When it comes to blockchain technology, there are a few household names that tend to dominate the conversation. These include Bitcoin, Ethereum, and Litecoin, among others. However, there are also many up-and-coming projects that are looking to make a name for themselves in the space.
One of these is Avalanche, which has been described as a “clone” of Ethereum. In this article, we’ll take a closer look at Avalanche and try to determine if this is accurate or not.
Avalanche was founded in 2018 by Emin Gün Sirer, a well-known figure in the cryptocurrency world. He is also a professor at Cornell University and the co-director of the IC3 (Initiative for Cryptocurrencies and Contracts).
In other words, he knows his stuff when it comes to blockchain.
The Avalanche platform is designed to be a “decentralized finance hub.” In other words, it’s meant to be a one-stop shop for all things related to DeFi (decentralized finance).
This includes things like lending, borrowing, trading, and more. The team behind Avalanche believes that this will make it much easier for people to get involved in DeFi without having to worry about using multiple platforms.
So far, Avalanche has been off to a strong start. It launched its mainnet in September of 2020 and has since seen over $12 billion worth of assets locked into its various protocols.
That’s an impressive feat for such a young project.
So, what about the claim that Avalanche is a clone of Ethereum? Well, there is some truth to this. Both projects are focused on DeFi and both use smart contracts. However, there are also some key differences between the two. For one thing, Avalanche uses a new consensus mechanism called “Snowflake.
” This is designed to be more scalable than Ethereum’s current proof-of-work system. Additionally, Avalanche has its own native token called AVAX. Ethereum also has its own native token called ETH.
Ultimately, whether or not you believe that Avalanche is a clone of Ethereum comes down to your personal definition of the term. If you simply consider any project that focuses on DeFi and uses smart contracts to be a clone of Ethereum, then yes, Avalanche fits that bill.
However, if you believe that a project needs to be an exact replica of another in order to be considered a clone, then Avalanche is not a clone of Ethereum. Either way you slice it, though, Avalanche is an impressive project that is worth keeping an eye on in the months and years ahead.