Unitas Protocol Enhances Security with Smart Contract Upgrade
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Unitas Protocol Upgrades Smart Contract and Completes Security Audit
Unitas, a decentralized finance (DeFi) protocol focused on stablecoin solutions for emerging markets, has recently completed a significant upgrade to its smart contract. This upgrade marks the second phase of development for the protocol. Prior to going live, the smart contract underwent a comprehensive security audit conducted by ChainLight, a reputable security firm specializing in both Web2 and Web3 sectors.
Security Audit Outcomes
The results of the security audit were overwhelmingly positive, revealing no high or critical issues in the Unitas Protocol. However, ChainLight did identify three medium-level concerns along with three informational issues, all of which have since been addressed by the Unitas development team. The complete audit report can be accessed on the Unitas Foundation's website.
Expert Insights from ChainLight
Brian Pak, the CEO and Co-Founder of ChainLight, commented on the audit process: "The Unitas team demonstrated exceptional preparedness for the audit, supported by detailed documentation and rigorous testing methods. It was a pleasure to audit such an innovative protocol." He emphasized that ongoing vigilance is essential, as potential risks may arise from both macroeconomic factors and software vulnerabilities.
Launch and Development Phases
Unitas Protocol’s mainnet successfully launched on July 31, 2023, following a testnet phase that included prior security audits by Sherlock. Sun Huang, co-founder and CTO of Unitas Foundation, stated, "The security and stability of our smart contract are paramount. We ensure that every stage of our development is subjected to independent, thorough audits from various third parties." The protocol’s first phase allows users to mint unitized stablecoins backed by USDT, converting them into localized currency units effectively.
User Engagement and Future Plans
In its initial phase, Unitas is encouraging user engagement through the minting of four distinct unitized stablecoins based on local currencies: USD91 (INR-pegged), USD971 (AED-pegged), USD84 (VND-pegged), and USD1 (USD-pegged).
Upcoming Phase and Insurance Providers
The second phase of the protocol is scheduled for launch later in the month and will introduce Insurance Providers (IPs). These providers will play a crucial role by lending USD stablecoins to back the protocol's over-collateralization. This lending process, known as "IP staking," will be essential for the protocol's independent and organic operation and will introduce features such as auctions and profit sharing.
Learn More from the Whitepaper
For those interested in understanding the technicalities and operational strategies of the Unitas Protocol, a detailed whitepaper is available at Unitas Whitepaper.
Unitas Protocol's Mission and Impact
Unitas Protocol is designed to address the pressing liquidity challenges faced by developing countries, providing innovative stablecoin solutions tailored for local markets. Unitas Foundation is collaborating with XREX Group to co-host the second edition of the Stablecoin Summit, taking place at Andaz Singapore this September.
About Unitas Foundation
Unitas Foundation is a non-profit established in 2022 to facilitate the creation and use of over-reserved stablecoins linked to emerging market currencies. Through its innovative approach, Unitas aims to enable foreign investment, simplify cross-border transactions, and enhance accessibility to global markets, thereby increasing DeFi participation.
About ChainLight
Founded in 2016, ChainLight is a leading blockchain security firm known for its extensive clientele, which includes major corporations like Microsoft and Google. ChainLight has a commitment to maintaining high security standards, boasting a record of zero client compromises.
Frequently Asked Questions
What is the purpose of the Unitas Protocol?
The Unitas Protocol aims to address dollar liquidity issues in emerging markets through innovative stablecoin solutions.
Who conducted the security audit for Unitas Protocol?
The security audit was performed by ChainLight, a reputable blockchain security firm.
What are unitized stablecoins?
Unitized stablecoins are a type of stablecoin that allows users to mint a USD-backed digital currency into local currency units.
What are the future plans for Unitas Protocol?
The next phase will introduce Insurance Providers for liquidity support and enhance protocol operations.
How can I learn more about Unitas Protocol?
For more detailed information, you can view the Unitas whitepaper or visit their official website.
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