Uniglo is a community-based social currency. The currency is entirely asset-backed by digitized tangible assets, digital currencies, and rare nonfungible tokens (NFTs). It embodies scarcity through its idiosyncratic ultra-burn mechanism.
The need for the crypto community to resolve market volatility issues has become quite necessary than ever before in 2022. Uniglo is set to hold a basket of stable and volatile cryptos and digitized tangible assets to combat wild fluctuations and bear markets. The team behind the project aims to create a token that will genuinely gain value in the long term.
At the start of its development, Uniglo will begin with a small treasury. 5% Buy and Sell tax will constantly add to the treasury and expand the Uniglo vault over time. As the project grows, it will acquire assets and add them to the vault to back the floor price of the Uniglo token. Notably, the vault addresses are public and can be viewed always to see what the community holds.
To keep inflation in check, Uniglo’s Ultra Burn Mechanism is set to burn 2% of the token for each buy and sell transaction of Uniglo. Also, it will use the profit acquired from selling assets that have gained value in the Uniglo Vault to Buy and Burn Uniglo tokens.
In that context, the deflationary model guarantees long-term and constant price growth as the token’s supply diminishes with time. To execute this strategy, the team implemented a DAO voting system for everyone to have a say as a community.
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At the genesis of this project, there will be 218,750,000 $GLO created. The value of every $GLO token will be fully backed by a basket of everything ranging from cryptos and physical-world assets to the rarest NFTs across all blockchains.
Overview
We live in a world where the average person has access to just two forms of main currency: fiat and cryptocurrency. In the 20th century, the world abandoned the Gold Standard, where the fiat currency used is no longer backed by anything. Due to the abandonment, fiat as a currency has lost its ability to have a provable base of value and it does not hold a defined ceiling to currency issuance.
Without a limit to control scarcity or solid assets to underpin the currencies, risks of hyperinflation due to excessive printing of new fiat to “sustain” and “support” economic growth have become a reality. This is a strategy implemented by many governments known as ‘quantitative easing.’ Today, the world is starting to feel the consequences of hyperinflation from quantitative easing.
The inception of cryptos instantly answered the call for a highly disciplined and immutable approach to currency issuance. With a defined amount of currency issuance already designed into the DNA of blockchains, the crypto holders can rest assured that distribution will start, slow down, and in some cases, end eventually.
While cryptocurrency resolved the challenges of scarcity, fluctuations in the prices of cryptocurrency have made it quite unrealistic and unreliable as a method and medium of payment. Instead, it has become a tool for whale traders to assume considerable high-risk, high-reward positions to take markets on swings of incredible magnitudes.
The lack of a viably stable asset class to underpin the crypto industry has resulted in it becoming a rag doll. It is torn between longs and shorts, lows and highs, and the rich and the poor. The floor is always as speculative as the ceiling.
The Uniglo Solution
The world now appears ready for a Uniglo solution. $GLO is a social currency backed by digital, real-world, and rare NFT assets while embodying scarcity via definitive limited issuance.
$GLO is a return to a real tangible asset-backed currency that is backed by a balanced ‘basket’ of valuable digital assets instead of adopting a gold standard. From digital art, Rare whisky NFTs, Digitized Gold, cryptos, and even rare collectibles, $GLO is seeking to strike a viable balance between wealth preservation and growth speculation.
Notably, the top 1% continue holding their wealth within tangible and rare collectible objects like Fine Wine, Gold, Real Estate, Watches, and cryptos. The Uniglo Community has set the price. The crypto is designed to hedge against the volatility of cryptos by holding stablecoins and other traditional appreciating assets like digital gold.
You can also benefit from higher-risk assets like emerging nonfungible tokens (NFTs) and cryptos that have previously risen rapidly within a short time. The unique blend of stable and volatile cryptos with digitized tangible assets and NFTs enables users to have a strong hedge by mixing asset classes.
Uniglo Vault
You can find an extensive and complete list of Uniglo’s Digital & NFT holdings at this address against all the currently available chains:
Ethereum: https://etherscan.io/address/0xCbaca94f5EF704565Cee6b8040E9f46944e890FA
The project’s main chain does not limit the team to only buying the scarce and profitable NFTs. They believe in being able to have ‘Everything, Everywhere, All At Once.’
