Ubcoin

- April 19, 2018

To date, already millions of people around the globe have heard about crypto-currency, some even have any tokens in their assets. Many crypto-enthusiasts view them as an investment tool, sometimes gaining impressive results, while others seek to benefit from unlimited digital transactions and new business opportunities provided by blocking technology.

Capitalization of the crypto-currency market fluctuates around 300 billion USD, despite the stage of a strong correction. International governments, banks and payment systems around the world are already starting to think about regulating the industry to establish clear rules for managing cryptographic transactions to allow law-abiding citizens to buy and sell physical goods using their digital assets. Some of the Holders have already matured in order to spend the accumulated tokens on something real.

PROBLEMS

According to forecasts of the forecasters, people who own crypto-currencies will have more than 200 million by 2020. The main idea of their popularization is the implementation of real services and sales of goods for these tokens. There is a huge need for the emergence and development of new sites for trade in goods for crypto currency.

DECISION

There is an opinion that mobile commerce will soon surpass traditional trade, with 65% of commercial transactions expected to be made online in 2020, so the potential is large enough, it remains to prepare an infrastructure that can enable consumers around the world to invest in cryptography and To enjoy the purchasing power of its crypto-investments, creating a digital market where people can freely and safely buy and sell goods through crypto currency. Startup Ubcoin is ready to implement this solution.

ABOUT THE PROJECT

Ubcoin Marketplace is the next step forward in the development for Ubank, the leading application for mobile payments in Eastern Europe. The project works on the basis of Ethereum network block technology, therefore it has its own crypto currency - the UBC token and peer-to-peer smart contracts, which will automatically regulate the purchase processes. The Ubcoin market will become part of the Ubank application as a new feature.

The project is the result of the work of the creators of UBank, who currently have more than 2.5 million active users, thanks to an agreement with Fly and Samsung, who installed this application as standard on all Galaxy 9 smartphones sold to the Commonwealth of Independent States (Armenia, Azerbaijan, Belarus, Kazakhstan, Kyrgyzstan, Moldova, Russia, Tajikistan, Turkmenistan, Ukraine and Uzbekistan). The number of downloads of applications is much larger, there are more than 16 million. Ubank is a system of instant payments through a smartphone, which has more than 20 million transactions a year.

The platform will implement a special algorithm, working on the basis of artificial intelligence. It will work by selecting the relevant and real assets for sale, analyzing compliance with the installed filters that can be user-designated on the platform, and ensuring transparency and loyalty of the seller in order to eliminate the risks of fraud.

On the solidity of the desk can be judged from the positive reviews of major news portals:

PRINCIPLE OF THE PROJECT WORK

The technology of blocking with the use of smart contracts will allow Ubcoin Marketplace to provide the highest degree of security, transparency and execution of the bargain, which will occur directly between the seller and buyers, through the P2P architecture. You should consider the process of the transaction:

1. A potential buyer looks after the product of interest to the marketplace and, having determined, adds it to the basket.

2. The goods are reserved, and the amount necessary for its payment is held in the purse of the buyer.

3. Delivery and inspection of goods by the buyer. There are several outcomes:

Successful completion of the transaction, the money is sent to the seller, the goods remain with the buyer.
Cancellation of the transaction by mutual consent.
Cancellation of the transaction unilaterally: either the buyer is not satisfied, or the seller has decided to give the back, for which he will pay a reduction in the rating. If the seller or buyer does not agree with the claims and does not want to cancel the transaction, then this case it goes to arbitration.