Blockchain insights

So, you think you know NEAR, LTC & XTZ?

5 min read

In case you missed it, we recently welcomed three tokens to the ever-growing Yield App family. You can now earn up to 6.8% on NEAR Protocol (NEAR), 3.4% on Tezos (XTC) and up to 2.9% on Litecoin (LTC). But, how well do you know these cryptocurrencies, and why should they be on your radar?

All three, Litecoin (2011), Tezos (2018), and NEAR (2020), are established players in the cryptocurrency world, each offering unique features. While all aim to address limitations of Bitcoin, the first mover in the space, their approaches differ.

Litecoin, created by a former Google engineer, focuses on faster transactions and scalability, making it ideal for everyday purchases.

Launched a decade later, Tezos takes a more technical approach, prioritizing formal verification for enhanced security and a self-amending structure for future-proofing.

NEAR, the youngest of the three, tackles scalability through a unique sharding mechanism and boasts a user-friendly design for developers. Despite their distinct approaches, all three share a commitment to decentralization and innovation, vying for a prominent position in the ever-evolving cryptocurrency landscape. 

NEAR Protocol (NEAR)

  1. Sharding with a Twist 🌪️

Unlike other sharded blockchains, NEAR uses a unique sharding mechanism called "Nightshade," where shards communicate with a single validator chain. This ensures fast transaction processing without compromising security.

  1. Human-Readable Account Names 👀

Say goodbye to cryptic wallet addresses! NEAR allows users to create human-readable account names, making it easier to send and receive funds. Imagine sending NEAR to "alice.near" instead of a long string of characters.

  1. Designed for Devs 🤓

NEAR boasts a developer-friendly architecture with a focus on ease of use. It uses AssemblyScript, a familiar language for web developers, allowing them to build dApps (decentralized applications) more efficiently.

  1. Green Credentials ♺

NEAR prioritizes sustainability. Its Proof-of-Stake consensus mechanism uses significantly less energy compared to Proof-of-Work blockchains like Bitcoin.

  1. Home of Ref Finance 💸

NEAR is the blockchain behind Ref Finance, a popular DeFi (Decentralized Finance) platform offering lending, borrowing, and staking services. This adoption by a major DeFi player highlights NEAR's potential in the DeFi space.

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Litecoin (LTC)

  1. The "Silver" to Bitcoin's "Gold" 🪙

Litecoin was created by Charlie Lee, a former Google engineer, with the intention of being a faster and more scalable alternative to Bitcoin. It's often referred to as the "silver" to Bitcoin's "gold."

  1. Faster Transactions 💨

Litecoin processes blocks four times faster than Bitcoin, allowing for quicker transaction confirmation times. This makes it a more suitable option for everyday payments.

  1. MimbleWimble Integration 🚪

Litecoin is exploring integration with MimbleWimble, a privacy-enhancing technology that could allow for confidential transactions on the Litecoin network.

  1. Early Mover Advantage 👵

Launched in 2011, Litecoin is one of the oldest and most established cryptocurrencies. This longevity inspires confidence in some investors.

  1. SegWit Adoption 👨🏻‍💻

Litecoin was an early adopter of Segregated Witness (SegWit), a technical upgrade that improves transaction efficiency and scalability on the Bitcoin blockchain. This shows Litecoin's commitment to innovation.

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Tezos (XTZ)

  1. Self-Amending Blockchain ⛓️‍

Tezos has a unique governance mechanism that allows the network to upgrade itself without the need for a hard fork (a permanent split in the blockchain). This fosters a more adaptable and future-proof blockchain.

  1. Formal Verification ✍️

Tezos is one of the few blockchains that utilizes formal verification, a mathematical process to prove the correctness of its code. This helps to ensure the security and reliability of the network.

  1. Strong Community Focus 🗳️

The Tezos community plays a vital role in the network's governance. XTZ token holders can vote on proposals to improve the protocol, fostering a sense of ownership and decentralization.

  1. Focus on Smart Contracts 👷🏻

Tezos is designed specifically for hosting smart contracts, the self-executing code that powers dApps. This makes it a popular platform for developers building decentralized applications.

  1. Home of Popular NFTs 🏠

Tezos is a popular platform for Non-Fungible Tokens (NFTs). Several high-profile NFT projects, like the NBA Top Shot Moments, are built on the Tezos blockchain.

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Supercharge your earnings with NEAR, Litecoin & XTZ on Yield App today!

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DISCLAIMER: The content of this article does not constitute financial advice and is for informational purposes only. The price of digital assets can go down as well as up, and you may lose all of your capital. Investors should consult a professional advisor before making any investment decisions.

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