Introduction

Hey guys, so today and I am bringing you yet another revolutionary project; called Kubitx. It was actually a friend who told me about this project and asked me to review it, her name is Nini Onwusi, she happens to be an ambassador for this project (A role I will discuss later in the article). This article will discuss the whitepaper in detail, in order to give a general oversight of what this entails, I will also bring you Nini’s story.

You guys know how excited I get when I find interesting projects and this one is no different. Essentially this is going to be a global exchange platform, which will appeal to the masses. As we are all aware by now, we are nowhere near mass adoption in the blockchain space. It is no secret that I have mainly discussed blockchain projects on my blog, as I feel they will all do well by the year end on exchanges (If the bulls ever find their way home). But one must also remember these platform projects, such as exchanges which form a pivotal role within this cryptocurrency space.

In a space which has a lot of competition, I believe Kubitx can outperform their rivals and do very well. They offer a more user-friendly and beginner friendly exchange which can handle a lot more throughput than their rivals, they will also provide unparallel customer support in many language to solve the issues users have today with current exchanges (Lack of customer support). Their vision of role out into emerging markets is what sets this project apart; they will do this via education and a hands-on approach to promoting the use of blockchain for the un-banked. This could be the platform the industry needs to spark the change required for mass adoption.

What Kubitx are offering

In their whitepaper, they claim they are going to be “the most robust and advanced crypto trading platform”...with the aim of showcasing simplicity and accessibility (Kubitx.io, 2018). I am a big believer that for an exchange to work and entice users from the masses it needs to be simple to use, this is the only way these people will enter the space. Kubitx will provide these benefits via their superior trade engines, their wallets and their user-friendly interface. They also claim to have an “inbuilt financial services feature” (Kubitx.io, 2018). Their utility token will be the vehicle for fees on the exchange and also be used for fiat-crypto conversions (banking processes).

It is my view that this project is not just an exchange but an ecosystem designed to teach people about the benefit of cryptocurrency. They aim to do this via their ambassador programme. They tell us in their whitepaper that they are going to roll this project out in less developed countries first (as these are their home countries). The team know their own market well and believe they can capture an adequate market share within these geographical locations, as the majority of people still remain unbanked in these areas. It has always been my belief that blockchain can be the solution to reducing these figures and essentially make banking more accessible to people.

The pain point

As discussed in the Kubitx whitepaper they aim to fix the way in which exchanges operate and suffer today. As we all know as investors, many of these new exchanges suffer from quite low liquidity and their interfaces leave a lot to be desired for, and many even have the nerve to charge high trading fees for their services. This is a huge problem in the space today.

Kubitx are also going to target the fiat-crypto conundrum we face in this space. This problem originates with the high degree of volatility in this market, which makes securing fiat gateways very hard. This is yet another huge pain point within the space, I am personally sick of having to use CoinBase to buy crypto and then bounce it around a couple of exchanges to where I need it- all at high transaction fees.

Kubitx also state they will tackle the “lack of customer support issue” in the crypto space, which I really am looking forward to. How many of you have sent emails to support contacts on exchanges just to receive the eerie silence? I know I have.

They also reaffirm their commitment to tackling the huge security issues which plague the industry; in particular, cybersecurity. They also showcase the base problem within crypto today, and which is one which I believe poses one of the biggest problems; most people simply don’t know how any of this works. I can write here all day about the benefits of blockchain, but only a handful of people will actually understand this stuff.

African market pain point

What I also like about this project is that they will target “Africa first”. These countries include South Africa, Nigeria, Zimbabwe, Kenya, Ghana, Angola and Uganda (Kubitx, 2018). These markets currently suffer from the lowest volume of crypto exchanges/ trading volume, so I believe enticing them into the market should give Kubitx a huge market share before they go global.

Kubitx, (2018) tell us in their whitepaper that mainstream banks are still struggling to reach the unbanked across Africa. “In 2014 66% of sub-Saharan Africans did not have bank accounts” (Kubitx, 2018). This should come as no surprise to people living in more developed countries. It is something which we take for granted, being able to access financial services. It has always been my stance that blockchain technology/ cryptocurrency can benefit people all across the worlds but I feel it can do so much more good in these more undeveloped regions. Indeed there are projects out there at present tackling this problem with the unbanked but I feel none of them have got it right yet, perhaps Kubitx hold the solution.

