Mithril Finance aims to significantly advance decentralisation in the crypto space through the deployment of advanced machine learning and neural network algorithms
The cryptocurrency industry is one that moves fast and constantly adapts to its surroundings.
New coins like Mithril Finance (BARS) arrive on the scene at a faster pace than ever before.
Not even two years ago in July 2020, Bitcoin (BTC) was below a price of $10,000.
Despite a massive dip after reaching an all-time high of $68,000 in November 2021, Bitcoin’s price sits above $40,000, at this time of writing.
Bitcoin’s recent rebound influenced the market as it always does which led the likes of Avalanche (AVAX) and Polkadot (DOT) to trend upwards at this time of writing.
Rivalling Ethereum (ETH), Avalanche (AVAX) is a cryptocurrency and blockchain platform that deploys smart contracts to support several blockchain projects.
Prioritising scalability and the processing speed of transactions, Avalanche is one cryptocurrency that has been labelled as an “Ethereum killer”.
The Avalanche blockchain can reportedly process 4,500 transactions per second (TPS), compared to Ethereum’s meagre 30 transactions per second with fees on each of those transactions reaching as high as $200.
Vitalik Buterin, a co-founder of Ethereum, allegedly claimed that Ethereum 2.0, set to be released in 2023, could in fact scale to 100,000 transactions per second with the usage of sharding.
Avalanche’s native currency AVAX is used to pay transaction fees across the network as well to secure the Avalanche blockchain.
AVAX is up 12.6% in the past 24 hours, at this time of writing, and currently ranks as the 10th biggest cryptocurrency in the world, according to CoinMarketCap.
Polkadot (DOT) is a protocol that allows for data to be sent through incompatible blockchains such as Bitcoin and Ethereum.
Aiming to grow an ecosystem of cryptocurrencies like Ethereum and Cosmos (ATOM), Polkadot is designed to be both speedy and extremely scalable.
Its DOT token serves two functions within the Polkadot network including allowing holders to have a say in decisions taken regarding the future of Polkadot as well as being used for staking which is how the platform verifies transactions and supplies new DOT tokens.
The DOT token, priced at $18.88 has performed modestly, as it’s up 10.87% in the past seven days.
Polkadot is ranked as the 11th biggest cryptocurrency in the world, according to data from CoinMarketCap.
Mithril Finance (BARS)
Mithril Finance (BARS) is a multi-chain decentralised ecosystem of DeFi products.
The savings and lending platform was initiated by the Mithril Finance DAO Foundation which maintain the BARS platform and serve the BARS token holders.
Priding itself on its principles of decentralisation and scalability, the platform allows its users to utilise peer-to-peer (P2P) connections with liquidity that is supplied by other users.
With less trust being put in centralised exchanges and traditional finance systems, Mithril Finance aims to significantly advance decentralisation in the crypto space through the deployment of advanced machine learning and neural network algorithms.
The platform claims that due to its capacity of being a multi-chain network, users will be able to exchange tokens at a speed greater than 50,000 transactions per second (TPS) at a cost of less than $0.00001 per transaction.
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