UniQredit is a P2P Finance Platform that 聽provides a globally accessible and secure environment for financial 聽services and instruments. It brings with it the experience and lessons 聽gained from Bitcredit. UniQ introduces an arsenal of new innovations and 聽application of existing technology to bring into existence a robust , 聽secure and viable platform for all users , from casual to business. The 聽platform is open to individuals, charities, companies and Financial 聽Institutions, enabling true global financial reach from home to 聽enterprise application.At launch UniQ supports P2P Lending, future 聽updates will enable more complex applications such as Micro-Banking, 聽Insurance and Equity Markets to name a few. The platform is built atop 聽an open blockchain which keeps a record of all transactions. The 聽UniQredit Client software is free and accessible on multiple systems, 聽including but not limited to *nix systems , Windows, Mac and Android.
TechStrap is a server side innovation that 聽will be made available to service providers. it is comprised of modular 聽plugins which when added to the base server expand its capabilities by 聽adding support for additional services and functionality. At the moment 聽the only module available is the P2PL module which facilitates lending. 聽Future modules will introduce advanced functions such as Micro-Banking , 聽Insurance, Asset Management and Equity Markets to name a few. The 聽modular 聽design was conceived in an effort to ensure that each separate 聽module could be used independent of others and also such that 聽development becomes more focused on specific goals rather than a broad 聽approach to overall system functionality. Each successive module will 聽mark the beginning of a new cycle and will be accompanied by a 聽complementary client side update. More information will be available on our website.
P2P Lending is the first financial service 聽available on the UniQredit Platform, it enables access to credit from 聽Service Providers. Users can opt to use specific server nodes to send 聽their request to, or send to all registered servers. To use this service 聽you need to first download and sync 聽the client. Secondly you need to 聽fund an address with a minimum of 100 UNIQ and then create a loan 聽request, either through the rpc interface or through the Loan Request 聽Page in the client. If it is accepted, you will get a message confirming 聽the request, shortly there after, the request will be broadcast along 聽with the details of the address you require funded. Service providers 聽and other users can now view your request in-client or on the web 聽interface and if your Trust rating and Credit rating is to their liking, 聽they will loan you the funds.
Service providers can purchase a copy of 聽the server application, register and start hosting a basenode. Basenodes 聽process and record all transactions and perform additional tasks such 聽as calculating trust and credit ratings. Basenodes are also the 聽component of the network where TechStrap modules are installed and 聽provide extended functionality and applications for the platform's 聽users.
This is the level of trust a user builds 聽on the platform, this is calculated by collecting all records of their 聽blockchain activity such as, debits, credits times between transactions, 聽frequency and lifetime usage. Using this information we can determine 聽the average transaction amounts and volumes for a user, with further 聽analysis we can calculate average income over in a month or cycle. This 聽information is crucial in helping potential fund sources assess the risk 聽of lending the user funds. Users can also gain higher trust ratings by 聽getting votes from registered ChainIDs, or participating in the 聽BlockShares Auctions.
Credit score is calculated based on a 聽user's extended financial activity such as lending or 聽banking/insurance/assets in future. The more a user utilizes extended 聽functions, the more their credit rating rises, additional points are 聽given for timely repayment of loans, successful contracts and long term 聽deposits. In future, actions such as associating ChainIDs and declaring 聽Chain Assets will result in boosts in ratings.
ChainID refers to a registered address. 聽Registered addresses have access to more functionality than ordinary 聽addresses, and rather than the default zero trust, zero credit , can 聽start with reasonably impressive figures. Owners with ChainIDs are also 聽legible to participate in dispute resolution and are due 5% of the 聽disputed amounts after resolution. Registering a ChainID can be done in 聽many ways, donors in the BlockShares Auctions are automatically 聽registered, owners of servers/basenodes are automatically registered as 聽well. If you wish to directly register, simply send 0.2 BTC or 2000 UNIQ 聽to the registry addresses and import the private key of the address you 聽used to send.
BTC: 1Chain21GUwxKnTd3EKswcZDAcpeRJQDGt
UNIQ: UchainBwWNCX19yGLaCJCeszvhtFoqgtcj
A registered address (ChainID) can cast 聽votes for various issues that can either be raised by the development 聽team or other registered users. Starting a vote is as easy as submitting 聽it to a server and setting a time frame. Please note that the 聽development team has a list of items we believe are not debatable, these 聽include, but are not limited to things such as money supply cap, block 聽reward, proof of work/stake etc. ChainIDs can also cast votes for other 聽users/services to signal trust/distrust. Accrued votes count towards a 聽users's trust rating and may influence how others conduct business with 聽them.
Blacklisted Addresses and ChainIDs get 聽negative trust and all requests except for "review" are ignored by 聽servers using standard settings. An address becomes blacklisted 聽after a 聽report is made, and either arbitration fails or it is confirmed that 聽the user has acted in bad faith. Only registered ChainIDs of servers can 聽blacklist and address. For now a blacklisted address can continue to do 聽basic functions such as send/ receive, but in future iterations, if 聽there is demand, blacklisted addresses will be prevented from 聽transacting.
A BlockShare represents a share of the 聽available 400 shares which make up 80% of each block. Donors who wish to 聽help fund the continuing development of UniQ participate in an open 聽auction before the beginning of each cycle. Once the closing date of the 聽bids passes, the bids are tallied and the shares are allocated based 聽each addresses' contribution. Bids are made in Bitcoin sent to the 聽unique address :-
聽1UniQ1TiDyGbB7KXejnjUAZMEjLCyiEPe
To collect their UniQ a donor need only import the private key of the address they used to bid.
UniQ uses a three tier system, namely 聽clients, servers and websites.The Clients are your everyday wallet from 聽which you conduct financial transactions and do your accounting. Servers 聽process requests and function as Micro-Banking nodes among other 聽things. Websites provide web access to the system and in future will act 聽as gateways for fiat usage in financial operations of the system. While 聽most users will have the client software, only service providers will 聽have any use for the server application. Web code, specifically the 聽routines and access to fiat systems will be limited to a single server 聽to discourage fraud and money laundering.
Join the slack team here : Slack Invite
Based on Bitcoin ver 0.12.x
Sha256D Proof of Work
5 UNIQ block reward
1440 Daily Block target
Re-targets every 20 Blocks
80% of Block Reward Goes to BlockShares
UniQredit is fundamentally different when 聽compared to other existing projects whose main focus has thus far been 聽the accumulation of wealth through either expensive mining or time 聽consuming staking. UniQ instead drives users and service providers to be 聽more innovative and entrepreneurial in their financial dealings. 聽Introduction of Assets, Fiat and other instruments into the blockchain 聽will result in a larger pool of investment and because the network is 聽global, a larger pool of potential clients and service providers.