Heart stroke – Bank of America speaks in glowing terms of Avalanche (AVAX), which is said to be a particularly serious competitor to the second largest crypto project, Ethereum. The Avalanche project proves in passing that it has the capacity to attract renowned companies.
The best Ethereum killer: when the Bank of America dubbed the Avalanche platform
Bank of America publishes December 10, 2021, a flattering research report on the Avalanche smart contract platform. She describes the latter as a credible alternative to Ethereum (ETH) for DeFi projects, NFTs, games, and other assets, highlighting Avalanche’s ability to evolve without compromising its security or decentralization.
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The bank specifies in particular the advantages conferred by the Avalanche sub-networks, which allow transactions to be carried out faster and at lower costs.
“Subnets allow faster finality (settlement) and lower costs than alternative blockchains”
Bank of America
Subnets are one of the keys to scalabilité and some performance of Avalanche. 4,500 transactions per second are validated on the platform.
The subnets correspond to an independent blockchain on Avalanche, with a group of validators and an execution environment that are specific to it. Avalanche is therefore not a single blockchain, but rather a network made up of several superimposed blockchains and several communities of validators.
Bank of America points out that more than 380 projects are currently being built on Avalanche. AVAX, which is the native Avalanche token, is currently the tenth largest cryptocurrency in terms of market capitalization, according to data from CoinMarketCap.
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Blockchain and business: increasing decentralization of management and its functions
Bank of America estimates that business adoption of blockchain is expected to accelerate. She cites the use of Avalanche by the audit firm Deloitte for the creation of the Close as You Go (CAYG) platform which enables the compensation of victims of claims to be managed in a decentralized manner. The CAYG platform should thus facilitate exchanges between victims and the Federal Emergency Management Agency (FEMA) in the United States.
The use cases of blockchain by companies are multiple, and are not limited to finance. The blockchain can be used, among other things, to optimize the management of supply chains, or the governance of a company.
The Avalanche ecosystem is gradually developing, an extension supported by positive opinions from major companies like the Bank of America, but also various initiatives such as a hackaton to attract developers, or a community fund to finance projects on Avalanche.
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