C Centralization has always been the backbone of financial transactions as currencies and commodities became widely tradable and civilization grew. How and when users can spend money and access their assets is always limited due to legislation, financial institutions, banks and regulatory bodies.
The biggest feature of cryptocurrency is its decentralized component. Since its inception, cryptocurrencies have ensured that governance is taken out of financial institutions and brought directly to the people involved. This eliminates redundant banking processes and institutions by creating a peer-to-peer (P2P) relationship between traders and cryptocurrency users.
While decentralization solves many real-world problems, the decentralized finance (DeFi) industry is not without its problems. Chief among them are hacking issues, high transaction fees, and even energy efficiency issues.
This has led to projects like VertoChain (VERT), Tezos (XTZ) and Avalanche (AVAX) coming up with new solutions to improve the DeFi space and encourage adoption.
VertoChain (VERT) is an open source protocol based on Binance Smart Chain (BSC). It provides automated transactions through built-in smart contracts.
Know-Your-Customer and Know-Your-Transaction protocols have been established to protect platform users from risks such as 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 platform transactions and referrals. VERT holders can also earn rewards by staking their tokens.
Another big challenge that the VertoChain platform seeks to solve is the issue of interoperability between blockchains. Users of the VertoChain (VERT) protocol are built on Binance Smart Chain (BSC), which is less congested compared to other blockchains, and thus can enjoy fast transaction speeds and a fraction of transactions as gas fees. This ensures interoperability and compatibility between blockchain networks.
It is a safe and secure DeFi platform with carefully audited smart contract source code to prevent hacking risks, especially during the current 2022 cryptocurrency crash.
In terms of energy efficiency, the VertoChain (VERT) protocol uses a Proof of Stake (PoS) consensus mechanism to verify transactions; this affects reducing energy consumption and energy costs.
Tezos (XTZ) is a blockchain ecosystem that provides tools for the development of decentralized technologies. Tezos (XTZ) bills itself as a frontrunner in the Web3 revolution, with a strong focus on user engagement and governance. This ensures that basic holders of XTZ (the native token of the Tezos blockchain) can vote, advise and monitor the progress of implementations on the platform. This allows transparency and full decentralization.
Tezos (XTZ) uses energy-efficient algorithms and uses a proof-of-stake consensus mechanism to verify transactions. It also has smarter smart contracts with integrity and transparency. Using the web source code available on GitHub, users and community members can easily spot backdoors and potential vulnerability points in the code and advise developers accordingly.
Avalanche (AVAX) is a blockchain network-source system that prioritizes openness, with the advantages of being eco-friendly and low-cost on the protocol. It also has the advantage of supporting the development of custom blockchain networks and decentralized applications (dApps) on the Avalanche ecosystem.
Developed by Ava Labs, the Avalanche (AVAX) network claims to be the fastest smart contract platform and also intends to replace Ethereum as the main DeFi protocol.
The native token of the Avalanche ecosystem is the AVAX token, which gives the token’s basic holder administrative rights. Despite the current collapse of cryptocurrencies today, the properties of the token, such as higher scalability and interoperability than Ethereum, give it the advantages of offering transactions at low cost, including gas fees, low congestion, and fast transaction speed.
These three tokens have the potential to provide unique solutions to problems associated with decentralized finance.
For more information on VertoChain(VERT) visit:
Telegram: https:/ /t.me/VertoChainOfficial
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