UBCOIN ICO – the next level eBay-like peer-to-peer marketplace. ICO is now live, check their website!
After hitting the jackpot from the appraised value of your cryptocurrency, what do you do next? You might say – reinvest to another crypto or just keep it as is. But most would cash out and spend them on things that they want and need to enjoy the fruits of their labor.
However, there’s a very complicated process between your cryptocurrency and turning it into fiat currency. And we are all aware of this.
Wouldn’t it be better if you can simply spend those earned cryptocurrencies without the complicated process of the exchange? I know you would all agree on this.
This is the reason that led Ubcoin to create a blockchain-based marketplace – to provide a convenient way to all crypto holders who want to spend and make money out of their cryptocurrencies.
Let’s take a closer look o how the Ubcoin platform works and see if you can consider it to be part of your portfolio.
The UBCOIN Marketplace
The Ubcoin marketplace is a platform that will provide a global mobile marketplace for all cryptocurrency holders. It will specifically cater to those people who will buy and sell goods online by using cryptocurrencies.
Ubcoin is not actually a greenfield project. It’s an extension of the “already existing” Ubank mobile app.
The Ubank mobile app has been in existent since 2009 which has over 16M installations and has over 2.5 million users worldwide. As part of their milestone, big companies such as Samsung and Fly pre-installed Ubank’s product on smartphones sold in Eastern Europe and Central Asia.
With the existing success in the Ubank mobile app, why the ICO?
The Ubcoin group recently launched their ICO to have the means of developing a decentralized marketplace and expand their platform to the blockchain – mainly to cater to cryptocurrency holders who want a convenient way of using their crytptocurrencies.
Given the current number of crypto holders, 22 million worldwide, and the possibility of it growing to 200 million holders by 2020 it is obvious that Ubank should make that leap and expand their territory to the blockchain. And with the promising platform features they present makes this project very ideal in the crypto world. The chances of a lot of people supporting this project is quite huge – most crypto holders just want their cryptocurrencies to be spent in an easier way.
In addition to this, expanding through the blockchain would lead them to AI-based screening and effective utilization of KYC technology, secured transactions, efficiency, elimination of intermediaries and the opportunity to distribute the Ubcoin Marketplace through the Ubank app in a wider scale worldwide.
How does it work?
Since the Ubank app is already functional, adding the Ubcoin marketplace to it will be easy. And as it goes live, over 2.5 million users will be part of the community instantly (as mentioned above, Ubank already has existing users). With this, building the Ubcoin community would be not as difficult compared to other platforms starting from scratch.
So, once everything is in place, the app installed with the Ubcoin marketplace, users can immediately buy and sell products with the use of their cryptocurrencies – the platform will work similar to eBay. And to participate in trading, different cryptocurrencies can be exchanged to UBC tokens which will be used within the platform. Technically, this marketplace will bridge the long gap between cryptocurrencies and fiat in terms of trading goods.
For sellers, Ubcoin will charge each successful sale a small commission. On the other hand, buyers will never be charged with any commission.
What are the new Features of the Ubank app with Ubcoin Marketplace in it?
An enhanced infrastructure of the app can be expected since it utilizes the blockchain technology. Such new features will be as follows:
- No intermediaries. Peer-to-Peer transactions will be implemented based on smart contract’s terms.
- Seller screening will be conducted to ensure buyers of legitimate goods and services.
- AI-based engine for user posts’ pre-screening, visual and video content and product descriptions.
- All transactions will be recorded in the block without any means of deletion and alterations. This will ensure all parties’ liability. This will of course include the ability of both buyers and sellers to track purchasing history.
- Smart-search engine based on user reviews and ratings, geography, product descriptions and prices.
- User-friendly tools for managing and creating product posts.
- Available tools for promoting and targeting ads.
- Sellers will have access to numerous advertising and promotional tools such as premium placement, demo targeting, community creation, segment targeting, feeds and blogs, bot tools, virtual storefront distinction items, etc.
- Access to advertising and purchase statistics.
- Both sellers and buyers will have their own crypto-wallets within the platform.
- CRM will be available for managing customer relations.
ICO Details
UBC token is an Ethereum-based utility token that will fuel the entire Ubcoin marketplace. The ICO is currently on its Stage 6 of token sale and will end on the 30th of July.
UBC is currently priced at 1 ETH = 8,800 UBC tokens and you can take advantage of their 9% discount and a limited random bonus of 500 UBC tokens when you participate in their ICO for the next few days. Minimum investment has been set to 0.01 ETH.
Soft cap is at 2,000 ETH, while the hard cap is set to 29,000 ETH. And so far, they’ve already reached their milestone of 8,000 ETH.
The Verdict
The idea of converting your cryptocurrency into goods and vice-versa is very interesting – especially if we won’t have to go through the excruciating process of exchanging cryptocurrencies to spendable money. This we can give Ubcoin the thumbs up for developing their already existing platform to a blockchain-based one.
However, they are not the only one with this type of project. The Ubcoin Marketplace would have to compete with other companies featuring the same infrastructure. But with their Ubank app (Ubcoin marketplace will be part of the app), which has more than 2.5 million users worldwide, we can say that they are already getting ahead of the competition. This would give future users something to look forward to (in terms of the platform’s success) and consider joining the Ubcoin Marketplace community. And as it goes normally, the more users in the community, the more token will be utilized – which will lead to the value of token going higher.
To sum it up, Ubcoin seems to be an ideal company to get into. Not only that they feature a lot of benefits to all its users, given that it is created through the blockchain, but also, they already have a legitimate company that exists and is quite performing well.
Website: https://ubcoin.io/en
Facebook: https://web.facebook.com/ubcoinmarket/
Twitter: https://twitter.com/ubcoin
Telegram: https://t.me/ubcoin
Medium: https://medium.com/@ubcoin
Whitepaper: https://doc.ubcoin.io/whitepaper.pdf?v1
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