General Idea
Ubcoin wants to create a marketplace where people could exchange various goods for cryptocurrencies. More and more people are getting interested in these new digital coins, however there still not enough places to spend your crypto in and people prefer to acquire more and hold them, which is not what they were created for. With a convenient place for trading and buying items, cryptocurrencies could finally become more commonly used and maybe get into the mainstream. Capitalization of the cryptocurrency market is around $400 billion. There is a great demand to spend that wealth by buying real world goods for crypto.
Mobile Marketplace
It is not a surprise that most of the customers nowadays use online web shops and marketplaces more often than regular ones. You can order almost anything from all around the world and get it shipped to you without moving from your house. The next step to make online shopping even more convenient are mobile marketplaces. The mobile commerce has a chance of surpassing web commerce pretty soon, people are now able to get access to all of the information and apps they want from a device in their pocket. Even though computers may seem to be superior and more powerful devices, that many people have in their home, they are not always next to us. It is estimated that by 2020, 37% of world’s population will own a smartphone.
Cryptocurrency shopping
Currently, cryptocurrencies have become more of investors thing. They are being mined by powerful equipments, speculated, traded on exchanges, however there are still an enormous group of ordinary people who would like to get involved in this revolutionary technology in a more regular way. Bitcoin for instance was intended to make online money transactions much more efficient, faster and secure, however there are still not enough places where you could spend it, buy services or goods. Fortunately, this is slowly changing, as crypto become more widely used.
Many people want a simple and safe way to obtain a stake in cryptocurrency and to benefit from these new technology, but do not know how. The number of cryptocurrency owners is predicted to increase from a current 22 million to over 200 million in next few years. A similar increase is also predicted in the online shopping sector. In 2016, marketplaces accounted for 44% of the worlds $2.44 trillion spent online in 2016, which shows where the money is primary going. These two phenomena could therefore be neatly combines in a one convenient marketplace for trading goods in exchange for cryptocurrencies.
Such combination gives an easy method to earn and become owners of crypto, as well as spend your coins and purchase real physical goods.
The Token
The token will be used as the primary payment option within the platform to create smart-contracts for transactions and pay for the fees. UBC is an ERC-20 Ethereum-based token, which means it can be stored in most of the popular Ethereum wallets. During the registration on the marketplace, the user will get his own ethereum wallet to manage the coins directly from the app. It will then be possible to exchange them to other currencies or withdraw to your own wallet. No new coins will be created after the token sale and the hard cap is set at 4,000,000,000 tokens.
ICO phase
The main token sale begins on the 2nd of April, 2018 and will last until the end of May or will end earlier if the hard cap of 157500ETH is reached. The initial price and exchange rate is set at 1ETH=11200UBC. The earlier you buy, the more tokens you will be able to get for 1ETH, as the price will then slowly increase as the token sale proceeds.
The Team
It’s worth noting that Ubcoin as a whole is not a just starting young project. The platform will act as an extension to the already existing and well-established Ubank product, which has over 16 million installations worldwide. Moreover, Samsung and Fly are pre-installing the application on their new products and smartphones, which means that the product will reach even more extensive userbase.
The team behind Ubcoin has been working together since 2009 on multiple successful and big projects. They created Navifon, which was one of the best navigation software at its time, using 3D technology in navigation before Google. While uTalk was the first aggregator of social network sites and managing Google Talk, Facebook Chat, ICQ or Skype. It has been pre-installed on more than 22 million smartphones by Samsung, LG and Fly Mobile.
Founders and each of developers, programmers and teammates could easily showcase their skills and many years of experience, successful projects and enormous and extensive knowledge. It’s definitely a huge advantage and strong side of the project.
Final Thoughts
To sum up, Ubcoin wants to help in mass adoption of cryptocurrencies, create a convenient peer-to-peer exchange of goods in a legal marketplace, while everything is happening in a decentralized and blockchain-based environment. The Ubcoin app provides convenient search tools, facilitates payments and regulates business relations between buyer and seller using a set of smart contracts on Ethereum blockchain. There is a constantly growing need for online marketplaces, as people simply prefer it to regular shopping for it’s convenience. Therefore, Ubcoin will most likely gather a potential users, sellers and buyers without many problems. The project seems to be prepared very well with a lot of transparent and detailed information provided in the documentation. The design of the site and future platform also looks very good and easy to use.
