Hello Ageesen, What is U.CASH?
U.CASH is a peer-to-peer network of retail service providers (converters) combined with online and mobile applications (apps) targeted towards providing financial empowerment. It allows any person in the world to access bank-like services without the actual need to interact with a bank ever again.
Converters will provide conversion from fiat cash to digital cash (including Bitcoin and other digital currencies) and vice versa. End-users will use the app to find the closest converter or the ones providing the best rates. This feature will work similar to other sharing economy business models. The U.CASH app lets users convert their balances between various digital currencies, pay their bills, instantly send money worldwide, apply for loans from other converters, do mobile top-ups, and much more.
To help facilitate efficient peer-to-peer transactions in a distributed manner requires the use of a native fuel (XUC) built using its own unique implementation of building on top of every capable blockchain, for access to robust smart-contract and cheap transaction capabilities, while also negating the risks of relying on just one single platform.
The majority of XUC will be distributed using an Initial Bounty Offering (IBO) model increasing the ability of users anywhere in the world to join the network and contribute to its growth.
How is U.CASH different from other peer-to-peer financial service projects?
An all-encompassing solution. The peer to peer financial solutions currently available in the marketplace target specific verticals, rather than propose an all-encompassing solution. There are a number of peer-to-peer loan companies (Funding Circle, Lending Club), peer-to-peer payment companies (Venmo, Paypal, Square), peer-to-peer remittance companies (Abra, Cashaa) and other up and coming peer-to-peer startups that focus on a specific service within financial services. U.CASH brings together all financial services (loans, remittance, payments, cryptocurrencies, identity, notarization, and more) into its service-agnostic platform into one easy to use application for its end users and converters. By allowing financial service providers to plug into the U.CASH network and offer their services to end user clients and converters, U.CASH leans towards building an ecosystem rather than focusing on specific financial services.
Contributors to the network win, financially. A mission as innovative and massive in scope as U.CASH needs participation from people all over the world with varying backgrounds to realize its full potential. U.CASH’s IBO will be used as a method to distribute its network tokens (XUC) by offering network tokens in exchange for contributions to the ecosystem. Unlike ICOs, where you need to invest in order to participate, anyone is able to ‘work’ for bounties and receive XUC equal to the real world cost of their labour. Bounties expand an organization’s reach by utilizing the crowd and increasing the number of possible candidates to choose from to complete tasks or projects. Contributors include end users, bounty hunters, ambassadors, partners, and benefactors.
Who is U.CASH’s primary target market?
U.CASH brings benefits to the billions of un-banked people and organizations in the world who lack access to basic financial services and are left out of the global financial economy. U.CASH also benefits the billions of over-banked people and organizations in the world who seek “frictionless” and lower cost financial services as well as emerging digital currency services.
U.CASH not only creates economic freedom through access to ‘banking’, but also allows existing financial service providers, money service businesses (MSBs), and other users to become converters and offer services locally. Existing MSBs and retailers can leverage our technology to offer services and gain access to revenues that they were not able to before U.CASH. Our network also connects organizations such as payment processors, financial institutions, tech services, telecommunications providers, bitcoin/blockchain companies and others with our converters & users.
Tell us about the team behind U.CASH.
The team behind U.CASH has researched, developed, deployed, tested and brought to life proof-of-concepts, and on-boarded early converters, financial service partners and users. In addition, our team is comprised of large extended team of supporters and ambassadors that come from all over the world who help bring alive the U.CASH mission to their geographical area or industry which include part-time team members, investors, community supporters, MSBs, and early beta users.
Our team brings together unique and various skill-sets and experiences to U.CASH to create something that is much larger than what was possible with all of us individually.
