Automata Network finally announced making Witness come live on the Blockchain network of Avalanche. Renowned as the fastest platform for the execution of smart contracts, Avalanche will be incorporated into the Automata Network platform to boost its utility for the operation of decentralized applications and personalized Blockchain-based networks. Witness, the solution for off-chain governance of privacy shall equip the Blockchain of Avalanche with a host of topnotch features that include gasless voting, on-chain execution of smart contracts through Chainhook, the delegation of votes, and more.
Through the collaboration, the two platforms can provide dApp developers with a competitive ecosystem for the design and development of dApp applications. The powerful proof-of-stake protocol of Avalanche makes the platform the best choice for the live deployment of Witness. The platform operates at a lightning-fast speed at low costs and environment-friendly manner. Launched in September 2020 by Ava Labs, Avalanche possesses the power of handling more than 4500 cryptocurrency transactions in a second. The speed of processing transactions is higher than that of the Bitcoin network that can execute only seven transactions every second and that of the Ethereum network that manages fourteen transactions per second.
Avalanche employs the AVAX method to confirm and authenticate cryptocurrency transactions. The method operates by selecting a set of validators in a randomized fashion for the verification of Avalanche exchanges. The AVAX method performs the execution of transactions at high speed and with laser-sharp accuracy. AVAX is also the native cryptocurrency token of Avalanche. The registered users of Avalanche can earn AVAX tokens in two ways.
The first way is to take part in liquidity mining. The user must deposit an amount in USDT or USDC to receive AVAX tokens from the Liquidity miners. An easy approach to Liquidity mining is to participate in the campaign of AVAX Liquidity mining launched by the Hummingbird open-source project last year. The users who participate in the campaign can rake in AVAX tokens worth $1,500 almost every week from the prize pool of $36,000. Another way to obtain AVAX tokens is to conduct staking at Avalanche Network. To perform the staking method, the user needs to own a computer and a node client and become a validator at Avalanche. It is easier to become a validator at Avalanche than to be a validator in the Bitcoin network that requires the possession of expensive mining rigs. It would be prudent to invest in AVAX, although the prices are slightly lower than usual due to the Bitcoin price crash that occurred earlier this year.
On the other hand, the decentralized protocol of Automata Network offers middleware services for the development of dApps on Polkadot and Ethereum networks to attain frictionless computation and high assurance.