The Avalanche token (AVAX) performs various tasks within Avalanche's Proof of Stake blockchain network. The Avalanche token functions as a rewards and payment system for users. The network is designed to be an open-source platform for launching highly decentralized applications, enterprise deployments, and decentralized financial instruments. The Avalanche ecosystem is meant to be smore scalable and interoperable than other blockchain platforms. Unlike Bitcoin and many other networks, transaction fees are “burnt” in order to increase token scarcity. This process is offset by the release, or “minting,” of new coins.
Avalanche was launched by Ava Labs, whose founder Emin Gün Sirer is a veteran computer scientist that has been very influential in the Blockchain space. Gün Sirer is a computer science professor at Cornell University and has written extensively about scaling blockchain networks.

Blockstream is a private, for profit, blockchain technology company, that has played a key role in helping to develop, and fund, many of the key features of the Bitcoin Core platform. Blockstream is focused on developing bitcoin applications and has raised significant funding from several large investment funds. The company also employs several developers that are very influential within the Bitcoin Core development project. This, as well as being of Bitcoin's largest donors, has led to some criticism about conflicts of interest.
Blockstream is developing a number of Bitcoin applications that are intended to encourage adoption and improve transaction times on the bitcoin network. Their primary focus is on Sidechains, which are are extensions to existing blockchains that improve their functionality. The company is also working closely with industry leaders to create the Bitcoin Lightning system that will support higher trading volume and faster transactions on the bitcoin network. Blockstream is also developing a data feed, satellite network, and other applications that they hope will make blockchain more accessible.

Bytecent is developing a decentralized rewards network powered by blockchain. Bytecent allows merchants to create customer loyalty programs that are cross-site and cross-platform compatible. Consumers are not restricted to using their rewards with just one merchant, and can redeem them anywhere Bytecent is accepted. In addition to secure transactions and portability, Bytecent never expire and there are no limitations on how many Bytecent you can accumulate or spend. BYC can be converted to Bitcoin, cash, and gift cards. Bytecent uses a variation of Proof-of-Work (PoW) for consensus that requires miners to manually attend to their computers and is called Proof-of-Miner (PoM). It's designed to prevent the use of advanced and autonomous mining hardware. Avanquest Software, a leading developer of consumer software, has implemented Bytecent for their rewards program.