Glo: A ‘Stake To Earn’ Token
The Uniglo token GLO is a social currency that is designed to leverage community engagement. As part of this project’s mission to develop an investment portfolio for and by the general community, the protocol will eventually empower the token holders by letting them have a say in what asses to sell or buy.
The protocol achieves this partially via staking. Fundamentally, Uniglo will put the tokens to work, applying a consensus mechanism that will guarantee that transactions in the network are validated and secured by owners of staked tokens.
Staking will assist in securing the Uniglo network and offer rewards for the owners of staked tokens in this process. It means that the earlier you buy GLO tokens, the more chances there are for you to stake and earn.
Furthermore, Uniglo will become a decentralized autonomous system (DAO) where all community members can participate in making investment and governance decisions. All the investment and governance moves will be done without any interference from third parties like banks or payment processors.
Uniglo DAO
Uniglo will be a DAO protocol. Hence, it will put all decisions for sales, purchases, redistribution, token burns, HODLs, and other essential project functions toward its community as a vote. Thus, the growth of Uniglo is in everyone’s hands.
All revenues that arise from the GLO project will be carefully reinvested towards the accumulation of more digital and valuable NFT-related assets to push capital appreciation and community operations and engagements.
GLO will develop a vicious and virtuous cycle of appreciation through expanding, curating, and managing its underlying intangible and tangible digital assets.
Multi-Sig Treasury
The Uniglo Vault is a 2/4 to sign multi-sig protected safe. The developers said that the vault will hold most of the Digital Gold, digitized asset-backed NFTs, crypto art, and other assets that will be used as leverage for the token in the market.
By description, a Multi-Signature Authentication System (Multi-sig) is a signature procedure where any development execution requires the consent of many people. This strategy prevents people from changing contract parameters without consensus and authorization by a trusted board. It also helps in avoiding back-door loophole attacks, by compelling more than 1 signer to execute transactions.
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Notably, Uniglo has implemented Multi-Signature Authentication of the smart contracts within Gnosis Safe. Multi-Sig customizes how Uniglo’s Vault assets are ideally protected. Today, a predefined number of signatures is needed to confirm the most crucial transactions. This comes in handy to prevent illegal access to the community’s holdings.
The Uniglo Asset Vault is protected with a 2/4 Multi-Sig procedure. It means that for each transaction or contract change, two or more core team members have to sign the transaction.
Ultra Burn Mechanism
The Uniglo Protocol is also designed with a revolutionary burning mechanism. This mechanism supports a hyper-deflationary token model that, in turn, intensifies the scarcity and value of the GLO token.
2% of all the buy and sell transactions will get burned. The burned GLO is then sent to a wallet of which the private key remains unknown, known as the Uni Abyss.
The project’s “Ultra-Burn” mechanism is an integral factor that was introduced to conservatively and quickly grow the value creation for the GLO tokens. There is a constant burn of 2% from each transaction made within entering and exiting Uniglo. The community will use a considerable amount of profits from the vaults to purchase and buy back from all the main sales.
The Ultra-Burn mechanism will reduce the time it takes GLO tokens to become scarce tokens. Hence, the more profit Uniglo generates, the faster tokens get burned. The growth and appreciation within the vault would attract more demand, and the Ultra-Burn mechanism means a lower supply, which consequently increases the price for holders who never sell.
This strategy is an industry standard for the way token burns are managed. But, the Uniglo strategy differs from the Ultra-Burn Mechanism. It is achieved through the sale of appreciated assets from the Uniglo igloot.
Related:What Is Proof-of-Burn (PoB) And How Does It Work?
Cryptos, digital art, and real-world asset-backed NFTs like gold will be taken from the Uniglo Vault; after a sale and profit have been taken and rejuvenated into the vault, a bigger percentage of the sale will get utilized in the purchase and burning of GLO tokens resulting in quick and cascading impact.
Uniglo implemented the Ultra-Burn mechanism since the team believes in using the vault to help appreciate and support the floor price of GLO. This strategy directly correlates to the protocol’s success. With more sales and profits being made within the treasury, more Ultra-Burns happen. This decreases supply and increases the price of the GLO token.
The Bottom Line
Uniglo strives to give the market a token that has armor against market fluctuations and volatility. It plans to reward the longstanding token holders. The investors who stick with Uniglo for the long term will benefit from the token’s scarcity and the profits that are eventually generated with its asset vault.
The early investors are set to win extensively.
Find out more about Uniglo here: Website, Presale, Telegram, Discord, Twitter.
