The infant days of cryptocurrency are now gone, the days cryptocurrency was referred to as the ‘nerds coin', huge private and institutional investors now constitute the bulk of the market capitalisation. People have also seen the endless opportunities that abound in crypto, gradually, it’s becoming a part of our daily lives. People now exchange cryptocurrency for goods and services unlike some years ago when it was mostly used as a speculative currency. As cryptocurrency become more engraved in our daily expenses, there are still problems limiting it’s widespread adoption or usage as a means of payment.

Cryptocurrency offers a seamless, trustless, secure and transparent means of payment, this has made both merchants and consumers see crypto as a better alternative to fiat payment. But cryptocurrency usability is currently lacking, while many merchants are looking at the possibility of accepting cryptocurrency as a means of payment, they lack the needed tools to make it happen. Cryptocurrency owners on the other hand are not exempted from this dilemma because to pay for goods or services they have to first convert the cryptocurrency to fiat currency. Coupled with the delay this process causes, it’s also expensive when we consider transaction fees charged during conversation.

Ubcoin Marketplace

Ubcoin understands that as the number of cryptocurrency investors continue to rise, more people are still on their first journey of owning a stake in the multi billion market. Currently, the online marketplace accounts for over 44% of the total amount spent online in the last 2 years. And this is the set of people being targeted, Ubcoin wants to bring cryptocurrency to online merchants who only wants to own cryptocurrency through buying and selling of goods instead of investing or partaking in market speculation. Currently, the marketplace is being dominated by mobile phone payments and there is still future projection for mobile payment penetration in the coming years. As a result Ubcoin is centring it’s marketplace solution around mobile phone users with it’s Ubcoin mobile application.

With the already existing Ubank app which is popular among the android and ios community, in other to further extend and expand its features to enable cryptocurrency payment, Ubcoin is introducing a set of features for the Ubank app in the form of Ubcoin mobile app. These set of features will foster peer to peer transaction and in turn increase cryptocurrency adoption, through the use of the UBC cryptocurrency. The Ubcoin ecosystem is based in the Ethereum blockchain with a set of smart contracts which automates transactions and settlement. Users will be able to use the in-app search tool on the go to search for merchants and goods and subsequently pay for the item with the UBC coin. In the case there’s any dispute or dissatisfaction from product or service offered, dispute settlement is done by the help of arbitrators on the Ubcoin ecosystem. This makes sure that decorum is maintained and services rendered are unrivalled.

UBCoin Token Details

The UBCoin token (UBC) is the currency of the Ubcoin ecosystem, it is an ERC-20 standard utility token. The token will be used for settlement of payments and transaction fees in the UBCoin marketplace. The total token supply is pegged at 4billion UBC tokens out of which 50% has been allocated for sale during the presale and ICO stages. There is a further breakdown of the token allocation which can be found in the whitepaper.

Conclusion

Ubcoin app will succeed in a lot of ways judging by the huge success recorded by the parent Ubank app. With over 2.5 million monthly active users, a crypto-ready Ubank app will go a long way into increasing the usability of cryptocurrency, eliminating most of the problems cryptocurrency users go through before they can purchase items with crypto.