UCASH tokens are the backbone of the functionality on the network.
The UCASH token is a universal access key which gives users the ability to participate in advanced services on the U.CASH network. A big chunk of the total tokens was distributed using an Initial Bounty Offering (IBO) model with hundreds of thousands of users worldwide completing objectives and tasks to receive UCASH in 2017 and the beginning of 2018.
The ongoing bounty offering enables users globally to get their first network access tokens and start participating in the U.CASH ecosystem while at the same time growing it with incentivized actions. The bounty system has been engineered in such a way that some amount of UCASH will always be available to be earned forever by users that have not participated yet.
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What is the UCASH token?
UCASH is the enabling fuel of the U.CASH network. UCASH tokens are a universal access key that power capabilities that are supported by the network. The token may directly be used as a payment method for network transactions and can support on-chain and portal transactions, while at the same time incentivizing usage and growth of underlying advanced functionalities.
The power of UCASH will be based on the demand for transactions on the U.CASH network as it is required (at least in the background without users having to see it) in online network interactions as well as smart-contracts that are or become available. For example, in order to execute a fiat to digital conversion some UCASH tokens will be used for the transaction. The amount required will depend on the type of transaction taking place, the volume, the specific technology used, and in some cases the speed of the transaction. For user experience benefits, the network design is moving towards bringing this usage more into the background so the average user does not need to know anything about the technological functions used to offer the service.
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Initially, UCASH was created and distributed during the IBO period using the ERC20 standard on top of the Ethereum blockchain. In the near future, UCASH will also become available on various blockchains including Bitcoin and others for use by anyone. Users are able to use UCASH even outside of this U.CASH network portal to access capabilities such as becoming a uCollateral provider and other smart-contract enabled alternative financial services.
UCASH will provide multiple capabilities to users of the network, including some which are currently unique to our ecosystem.
Having UCASH means that you can access capabilities on any blockchain that we have integrated. This allows the user to transact on the most cost effective and feature capable platform without even knowing it. The goal isn't being native to one underlying blockchain, but to be available on all capable technologies which offer the services our ecosystem users require. As many different types of users are represented in the U.CASH network, multiple technological implentations are required to meet their varying needs.
Pegged 1 to 1
All tokens on all blockchains will always be convertible between each other at a 1:1 rate through the network. This will make sure that no (or very minimal) arbitrage opportunities will exist between them.
Payment of Fees
Initially the UCASH token will be used to pay for services on the network. As the volume of the transactions on the network grows, UCASH may itself be used to conduct the entire value of certain transactions on our platform with minimal fees and maximum speeds on various blockchains.
How do you get UCASH? Complete some bounties, exchange for some online or go to a converter in person to get some for cash!
By meeting a converter you can load your account with UCASH or digital fiat equivalents (uUSD, uCAD, uINR, uEUR, etc.). Once you have UCASH or digital fiat in your account you can access a range of financial or digital services. You can lock the value of this UCASH to a wide variety of local fiat currencies manually or automatically. You can also choose to convert to other digital currencies on-demand. When you want to cash out, convert your initially loaded UCASH or digital fiat to cash by visiting one of our converters. Currently, UCASH claimed through bounties is ineligible itself for loads/unloads, but may change in the future.
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What can you do with UCASH?
Convert to Cash
If you have UCASH (that you have previously loaded through a converter), you can convert it to cash with any converter in your local area at any time of your choosing.
Convert from Cash
If you have cash and want quick access to the digital economy, visit a converter and change that cash to UCASH or digital fiat!
Convert from UCASH to any supported digital currencies on the platform and back again whenever you want to (available to initially loaded UCASH only, not bounties)
Interact in a peer-to-peer manner and access advanced capabilities such as sending email money transfer type transactions and cross-blockchain compatibility.
UCASH is used by the U.CASH network to pay for transactions. U.CASH ecosystem currently only accepts fees paid to it in UCASH or converts to UCASH at point of interaction automatically in the background.
Use UCASH to get verified on the network through a converter, and prove that verification with any partners or service providers who may require it online.
The majority of the UCASH tokens will be distributed in Bounty Offerings as illustrated in the chart below. The purpose of the bounty token distribution will be to grow the network, incentivize all parties participating in the network as well as to find builders and developers who will help towards completing bounties and hackathons. Bounties are claimed using an innovative "Percentage of Remaining in Pool" formula (where 0.0000001% of the remaining UCASH in the pool is paid out to each user completing the bounty for example). This means that users completing the bounty earlier, will receive more UCASH than the following users (incentivizing earlier completion). This also means that the allocated bounty pools will theoretically never run out of UCASH and always keep giving out network access tokens. Following are some additional stats.
- Total of 21,000,000,000 UCASH (21B) created initially on ERC-20 Standard
- Hundreds of thousands of users globally participated in Bounty Offerings
- ~8,494,678,441 UCASH distributed during Initial Bounty Offering (PreIBO+IBO)
- ~5,250,000,000 UCASH distributing forever in Ongoing Bounty Offering (OBO)
- Future Functionality/Bounties Pool of ~3,244,678 UCASH set aside
- Global ecosystem builders receiving bounties for developing network
- Functionality Liquidity used for smart-contracts and advanced capabilities
- Hackathon and partners allocation incentivizing growth of network and tech
- 100% of UCASH tokens distributed via bounty, functionality and for building
- UCASH to exist on top of supported capable blockchains as native tokens
|Bounty Pool Purpose
||Percentage of Total
|Pre-IBO (Part of IBO)
||500,000,000.000000 (Part of IBO Pool)
|Initial Bounty Offering (IBO)
|Ongoing Bounty Offering (OBO)
||OBO = ( IBO + Pre-IBO ) ÷ G
|Future Functionality/Bounties (FFB)
||FFB = OBO ÷ G
|Global Ecosytem Builders (GEB)
||GEB = FFB ÷ G
|Smart-Contract/Functionality Liquidity (SFL)
||SFL = GEB ÷ G
|Hackathons/Partners Incentivization (HPI)
||HPI = SFL ÷ G
G = Golden Ratio = 1.618033989 | Current Active Pools are BOLD & ITALIC | Completed Periods/Pools =
||21,000,000,000.000000 UCASH (Token Address)
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