Unisocks is an “experimental” non-fungible token (NFT) listed on the Uniswap exchange, which represents a real pair of limited edition and dynamically priced socks that users can purchase from anywhere in the world. Holders of $SOCKS can sell them through the Unisocks platform anytime they want. Furthermore, it can also be used to redeem the pair of socks that the token represents.
Uniswap warns that Unisocks is one of the experimental projects on the protocol, which means that it’s very risky to invest in. Anyone with an ERC-20 compliant token can purchase SOCKS. Every time a SOCKS is purchased, its value increases, which is what is referred to as the “bonding curve” model.
The Unisocks challengebecamereleasedthrough the Uniswap team, and primaryintroduced to the limelight in the course of the Fluidity Summit in New York City on May 9, 2019. In preserving with the zany and envelope-pushing nature of DeFi in 2020, the Unisocks challengemight also additionallyappearabsolutely absurd in the beginninglook and a recreation between DeFi degens. However the ceaseaim of moving the borders of DeFi programscould be verysevere indeed, just like the MEME token that convertedthe arena of artwork and NFTs closingyr did.
Some of its known developers are Noah Zinsmeister, Uniswap’s engineering lead, and Callil Capuozzo, Uniswap’s designlLead. Leander Capuozzo, Callil’s brother who labored with Uniswap at the layout of Unishirt for his or her V0 birthday, additionally helped out at the sock layout.
Dean Eigenmann, a protection researcher and co-founding father of the blockchain governance startup Harbour and decentralized change platform Dexy, accomplished a brief overview of the Unisocks platform earlier than it became released.
The live Unisocks price today is $86,806.60 USD with a 24-hour trading volume of $153,238 USD. Unisocks is up 1.50% in the last 24 hours. The current CoinMarketCap ranking is #704, with a live market cap of $27,257,272 USD. It has a circulating supply of 314.00000000 SOCKS coins and a max. supply of 315.00000000 SOCKS coins.
What Makes Unisocks Unique?
space, $SOCKS follows a “bonding curve” model governing its price, which enables the early adopters to earn more in profit than the late majorities. This is because when there are more tokens bought and brought to the supply, its value increases accordingly.
Here’s how it works: the bonding curve model is facilitated by a smart contract, which is designed to function as an automated market maker with very specific purposes related to the tokens in circulation.
First, the model allows for the initial minting and purchase of the token based on a price determined within the smart contract. Then, the supply of the token will dictate how the token will be valued later on. If the token supply increases, the price increases consequently.
All the assets used to purchase NFTs, which is $SOCKS, in this case, are kept in a different smart contract labeled as the “reserve pool.” Finally, in $SOCKS, the corresponding NFT gets burned, which simply means that it is removed from circulation, as soon as it is redeemed for a real pair of socks.
How Is the Unisocks Network Secured?
Unisocks runs on top of the Ethereum blockchain, just like its parent platform, Uniswap. It follows the ERC-721 token standard for Ethereum-based NFTs. This means that Unisocks’ security rests on the second-largest blockchain network, Ethereum, which currently uses a dual PoW and PoS consensus mechanism.
Where Can You Buy Unisocks ($SOCKS)?
Buying $SOCKS is fairly easy. Users can just visit the Unisocks interface from the Uniswap webpage and connect it with their own cryptocurrency wallets. Afterwards, they can purchase as much $SOCKS as they want through their ERC-20 compatible tokens including ETH, ANT, BAT, DAI and KNC. For more information on buying cryptocurrencies, click here.
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One of Coinworldstory's longest-tenured contributors, and now one of our news,ico,hyip editors, Verna has authored over 6900+ stories for the site. When not writing or editing, He likes to play basketball, play guitar or visit remote places. Verna, to his regret, holds a very small amount of digital currencies.