Exciting things are in store for newcomer Uniglo (GLO) – a new DeFi project that has been catching the eye of whales and analysts. Just barely 10 days into its presale, Uniglo has already been seeing significant price increases for its GLO token.
Recently, the project also received a Know Your Customer (KYC) verification for the owner of its website. This verification demonstrates the protocol’s top-level security, which is reminiscent of the security standards applied by established cryptos. According to analysts, Uniglo could possibly challenge the caliber of security implemented on Dogecoin (DOGE) and Shiba Inu (SHIB).
What is Know Your Customer (KYC)?
KYC is the trusted procedure implemented across different industries to embed security and reliability in business transactions. In the crypto space, a KYC certification is mandatory for new cryptos – typically DeFi projects – to ensure they are compliant with regulatory rules and laws. The process of obtaining a KYC certificate could involve data collection, identity verification, due diligence, and monitoring.
Uniglo is the latest project built on Ethereum that is attracting large investments. This DeFi project is a social currency that offers a token underpinned by a wide range of assets. With an asset-backed treasury and an Ultra-Burn Mechanism, Uniglo aims to counter the common issues that many cryptos have faced during this bearish market. Its offer to the market has been a clear success, as the price of its GLO token increased over 25% within the first week of its presale.
Dogecoin is the king of dog coins and meme coins and is one of the most popular investment assets in cryptocurrency. However, given its satirical beginnings, Dogecoin focuses a lot on standing out based on brand and personality and does not openly discuss its auditing processes. Dogecoin is highly volatile and has grown in popularity largely on the shoulders of high-profile personalities like Elon Musk and Mark Cuban.
Shiba Inu (SHIB)
As opposed to Dogecoin, Shiba Inu is transparent about its measures to ensure network security. Shiba Inu was created to compete with the dog coin leader, and so far the former has been successfully carving a place in the market. Shiba Inu is audited by Certik, which operates an intelligence engine that constantly monitors and scores the security rating of various cryptos. Currently, the auditing body gives Shiba Inu a rating of 93 out of 100.
The bottom line
Uniglo may be new to the market, but it is taking the necessary steps to ensure security, reliability, and transparency for prospective investors and users. Its recent verification is an important first step toward full KYC certification.
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