Center -> Wealth Products -> Cryptocurrencies and accept that you understand how cryptocurrencies work.
After answering the questions, return to our website and receive much larger amounts, for example for opening accounts in other banks ;)
What is Avalanche’s native token?
Answer number 1: AVAX
Which is true about the Avalanche Consensus Protocol?
Answer number 3: The Avalanche Consensus Protocol uses less energy than other blockchains
Which of these is a requirement to be an Avalanche validator?
Answer number 1: Stake at least 2000 AVAX tokens Lesson 2.
What does Avalanche use to improve transaction speed?
Answer number 3: Subnets
Why are Subnet’s membership options useful for financial services companies?
Answer number 2: They can support compliance requirements
Which of the following is a benefit of Subnets for users, long-term?
Answer number 4: More affordable gas fees
What is Avalanche?
Avalanche is a platform for creating and launching decentralised applications and custom blockchains. It’s scalable and interoperable, provides near-instant transaction completion, and has affordable transaction fees.
Avalanche’s native token is AVAX. The AVAX token is used to pay transaction fees and is staked by validators.
All AVAX tokens used for transaction fees are burned, meaning they are taken out of circulation and therefore reduce the total token supply.
There are approximately 315 million AVAX tokens in circulation today, but total supply will continue increasing until its hard cap at 720 million.
What is the Avalanche Consensus Protocol?
The network uses the Avalanche Consensus Protocol - a new proof of stake consensus mechanism. In this process, Avalanche validators are leaderless (typically in proof of stake blockchains, validators will elect a leader to make decisions) and validators vote on whether transactions are accepted or rejected. This process is repeated over and over again with groups of random validators until a high enough agreement is achieved, and the transaction is finalised. The Avalanche Consensus method delivers speed, scalability, security, and is even eco-friendly! It consumes just 46 U.S households’ worth of energy every year, to secure billions of dollars, compared to the millions of households needed by other blockchain providers.
How is Avalanche different from other blockchains?
Unlike most chains that operate with one blockchain, Avalanche innovates across a network of blockchains.
Avalanche features three core blockchains, and hosts custom chains which are called “Subnets.” The three core blockchains (also referred to as the Primary Network) are validated and secured by Avalanche validators.
Becoming an Avalanche validator is designed to be straightforward and accessible. A new or existing validator needs to stake at least 2,000 AVAX tokens and validate the Primary Network. Validators can also validate subnets if the choose. We’ll cover subnets in more detail in the next lesson.
What are subnets?
Subnets (short for subnetworks) are Avalanche’s method for scaling - they accommodate mass demand through the creation of custom blockchains that are tied to the main blockchains, but avoid overwhelming the Primary Network.
Subnets can be managed by a centralised group of validators or through permissionless validators. Subnets can also require users to have certain membership requirements, or they can be completely permissionless.
With an unlimited capacity for subnets, Avalanche is able to scale efficiently and securely while maintaining affordable transaction fees.
How do subnets work?
By allowing the creator of a subnet to specify certain membership requirements, subnets are well positioned for a wide range of uses.
For example, subnets can impose compliance requirements for validators (e.g., country of residence, ID validation, or Anti-Money Laundering checks, specific license requirements) and this can help companies leverage blockchain technology while staying within regulations.
Validators can also create private subnets, a useful option for businesses that may want to use a blockchain for proprietary purposes.
What do subnets mean for users long-term?
Subnets divert traffic away from the Primary Network and let builders use custom transaction charges, also known as gas fees.
With numerous subnets in the future, gas fees can continue to be affordable and therefore makes Avalanche increasingly user-friendly.
Subnets then provide a solution that scales growth by increasing transactions per second, without a proportionate increase in gas fees.
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