Bank of America Seemed Impressed with Avalanche's Subnets ($Avax)
Bank of America Appreciates $Avax
The following is a summary of Avalanche taken from its developer documentation:
"Avalanche is an open-source platform for developing decentralized apps and corporate blockchain installations in a highly scalable, interoperable environment." Avalanche is the world's first decentralized innovative contract platform with near-instant transaction finality, designed for the size of global banking. Because Solidity works out-of-the-box, Ethereum developers can quickly build atop Avalanche.
The consensus system distinguishes Avalanche from other decentralized networks. People have developed the misconception that blockchains must be sluggish and scalable over time. The Avalanche protocol uses a revolutionary method to deliver its strong safety guarantees, speedy finality, and high throughput without sacrificing decentralization.
What are Subnets in Avalanche?
As explained by Jay Kurahashi-Sofue, VP of Marketing at Ava Labs:
"A Subnet, also known as a Subnetwork, is a dynamic group of validators that collaborate to reach agreement on the state of a group of blockchains." One Subnet is responsible for validating each blockchain. A Subnet may verify an unlimited number of blockchains. A node may belong to as many Subnets as it wants.
A Subnet controls its membership, and its component validators may be required to have particular attributes. This is quite valuable, and we'll go through the implications in further detail below.
Bank of America Corporation (abbreviated "BofA" or "BoA") is a "global investment bank and financial services holding company headquartered in Charlotte, North Carolina." It is "the United States' second biggest financial institution, behind JPMorgan Chase, and the world's eighth-largest bank."
Overview of the Price Movement
According to TradingView statistics on crypto exchange Coinbase, the $AVAX price reached $99.7400 at 07:09 p.m. UTC on December 15, which is today's intraday high and the highest the $AVAX price has been since December 4. $AVAX is now trading at $99.30, up 13.80 percent in the last 24 hours (as of 07:46 p.m. UTC on December 15).