In the past couple of years, cryptocurrencies have found themselves in a rather precarious position. On one hand, decentralized cryptocurrencies such as bitcoin and Ethereum have the potential to disrupt the online payments industry with its massive advantages in security and fundamentally digital nature, while on the other, problems such as volatility and scalability impede their progress and viability.
When bitcoin, the first cryptocurrency, was unveiled to the world without much fanfare in 2009 by Satoshi Nakamoto, he described it as the world’s first peer to peer electronic cash system. His vision for the future, that he described at length in the bitcoin white paper, involved a decentralized economy, built without censorship and borders in mind. In fact, bitcoin is not backed by any single entity, even today, a full decade since its inception.
In the time since, a plethora of digital currencies have emerged, including a few that have demonstrated great technological breakthroughs that have previously not been displayed by the rest of the cryptocurrency market. Investors in such alternative digital currencies have seen their investments skyrocket in value. However, with their inherent problem of volatility, it is unclear at this time whether they will ever have the utility that was initially promised by the currency’s creators.
The increasing usage of cryptocurrencies as a mere speculative vehicle and store of wealth intrigues many financial experts, as is evidenced by claims of bitcoin being the digital equivalent of gold. The problem with that though, is that, like gold, bitcoin and the other cryptocurrencies will never be feasible enough to transfer between two parties during routine transactions. In a rather novel approach to the issue, UBIQUICOIN believes that its solution will be able to offer a cryptocurrency that will function as both, an investment opportunity, as well as a medium of payment.
The company behind the idea, UBIQUICOIN, has thus built its ecosystem on two seperate coins that have opposite end-goals, namely “Transaction Coin” and “Progressive Coin”.
The Transaction Coin, like its name suggests, will serve as a way to pay for day to day transactions, including small purchases such as groceries and fuel. Any retail establishment will be able to participate in the program and accept the cryptocurrency, regardless of their location. In time, the company hopes to have a large marketplace with merchants accepting the coin.
In late 2017, the founder of Ethereum, Vitalik Buterin, sent out a tweet
to his followers, asking whether the soaring cryptocurrency market cap was deserved, especially when one considers that digital currencies were introduced as a savior to the unbanked and an alternative economy in the event of total government collapse.
With UBIQUICOIN’s Transaction Coin boasting a relatively stable value that does not fluctuate as much as the rate of inflation in some unfortunate African countries or even experience the daily swings that other cryptocurrencies suffer, it is likely that, in time, it it will see more success than the other digital currencies that came before it.
Unlike other digital tokens that have recently been entering the market though, UNIQUICOIN’s currencies are not based on another pre-existing blockchain. The company is showing its own proprietary platform that, they claim, is specifically aimed at the smooth functioning of both coins in their own right.
The Progressive Coin is UBIQUICOIN’s other offering and is significantly more similar to other cryptocurrencies, at least when compared to the fundamentally disruptive nature of Transaction Coins.
Progressive Coins are not only open to free market trading on exchanges, allowing their price to be ascertained by the public, but are also limited in nature. Furthermore, owners of the cryptocurrency will receive dividends by UBIQUICOIN as and when the ecosystem turns out to be profitable. The main purpose of the coin is to provide an intrinsic investment opportunity for investors looking to back the company.
In the same vein, UBIQUICOIN has announced that it will be selling Progressive Coins in an Initial Coin Offering (ICO), which completed its Pre-ICO stage in January 2018. In this time frame, early investors were able to buy them at $1 per coin, with the actual token sale price moving the price up to at least $1.25.
The company has stated that their token sale will only offer investors 400 million Progressive Coins in total. As more and more coins are purchased, the price will also scale accordingly.
On the technical side of the things, it is perhaps interesting to note that unlike most of the other digital currencies currently on the market, UBIQUICOIN has chosen the Proof of Majority consensus mechanism. This is in contrast to the proof of work or stake algorithms that usually require significant amounts of processing power, either by miners or the stakeholders themselves. Considering that the company is one of the first to implement the Proof of Majority mechanism, the founder has drafted a white paper explaining the concept in great depth.
Transaction Coins are expected to make their debut to the general public in the second quarter of 2018 with participating merchants going live in the quarter after that. As of the time of writing this article, no details about their availability have been shared except that they will be traded on a number of exchanges. Any new developments on that front are likely to make their way to the company’s Frequently Asked Questions section on UBIQUICOIN’s website.