Ubcoin allows users to trade goods and services using its own cryptocoin – Ubcoin token. Ubcoin is a quick and cheap way to trade cryptocurrencies, it is a strong competition against big name exchanges such as coinbase and binance.
Ubcoin Digital Exchange is a global peer to peer marketplace that enables users to buy and sell products or services safely. As a platform, it offers an opportunity for people around the world to become crypto-investors by purchasing Ubcoin tokens used to transact in the marketplace.
As a company, Ubcoin arose with the goal of solving the problem of purchasing and selling cryptocurrency. Basically, Ubcoin eliminated the need for fiat money when it comes to the purchase or sale of goods and services. Instead, it replaced it with fiscal goods which are traded at the market place, safely and securely.
The Ubcoin marketplace is as an extension of Ubank, a leading mobile financing company. Currently located in Eastern Europe, Ubank has a user base of more than 16 million people around the world. Its mobile app helps users access Ubcoin marketplace and tokens via their mobile devices.
The founders of Ubcoin include:
Felix Khachatryan (CEO)
Mazhar Jan (investor and VP Product development)
Andrew Lee (Investor and Commercial Director of Union Services).
Ubcoin Products, Services and Features
Token sale registration
At the moment, Ubcoin tokens are issued in different stages that include one pre-sale and five stages of ICO. The pre-sale went live on April 4th 2018 and at the time of writing, Ubcoin was in ICO Stage 4.
To participate in the token sale, you must be prepared to invest over 50 ETH. This is one of the requirements that Ubcoin has set for users to pass their Know Your Customer check.
To register, you will be required to provide your details such as name, email and password. Before account verification, you have to send your identification documents. For instance, your national ID, passport or driving license.
You are also required to provide proof of address and telephone number. Afterwards, send the documents to the following email: [email protected] with the following subject line “KYC for Investment.”
The documents will then be reviewed by compliance officers to ensure they are genuine. If everything checkouts, your account will be verified which means your ETH wallet address will be white listed. As a result, you can now make contributions during the token sale period.
If any issues arise during verification, Ubcoin compliance officers will reach out to you.
Note: Registration started in March 2018 and you can also register for an account just before the token sale is over.
With a maximum supply of 650,000,000 UBC, the Ubcoin token will be used to settle payments on Ubcoin’s marketplace. The token went on sale on April 4th 2018 and it’s expected to pass through the following stages:
ICO Stage 1
ICO Stage 2
ICO Stage 3
ICO Stage 4
ICO Stage 5
At the time writing this informative Ubcoin review, the cryptocoin was in the ICO Stage 4.
As a cryptocoin powered by blockchain technology, it has similar characteristics to other cryptocurrencies. For instance, the cryptocoin is decentralized. As a result, any central authority – government or central bank, does not manage it.
Here is how the maximum supply of tokens will be distributed:
Reserve Pool – 31% or 201,500,000 tokens max
Team allocation – 12% or 78,000,000 tokens max
Community rewards – 3% or 19,500,000 tokens max
Public placement – 45% or 292,500,000 tokens max
Bounty advisors – 4% or 26,000,000 tokens max
Limited Private Pre-sale – 5% or 32,500,000 tokens max
As a global mobile marketplace for purchasing and selling fiscal goods with Ubcoin Tokens, Ethereum blockchain powers it. As a result, it allows the use of peer to peer smart contracts when purchasing and selling goods.
Thanks to the smart contract technology, users are assured of a safe and secure environment where peer to peer transactions can be carried out. The marketplace was founded on the following principles:
Peer to peer transactions – this helps to cut out any intermediaries within the value chain. Since the marketplace relies on Ethereum blockchain, it facilitates smart contract execution. In addition, the marketplace does not own any goods and protects the fairness of smart contracts.
Decentralization of transactions – as you already know, the blockchain technology is all about decentralization which means it’s not managed by any central authority. As a result, payments are settled under well designed smart contracts.
Intuitive interface – The marketplace comes with an intuitive interface which ensures a seamless experience for the shopper or seller.
According to Ubcoin, they will make their API available to the community to ensure the development of more apps that are user-centric.
AI technology – At the time of writing this informative Ubcoin review, the developers behind Ubcoin marketplace were preparing to integrate an advanced AI technology that will aid in pre-screening postings on the market place. As a result, it will help in preventing infringement and fraud.
The Ubcoin marketplace architecture is as follows:
Anti fraud system – AI technology and internal regulations
Billing systems – internal transactions, wallets, deposit and withdrawals
Transaction management system
Ubcoin mobile app
The mobile app helps to bring users together in a marketplace that offers safe and secure environment. It comes with facilities that allow users to purchase and receive Ubcoin tokens as payment. The app also provides search tools and regulates business relations between buyers and sellers.
Just like the Ubcoin marketplace, the mobile app is powered by Ethereum’s blockchain technology. The app has the capability of providing useful information to shoppers which aids with decision making. It is content rich in terms of product description, customer reviews and the execution of smart contracts.
Some of the features available on the Ubcoin app include:
- Storefront section
- Seller account management section
- Buyer account management section
Ubcoin has partnered with Samsung and Fly to ensure the mobile app is pre-installed on all smartphones including the Galaxy S9.
The following are countries where the mobile app is pre-installed:
You may be wondering why the Ubcoin marketplace only accepts Ubcoin tokens for the exchange of goods and services. Well, here is why:
i. Using Ubcoin tokens ensures there is clarity during the transaction. If the marketplace allows the use of other cryptocoins, users will be confused since they will have to take time to learn more about these cryptocoins. This is time consuming.
ii. Cryptocurrencies are volatile. As a result, their market prices are usually not that stable. To avoid buyers feeling like they are overpaying and sellers feeling like they are being shortchanged, Ubcoin tokens are used. This is because it has built-in mechanisms of reserve pool.
iii. The use of Ubcoin tokens in the marketplace ensures compatibility and uniformity unlike the use of different cryptocoins to trade.
The Ubcoin mobile app is available for iOS and Android devices.
Ubcoin exchange rate
As said earlier, Ubcoin’s ICO Stage 4 is currently live. Investors will get a 13% discount plus other bonuses if they get to participate in the token sale.
The exchange rate for 1 UBC to ETH is as follows:
1 UBC = 0.0001086957 ETH (at the time of writing)
1 ETH = 9,200 UBC
The developers of Ubcoin tokens have set a hard cap of 650 million tokens and a soft cap of $ 2 million. This means 50% of the tokens go to investors during the pre-sale and ICO offerings.
Note: The share of tokens owned by investors will never be diluted by the team or for any other purpose.
Ubcoin is a global marketplace that is set to revolutionize how buyers and sellers will conduct business.
Unlike traditional marketplaces that rely on fiat money to conduct business, Ubcoin allows users to trade goods and services using its own cryptocoin – Ubcoin token.
Since both the marketplace and cryptocoin rely on Ethereum blockchain technology and smart contracts, users are assured of a safe and secure environment to transact.
Despite its popularity, the Ubcoin mobile app is pre-installed for devices sold in 10 countries in Eastern Europe.
The good news is that Ubcoin is way ahead of other marketplaces. In three to five years from now, the company will have spread its services globally and attracted a lot of customers.
Overall, Ubcoin is an amazing invention that is set to change how buyers and sellers transact.