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Cryptocurrency has had an interesting ride since it was introduced to the world in 2008. Bitcoin is perhaps the most infamous example of the earning potential of crypto, starting with a valuation of close to zero before exploding and reaching tens of thousands of dollars.
Much of the gains in cryptocurrencies, however, have been prompted by their speculative nature. The value of cryptos also increases as their adoption becomes more widespread.
Today, a new cryptocurrency — Uniglo (GLO) — is introducing a novel way of influencing the value of its token. And analysts say that the rate of its price gains could surpass Litecoin (LTC), Cronos (CRO), and Tron (TRX) and that its valuation mechanism could revolutionize how cryptos are currently being evaluated.
Uniglo is a new cryptocurrency in the decentralized finance (DeFi) sphere. Compared to many other cryptos, the native token of Uniglo, GLO, will not rely on speculation or subjective external forces to shape its value. Instead, the price of GLO will be underpinned by a special mix of assets that would be meticulously picked out with the goal of weathering through price volatility storms.
To further contain the valuation of GLO, the Uniglo project will also take a hyper-deflationary approach to the supply of its token. The project will initially release 218.75 million GLO tokens only. Moreover, it will implement an Ultra-Burn Mechanism, which will further limit the volume of GLO tokens in the secondary market.
Litecoin is one of the earliest cryptocurrencies that was introduced to the market. It was developed to compete with Bitcoin, building upon the protocol of the latter. While Bitcoin is only a store of value, Litecoin is both a store of value and a mode of exchange. Bitcoin, of course, remains to be the most popular and widely adopted digital coin in the world. On the other hand, Litecoin has trailed behind, as new competitors kept entering the market.
Cronos is a decentralised open-source network, which is compatible with both the Cosmos and Ethereum ecosystems. The token of Cronos is CRO, which is more specifically its proof-of-stake token derived from securing its network. Currently, the total supply of CRO is 30 billion, 25 of which is in circulation. However, at present, the utility of CRO is limited to exchange, and the network is still in the process of developing a role for CRO in decentralized finance and the greater Web3 landscape.
Tron is a blockchain-based operating system that supports content creation and hosts applications for entertainment. Tron’s TRX token is used to reward users who create or curate content. The price of TRX is thus influenced by its utility as well as by speculation. The foundation behind Tron also initially released 100 billion TRX tokens. At present, approximately 92.4 billion TRX tokens are in circulation.
Today, speculation and popularity play a big role in shaping the value of digital assets. However, as the cryptocurrency market matures, the digital currencies and digital assets coming to market are also upping the game. For Uniglo, it could change the game by revolutionizing how cryptos are valued.
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