Kubitx further claims that across the world the number of “unbanked” is in the range of 2 billion, which goes to show you the potential market of this platform. What you should realise as you are reading this article, is that we are early adopters to cryptocurrency and we have not even scratched the surface in terms of user adoption in my opinion. I fully believe cryptocurrency will take over, and all of these “new cryptocurrencies” will require exchanges to operate, just like Kubitx. Kubitx further state they hope to reach 1-10 million users in the first 3 years, I feel this figure could be a lot higher based on the stats above. I believe the team are being conservative in their estimate, as I believe within 3 years we will be well on our way to mass adoption of crypto.

Competition in the space

As I have mentioned previously, competition is going to be Kubitx biggest challenge. We all know that the top 5 exchanges hold a good amount of market share in this space and to offset this, new entrant needs to offer something special. The image below from their whitepaper reveals the strength of the competition, all of which have huge trading volumes and market share.

Source: Kubitx, (2018)

As can be seen from the above chart from their whitepaper, they are going to try and tackle these larger exchanges by offering more, Kubitx will:

Charge substantially less fees.
Allow for fiat withdrawals (a huge advantage in this space).
Provide extremely impressive processing speeds (12m TPS)
Provide extremely low latency architecture.
Provide a high liquidity marketplace.
Provide an ecosystem which operates in 5 languages which is more than most exchanges.
Provide unparallel customer support to users to resolve issues at the source.
Provide a fiat gateway and banking services integration.

Their claim of being able to achieve 12 million transactions per seconds on this exchange will revolutionise the crypto market and they even tell us that they will aim for higher than this, further stating that they will achieve this by using Goland with an advanced architectural design (Kubitx, 2018).

If they can get the support of payment service providers and enable the use of fiat transactions then this will be a game changer. Kubitx's marketplace will further be designed to improve liquidity, by utilising market makers and they will strengthen this by utilising Anti Market Manipulation tools. They will further allow for institutional investment via plug-ins to their platform, which should greatly aid the digital economies of the African countries which this platform will be rolled out in first. Their financial services feature will allow for a full suite of banking uses for users, and this will be achieved via strategic partnerships with banks. This should allow users to link crypto with banking facilities which is just outstanding.

They further state their 24 hour support will solve the pain point we all experience today. I have spent days trying to resolve issues with exchanges who tend to have very little customer support. It is also very comforting to learn that they will take security seriously by utilising the latest in offline cold storage and encryption technology, this should drastically aid in a minimum number of complaints and hacks on the platform.

What I was also impressed by is that they will offer training to users of the exchange ranging from all levels, and of course do this in multiple languages. And to top all of this off they will release an easy to use mobile trading application, which will make everybody’s life easier. I personally would be expecting such an app with an exchange like this.

Ambassador programme

Their Global Channel Ambassadors initiative will provide the education required to make this a success. It is my understanding that they will engage at a local level with this initiative and will be structured in the form of hands-on training and not just social media/advertising. This is great to see and I fully support this approach. This initiative goes to show how much this team care about the community which they hope to attract.

Q&A with Nini

As mentioned in my introduction, Nini Onwusi, a friend of mine in a channel I am part of, introduced me to this project. She is one of these ambassadors. I quizzed her on her role in the programme.

Can you explain this role?

“The role is to educate and create awareness in my geographical area. I will represent Kubitx here in DMV area (Delaware, Maryland and Virginia) and US as a whole”

Does this role offer financial reward?

“I believe the team plan on using some tokens to incentivise the Global Channel Ambassadors, however, I have very little information on this as of now because we are still at the early stages of this role out. I am just glad to be part of the programme because to help my community understand the value of blockchain is reward enough for me.”

What methods will you use to educate your area and raise awareness?

