UBIQUICOIN is described as a digital currency backed by real assets that is using a “two-coin approach,” has launched their initial coin offering (ICO). The Gibraltar based company has taken their ICO a step further by providing a two year financial guarantee of $1.00 per coin “if a triggering event were to occur.” This is an interesting twist in a highly volatile cryptocurrency market when price gyrations can be dramatic.
UBIQUICOIN says it has built a system makes financial transactions faster, cheaper, and more secure, but also aims to provide financial services to the underbanked and unbanked on a global scale. The shortcomings of many digital currencies today is not just the volatility it is the latency of transaction times, and shortfall of utilization options.
UBIQUICOIN says it plans to address these challenges in a number of ways.
To address the price volatility issue, UBIQUICOIN is using their two-coin approach.
The first is a Transaction Coin, which will be used specifically for transfers and purchases/sales of goods and services. This digital coin will be backed by cash and cash equivalents and will be assigned a stable value. The goal is to provide greater price certainty by affiliating it with more traditional assets.
The second is called a “Progressive Coin,” which will be available in the ICO.
The Progressive Coin will be traded freely, have the potential for appreciation, share in 20% of the revenue from the UBIQUICOIN ecosystem, and will be backed by a two-year financial guarantee of $1.00 per coin that is paid to coin holders in a triggering event.
This duality in approach seeks to balance price stability with usability.
We all know how slow Bitcoin transactions can be. UBIQUICOIN says it has developed an extremely efficient consensus mechanism called Proof-of-Majority to reduce latency and lower computer processing requirements. The creators claim transactions of less than a second – key to actually using any currency to purchase something.
The team behind the concept is a group of real people with real backgrounds. You can read all about them there.
Jeff Mahony, CEO and co-founder of the company says they are ready to address these challenges with tech that gives both consumers and retailers confidence in the process;
“UBIQUICOIN as the first digital currency to be widely used as an actual currency, not just a speculative investment.”
Steve Durbin, co-founder and President says that to their knowledge, no one else has a two-coin solution like theirs, that provides upside to investors while also providing price stability for transactions.
So will this all work? All the documentation is available here.
The Progressive Coin ICO will remain open until February 28, 2018, at 5:00 p.m. or until all tokens available in the ICO have been sold. UBIQUICOIN says there is a cap of 400 million coins offered in the ICO.
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