If you are in the crypto field you must have at least once wished if there was any marketplace to directly purchase goods for crypto and not wait for the fiat withdrawal or wait for your country to approve such transactions in the first place. There are people willing to buy/sell products for in exchange for cryptocurrency but this total idea lacks a platform, marketplace of such at the current moment in time.
Taking advantage of the same opportunity, Ubcoin a platform is being launched by Ubank which is a legit and trusted banking platform for since a decade. Let's learn more about this ICO and the project overall in this review.
Ubcoin found online at ubcoin.io is a new marketplace founded by Ubank for people to trade cryptocurrency for goods, without converting it to fiat. It is ideal and very useful for people who trade in crypto often and don't want to wait for converting it to fiat or to wait for their banks or countries approve these transactions.
Also, people who are new to cryptocurrency and want to accumulate some for the first time can also sell goods for in exchange for crypto. There is not any dedicated marketplace for trading crypto to real life goods, Ubcoin will bring that platform in existence.
Ubank trademark is registered and legally protected by the World Intellectual Property Organization since 2011.
Ubcoin claims that people still don't have multiple or easy ways to acquire cryptocurrency and the platform gives people an alternative for making an investment in crypto rather than buying it directly, and doing it by selling some product of their own in exchange for UBC token which is the native token of the complete Ubcoin marketplace which can be converted into bitcoin or ethereum if needed or make a purchase on the market itself.
As a crypto trader without going through any hassle, you can buy products online with cryptocurrency without transferring to fiat or so. You can transfer bitcoin, ethereum or any of the supported cryptos on the Ubcoin marketplace and then trade for UBC or directly transfer UBC token from any other crypto exchanges to use it on the marketplace to make purchases.
One of the most positive thing is that Ubank Application comes pre-installed with Samsung smartphones and LG smartphones too in the future. Ubank application has the gateway for Ubcoin and the app has 16 Million installations and 5 Million active users. Ubcoin has some amazing partnerships with Samsung, Fly, LG, Huawei which would really benefit the whole project.
The Ubcoin marketplace would be deployed as a web app & mobile application. Android & iOS versions would be deployed soon. The application is ready and currently waiting for some bug fixes and their crypto to be launched. After that, it will be merged with the portal from Ubank application which caters over 5 Million active users.
Ubcoin has some major looking partnerships on the table which already are providing value to their previous businesses and now would continue providing value to Ubcoin as well.
Samsung and LG would be pre-installing Ubank application while selling their smartphones to users, even in their high-end smartphones. This would imply adding users to the database making the community bigger and bigger.
Samsung preinstalls Ubank app in the following countries: Russia, Armenia, Azerbaijan, Belarus, Kazakhstan, Kyrgyzstan, Moldova, Tajikistan, Uzbekistan, Ukraine. Contract with Fly applies worldwide, but again we focused on the 10 countries named above.
The application would allow users to do peer to peer exchange through ethereum smart contracts. Let's check out the token economics of Ubcoin.
Blockchain would ensure fast, secure, transaprent and smart contract valid transactions which would prove useful to such a platform. Users can be sure that they can send and receive money/tokens safely.
Ubcoin states:
The platform operates on Ethereum-based smart-contracts. Smart contracts ensure that transactions are seamless, secure, enforceable, transparent and decentralized. Sellers and buyers feel safe and protected from making deals through smart contracts (the seller receives the money only after the terms of sale had been fully performed).
[Answer Sourced From FAQ section I highly recommend to check it out]
Roadmap is good, given that they have completed the work on Ubcoin app and after the ICO they will immediately merge it to their Ubank application and push an update to all smartphones. They could have been more elaborate on the subtopics in the roadmap, but I am sure they will provide more information on it as we near the dates.
Presale has 47% discount rate, which is something great I have not seen before with other projects. Presale is already over and they are about to reach their hard cap, so if you are willing to invest in this project the deadline is closer than the dates. Link for joining ICO : here
UBC works on Ethereum blockchain and hence uses the smart contract functionality to do peer to peer exchange transactions.
You can see live discounted rates on the official website homepage. Please check the website for legitimacy, don't get scammed by phishing pages. Ubcoin Telegram or any Social Media representatives will never initiate a chat with you first, they will never ask you to send any payment for any sale. Purchase the tokens yourself on the official website only.
Funds Allocation
Team Members
Advisers
Felix Khachatryan is the CEO and founder of Ubcoin and brings much value to this project with his experience in various sectors of this vast technical field. Interview with him: here
Team members are really good and very well experienced and have been working for the company which has done good research and is dealing in this industry for a decade.
Advisers seem to have a great experience and can guide the project very well and have previously been in big corporations at major roles.
Also, Ubcoin states these stats on their website which would give you an idea of their team size and roles.
As of the beginning of April 2018, the team is composed of the following staff:
Mobile, processing developers — 19
Blockchain developers — 5
Designers — 2
Project managers — 4
Testers — 3
Legal — 3
Customer support — 11
Marketing — 3
Administrative — 3
Management — 3
Total: 56 full-time staff
Additionally, they employ quite extensively outsourced development, marketing, and legal. They also consider the Advisory Board as valued members of their extended project family.
The ratings on ICO Bench have been decreased from 4.6 to 3.9 & ratings at ICO Marks also have been decreased from 9.7 to 9.5. These changes are not in the images above and hence included through text when updated.
My verdict
Ubcoin is a genuine project with an experienced and legit team. I have analyzed the project with my Red Flag ICO detectors and this project successfully passes. Ubcoin wants to create a peer to peer marketplace for cryptocurrency and tangible goods. The complete procedures are complied with their native UBC token, while the transactions take place in a decentralized blockchain powered by ethereum. Online shopping is an ever-growing field and crypto are taking over the finance, though any platform hasn't yet dedicated started accepting crypto for goods. Ubchain is taking this initiative and that is great.
Though I have some concerns about this platform regarding the competition it will be facing through all the other online marketplaces. If any of the big conglomerates started accepting cryptocurrency, it may put a downtrend to this platform. Though this platform is for peer to peer network, I would love to see some more developments. I am sure the team would be working on more updates for it.
Also, they are using machine learning to get more appropriate results to the search queries which would increase the usability of the platform.
The thing I love most about it is the partnerships with big brands and experience the history of the company, which gives some stability to it. The platform would benefit people in their daily lives to make online shopping through cryptocurrency easy.
- Website
- Whitepaper
- Telegram(1)
- Telegram(2)
- Medium
- YouTube
- GitHub
- Bitcointalk
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