“My game plan is to host seminars in my area, from where I will showcase the excellence of Kubitx, and provide hands-on training to participants as to how this platform works. I feel this will be the most beneficial way to teach people, however, I do understand I need to reach out to as wide of an audience as possible, so I will also be running social media campaigns to spread the word. I will also be publishing articles about Kubitx (Most likely through talented writers like you, lol) to show how Kubitx will benefit people’s lives. I feel that education is important, my goal is to simply teach by any means necessary.”

How many ambassadors are there at present?

“Once again I am unsure as to this, as we are still in the early stages, I believe the team are still making appointments into these positions, if people are interested they should contact the team and apply to become an ambassador”.

How do you communicate back to the team? Is your role dictated/coordinated by the team? Or is it more of a freelance type arrangement?

“As of now, my role will be dictated by the team as they are still in the set-up phase of this project. As I mentioned previously appointments are still being made and the team is currently organising everything. I do however believe the team will allow for autonomy when it comes to methods of educating people in our areas, of course these methods must be a good use of one’s time and the team will aid us in our approach”.

What are your opinions on the project? Will they solve the pain point they are trying to solve with this unique approach?

“ I feel this is an amazing project, They are offering something which I personally feel will make some real change in the world, They will be helping people in less developed nations first and then spreading the word worldwide. The team have an amazing range of skills and expertise, and I feel honoured to be a part of this ambassador channel programme with them. I feel like I will be making a real difference. I feel this platform will allow the average person to easily access the benefits of cryptocurrency and use it in their daily lives. Finally, I would like to thank you (cryptoguru1) for taking the time to help me spread the word on this project, I feel there are exciting times ahead with this project.”

It is my impression that these ambassadors will do a huge amount of work in driving growth of this platform; after all, it is the “ordinary person” who needs to learn how to use this technology. I have yet to learn of another project working in a hands-on approach like this and I must admit it is exciting to witness.

This amazing project will strive for developing growth in these less developed African countries first, but as Nini has shown us they are already worldwide with their ambassador programme roll out. It is my strong opinion that blockchain technology should be borderless and everyone should experience its benefit to its fullest. These ambassadors across the world will be able to communicate with their local communities in their native tongue and teach the benefits of this technology, thus allowing them to breakdown communication barriers.

How this ecosystem operates with their utility token: KuBitcoin (KBX)

Ecosystem is not a word I throw around lightly as it takes a lot to be considered one. I fell Kubitx are justified in this title due to the sheer amount of benefits/services they will provide to users (Discussed above).

As described by Kubitx, (2018) their ecosystem will be driven via revenue streams from trading activity in the form of commission (0.05%). Now their token has the benefit of providing users a 25% discount on trades if it is utilised, this equates to a 0.0375% fee compared to the standard 0.05%, I never thought I would see such low fees. Their tokens also allow for transfer to fiat at a 2.5% payment processing fee, which is fair.

Source: Kubitx, (2018)

I am not going to dive into the specifics of how this ecosystem works, as I don’t want this article turning into a technical review (something which I like to do separate) but I will give a general overview on it. The chart above showcases this ecosystem. Kubitx, (2018) state that the whole exchange platform is designed to operate at low latency, high throughput and maximum uptime. For those of you who are less technically minded this simply means the ecosystem will be optimised to process a huge amount of data with minimal delay, and handle a huge amount of transactions without affecting performance.

What I also find fascinating is that they will allow for their API to be utilised by 3rd party applications and banking gateways, according to their whitepaper. It is also reassuring to see that they back up their “max uptime” claim as they will implement a “standby instance setup with active data replication” (Kubitx, 2018). This will give users the peace of mind that in case of any downtime the exchange can be rebooted up. Don’t forget that they promise 12 million TPS on this platform so this feature is a must in case of downtime.

Source: Kubitx, (2018)

Again without getting too technical, the above chart shows what they refer to as “active geo-replication” for providing low-latency use for end users in specific regions. This is a very exciting architecture I must admit. They will allow for “geo-targeted load balanced” (Kubitx, 2018) trading for users. All of this will be managed by a very experienced team.

Token Economics

Source: Kubitx, (2018)

As can be seen from the first chart they have a very good economic model, I am happy with both the soft and hard caps, I am also happy that private sale bonuses are only 20%, this should give the token a healthy market listing price. It is also always good to see that the team will burn unsold tokens.

