Centralisation has been the backbone of financial transactions since money and commodities became widely tradable and civilization evolved. With legislation, financial institutions, banks, and governing bodies, there have always been limitations to how and when users can spend their money and have access to their assets.
The biggest feature of cryptocurrency has been the decentralisation component. Since its inception, cryptocurrency has made sure to take governance away from financial institutions and take them directly to the people involved. This has eradicated redundant bank processes and institutions by establishing a peer-to-peer (P2P) relationship between traders and users of cryptocurrency.
While decentralisation has solved a lot of real-world problems, the decentralised finance (DeFi) industry is not without its problems. Chief among them are the issue of hackers, exorbitant transaction fees, and even energy efficiency.
VertoChain (VERT) is an open-source protocol built on the Binance Smart Chain (BSC). It provides automated transactions through built-in smart contracts.
Know-Your-Customer and Know-Your-Transaction protocols have been instated to avoid risks to the users of the platform like money laundering, financial terrorism, and hacking.
The native token of the VertoChain platform is the VERT token, which is used as a reward system for transactions and referrals to the platforms. VERT holders can also stake the token to get rewards.
Another big challenge that the VertoChain platform seeks to solve is the problem of interoperability between blockchains. Built on the Binance Smart Chain (BSC), which is less congested compared to other blockchains, users of the VertoChain (VERT) protocol enjoy fast transaction speeds and a small percentage of the transaction as gas fees. This ensures interoperability and compatibility between blockchain networks.
In terms of energy efficiency, the VertoChain (VERT) protocol uses the proof-of-stake (PoS) consensus mechanism to validate transactions; this affects lowering energy consumption and energy costs.
Tezos (XTZ) is a blockchain ecosystem that provides tools for the development of decentralised technology. With claims to be a front-runner in the Web3 revolution, Tezos (XTZ) is big on user participation and governance. This ensures that fundamental holders of XTZ, the native token of the Tezos blockchain, can vote, advise, and monitor the progress that is implemented on the platform. This allows for transparency and full decentralisation.
With an energy-efficient algorithm, Tezos (XTZ) employs the proof-of-stake consensus mechanism to validate transactions. It also boasts smarter smart contracts with integrity and transparency. With the source code of the network available on GitHub, users and community members can readily spot backdoors and potential breach points in the code and advise developers accordingly.
Avalanche (AVAX) is a blockchain network that prioritises an open-source system, with eco-friendly and low-cost advantages on the protocol. It also has the advantage of enabling the development of custom blockchain networks and decentralised apps (dApps) on the Avalanche ecosystem.
The native token of the Avalanche ecosystem is the AVAX token, which confers governing privileges to the fundamental holders of the token. Despite the current crypto crash today, the token’s features such as higher scalability and interoperability than Ethereum, have provided it with the advantage of providing transactions at low cost for gas fees, low congestion, and fast transaction speeds.
These three tokens have the potential to provide unique solutions for problems associated with decentralised finance.
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