Glitch Protocol is a blockchain-agnostic platform purpose-built for decentralized finance (DeFi). Built on the Substrate framework Glitch is creating a stir in the financial industry. For DeFi to reach its full potential, a particular system is needed—one that is user-friendly, scalable, capable of bringing together a comprehensive ecosystem of dApps, and that benefits all ecosystem participants. With its mission to offer an alternative to traditional systems, Glitch is hyper-focused on empowering the underbanked and giving them access to a wide range of decentralized financial services that are transparent, easy to use, and secure. Every transaction is documented on a public ledger where anybody can verify it independently, providing security and transparency that is impossible with traditional systems.
“Our mission is to provide financial freedom and inclusion for underbanked populations,” states Sean Ryan, CEO of Glitch. “We believe everyone should have access to the same financial opportunities, regardless of income or location.”
Building for the Underbanked
Glitch is building scalable infrastructure that can handle millions of concurrent users while providing an easy-to-use experience. By optimizing transaction processing and user interface applications, it aims to increase adoption and accessibility.
The protocol utilizes smart contract technology, which permits the automatic execution of transactions and allows users to manage their finances without intermediaries. As a result, banks and other broker institutions are no longer required which can significantly benefit underbanked populations with limited access to banking tools. It can be difficult for many residents and small-business owners in underbanked areas to obtain loans, savings accounts, or other financial products because they need access to banks or have poor credit records. With Glitch, all anyone would need is a portable device and an internet connection.
Glitch is dedicated to inclusivity by engaging with marginalized communities. Due to the transparent nature of the network, it would ideally give users a new level of trust. This is crucial for underbanked areas, as they frequently face fraud and financial exploitation risks.
Although the network is still in its early development stages, its builders are making significant efforts to make it available to as many users as possible. To comprehend the demands of underbanked populations, they actively interact with these groups and create solutions specifically designed to address those needs. And with the network’s unique revenue-sharing capabilities, it will truly aim to be a blockchain designed for the people.
Glitch offers everyone a seat at the table, and it's time for the underbanked to take their place at the head of it starting in 2023.
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