It’s almost no news that the 123swap platform is fast becoming the new normal for traders who seek faster, smoother transactions with more value to their crypto assets. The magic behind the 123swap platform lies with the leveraging ability the swap platform has on smart contracts and also its user-friendly interface coupled with the absence of hidden fees, varieties of assets, security, and a cross-chain one window platform.
However, even with the presence of all these customer-friendly financial benefits, there are still some flaws to the rising crypto swap platform and with the increasing demand for platforms supporting the trade (or swap) of cryptocurrency assets with other digital assets, the 123swap Avalanche integration project was introduced into the world of digital trading and assets.
Avalanche
Avalanche was launched in September 2020 to provide a unified market for trading, holding, and staking financial assets. To date, the avalanche platform has around 320 projects currently under development on the platform. Such projects include DeFi projects like Tether, SushiSwap, Chainlink, and lots of other validator nodes staking tokens. A stakeholder utilizing the mechanics of this unified network would experience seamless transactions with all his financial assets.
With all the hype around the new decentralized network, there comes a million-dollar question, “What’s the secret agenda behind the 123swap and Avalanches’ collaboration?” The short answer? There’s one and it’s good! The more refined answer? The collaboration is to ensure a DeFi supported crypto assets swapping between peers. This means there’s no need for a broker or going off the decentralized network with the high risk of getting scammed of one’s crypto asset.
Peer-to-Peer Transaction
To get a peer-to-peer transaction off the ground, one would only need some security information similar to those used on decentralized computer applications and get access to a network that can be used to complete about 6,500 transactions in one second.
123swap’s expansion to Avalanche could be thought of as the world’s solution to the trilemma of the blockchain network. The complex nature of the blockchain network makes it tough for the system to achieve total decentralization. Unfortunately, this has made the gas fees on common cryptocurrencies like Ethereum much higher than it was at the birth age of the coin.
The avalanche platform solved this problem by creating three intertwined blockchain networks which are; the Exchange chain (or the X-Chain), the Contract chain (or the C-Chain), and the Platform chain (or the P-Chain).
The X-Chain exchanges base AVAX assets that stick to a pre-established set up – much similar to the ECR-20 ETH standard. This network thrives by adopting the Avalanche consensus innovation.
Contract Chain (or C-Chain)
The Contract Chain (or C-Chain) is one that was developed specifically for smart contracts. It works separately from the X-Chain network through its own virtual machine which has the ability to develop decentralized applications for EVM. Contrary to the X-Chain network, the C-Chain adopts the Snowman consensus process for its operations.
The Platform Chain, however, deals with the organization, creation, and management of current subnets. The subnet is a collection of validators and each one of them can validate multiple chains all at once. In this case, the Snowman consensus system is also adopted.
There is some speculation as to the performance of Avalanche (AVAX) in future blockchain networks. While the AVAX network is yet to validate or support Abbas-included cryptocurrencies, its past performance has done nothing to guarantee how it’ll fare in the future. We can only wait and see what tomorrow brings for 123swap and Avalanche’s network.
Follow Techia for more informative articles.
