Launched in 2020 by Ava Labs, Avalanche is a high-performance Layer 1 blockchain network that aims to solve the blockchain trilemma of security, decentralization, and scalability with the help of its specifically developed consensus mechanism named Snowball. Like its direct competitors Ethereum, Solana, and Polkadot, the Avalanche network supports smart contracts and decentralized applications (Dapps) to run on its blockchains.
A smart contract is a computer programming code that is executed and runs on a blockchain. While usually called self-executing code agreements, smart contracts need input to automatically create an output. Usually, the output is triggered according to a set of terms that have to be met.
Function X, commonly referred to as f(x), is a multi-layered decentralized finance (DeFi) ecosystem that was developed in 2019 by Pundi X Labs. It describes itself as a universal decentralized internet that is powered by blockchain technology and smart devices. Function X wants to mirror traditional finance products on the Function X network. It allows developers to easily create customized blockchains using their subnet solution, thereby automatically inheriting Function X’s speed and security.