Since Ethereum was created six years ago, the scope of what you can do with a blockchain expanded exponentially. People have started running smart contracts on top of blockchains creating elaborate dApps and enabling all kinds of novel functionality. This includes selling NFTs, streaming stablecoin payments, birthing decentralized autonomous organizations (DAOs), and in one case, selling a childhood home on OpenSea.
This explosion of activity will change how people live, work, and interact in innumerable ways. However, as the TVL in DeFi crosses $60 billion for the first time, we're still not there. This is because no truly decentralized public blockchain has been able to scale yet, and in the short term, this has meant ethereum transaction costs effectively priced retail out of the market.
Of course, developers are urgently working on these problems, and the Ethereum 2.0 upgrade is currently in process, and rollups are already here. However, the recent ascendance of alternatives like Binance Smart Chain, Solana, and Matic has shown that there's an urgent need for affordable infrastructure. It also indicates that we're moving toward a future with use-case-specific chains. Another example of this is Glitch, a new blockchain-based OS designed specifically for money market dApps.
Enter Glitch
A recent entrant to the blockchain space, Glitch is a "blockchain agnostic super protocol" meant to facilitate trustless money markets. Unlike Ethereum or EOS, it's not meant to be a Swiss army knife-type platform. But instead, it focuses exclusively on financial dApps, aiming to become a primary rail for DeFi activity.
Glitch comes with various new features, none the least of which is a low transaction fee structure. The Glitch blockchain approaches scaling from layer 1 through low-latency, high throughput transaction processing, and it will use a decay DPoS voting system, where voting power lessens with time to ensure fair governance.
Another unique element of Glitch is a revenue-sharing model that incentivizes user participation with rewards and low network fee guarantees. Upon launch, Glitch will present its core platform and two sibling dApps, the Glitch decentralized exchange (GEX), and a bridge for cross-chain transactions.
The GLCH token
Glitch features a native token for use in its ecosystem, with the ticker GLCH. GLCH was launched in mid-January 2021. It currently sits around 600th on the list of largest cryptos, and its position will likely improve in time as the project attracts more users and the Glitch mainnet goes live. Of course, price does not necessarily indicate quality. However, GLCH's performance is reflective of solid interest from investors, a good sign for a young project.
Another key aspect of the GLCH token is that it will eventually enable participation in a Glitch DAO. As the founding team gradually turns the keys over to the community, decision-making power will be placed into the hands of an automated system and a crowdsourced process. This is all fueled by GLCH, and the DAO was designed to allow investors to send money and participate from anywhere in the world anonymously.
Building out the infrastructure
GLCH and the entire Glitch ecosystem are poised to continue growing. Glitch is expanding its team and recently announced the onboarding of TrustSwap CEO Jeff Kirdeikis. Kirdeikis will serve as a special growth and marketing advisor to the project.
In addition, there are many new developments in the pipeline, many at the request of the Glitch community. These include additional improved team communication, more technical updates, partnerships, promotions, token optionality, increased social media presence, and much more.
Learn more about Glitch
* This is a contributed article and this content does not necessarily represent the views of techtimes.com
