In August of 2014 our team launches Securacoin within Money Service Businesses (MSBs) to buy & sell bitcoin through their storefronts. We operated in multiple locations in Toronto, Canada, having great success, exposure and growth. Check out the video to see how our service looked and functioned!
Milestones & Road MapOutlined below are our milestones & current roadmap for the growth of the U.CASH ecosystem.
Securacoin continues its growth, acquiring further locations in the Toronto Area for services deployments. We begin to realize that these businesses are in need of much more extensive software than what we are currently offering. Many MSBs need software capable of running their entire business. Research on integrating bitcoin technology into their workflow begins in earnest.
We develop and deploy mobile apps for our users as well as gift cards to be sold out of our money service business (MSB) locations. We start looking at integrating debit cards and credit cards to give users access to the existing financial system, all the while using bitcoin in the background.
Our team embarks upon a targeted door-to-door campaign across various regions to on-board MSBs and retail locations onto our platform. Our success rate is nearly 50%, with those that turn us down remarking "It's not a no, it's a no for now", as they are waiting for a better legal environment to operate.
We now begin operations in multiple MSB locations across Canada, developing and testing software capable of running their day to day activities while also offering bitcoin services on top. We begin testing loans management, customer data management, bitcoin services as well as manual input of other transactions.
Securacoin starts off the year with massive networking, industry outreach and brand new software upgrades to meet the needs of our money service business clients. We initiate plans to expand Securacoin and realize our vision to unbank the world.
By mid to late 2015 we conclude that Securacoin is not the ideal brand to garner mainstream recognition for our innovative services. Our experience working with various value mediums such as cash, local monies, digital currencies, and the universally accessible nature of our technology gave us the idea for our updated brand - U.CASH!
U.CASH starts with the strategy of piggybacking bitcoin and blockchain technology services on top of existing capabilities that money service businesses were already using. Using our software MSBs can manage their clients, issue and administer loans, offering cheque cashing, issue money drafts, offer foreign exchange and tons of other functionalities. Bitcoin and blockchain technology is showcased front and center in our technology.
With our back end technology for MSBs having been successfully deployed in active beta across our network, we start building a front end access point for users of all types. We take apart the inner workings of the financial system and redevelop technology from a blockchain powered perspective, freeing ourselves from old ways of doing things and allowing open innovation.
Some of the founders of U.CASH in collaboration with other entrepreneurs in the blockchain industry start hosting events to educate people on bitcoin and blockchain technology. We bringing speakers, startups, industry professionals, venture capitalists, bitcoin enthusiasts and more to talk blockchain innovation. U.CASH is proud to be a founding sponsor of the Canada Bitcoin Blockchain and Fintech Canada event series.
U.CASH continues to help grow the Canada Bitcoin Blockchain & Fintech Canada events hosted at PayTM Labs in Toronto. The meetups grow steadily with many new attendees and speakers taking part in these wonderful events.
The Fintech Canada events soon outgrows the capacity of PayTM labs and we are forced to look for a larger venue. MaRS in Toronto kindly sponsors our next event with a greatly expanded capacity and allowed us to host even more impactful events.
As a founding sponsor of Fintech Canada, U.CASH continues to use its community presence and awareness to further increase the brand recognition, while simultaneously onboarding new talent, partnerships and capabilities. Toronto being a hotspot of blockchain enthusiasm allows us access to not only the most brilliant minds in the space, but also aid in the development of future blockchain superstars.
Various level of government and other public institutions in Canada are very active in trying to understand blockchain technology and create a positive environment for companies in the field to thrive. The Ontario Securities Commission (OSC) has organized a Regulatory Hackathon (#RegHackTO) and members from U.CASH's team participate, producing a "Crypto Fund" a digital asset trading market built for exchanging cryptocurrencies and other digital tokens.
We start this year with the mission to finally realize our vision of powering global unbanking services. Combining our expertise in cash management services, integrating with MSBs, blockchain knowledge as well the capability of building highly functional enterprise software, we focus our entire attention on the end user experiences and functions.
