Problem:
Revolution of the blockchain technology led birth of many cryptocurrencies, due to lucrative nature of cryptocurrency tokens it gained a lot popularity in short span of time, token holders are facing the problem of storing their tokens in a trust worthy exchange. Most of the token holders sell their crypto tokens immediately due to rumours about its value, it created gap between investors and time value of token losing the benefits of token profits.
Solution:
TokenUnion is offering a solution for issue of holding tokens it allows users to deploy a token holding contract to Ethereum blockchain user will have private key for sending tokens. It charges withdrawal fee at the time of withdrawing tokens and it distributed back to the token holders in the network
TokenUnion is using the opportunity to apply crypto economic theory which basically explains about time value of token (TVT), it explains about the benefits of tokens for holding for longer period
Working:
Token economy:
TokenUnion issues its utility tokens called “UNI”. This token is used in the internal ecosystem of TokenUnion for the paying the withdrawal fee and incentivization to Token holders in the network.
Withdraw fee:
Its withdrawal fee is charged in its utility token “UNI”, it will charge 5 % of the Ether based value of coins for example if the user wants to send 100 Ether tokens to token holder their fee would be 5 Ether worth of UNI tokens.
Partial withdrawal is not possible in the TokenUnion, they are planning to implement complex algorithm for the calculation of withdrawal fee of the dynamic pricing of UNI token.
Reward distribution:
TokenUnion doesn’t hold any withdraw fee with them it distributes among the token holders. It’s rewarding system is depending on the percentage of individuals TNV holdings for example if the user holds 2% of TNV he will be reward 2% of withdrawal fee every time
Autonomous Conversion:
It is planning to convert the UNI token with any other token instantly, currently it is working with Bancor network which is a decentralized liquidity network.
Team:
Shayne Coplan - CEO
Shayne Coplan is a New York City based cryptocurrency entrepreneur who has been in the industry for 5 years. Starting in 2013, he began mining Litecoin and buying Bitcoin, quickly discovering the ease of use of cryptocurrencies.
Ryan Hendricks - Lead Solidity Developer
Originally from Naples, Florida, Ryan moved to NYC to attend NYU where he received a BA in Psychology while studying pre-professional medicine. He spent the next few years conducting research and coordinating educational conferences.
Samuel Mlodozeniec - Blockchain Developer
Over a five-year span, he has worked on and developed applications for iPhone, Web, & Amazon Echo in verticals including Game Design, Active Aging, E-commerce, and Marketing & Social Networking. Most recently he has been working on building dApps using Truffle, Web3, and Solidity.
Token metrics:
Token symbol: UNI
Token sale details: To be Announced
Verdict:
Pros:
• Partnered with blockchain based companies Bancor, Alchemist, product hunt and Crypto oracle
• Advisory team looks strong, it has well experienced members from blockchain and cryptocurrency
• Social media hype of this project is good, its telegram community have 27k+ members as of now
• Website is designed well, it gives easy glance about the project
Cons:
• Whitepaper explanation of the project is very limited
• Roadmap is not mentioned in the whitepaper and website
• Exceptive team members are beginner in the cryptocurrency and does not have strong background
• MVP is not yet released
Links:
Website: http://tokenunion.io/
Whitepaper: https://docsend.com/view/hj4tdrk
Telegram: https://t.me/tokenunion
Twitter: https://twitter.com/tokenunionio
Reddit: https://www.reddit.com/r/tokenunion/
Bitcoin talk Username: anushkamehta0902
Bitcoin talk profile link: https://bitcointalk.org/index.php?action=profile;u=2039767
ETH address: 0xd1c62C22C078A0C6B1E42F7200F0b082EE81a64a
