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The digital world is getting decentralized, and Defi and dApps are gaining more prominence with it. Smart contract-based platforms like Ethereum, Solana, Avalanche, Cardano, etc., present the necessary infrastructure for hosting these dApps and Defi platforms. Avalanche is one such smart-contract-based platform that can amp up the game for any dApp. Let’s learn more about the Avalanche platform.
What is Avalanche?
The Avalanche network is an open, programmable smart contracts platform for decentralized applications. It is based on the Proof-of-Stake consensus. Any developer can use the network to build fast, low-cost, solidity-compatible dApps or launch Ethereum-based dApps. The network allows the platforms to process thousands of transactions per second – 4,500 TPS, to be precise. It is one of the largest cryptocurrencies by market cap.
Avalanche has three built-in chains, namely:
- The Exchange Chain (X-Chain): the default blockchain for creating and exchanging assets, including AVAX, the platform’s native token.
- The Contract Chian 9C-Chain): meant for creating and executing smart contracts and supporting interoperability.
- The Platform Chain (P-Chain): enables the creation and management of subnets and also coordinates validators
Developers can also build customized blockchains – both private and public – that fit their application needs. The Avalanche users can deploy their virtual machine and dictate how they want their blockchain to operate. Some of the well-known ETH applications currently hosted on the Avalanche ecosystem include the lending protocol Aave and DEX SushiSwap. Avalanche’s very own lending protocol Benqi has $1.36 TVL in its smart contracts, while Trader Joe’s is its main DEX protocol.
Why Buy Avalanche Crypto in India?
When measured by time-to-finality, Avalanche is the fastest smart contract blockchain in the entire ecosystem. It was launched by Emin Gün Sirer, a computer science professor at Cornell University, Kevin Sekniqi, a Ph.D. student, and Maofan “Ted” Yin, the writer of the protocol used in Facebook’s ill-fated Libra project, on September 21, 2020. Since then, the platform has grown immensely.
It now boasts over 450 projects, with $118 million of AVAX tokens burned. 1,350 individual block-producing validators and 1.5 million community members from across the globe. The AVAX token reached its ATH in November 2021 during the crypto market boom.
The Avalanche blockchain is blazingly fast, eco-friendly, and low-cost. AVAX crypto is the native token on the Avalanche blockchain. It is used to pay the fees on the platform, is used for staking, and makes itself useful as a basic unit of account between the various subnets on the Avalanche ecosystem. The Avalanche program has even launched an incentive program for the growth of its novel subnets which are premier scaling solutions for web3 dApps.
Where to buy AVAX token in India?
The Avalanche crypto price in INR currently stands at ₹1,570.
If you are wondering where to buy AVAX token in India, then WazirX can be your best choice. You can buy AVAX crypto in INR in India via WazirX, India’s most trusted cryptocurrency exchange, by following the few simple steps listed below:
#1 Sign Up on WazirX
To begin with, create an account on WazirX by clicking here.
#2 Fill in the Required Details
Put in your email address and choose a secure password.
#3 Email Verification and Account Security Setup
Next, verify the email address by clicking on the verification link you received in your inbox. Following that, you have two options to ensure the security of your account – the authenticator app and mobile SMS.
Remember that the authenticator app is more secure than mobile SMS because there is a risk of delayed reception or SIM card hacking.
#4 Choose Your Country and Complete KYC
After selecting your country, complete the KYC process. Without completing your KYC, you can not trade peer-to-peer or withdraw funds on the WazirX app.
To complete your KYC, you need to submit the following details:
- Your full name as it appears on your Aadhaar or any other ID proof
- Your birth date as stated on your Aadhaar or any other ID proof
- Your address as it appears on your Aadhaar or any other ID proof
- A scanned copy of the document
- A selfie of yours to finish the procedure
And you are done creating your account! Within 24 to 48 hours, the account is usually validated.
Buy AVAX Crypto in INR on WazirX via P2P
WazirX allows you to buy Avalanche crypto in India. Before buying AVAX crypto via WazirX, check the AVAX crypto price in INR on WazirX here.
You can buy AVAX crypto using USDT. To buy USDT, you can use the WazirX P2P route. This is fast, secure, and free. Follow these simple steps to buy USDT and then your AVAX crypto:
- Log in to your WazirX account on the web/mobile app and select “P2P” from the “exchange” option.
- Next, click on the ‘Convert INR into USDT’ option.
- Add the INR price at which you want to purchase USDT. Next, add the number of USDT tokens you want to purchase and click on “BUY”. Here, the minimum purchase should be 14.5 USDT.
Once you click on the buy button, WazirX will match you with sellers. However, if you wish to purchase the USDT from a specific seller, you can add the XID of that person and complete the transaction.
- You need to select a preferred mode of payment next. UPI and IMPS mode are the two options available. Please note that IMPS linking is mandatory on the WazirX platform; however, UPI linking is optional.
- Once you confirm and click on the message “YES, I WILL PAY’, you will get 60 additional minutes to complete your payment. In case of non-payment, once confirmed, a minimum penalty of 10 USDT or 1.2% of trade will be levied. False confirmations can also cause your account to get locked.
- Complete the payment as per the payment details on the screen (seller’s bank/UPI details). Once the payment is complete, upload the payment proof and click on the checkbox “I HAVE PAID”.
Once the seller confirms the receipt of payment, your order will be marked complete, and the USDT purchase will be reflected in your “funds”.
