Hello everybody!!!
Ubcoin is a marketplace for buying and selling real goods and services using cryptocurrency.
The Ubcoin Marketplace is an extension of the mobile application Ubank. Ubank (an application that enables users to manage their finances 24/7) has been installed by 16 million users.
The project has also concluded partnerships with Samsung and Fly, as a result of which Ubcoin Marketplace and Ubank are pre-installed applications on smartphones produced by partner companies in the following countries:
- Russia
- Armenia
- Azerbaijan
- Belarus
- Kazakhstan
- Kyrgyzstan
- Moldova
- Tajikistan
- Uzbekistan
- Turkmenistan
- Ukraine
The platform will provide the following services:
- Selling and buying goods
- An intelligent search system
- A rating system for sellers and buyers
- Product overview
Summary
The project is based on a marketplace enabling users to buy and sell goods using cryptocurrency. The team is represented by former employees of well-known telecommunications brands.
Strengths of the project:
- Experienced team and profile advisors.
- Strategically important partnerships have already been forged.
- A dynamically developing target market.
- The project team is focused on Ubank’s existing audience of 16 million installations and 2.5 million active users (MAU).
- The Runa Capital investment fund is one of the project partners.
Weaknesses of the project:
- Strong competition in the market.
- MVP will not be available until autumn 2018.
Market and Industry
Revenue for the e-commerce market will be $1,713,971m in 2018. It is expected that revenue will show annual growth rates (CAGR 2018-2022) of 9.6%, resulting in a market volume of $2,472,788m by 2022.
The Research and Markets agency forecasts market growth at the level of 19.42% per year.
Consequently, we may expect that the market will grow by 14-15% per year on average.
The project team’s data show that the number of cryptocurrency holders will increase from 22 million up to 200 million by 2020.
Regarding e-commerce, consumers made online purchases totalling $2.44 trillion in 2016. The number of buyers of online goods is forecast to grow to 2 billion by 2020.
Comments: The market demonstrates high growth rates, which will help the project to occupy a niche. In the white paper, the project has presented a detailed analysis of the market and its potential audience. This suggests that Ubcoin is well-focused on its market.
Engineering Features of the Platform
The marketplace is built on the basis of blockchain with the use of smart contracts.
Smart contracts are designed to regulate interaction between seller and buyer.
The project uses AI to recommend products to users.
The project’s API will be open to other users.
Main System Modules:
- Ubcoin-ID authorization service (authorization requires an email address and password; 2FA (two-factor authentication) – an additional protection system, which can also be connected for an additional fee).
- Billing system (wallet management, deposit/withdrawal, internal transactions).
- Anti-fraud system (AI, internal rules, ML).
- Ad platform (placement and management, premium functionality, catalog and search).
- Auction platform (placement and management of auctions).
- Transaction management system (storage of funds, transaction confirmation, transaction history).
- Moderator and system administrator.
- Customer Support and Arbitration Service.
Technical Description
The following tools will be available to sellers:
- Tools for creating and managing sales messages.
- Tools for promoting ads and targeting.
- Ad statistics (views, clicks, conversions, reviews, etc.).
- Management of sales and payments.
- CRM.
Buyers will have:
- Selected and previous searches stored by the system.
- The ability to view purchase history.
- Intelligent recommendations based on previous searches and purchase history.
- Purchase control tools.
Comments: The project uses popular technologies which have been tested in the market.
Goal
The platform will use the development of numerous tools to provide rich information needed to make decisions regarding the purchase or sale of goods. In particular, extensive and detailed product descriptions, ratings of sellers and buyers, reviews, terms of sale and performance of intellectual contracts.
The project aims to develop in the markets of Eastern Europe, Southeast Asia, South Asia, the Middle East and Africa, Latin America.
Ubcoin also plans to create regional marketing teams to support local events, including the formation and development of a regional user of communities, targeted advertising campaigns and coordination of marketing activities. Part of the marketing budget involved with the sale of tokens will be spent on: a more in-depth study of local markets. ICO will attract funds for the rapid development of UbcoinMarket and global expansion.
