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California DMV to migrate 42 million vehicle titles to Avalanche

CointimeCointime2024/08/22 07:35
By:Cointime

Cryptocurrency enthusiast recently stated in a video that the California Department of Motor Vehicles (DMV) has digitized ownership of 42 million vehicles on Avalanche. In addition, the California Department of Motor Vehicles will also launch a dedicated chain on Avalanche to simplify the vehicle ownership transfer process for its more than 39 million residents.

When analyzing the potential of Avalanche, the cryptocurrency enthusiast explained that the blockchain protocol does not rely on just one chain. It uses three specialized interconnecting chains: the Exchange chain (X chain), the Contract chain (C chain), and the Platform chain (P chain).

He further explained that these chains make up the main network of Avalanche, where each subnet operates independently and follows rules based on its specific application and developer. Although they are independent, all subnets are connected to the Avalanche main network. This subnet structure allows the blockchain to scale effectively, reducing congestion and costs. Additionally, validators must stake AVAX to run nodes on Avalanche, but each subnet has its own staking requirements and rules. Technically, the Avalanche consensus mechanism uses a directed acyclic graph (DAG), which is a structure formed by directed edges.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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