What is Glitch (GLCH)?
Glitch is a blockchain-agnostic protocol designed for decentralized finance. It is built to be a for-purpose DeFi smart contract platform supporting a global alternative to the traditional finance system. The Glitch crypto project focuses on DeFi applications and trustless money markets. The platform is powered by the Glitch token. The GLCH price is available in the above live price chart.
Glitch is compatible with many different blockchain networks including layer 2 solutions. Thus, it can be seamlessly plugged into multiple blockchain networks.
The project aims to set up a DeFi environment that can support mass adoption and unlock the power of permissionless applications. Therefore, the network aims to achieve the highest scalability possible. It claims to feature a minimum of 3000 TPS that increases as the network grows. Additionally, it aims to reduce transaction costs significantly to make financial services more affordable.
It's important to note that Glitch rewards community participants by sharing revenue. The protocol uses the vault system to distribute the profit generated through the network. The immutable vault collects 20% of all the network fees and other revenues generated from dApps. The revenue is automatically shared among stakeholders on the network.
Another feature of the network is that it is fast and interoperable. Therefore, the network can exchange data and unique digital assets between the Glitch protocol and other blockchain networks. The network uses bridging infrastructure to achieve its interoperability goals.
Glitch uses a Delegated Proof-of-Stake (DPoS) consensus mechanism to secure the network. Validators (Delegates) on the consensus are voted in to secure the network, ensuring that the Glitch is always democratic.
Besides, the Glitch ecosystem also includes a decentralized exchange (GEX), a cryptocurrency wallet (Glitch Wallet), and an explorer.
Use Cases of GLCH
GLCH is a utility token that helps holders access various Glitch network features. Besides, users can stake Glitch tokens in reward pools to earn more tokens. In addition to that, Glitch coins also act as governance tokens. Thus, users who hold GLCH tokens have the right to vote on various changes to the network.
You can see the GLCH price chart above, in which you can analyze the main trends in the token's price changes. Just as with other cryptocurrencies, Glitch price is quite volatile, hence, it would be beneficial to conduct proper research.
Who Founded Glitch?
Sean Ryan is the founder of Glitch. He is an experienced business development specialist who spearheaded the developments and acquisitions of several SaaS products and companies before creating Glitch. Ryan has been a crypto evangelist since 2015, expressing more interest in DeFi systems. He founded the project in 2020.
Besides, note that Glitch technical whitepaper version 2.0 was released on April 4, 2021.
Tokenomics of GLCH
Glitch coin has a maximum supply of 88,888,888 GLCH tokens. The fixed supply is a deflationary mechanism that ensures the tokens become scarcer as more people adopt them. The scarcity helps in driving the Glitch price up.