Benefits
• Minimum of intermediaries. With the help of the application, the number of participating links in the sales process is minimized as much as possible. Now this process happens P2P, according to the terms of the smart contract.
• Legal protection. The company takes maximum measures for the legitimacy of goods and services on the Ubcoin market. Profiles of sellers will be checked, and any potential violations will be excluded.
• Decentralization. The appendix provides that the initiation, settlement and execution of transactions will be recorded in the block. Thus, all the necessary information will always be available, and, very importantly, no one can change it.
• Interface. The interior of the application is designed taking into account the best world trends, and is designed to create the most convenient conditions for both the seller and the buyer.
• Legal protection. The company takes maximum measures for the legitimacy of goods and services on the Ubcoin market. Profiles of sellers will be checked, and any potential violations will be excluded.
• Decentralization. The appendix provides that the initiation, settlement and execution of transactions will be recorded in the block. Thus, all the necessary information will always be available, and, very importantly, no one can change it.
• Interface. The interior of the application is designed taking into account the best world trends, and is designed to create the most convenient conditions for both the seller and the buyer.
How does it work
The procedure for acquiring goods by the buyer is quite simple, but the presence of smart contracts that ensure compliance by all parties with the terms of the transactions adds extra confidence and reliability. The peculiarity of the Ubcoin Marketplace is that all commissions related to its use, although they are relatively low, are paid by the seller of the goods (which is very reminiscent of the tax system in the states), and for the buyer the commission is completely absent.
Most likely, this is due to the fact that buyers of goods are those participants of the marketplace who pre-purchase UBC tokens, and sellers get tokens directly from the buyers themselves.
The rest of the process of buying goods is not much different from buying a thing in an online store. The user has access to an extensive catalog of products with the ability to search by category. When he finds the necessary thing, he has the opportunity to pay for it with the help of UBC tokens. At the same time, to prevent attempts to abuse the platform, a system that prevents fraud, authorization of users within the framework of the KYC (Know Your Customer) policy, as well as a number of other security measures will function.
The already existing Ubank application:
ICO Details:
Token – UBC
Token-Seleur – April 2 – May 31, 2018
Price of the token – 0.000089 ETH
The minimum amount of fees is 2 000 ETH
The maximum amount of fees is 179 000 ETH
Created tokens – 4 000 000 000 UBC
Token-Seleur – April 2 – May 31, 2018
Price of the token – 0.000089 ETH
The minimum amount of fees is 2 000 ETH
The maximum amount of fees is 179 000 ETH
Created tokens – 4 000 000 000 UBC
The UBC token (created on the blockbuster Ethtereum) will be the only used currency on the Ubcoin market. Neither the tools nor any other tokens will be used on this platform. Also a thoughtful system of encouragement for holders of UBC tokens: depending on the number of these tokens on the user’s account, he will be offered all sorts of discounts. It is envisaged that with the help of the reserve fund, the team will be able to prevent speculation in the market with respect to the UBC tokens, and keep its course. Another solution will also be implemented, which will help to strengthen the price of the token, namely, burning 5% of the commissions of all transactions on the platform.
Conclusion:
To sum up, Ubcoin wants to help in the massive introduction of crypto currency, create a convenient, peer-to-peer exchange of goods in the legal market, while everything happens in a decentralized and blocking environment. The Ubcoin application provides convenient search tools, facilitates payments and regulates the business relationship between the buyer and the seller, using a set of smart contracts on the Ethereum blockbuster. There is an ever-growing need for online markets, as people simply prefer it to regular purchases for their convenience. Therefore Ubcoin, most likely, will gather potential users, sellers and buyers without any problems. The project seems to have been prepared very well with a lot of transparent and detailed information presented in the documentation. The design of the site and the future platform also looks very good and easy to use.
For more information, visit the link below:
Website : https://ubcoin.io/
WhitePaper: http://doc.ubcoin.io/whitepaper.pdf?v1
Twitter: https://twitter.com/ubcoin
Telegram: https://t.me/ubcoinmarket
By: Supertar
0x23E3145Ecf3ffb6390DE807B97263AA9Cf3A9b36
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