Glitch Protocol is a layer-1 blockchain
Glitch Protocol is a layer-1 blockchain that caters specifically to money market dApps. Every chain claims to solve the scalability trilemma, but to date, no single blockchain has fulfilled all requisites to foster a stable DeFi economy as each chain offers various solutions but also presents multiple challenges and limitations, including scalability, high transaction fees, and significant downtime to name a few. But what are some basic fundamental reasons Glitch is different from other blockchain platforms?
Unlike other blockchains, Glitch specifically targets DeFi, making its money market dApps more scalable and secure while avoiding network congestion and downtime issues. Other platforms try to cater to all of the dApps around the world acting as a “jack of all trades,” and all that does is create network congestion linked to high usage. You can’t have a thriving ecosystem when your transactions take forever to process or if you have significant downtime.
A key feature of Glitch is its revenue-sharing mechanism. The revenue-sharing mechanism works to offset transaction costs and rewards consensus participation. A portion of dApp fees will be collected and utilized accordingly by smart contracts, and then rewards will be distributed fairly to validators and nominators. Furthermore, once the revenue-sharing mechanism is complete and is plugged into the GEX, some swap fees will also go to consensus participants. By creating a positive feedback loop that rewards participation, more developers and users will want to join the network all while keeping transaction fees at extremely competitive levels, I mean we’re talking cents to a fraction of a cent in the future.
Built on Substrate, Glitch enables increased flexibility and accessibility towards developers to create smart contracts with any language that compiles to WebAssembly (WASM), increasing accessibility to a wider range of developers.
Nominated Proof of Stake (nPoS) is the consensus Glitch uses which provides a more energy-efficient alternative while prioritizing security compared to other protocols that operate with a single or hybrid POS and/or POW model. nPoS helps distribute power to prevent centralization. Further, Glitch is positioned as a security-focused blockchain by enhancing its security through implementing industry-standard encryption algorithms around the bridge and have formed partnerships like the one with Kurtois to allow our developers and external developers to test their code in isolated devnet environments before they hit production. How many L1s do you know that go above and beyond around security? Not many.
Interoperability is another focus, as Glitch is designed for cross-chain communication allowing asset transfers, data sharing, and increased liquidity options. We also have some partners that we’ll need to activate in time to facilitate more cross-chain interactions.
In the future, expanding Glitch to a DAO operation will increase decentralization and is yet another way Glitch is setting itself apart.