What is Avalanche (AVAX)?
Avalanche is a blockchain platform developed to address the scalability and security challenges faced by existing blockchain networks, particularly Ethereum. The layer-2 solution maintains decentralization and security while prioritising on low costs, lightning-fast transactions, and environmental friendliness.
Introduced by Ava Labs in 2020, the network has garnered popularity for hosting numerous successful decentralized applications, thanks to its smart contract compatibility. Avalanche also supports the Ethereum Virtual Machine (EVM), which means that it can run applications that are compatible with Ethereum. This allows developers to easily port their existing Ethereum projects to Avalanche and benefit from its higher performance and lower fees.
AVAX, the native token of the Avalanche blockchain, plays pivotal roles including transaction fee processing, network security, and governance.
Using AVAX on Gem Wallet
The best way to buy and sell AVAX is using Gem Wallet. Our open-source Avalanche wallet allows you to send, receive and purchase AVAX in the most seamless and secure way. Here are some perks:
- Privacy: we rank among the most private crypto wallets available today. We do not track or collect private information about you or your device.
- Friendly UI: our simple design makes navigation and usage a seamless experience.
- Non-custodial: You have full control over your private keys and AVAX.
- Multi-platform Support: Gem Wallet is compatible with both iOS and Android devices.
How to Create an AVAX Wallet
Download Gem Wallet for AVAX by following these three steps:
Create a new wallet or import an existing one. Gem Wallet will generate a mnemonic phrase for you, which is a set of words that represents your private key. Note: remember to write down the phrase in the correct order and store it securely.
And that’s it! You can now deposit AVAX and start managing your assets securely. You can send and receive, or buy AVAX using your credit or debit card.