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Welcome to another post in the series, ‘Coin of The Day’ where we randomly select a cryptocurrency and discover what potential it holds. Happy Fifth of May for those of you who know why I am saying this.
Ready, set, go. Random cryptocurrency generator!
As seen in the video above, Universe is the cryptocurrency randomly selected by the generator. I hope it will be magnificent compared to other altcoins. Fingers cross.
Universe (UNI), from my understanding, is a cryptocurrency with only one purpose, that is, to be a system where gaming industries can develop without the worries of cost and other drawbacks. It makes their experience in creating video games more efficient and hassle-free.
There is very little information of value about this cryptocurrency to be honest. The developer is a guy from Russia who probably owns a locksmith business and does not have much experience in marketing.
This coin was mineable up to the 1000th block but has switched over to staking (more on that later). It utilized the scrypt algorithm like Litecoin, Dogecoin and Credits. UNI was added to CoinMarketCap on April 1, 2017 (April Fool’s Day). If that ain’t funny, then I guess, I don’t have a sense of humor!
Anyways, UNI’s introductory video is in Russian because the team does not have the fund to pay translators to do an English, Spanish, Chinese, Japanese and French copies. Fortunately for subtitles, you do not have to learn their language but you have to have ‘fast’ eyes to catch the words moving at light speed across the bottom of the screen…. so enjoy this short video and pretend to be amazed.
And lets not forget, their product in action:
Feels like a Halo rip-off. (1 minute into video) No. It is definitely a Halo rip-off.
Now, time for the features:
Wallets for Window, Linux and Mac (latter one still in its testing phase).
Proof-Of-Work Block reward was 240 and took a minute to create.
Very low difficulty rate.
10 percent of the overall total was pre-mined a month before the launching on Yobit exchange.
8% stake reward per month (that is 96% on your money per year).
Maturing takes about 20 blocks and often 4 blocks need to be process in order for full confirmation- for staking.
Circulating supply is 21,612,669 UNI.
Total supply stands at 32,812,669 UNI. Originally, there was 112 million but no one has a clue where most of that went since they did not announce anything in this regard. Another issue is the misinformation between cryptoid chainz, where their stats were and CoinMarketCap itself. On the block explorer, Universe’s total supply is 33,226,549. Compare it to the earlier figure I gave. Then you have the market caps on both site do not correlate. One is larger than the other. This is a sign that the developer can fudge any component of the coin if they feel like it without concern for the investors.
All Time High (ATH): 62 cents (0.00005255 BTC) on January 28, 2018 (bear market started around this time). The reason for this pump in price was caused by the hype associated with being added to Crex24, a not-so-known Russian cryptocurrency exchange. At the time of this writing, 5255 satoshis is valued at 51 cents, US.
Time for Universe to get rekt by yours truly.
My Critique:
Website and Source Code:
First: their logo is not interesting. It is just plain. A ‘U’ with two small horizontal strokes on the left ‘tine’.
Second: Wordpress? Really? Not bashing Wordpress or anything but they could at least make it seem less obvious.
Third: Domain is unsecured. TLC is an unknown one. What is .pw? The developer should have bought a TLC that people are familiar with for as low as $20 per month.
Fourth: The blurry image of outer space, rocket and mining cryptocurrency is not helping the site. It is uninteresting in my opinion.
Fifth: Some of the tabs are not working or just redirect you to different section of the homepage.
Sixth: The ‘Select Language’ drop-down option is at the bottom of the page. It should have been at the top for those who cannot understand Russian. I had to use Google Translate before I scrolled down to see that option on the far left of the page. On my site, the translate option (the flags) is near the top and is on your right. This is done because it is convenient to those who do not understand English so well.
Lastly: Already covered above. There is no team or developer with experience. No white paper. The roadmap is nowhere on the homepage. It can only be found on the forums, such as Bitcointalk, which I (and many other people) do not want to enter.
As for the source code, on Github, there have been 28 commits done on it by one contributor. Half of these were completed a year ago. The most recent one was 29 days ago by s-rayleigh.
Social and Popularity:
Twitter- 870 followers and growing. No organic engagement. Daily tweets are for the majority the ‘developers’ taking on issues.
Facebook- their official page has 29 people following it with 24 likes. Very low participation and involvement on the followers’ side. Like Twitter, Universe post every day up til April 4, 2018. One month has passed since the last one.
Telegram- has 1,075 members. Most, if not all, are from Russian-speaking countries like Ukraine, Moldova and Belarus.
Reddit - None.
Bitcointalk- 21 pages and counting. Russian dominated. The announcements will leave everyone clueless.
Instagram- 44 followers (likely peers and family members). There are only nine posts since its creation on there. Not much in the way of comments and likes.
Vk- 552 followers. More engagement than on the other social media. All their news and updates are posted on there. Update: They blocked me. Yeeaa!
For YouTube: Their official channel has more than 540 subscribers and only two videos (both shown above just before the ‘features’ section). The viewership is in the thousands. Comments are fairly decent.
Other channels-no- channel that show Universe cryptocurrency in their content (apart from Sat Bits) is Bit8k.
Exchanges:
Universe can be traded on the following exchanges:
➲YoBit
➲BTC-Alpha
…many other Russian crypto exchanges out of the woods.
No announcement about being added on anymore well known exchanges.
Conclusion:
In conclusion, Universe is just a cryptocurrency that does not have any real world use case. It is basically a money grab, a straight-up scam. A lot of things do not add up. The developers are unscrupulous and deceitful. That is my opinion. Until they can prove otherwise this is what I think of them.
Be honest. Does video games really need to be on the blockchain? Video games are okay without it. They can be developed easily from other well-establish centralized organizations.
To top it off, I keep getting this impression that Universe cannot function unless they have partnership with a game company (although most cryptocurrencies scratch and claw to get sponsors in order to get ahead). Their marketing strategy sucks so getting partnership is not a possibility. Even though they have a working product, if they fail to garner the support from outside entities who make more money than them yearly, their crypto will not survive in the long run.
And lastly, Funfair, even Billionaire Token (yes, that altcoin I bashed over two months ago) and GameCredits have a better chance than Universe. They are known and popular. My two cents worth.
Until next time, claim your gains, buy your lambos and be a passenger on the Moon Express. Sunday is a big day for the markets. You can bet on it. 😉
Later.
Source:
➤CoinMarketCap
➤Universe cryptocurrency website
➤Picture courtesy of Pixabay
➤Videos From Sat Bits and Universe_UNI.
Coins mentioned in post: