Review and analysis of ICO Uchain
Uchain is a blockchain network for the global distributed economy. The goal of the project is to provide enterprises around the world with access to the API and SDK to issue their own tokens and deploy their own applications over the Uchain network. The project uses blockchain technology. This will provide protection against unauthorized access through the use of a decentralized and fully autonomous ecosystem in which everyone can participate, which coincides with the principles of shared economies. The exchange economy is a peer-to-peer business model that will be much more advanced with the use of blockchain. The project is being developed by U.B. Group Holding, which is the leader in the development of decentralized solutions for the tourism services market. Among the existing projects of the company are: U-Bicycle, X-Bike, LocalKing, GrabCycle, U-park and Ucar.
- An important advantage of Uchain is that the company has a number of successfully implemented and operating projects in the field of distributed economy.
- P2P network with support for smart contracts.
- Ability to store data in a distributed way.
- Significant transaction processing speed. The speed reaches 1000 TPS.
- Application of the Elliptic Curve Cryptography encryption mechanism.
- Use of the RPCA (Ripple Protocol Consensus Algorithm) consensus.
- Support for C ++, Solidity language and SQL commands for smart contracts with virtual machines.
- The system will give each user the opportunity to receive rewards.
The internal currency of the project will be 2 types of tokens: UCN tokens represent the domestic currency and the basis of the Uchain ecosystem. In the long term, the token rate will grow in the case of successful implementation of the planned plans and the subsequent growth of the popularity of the network. UCP tokens give the right to vote, they can be obtained by blocking the UCN.
Name of the token: UCN
Total number of tokens released: will be around 820M with the initial circulating supply around 135M
Sale of tokens is carried out in three stages: a Private Pre-Sale, a Public Pre-Sale and a Crowdsale. The first two ended in June 2018
ICO Phase: Crowdsale has been replaced with a bounty campaign. You can find more info on that in the telegram group
Price of the token: The Pre-Sale price was 1 ETH = 5000 UCN with a 15% bonus which comes to 750 UCN per ETH, but the bonus is locked till october 12th
Hard Cap: 35 000 ETH
The project team is well acquainted with the branch of the distributed economy and has real experience in this field. However, they lack sufficient experience in the use of block technology, so it is reasonable that the company attracted advisors who have the appropriate successful experience. More information on the advisors and the team can be found on the official website of the project.
At first glance, the project seems really good and has great potential. The project authors are aimed at solving existing problems in the distributed economy, such as excessive transaction costs, lack of trust and data abuse. To combat them, they use innovative solutions based on blockchain technology and the creation of a decentralized ecosystem of a distributed economy on a global scale. It all started with the parent company U-Bike, which has a good reputation and is a time-tested organization. This can serve as a starting point for the development of UChain. In general, this project has a very promising future and its development depends solely on the actions of the development team.
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