When it comes to blockchain technology and smart contracts, one of the most important aspects to consider is security. Therefore, it is absolutely essential that your smart contract code is audited by a professional before it is deployed to a Blockchain network. In this article, we will talk about Uniglo (GLO), one of the safest cryptocurrencies.
Importance of smart contract auditing
A smart contract audit is an independent review to ensure that smart contract code is fit for purpose and free of any bugs or vulnerabilities. The aim is to identify potential risks that could result in loss of funds and data or lead to exploitation of the smart contract. In smart contracts, the law is code. This means that once a smart contract is deployed, it is very difficult to modify.
This immutability is one of the key benefits of Blockchain technology, but it also means that any bugs in the code can have major implications. Uniglo (GLO), a new DeFi protocol launched in October, announced that it has recently received a smart contract audit by Paladin and joins Uniswap as one of the most secure cryptocurrencies right after Ethereum (ETH). However, knowing the quality of the inspector is crucial to assessing the security of a project, so let’s take a look at Paladin first.
Details about Paladin Audit
Paladin is a Blockchain security platform that focuses on auditing for smaller protocols like Uniglo. It is worth noting that “small companies” are quite crowded in the crypto space. Paladin enables user-centric audits in addition to contract functionality assessments, which is particularly advantageous for DAO protocols that prioritize community votes. ApeSwap (BANANA), Spookyswap (BOO), MMFinance (MMF) and many other well-known projects have been audited by Paladin. The next project to join the list was Uniglo (GLO).
Meet Uniglo, the new DeFi protocol
Uniswap (UNI) exchange will soon welcome Uniglo (GLO), a new DeFi solution protocol that enables investors to take ownership of the world’s most valuable and rarest assets held in a unique GLO vault. Uniglo’s dual burn mechanism, which continually removes GLO tokens from circulation and drives price increases, is an additional key selling point. Uniglo is a decentralized autonomous organization (DAO) protocol that differs from typical organizations in that it is not managed by a central authority.
Instead, Uniglo DAO is powered by smart contracts written on the Ethereum Blockchain. These contracts are used to automatically execute certain activities when certain criteria are met. For example, contracts can be used to pay project developers or vote on proposed DAO changes when milestones are met.
Uniglo is powered by the ETH chain
In the case of Uniglo, smart contracts make available the hyperburning features. As we can see, the success of the Uniglo protocol largely depends on the accuracy of the smart contract codes. It therefore takes the importance of Paladin control to the next level. Additionally, Uniglo’s security is strengthened by the Ethereum chain, the network it will run on. Uniglo will gain enhanced platform security, performance and scalability as a result of the upcoming Ethereum Merge.
As the creator of smart contracts that gave rise to decentralized applications and DeFi protocols, Ethereum is currently the second largest cryptocurrency on the market. Therefore, there is no doubt about the transparency and security of the Ethereum Chain. Only time will tell how successful Uniglo can be. Still, from the perspective of the 30 percent increase in price in the first few weeks of the pre-sale, it is strongly predicted that Uniglo will be among the top deflationary cryptocurrencies in the world.
Learn more about Uniglo:
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