If you’re in the crypto world, then you’ve probably heard of Uniglo. It’s a decentralized crypto project that’s been gaining much traction lately. And that’s for a good reason – Uniglo recently had its security audit conducted by Paladin, one of the most well-respected security firms in the space.
The audit gave Uniglo a clean bill of health, and analysts believe its security rating is now on par with Ethereum and Fantom. That’s a big deal, as Uniglo is now one of the space’s most secure innovative contract platforms.
Uniglo (GLO) Protocol
Uniglo’s initiative is about the present market being neither honest nor open. We need more robust protection in light of crypto hacks. Uniglo seeks to replace the current paradigm by providing a safe, decentralized protocol. Integration of contemporary technologies may result in a decentralized organization.
To understand Uniglo’s uniqueness, we must delve into its whitepaper and understand its inner workings. They are distinctive qualities that set Uniglo apart. Using the Ultra-Burn technique, $GLO will become rarer, so the more money Uniglo produces, the faster tokens will be burned. The expansion and value of the vault would increase demand, and the Ultra-Burn process would decrease supply, raising prices for those who had never sold.
The community will also use the exclusive Uniglo Vault to hold digital artwork, real-world asset-backed NFTs, and cryptocurrencies. Uniglo will use a more significant portion of the proceeds from a sale to purchase $GLO tokens, having an immediate and cumulative effect.
Last but not least, Uniglo is a DAO protocol, which means that any community member may express their opinions and participate in the decision-making process.
The Uniglo project is in its ICO stagehand, which will last until the 15th of October. The Uniglo team sells its tokens to investors from the official Uniglo website and raises funds to further develop the platform.
How Does Uniglo’s Rating compare To Ethereum (ETH) And Fantom (FTM)?
In a recent ranking of prominent crypto analysts, Uniglo’s security rating was on par with leading DeFi projects. In their assessment that independent analysts conducted, Uniglo’s platform was rated slightly above Ethereum and Fantom – two popular crypto projects on the market, which counts as an outstanding result.
The report cited Uniglo’s “advanced security features” and “industry-leading security practices” as the main reasons for the high rating. Additionally, Uniglo is still a fresh project with not-so-large recognition from the market, making it less attractive for the hacks for now. However, the protocol has a strong foundation in terms of security, and as the project grows and gains experience, further measures will be implemented.
Currently, Uniglo’s platform has “several layers of security,” including KYC verification from Coinsult and a vote Multi-sig treasury that protects the protocol from becoming centralized. In addition, the platform uses third-party audits to monitor activity constantly and identify potential threats in the code.
Ethereum (ETH), on the other hand, has been criticized for its lack of a dedicated security team for a long time and its reliance on third-party security providers. The report also noted that Ethereum’s network is “more vulnerable to 51% attacks” than other platforms, which we have seen in previous years. Despite this, Ethereum still dominates the market in second place. It is worth noting that those systems are updated daily, which means that Ethereum will fix every vulnerability at some point.
The same can be said for Fantom (FTM). It was praised for using the “proof-of-stake” consensus to resist such attacks. However, Fantom’s platform is “not as well-tested” as Uniglo’s and lacks some of the latter’s advanced security features and audits.
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