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Monday, 01/16/2023 12:25:57 AM

Monday, January 16, 2023 12:25:57 AM

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Avalanche (AVAX) and Amazon: Everything You Need To Know About This Partnership

As noted over the past few days, the cryptocurrency market has experienced an incredible rally. Bitcoin (BTC) above $18,000 brought relief to investors in blockchain assets. But as usual, the leading cryptocurrency was not the big winner in valuation. Avalanche (AVAX) has experienced a high of over 30% in the past seven days, and there is a reason for that.

Avalanche has partnered with Amazon Web Services (AWS). Both sides have stated that they have entered this collaboration to bring greater institutional adoption to the cryptocurrency market. As such, AWS will offer the decentralized application services of Ethereum's (ETH) rival to its entire market.

The partnership could be a key step for more people to be exposed to blockchain technology, as Amazon offers its work in more than 100 countries. Furthermore, the collaboration does not just cover the platform wing of Amazon's cloud computing services.

According to a document shared by Avalanche, the blockchain network is also a member of the Amazon Partner Network (APN). As such, it now enables APN to help customers deploy customized offerings on AWS connected to over 100,000 partners.

AWS users will be able to access the Avalanche network and enjoy the benefits of high scalability, fast confirmation time and low transaction costs. As such, the collaboration can help companies launch financial solutions such as stablecoins and blockchain-based payment systems.

In addition, Avalanche will provide AWS customers with a digital asset management platform, allowing them to create and manage custom tokens on their blockchain.

Avalanche nodes also win

Of course, we must also point out the decentralization factor because it is also a highlight of this partnership. With collaboration, it has become more accessible for people to start and manage nodes on Avalanche, strengthening the network, making it more distributed and giving it high integrity.

To start validating a node on the AVAX network, you do not need to enter your private keys, ensuring that you do not lose your cryptocurrencies if someone invades the cloud processor to which you are validating transactions.

This news for Amazon users, and even for cryptocurrency investors who were not yet aware of the partnership facilitation, may feel more attracted to set up an Avalanche validator node and enjoy the benefits of doing so.

AVAX investors receive financial rewards through the Avalanche token by running a node. Additionally, it can become a validator for subnets in the ecosystem and receive rewards in the native token of those subnets. Valuing the environment, to be a validator, you do not need to spend a lot of energy.

However, if you intend to help the network in this area, you should keep in mind that at the time of writing, to be part of this team, you need at least 2,000 AVAX. At the current cryptocurrency rate, this amount corresponds to $31,480.

Other nodes that make up the Avalanche network are:

Supervisors: responsible for ensuring the security of the network, monitoring validators and punishing those who try to violate the rules.

Service Providers: provide access to the network for applications and end users.

What to expect for Avalanche now?

This year could be a tremendous positive turnaround for Avalanche, which was severely impacted by the collapse of the Terra (LUNA) ecosystem. The “Ethereum killer” must arrange several partnerships that impact its ecosystem, such as with Amazon.

With an attractive network having low fees and fast transactions, the cryptocurrency's features may also attract attention this year. For example, this has already started with its non-fungible tokens (NFTs) now supported by Shopify.

Even well-known brick-and-mortar cryptocurrency wallet Ledger has rebuilt its Avalanche apps to ensure that storing cryptocurrencies and using dApps on the decentralized platform is more intuitive, yet clear, without sacrificing security.