This event, brought in part by the U.CASH team to the Canadian blockchain community once more, allows us to showcase our products and services, while also giving an opportunity to network with fellow enthusiasts and entrepreneurs. Attendees from various levels of government, including the OSC, major banks and accounting firms are out in full force, and formed an integral part of the positive environment we helped foster.
During this event - Blockchain Revolution - members of the U.CASH team and other entrepreneurs get together to organize and host the largest blockchain meetup Canada had ever seen. We can’t even call them meetups anymore, given the professionalism and quality of the speakers, the size of the event, and the amazing execution of the organizers, which showcase U.CASH to the public, as well as other local startups and the community at large.
Founders of the U.CASH team based out of Mumbai, India, attend the Ethereal Summit with Vitalik Buterin, Founder of Ethereum. We network with other startups and entrepreneurs in the Indian Blockchain industry, while also helping to foster a positive dialogue between ecosystem participants and various levels of government.
Ageesen Sri, President at U.CASH is also on the Board of Directors of the Blockchain Association of Canada. In this position, he and his fellow directors are charged with interfacing with various governmental institutions, public organizations and private companies to make Canada a positive environment in which to build innovative blockchain companies. Our mandate is to foster dialogue and create initiatives that help the public understand the benefits and possibilities of this innovative technology.
U.CASH comes out in full force with our team representing U.CASH in our branded T-Shirts and an amazing exhibition booth with powerful print & marketing media to showcase our services and upcoming Initial Bounty Offering (IBO). Brian Phan, Executive Officer at U.CASH also hosts the event with class and style helping keep the audience engaged, and the speakers on point.
The Central Bank of PNG (Papua New Guinea) in association with Abt Associates invites U.CASH and other companies in the field to present solutions and talk ideas with the Governor of the Central Bank and other representatives from the PNG government. Brian Phan participates as a panelist, while also having the honor of giving the Governor of the Central Bank of PNG, Loi Bakani, his first Bitcoin while a representative from Digicel - a local telecom provider - looks on.
The National Development Planning Agency (Bappenas) in cooperation with KOMPAK (Kolaborasi Masyarakat dan Pelayanan untuk Kesejahteraan) holds a knowledge sharing forum on the theme of “Blockchain: Improving Basic Services and Economics Opportunities” inviting companies from the ecosystem to help the Indonesian government navigate and kickstart blockchain initiatives in the country. Ageesen Sri of U.CASH talks cash transfers / remittances and financial inclusion in both a panel and as a Q & A session, imparting his experience of growth in the Canadian ecosystem and mapping out a possible future plan for the Indonesian blockchain industry.
Our team members based out of Mumbai, India celebrate the launch of our IBO platform with other attendees, showcasing the capabilities and mission of the U.CASH platform. We demo the platform and onboard many early users and bounty hunters and bring on new team members who saw and understood the vision that day. Celebrating the small successes along the journey is the U.CASH way!
We launch our Pre-IBO (Initial Bounty Offering) with the goal of spreading awareness of our products, services and ecosystem benefits to people all over the world. With the creation of our native network access fuel token, UCASH, we start the first steps towards building an incentivizing economy for our blockchain technology ecosystem. We start promoting online, and at in-person at events and begin our journey on a crescendo of growth, starting with a small community, and now moving towards global awareness.
An IBO is a combination of human resources and business development, as well as user and converter location onboarding packaged together with an incentive network token, U.CASH. With IBO’s we introduce a new ecosystem model that is a circular economy of positive growth for users and service providers. The UCASH token is be used by all to access and provide services on the Universal Cash Network, and we believe our method of distribution is the first to fully take advantage of the network incentivization capabilities provided by the token economy.
We launch the IBO with updates to our site and launch our bounty platform. Bounties are now available for claiming. We also leave open Benefactor claim opportunities at a limited amount each user, to further distribute our tokens to those who cannot, or do not want to complete the bounties themselves. For every 500M UCASH distributed, thereby incentivizing benefactors and bounty hunters to contribute earlier.
We will be releasing bounty rewards during the IBO to successful claimants after approval. Benefacted bounty rewards will be instantly released with the actual mission objective being completed at a future date as needed. We expect the IBO to crescendo with increasingly larger rates of participation with the progressively rising UCASH costs.