We collectively have hundreds of thousands of followers online due to industry influence and years of marketing and growth. Our hugely active audiences in-person (we host the largest bitcoin / blockchain events in Canada multiple times a year), and the founders marketing experience is an unparalleled benefit to any endeavour we choose to participate in and market in this industry. We are creators, experienced entrepreneurs, platform architects, developers, designers, brand champions, guerrilla marketers, social media influencers, well respected community members, innovators, and obsessed about what we do. In addition to our founders, we also have a great extended team comprising of industry advisors (both Bitcoin/Blockchain and money services) as well as developers, marketers, supporters, angels, individual/corporate partners and network users.
What is an Initial Bounty Offering (IBO)?
Initial Bounty Offerings (IBOs) are a structured way to crowdsource human resources, business development, marketing and user acquisition for blockchain technology ecosystems, by offering network tokens in exchange for contributions to the ecosystem. Bounties expand an organization’s reach by utilizing the crowd and increasing the number of possible candidates to choose from to complete tasks or projects.
Bounties can be laid out for any type of contribution the network needs to grow and distributed to participants in exchange for completed services, user inputs, products and work outlined by the network founders. Bounties may be calculated using real-world raw costs and inputs or by standards set out by network founders. Holders of bounty tokens then decide what they want to do with them: exchange them in the open market for cash or digital currency, use them to pay for goods and services, or hold them for potential increase in value.
In addition to ‘working’ for bounties, certain bounties can be acquired with digital currency by benefactors. Benefactors are believers in the project who are not necessarily interested in providing the labour required to complete that bounty. Instead, benefactors pay directly for bounties and in exchange, the organization becomes responsible for the completion of that bounty using the donated resources, and cannot re-issue the same bounty.
Other factors in implementing an IBO that goes beyond the scope of this article includes:
- The pre-IBO period is the time frame before the launch of the IBO where the purpose, strategy, economics, idea, initial team, and more needs to be determined for a successful IBO
- The IBO period is the time frame where network tokens are distributed via a bounty offering
- The post-IBO frame after the IBO ends where some bounties will continue on, others end, and new considerations are made based on the results of the IBO
- Network participants and stakeholders beyond bounty hunters and benefactors such as builders, users, promoters, partners, administrators, community, and ambassadors
- Technical implementation of cryptographic bounty tokens
- Token economics and utility are important in considering the long term health of the network token
How is U.CASH running its IBO?
The distribution of the XUC tokens will be done over a 30 day Pre-IBO period for early contributors, followed by a 120 day IBO period for the general public, beginning September 8, 2017. Some bounties will expire within this time frame, and some will be open indefinitely into the post-IBO period. U.CASH plans on holding future IBO’s once we’ve completed the first few stages of our platform Growth & Road Map. Our goals to be accomplished in the future that would require future IBOs include:
- Building a distributed asset exchange
- Connect traditional financial providers
- Fully decentralize the infrastructure
- Cross blockchain interoperability
- Build XUC on all available blockchains
- Availability in multiple languages, countries, and currencies
U.CASH bounties will be available to be completed and benefacted by many stakeholders, with many becoming available as the IBO continues, including:
- Converters: Converters exist everywhere, both online and offline and provide loading and unloading services to end users in a variety of methods, in-person user verification and other services. Converter bounties include signing up a converter, first transactions, and more.
- Consumer Bounties: Users of the U.CASH network will initially be those looking to quickly load funds onto the platform to participate in the digital currency economy. Consumer bounties include signing up an account, linking social media accounts, promoting U.CASH, first transactions, and more.
- Ambassadors: U.CASH Ambassadors are our supporters and believers all over the world who help bring alive the U.CASH mission to their geographical area or industry. Ambassadors include individuals, groups, organizations, businesses and government.
- Bounty Hunters: Individuals or groups who complete bounties by building products and services the network platform requires to grow and succeed. Bounty hunter bounties include producing songs/videos, writing articles, translation services, product development, and more.
- Partner Service Providers: Future partner providers will come online to offer additional functionality and services in their local regions.
Thanks a lot Ageesen for making time to do this interview considering your tight schedule, we wish you the best of luck with your IBO?
Thank you too, we very much appreciate the effort from your end as well.
For more details, follow the U.Cash IBO here.