In the second chart, you can see the token allocation and distribution stats. I am quite happy with the distribution of funds. I would probably like to see another 5% of the tokens in the hands of public sale investors, but these figures are fair as I believe this project will gain a lot of interest by private sale investors, especially in the regions of first role out. Also, the team tokens will be subject to vesting (15% for 3 months after sale and 85% for 2 years with a gradual release over a further 2 years). This is some of the fairest vesting terms I have seen in a long time guys, one which showcases the team's commitment to the long-term success of this project.

Again in the second chart, it is important to see what the funds will be used for. As with any exchange, liquidity is the most vital aspect to get right, I am happy to see 30% allocated for this, as it will be needed. Promotion and technology are both 15% which is also a very healthy allocation. I am also happy to see 12.5% allocated to operations, as this will ensure this platform will be rolled out effectively. I believe this team needs to get this right the first time because this is a space diluted with a lot of competition; I do feel they offer more to users than most of their competition and so a successful rollout will cement this dominance.

Source: (CoinFunda, 2018)

I have said time and again in my articles, that to find successfully investment opportunities you must ensure the roadmap is sufficient enough to achieve the team’s vision. Kubitx gives us such a guarantee, as can be seen from the above chart. This roadmap started back in 2017 and will continue on to 2020, thus indicating to me that the team have the long-term development of the exchange on their mind. The ambassador programme is going on this quarter which I feel is the most important element of this project.

Conclusion

It is my strong belief that this ecosystem will do very well. Kubitx will fundamentally change the way in which people enter the cryptocurrency space. I believe that their vision is so strong and will reach a global user base within a short period of time. They will begin this role out in their home nations (Africa) and bring untold positive change to these countries, a use-case alone which is worthy of anybody’s attention. I feel they appeal to people of all backgrounds and situations because they plan to educate everybody in the space, of the benefits of cryptocurrency in daily life.

I believe they will capture a big share of the cryptocurrency exchange market because from what I can see in their whitepaper, they offer much more value than their competition at a substantially lower cost. Their KBX token will ensure the ecosystem runs smoothly and their platform architecture is something with excels most exchanges out there. This exchange will not only cost us less but also be a more user-friendly process for investing; it will be much faster than most other exchanges and offer us fiat gateways.

I also believe their team is world class, with their experience in fortune 500 and “big 4” companies giving me a lot of confidence in their capabilities. I feel there is enough expertise in this team and advisors to make this a huge success story. And not to mention their amazing ambassador programme which my friend Nini is involved in, will surely act a means of educating the masses and ensuring the platform is offered to the people who need it most; the average person who may not even understand cryptocurrency or blockchain.

As you may know by now from reading my work regularly, I am confident that mass adoption is coming to this space; I can’t put a timeline on it as I am not one for speculation, but it is these exciting projects like Kubitx which will provide the infrastructure for this inevitable change. I am very glad that this project was brought to my attention and I hope you enjoyed this review.

As always please do not consider this investment advice, I am only here to bring you the best in what I can find out there and urge you to do your own follow-up research. Please check out the further reading links I have listed below if this project interests you. Until next time!

My details

My Bitcointalk Username: Cryptoguro1
My Bitcointalk Url: https://bitcointalk.org/index.php?action=profile;u=2093060

References

CoinFunda. (2018). KuBitX ICO Review, Rating and Token sale Details- CoinFunda. [online] Available at: https://coinfunda.com/ico_listing/kubitx/ [Accessed 22 Jul. 2018].
Kubitx.io. (2018). [online] Available at: https://kubitx.io/KuBitX_Whitepaper_v1.1_En.pdf [Accessed 22 Jul. 2018].
Kubitx.io. (2018). KuBitX - Cryptocurrency Trading Platform. [online] Available at: https://www.kubitx.io/ [Accessed 22 Jul. 2018].

KuBitX- An exciting new platform which hopes to lead the way for mass adoption

Introduction

What Kubitx are offering

The pain point

African market pain point

Competition in the space

Ambassador programme

Q&A with Nini

How this ecosystem operates with their utility token: KuBitcoin (KBX)

Token Economics

Conclusion

Further reading

My details

References