- Now you can use this newly acquired USDT balance to purchase AVAX crypto on the WazirX exchange. Go to the “exchange” option on the web/mobile app and select AVAX crypto from the list of the tokens available in the USDT market. All price charts, order book data, and an order input form are visible on the right side of the screen.
Fill out the buy order form and click on buy AVAX. Wait for some time. It will only be a short while before your order is executed. Once done, you will receive the AVAX coins you purchased in your WazirX wallet.
Learn how to buy crypto safely and securely via WazirX P2P:
What is the future of AVAX Crypto in India?
Avalanche has partnered with known names in the finance and crypto industry, such as Bitgo and Mastercard. It holds great potential as a smart contract platform, given its speed and low transaction costs. In times when Ethereum is struggling with its scaling issues, and scaling solutions like Solana have been facing frequent outages, the Avalanche network comes as a respite that’s both eco-friendly and efficient.
The Avalanche blockchain is not only suited for Defi. Ava Labs – its alma mater – supports metaverse investments too. Given its speed and versatility, the network easily fulfills the obligations of being a potential candidate for supporting blockchain-based games and virtual worlds.
The AVAX token, like all other cryptocurrencies, is reeling under the bear market phase and has lost a substantial chunk of its November ATH. Experts predict that the AVAX crypto will end the year at $45, and the year-to-year change will be approximately +55% for the AVAX token.
Frequently Asked Questions
What Is Crypto?
Crypto or a cryptocurrency is a digital currency protected by cryptography, making counterfeiting and double-spending nearly impossible. Blockchain technology is used to produce cryptocurrencies (a distributed ledger enforced by a distributed network of computers). Cryptocurrencies are distinct in that a government does not issue them. The word "cryptocurrency" refers to the encryption methods employed to keep digital currencies and the network secure.
Are Cryptocurrencies A Good Investment?
Cryptocurrency has the potential to make you extremely wealthy, and the potential to cause you to lose your money. Crypto assets, like any other investment, come with many risks and potential rewards. Fundamentally, cryptocurrency is an excellent investment, particularly if you want to gain direct exposure to the demand for digital currency.
What Is The Meaning Of Crypto?
A cryptocurrency is a digital currency that is secured by the process of cryptography, making counterfeiting and double-spending almost impossible to happen. Blockchain technology is used to produce cryptocurrencies ( a distributed ledger enforced by a distributed network of computers). Cryptocurrencies are distinct in that a centralized authority does not issue them.
How Cryptocurrency Works?
Cryptocurrencies use cryptography technology to keep transactions and their units (tokens) secure. Cryptocurrency works via a technology called the blockchain. A blockchain is a decentralized technology that handles and records transactions across numerous computers. The security of this technology is part of its value.
Is Mining Cryptocurrency Legal?
Cryptocurrency mining can be time-consuming, expensive, and sporadically profitable. Mining has an appeal for many cryptocurrency enthusiasts as miners are paid directly with crypto tokens for their efforts. The legality of cryptocurrency mining is dependent on where you live. In India, there is no restriction on crypto mining.
How To Invest In Cryptocurrency Stocks?
Cryptocurrency can be purchased in two ways: through mining or exchanges. The process of confirming and adding transactions to the blockchain public ledger is known as cryptocurrency mining. Cryptocurrency exchanges are another option. Exchanges make money by charging transaction fees, but there are alternative platforms where you may communicate directly with other cryptocurrency traders.
Are Cryptocurrencies Legal In India?
In India, cryptocurrency is legal, and anyone can buy, sell, and trade it. Because India lacks a regulatory system to regulate its operations, it is presently uncontrolled. According to the Ministry of Corporate Affairs, companies must now document their crypto trading/investments inside the financial year.
Is Pi Cryptocurrency Safe?
Pi Network captured the crypto community’s interest even before it officially debuted. Its innovative mobile mining approach and user-friendly design simplify crypto adoption for a broader audience. Some users see this as a chance to get engaged in the crypto from the beginning and profit in the future, similar to how early Bitcoin adopters made huge profits by mining and keeping the coin. Other users have compared Pi to a worthless multi-level marketing (MLM) scheme.
Is Bitcoin And Cryptocurrency The Same Thing?
Bitcoin is a cryptocurrency that was designed to facilitate cross-border transactions, eliminate government control over transactions, and streamline the entire process without third-party intermediaries. The absence of intermediaries has resulted in a significant reduction in transaction costs. Satoshi Nakamoto, the creator of Bitcoin, created the first cryptocurrency in 2008. It began as open-source software for money transfers. Since then, plenty of cryptocurrencies have emerged, with some focusing on specific fields.
Is Cryptocurrency Legal In India?
In India, cryptocurrencies are legal; anyone can purchase, sell, and trade cryptocurrencies. They are currently unregulated; India does not have a regulatory framework in place to regulate its functioning. According to the Ministry of Corporate Affairs (MCA), companies must now declare their crypto trading/investments during the financial year, according to the Ministry of Corporate Affairs (MCA). Cryptocurrency transactions have been taxable in India when people receiving such gains are Indian tax residents or where the crypto is considered to be domiciled in India
Disclaimer: Cryptocurrency is not a legal tender and is currently unregulated. Kindly ensure that you undertake sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information provided in this section doesn't represent any investment advice or WazirX's official position. WazirX reserves the right in its sole discretion to amend or change this blog post at any time and for any reasons without prior notice.