Due to the unique setup and length of our IBO period (120 days + staggered levels of UCASH price), we believe benefactor participation will stay constant and move closer to completion faster before each new price level is reached. This will allow bounty hunters enough time to work, and claim the UCASH rewards while also building a sense of urgency for both the benefactors and bounty hunters in their mission to acquire their UCASH rewards.
Our marketing plan combined with our software development strategy of testing in limited releases and increasing the availability and capabilities of our network, will allow us to increase the potential audience for our services very quickly. Our digital currency capabilities may become the most highly used features of our initial phase deployments. We plan to use this initial loyal userbase of crypto-enthusiasts to help us spread the word about the innovative nature of the U.CASH ecosystem as well as combine it with advanced marketing strategies far and above those being utilized by other parties in the blockchain industry right now.
Supporting as many currencies (digital, fiat cash or otherwise) is a major objective for the U.CASH network. This is easily supported using software, but having the local presence and network of converters to provide that all needed cash-in, cash-out services in local fiat currencies is what truly grants superpowers to our ecosystem. With this ability, and the easy access to digital assets/currencies on the platform, we continuously strive to increase list of supported local currencies while also providing quality financial capabilities to users in that country.
Supporting multiple languages is currently quite a bit more difficult than supporting multiple currencies. Text must currently be manually changed to keep meanings and translations as true to the original as possible requiring incentivized local speakers at a continuously needed basis. With our ongoing bounty offering offerings (OBO), we plan on using the UCASH value of our access tokens to continuously incentivize professional translators to participate in translating U.CASH to local languages and supporting worldwide growth of the ecosystem.
Integrating with the existing financial system but also building our independent capabilities has always been key to the vision of U.CASH. Using payment processors, financial services providers, money service businesses and other service providers plugged into the U.CASH system, allows our users to access value added services in whatever locality they reside. With additional partnerships globally, we plan on massively increasing our capabilities by bringing our users, and partners together on a platform which is all-inclusive, ground-breaking, correctly incentivized, and secure all at once.
With massive deployment of 3G/4G/5G services coming in even the remotest parts of the world, as well as satellite communication innovations, we are confident that U.CASH can grow to service inaccessible and remote villages and towns and facilitate cross border transactions with ease and intuitiveness. But even without such infrastructure, we plan on building an SMS powered backup system than can also be accessed for basic transactions where network bandwidth is not currently available. U.CASH will succeed in bringing financial inclusion in places other companies can't. That is the power of a blockchain enabled ecosystem.
This phase of the U.CASH roadmap sees us partnering with large entities (including multi-branch MSBs and financial institutions) to enable U.CASH access and capabilities for their users. We also aim to be massively integrated with the existing blockchain industry providing cash-in, cash-out services for a variety of digital currency wallets, brokerages and exchanges worldwide, enabling them to finally leave behind full reliance on the banking system for processing of fiat payments.
Providing access to services normally accessible only through public institutions (such as identity verification and asset notarization). U.CASH will be able to use its extensive blockchain enabled converter system to start offering services to its users that are efficient and distributed in its accessibility. We can fully see our converter network providing even more, never-before-seen functions in the future as further innovations are deployed in the industry and brought into the U.CASH network.
By connecting users worldwide connected to the U.CASH ecosystem and its network access fuel (UCASH), we will enable seamless transactions between users operating in different countries, even without the need to trust each other, as our smart-contracts, and blockchain innovations provide the trusted "intermediary" to facilitate transactions. The ease of use and functionality of our services are sure to open up blockchain dreams, to real world reality, and truly bring financial inclusion to the world.
By this point the U.CASH ecosystem will have access to each financial services rail that is available in the world, while also integrating together with the various entities and services which have been built on top of the U.CASH economy. We believe our foundational converter network will lead other businesses and organizations to innovate on top of the system and develop even further innovations that can't yet be foreseen. All we know is that with total global integration, U.CASH will have created a new paradigm in offering unbanking services that the world has not yet experienced. Let the unbank begin!
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