Over the years, conventional centralized banks have been the only road to accessing financial services for the masses. But in the 21st century, things have evolved way beyond expectations. It all became possible with the concept of decentralized finance (or DeFi), which has its foundations in blockchain technology VertoChain news…
Looking at the vast unbanked population worldwide, it’s evident that more masses will adopt the DeFi system in the coming years. It is because most of the unbanked population is unsatisfied with the services of traditional slow-paced and less secure banking systems.
Many crypto projects are working for this cause to make DeFi a revolution in financial management and services history. One such project in its development phases is VertoChain (VERT). The project primarily focuses on addressing the shortcomings of the current DeFi system’s progress and strives to play its part in rectifying those limitations to speed up the evolution and adoption of this decentralized financial technology.
So, let’s dive straight into this project to see what makes it stand out among so many existing in the market and what it holds to offer you in the long run.
What is VertoChain (VERT)?
The word “VertoChain” depicts the evolution of digital assets trading and blockchain technology. ‘Vert’ is a Latin word for ‘swapping’ while chain refers to blockchain technology. When both are put together, it comes out that the VertoChain (VERT) is a decentralized platform that allows peer-to-peer (P2P) trading and swapping of digital assets across five popular blockchains that include Binance Smart Chain (BSC), Ethereum, Solana, Avalanche, and Tezos.
The platform offers complete democratization of power among its users like a fully-functional decentralized autonomous organization (or DAO). This means that the users will have a say in how the platform runs and provide suggestions on possible changes to improve it.
Shortcomings of DeFi
Most of the issues present in the DeFi projects are associated with the infrastructure on which it is built. One of the primary basis of DeFi is eliminating the redundant systems and fees quenched by the traditional banking sectors. However, this seems to backfire in the decentralized financial system at some points. For example, sometimes or most of the time, you have to pay a hefty gas fee on Ethereum. So is the case with some other blockchains as well.
Another major thing to worry the most about is smart contracts. Smart contracts are the most crucial thing in a blockchain that hackers hold their eyes on. There are more than 19000 cryptocurrencies that are listed just on CoinMarketCap. Most blockchains or crypto projects have weak or poorly written smart contracts that decline their security.
These are the two majorly addressed issues. There are many more to be highlighted that VertoChain (VERT) does. Let’s now look at the VertoChain (VERT) contributions to this dwindling DeFi technology.
How can VertoChain (VERT) contribute to DeFi
VertoChain (VERT) is built on the famous Binance Smart Chain (BSC) network. It utilizes its Proof-of-Staked-Authority (PoSA) for efficient and speedy validation of transactions performed on the platform. Furthermore, BSC has a very minimal transaction fee across many blockchains, which is one reason why most crypto projects choose it.
Secondly, BSC holds smart contract programmability and compatibility with the Ethereum Virtual Machine (EVM) based blockchains like Avalanche and others. This improves blockchains’ interoperability, helping users quickly transfer their digital assets across different chains.
Then comes the security factor that the DeFi technology has been fighting ever since its inception. Many factors contribute to the security of a protocol, such as a source code’s integrity, host blockchain, developer support, etc. VertoChain (VERT) ensures all these boxes are checked with its integration with BSC.
This crypto project aims to improve users’ access and use of digital assets throughout blockchains, speeding up crypto adoption worldwide. The team aims to offer near-zero transaction fees for swapping as a service incentive for their users. The holders of the $VERT token will have a say in the system as the project serves as a decentralized autonomous organization (DAO). The total supply of the $VERT token is 500 million, from which 30% (150 million) will be allocated to the presale and 20% (100 million) for the rewards to its users.