Avalanche (AVAX), a Blockchain network with a unique PoS mechanism, solves scalability, security, and decentralization issues. AVAX coin is used to facilitate transactions, distribute system rewards, and participate in governance. Avalanche distinguishes itself from other projects by using a consensus mechanism, subnets, and three built-in Blockchains (X-Chain, C-Chain, P-Chain), providing superior performance. In this article, you can find answers to two frequently asked questions: What is Avalanche (AVAX), and how to buy Avalanche (AVAX) with TRY.
What is Avalanche (AVAX)?
Avalanche is a Blockchain network designed to overcome scalability, security, and decentralization issues in Blockchain through a unique Proof of Stake (PoS) mechanism. Similar to Ethereum, Avalanche supports smart contracts to run decentralized applications (dApps). These smart contracts are written in Solidity, the same language used by Ethereum, and facilitate interoperability with various decentralized finance (DeFi) ecosystems, including established projects like Aave and Curve.
The native asset of the Avalanche platform, AVAX, powers transactions within its ecosystem. AVAX is used to distribute system rewards, participate in governance, and pay network fees, facilitating smooth and efficient operations, making AVAX a crucial component of the Avalanche network.
Avalanche’s platform is distinct due to its consensus mechanism, inclusion of subnets, and utilization of multiple built-in Blockchains. These features set Avalanche apart from other Blockchain projects, providing unique advantages in terms of performance and functionality.
Avalanche’s consensus mechanism is a new approach built on the PoS foundation. When a transaction is initiated, it is picked up by a validator node, which then samples a small, random set of other validators to check consensus. This sampling procedure is repeated many times as validators “gossip” with each other until consensus is reached. This process, akin to a snowflake turning into an avalanche, ensures the entire system agrees on the outcome of a transaction. Validator rewards are based on Proof of Uptime and Proof of Correctness, incentivizing nodes to act according to the network’s rules.
Avalanche also allows users to launch custom chains or subnets that operate with their own rule sets. Subnets are groups of nodes that validate specific Blockchains, and all subnet validators must also validate Avalanche’s Primary Network. This system is similar to other Blockchain scaling solutions that offer flexibility and scalability, such as Polkadot’s parachains and Ethereum 2.0’s shards.
The Avalanche platform uses three built-in Blockchains to solve Blockchain-related problems. The Exchange Chain (X-Chain) is the default Blockchain where assets, including AVAX, are created and exchanged. The Contract Chain (C-Chain) leverages the Ethereum Virtual Machine for creating and executing smart contracts, enabling cross-chain interoperability. The Platform Chain (P-Chain) coordinates validators and manages subnets, ensuring the network operates smoothly.
How to Buy Avalanche (AVAX) with TRY?
Binance TR is the most suitable cryptocurrency exchange for investors in Turkey who want to buy Avalanche (AVAX). Over 100 cryptocurrencies, including AVAX, can be bought and sold on Binance TR, where accounts can be created quickly. To buy Avalanche (AVAX) with TRY on Binance TR, follow the steps below.
How to Open an Account on Binance TR?
Opening an account on Binance TR is quite easy. Go to trbinance.com and continue from the “Create Account” step. In the first step of account creation, you will be asked to enter basic information such as email address, phone number, name-surname, date of birth, nationality, and T.C. identification number.
After entering the requested information completely and correctly, an email/SMS verification will be done to confirm the information. After completing this process, you will proceed to the second step, identity verification (KYC).
How to Verify an Account on Binance TR?
Identity verification on Binance TR is one of the security procedures that must be completed before starting cryptocurrency trading and during account creation. This process is also necessary to protect both the user and the cryptocurrency exchange. You can perform the verification process from your phone or through Binance TR’s official website. Note that you will need your mobile phone to verify your identity from the website.
On the Binance TR website, hover over the “Profile” option at the top right, click on “Identity Verification and Limits” from the drop-down menu, and then click “Verify.” After this step, you will need to scan the QR code that appears with your phone’s camera and continue the process on your phone. If you cannot scan the QR code, click on the “Copy URL” option to have the identity verification address sent to your phone via SMS.
When you enter the address on your phone or scan the QR code, a screen like the one below will open on your phone. From here, continue by tapping the “Identity” option first.
Then, a screen like the one below will appear. To continue the verification process, first select the document type that suits you.
After selecting the document type, you can continue by tapping the “Upload Front” option. After taking a photo of the front side of the document according to the selected document type, tap the “Upload Back” option and take a photo of the back side of the document and upload it. Make sure the images are clear and the information in the photo is easily readable when taking photos of the front and back sides of your ID card or driver’s license.
Then, you can continue by tapping the “Selfie” option. At this point, your phone’s front camera will open, and you will need to scan your face. Ensure your face fills the camera area as much as possible once the camera opens.
After completing all these steps correctly and completely, your identity verification process will be completed shortly.
How to Deposit TL on Binance TR?
You can easily deposit TL into your Binance TR account from all banks. You can deposit TL 24/7 and transact seamlessly from your Vakıfbank, Ziraat Bankası, İş Bankası, Akbank, Fibabanka, Şekerbank, and Türkiye Finans accounts. Deposits from other banks can be made 24/7 with FAST up to 50,000 TL. Deposits over 50,000 TL from other banks are processed during EFT hours.
To deposit money into your Binance TR account, first, go to trbinance.com, hover over the “Wallet” option in the top left corner of the homepage, and click on the “Deposit” option from the drop-down menu.
Then, a page like the one below will open, and you can continue the deposit process by selecting your preferred bank from this page. If your preferred bank is not yet integrated with Binance TR, you should continue by clicking the “Other Banks” option.
In this example, we will continue using Vakıfbank, but the process is the same for all other banks. When you click on the Vakıfbank option, you will see an account name and IBAN address where you can transfer money via wire transfer, EFT, or FAST. All you need to do is use the information displayed on the preferred bank’s page to transfer the amount you want to deposit into your Binance TR account via wire transfer, EFT, or FAST.
After your bank completes the transfer process, the funds you sent will automatically be reflected in your Binance TR account wallet.
How to Buy AVAX Coin with TL on Binance TR?
After depositing money, you can proceed to the step of buying AVAX coin with TL by clicking on the “Buy-Sell” option in the top left menu of the Binance TR website.
After clicking this option, the following page will open. Type “AVAX” in the search section on the right side of this page and click on the AVAX/TRY option from the results to go to the AVAX purchase page with TL.
Now the following AVAX trading page will open. On this page, in the area marked with a red box, you need to enter the price at which you want to buy AVAX in the first box and the number of AVAX you want to buy in the second box. After entering the amount, you can complete your purchase by clicking the “Buy AVAX” button.
What is Binance TR?
Binance, the world’s largest cryptocurrency exchange by trading volume, officially launched its platform Binance TR for cryptocurrency investors in Turkey in 2020. The cryptocurrency exchange, headquartered in Istanbul, can be accessed at trbinance.com.
Binance TR offers both fiat-to-crypto and crypto-to-crypto trading services by leveraging Binance’s technology, security measures, and liquidity provided through Binance Cloud infrastructure. Users in Turkey can seamlessly deposit and withdraw Turkish lira (TRY) directly through bank channels and trade various cryptocurrencies with TRY pairs via Binance TR.
Users supported by Binance’s core functions can access market-leading spot trading liquidity, a powerful matching engine, advanced security protocols, custody solutions, and risk controls through Binance TR.
