THELOGICALINDIAN - Move over eBay theres a new exchange in boondocks Ubcoin Market upends the acceptable peertopeer exchange archetypal by not alone giving users a abode to buy and advertise items but to accredit them to become crypto investors in the action Bitcoinist sat bottomward with architect Felix Khachatryan to apprentice added about Ubcoin Market and acquisition out what the approaching holds for this avant-garde platform
Bitcoinist: Ubcoin aims to accommodate a barter area anyone can cautiously and instantly advertise or buy absolute appurtenances in barter for cryptocurrency. What is the better botheration with agnate marketplaces today, and area does Ubcoin fit in?
FK: Ubcoin is not absolutely a marketplace: eBay, Amazon, Avito, etc. let bodies advertise being but we let them become crypto investors via selling stuff. Ubcoin is not a crypto exchange, either: we don’t use authorization money. So one ability say that Ubcoin Market is a amalgam amid a barter and a crypto exchange.
Bitcoinist: Why is decentralization important for a peer-to-peer exchange and how does Ubcoin advance acute affairs to ensure decentralization?
FK: Decentralization in accepted and acute affairs in accurate are important for peer-to-peer trading platforms in that they accredit the chump to accumulate their anonymity, advance the aegis of their data, and aegis them from counterfeit schemes.
Thanks to acute contracts, our belvedere is able to accommodate escrow services, to serve, as it were, as an advocate of your transaction; it guarantees that the transaction will be successful. You don’t accept to assurance addition person; you assurance the automatic arrangement acclimation the transactions.
Bitcoinist: Ubcoin’s white cardboard claims that the “mass acceptance of cryptocurrencies is assured and imminent.” What makes you so sure?
FK: A cardinal of reasons:
The exponential advance of cryptocurrency users and cryptocurrencies’ bazaar cap.
The astronomic cardinal of blockchain projects accepting huge amounts of money – this year, the all-embracing bulk of money aloft by ICO projects will apparently acceleration above $10 billion.
The conception of the Telegram cryptocurrency, the better ICO activity in the world: by 2024, it will accept added than 500 actor users.
All of these factors advance that the accumulation acceptance of cryptocurrencies is assured and that application cryptocurrencies will become aloof addition account in our repertoire of online amusing interactions.
Bitcoinist: In layman’s terms, how does Ubcoin absolutely work?
FK: You accessible the Ubank app — you will either accept it pre-installed if you are a Samsung or Fly user or you download it from Google Play or App Store — and assurance up via Telegram, email, or adaptable buzz number. Once you are in, the app identifies your area in adjustment to appearance you accordant postings.
Then, let’s say, you appetite to access cryptocurrency. In adjustment to do that, you accept to advertise something. For instance, you accept an iPad you appetite to sell. You bang ‘Invest’, bang the ‘ ’ button, baddest a category, actualize a new posting, upload photos, address a description, announce a amount in dollars which will be automatically adapted to UBC, and set bounded preferences (show to bodies from your neighbourhood, your town, your country, etc.).
Then you wait.
Another user who already possesses a assertive bulk of cryptocurrency and appetite absorb it, clicks ‘Exit’, searches the ‘Tech’ category, finds your iPad.
Then you allocution in an centralized babble and accommodate the bulk as able-bodied as the abode and the time of your meet-up. The agent (you) sends an balance appropriate in the chat. The client can either acquire or decline. If he or she accepts, the arrangement puts the appropriate bulk of UBC on authority and notifies the seller.
You meet. If everything’s in order, the client and the agent affirm the accord in the app. That’s it, the accord is done: you’ve acquired cryptocurrency, the added being now has an iPad.
After that, you can accelerate your anew acquired UBC to any crypto barter advertisement UBC tokens and barter it to any above cryptocurrency. Later on, it will be accessible to do this after abrogation the app: the barter functionality will be implemented aural the Ubank app.
Bitcoinist: How abundant assignment has gone into architecture Ubcoin’s exchange platform?
FK: The development of the MVP for the Ubcoin Market itself — which is acutely sophisticated, because we’ll accept to action abounding affairs in a defended appearance — will booty 6 months. But it’s actuality done on the base of Ubank’s processing system, which has been consistently formed on and adapted for added than 5 years now.
By mid-summer, the ancestor of Ubcoin Market will be accessible (soon, our website will acquiesce visitors to chase in absolute time the advance of the platform’s development). By the end of the year, we will amend the Ubank app, and it will accept Ubcoin Market chip into it.
Bitcoinist: How does Ubcoin advice assure users’ data?
FK: Ubcoin Market will use Ubank’s processing arrangement which has been alive with abundant banks for added than 4 years and that satisfies the requirements of all apple standards, including Visa’s and MasterCard’s PCI DSS. That agency that we are accustomed to abundance and action coffer agenda data.
Apart from that, we are activity to accept an AI-powered apparatus that will pre-screen agent postings for abeyant infringements of morality, safety, and due care. It will apprentice from our users’ actions, content, and complaints to assay whether an account is allowable and whether a allotment of agreeable (photos, descriptions) is unique. The apparatus will assay alone users’ behaviour and block those whose accomplishments will be accounted suspicious.
It will additionally assay the authority of abstracts uploaded by our users for KYC (our users will be encouraged to do that in adjustment to accept added offers and get admission to added features).
Bitcoinist: Give us three affidavit why addition should advance in Ubcoin.
FK: We already accept a acceptable aggregation and a acceptable company, which is absolutely attenuate on the accepted ICO market, area the majority of projects abridgement transparency. We accept several offices, 50 employees, and a absolutely cellophane structure.
We already accept a alive artefact with a huge user base, which is alike rarer on the ICO market. Only 9% of all ICO projects accept a alive business and/or artefact above-mentioned to the alpha of their crowdfunding campaign. We don’t actualize a new artefact from scratch, we aloof accomplish a new affection of the absolute product, which agency beneath risks for the investor.
Our artefact is simple to accept and has a ample appeal. The majority of ICO projects are too alcove or too circuitous and they are bedevilled to be acclimated alone by a scattering of experts in a assertive field. Our artefact is a accepted band-aid – it solves problems both of abeyant and absolute crypto investors and it doesn’t crave a aerial akin of tech expertise. If you apperceive how to advertise being on eBay, you’ll amount out Ubcoin Market.
Bitcoinist: What are your opinions on the accepted cryptocurrency market?
FK: I’m abiding that by the end of the year, we’ll see a cardinal of authoritative measures implemented on the ICO market. Which ability be a acceptable thing: although bodies accept become added careful, there are still abounding betray projects out there, and it will be accessible to have, for instance, some affectionate of all-embracing authoritative anatomy that would verify projects afore they would be able to alpha their crowdfunding campaigns.
Another above affair is Telegram’s advancing to the crypto space. The Telegram cryptocurrency, that is declared to be fabricated accessible by the end of the year, will absolutely change the game. Knowing Pavel Durov, we can apprehend a absolutely high-quality artefact that will booty the best appearance from the best projects, and body on them.
Bitcoinist: Where do you see blockchain industry in 5 years?
FK: I anticipate blockchain will be acclimated in abounding aspects of our accustomed activity and will accomplish them better. But, apperception you, not all aspects will be aggrandized by blockchain, which is a acceptable thing.
As for the cryptocurrencies, I accede with abounding arch economists who anticipate that the abstraction of authorization money ability become anachronistic and we will be application alone cyberbanking money.
Bitcoinist: Ubcoin boasts some rather austere partnerships – Samsung, Mastercard, Visa, and Bitmain to name a few. What is the attributes of these partnerships, and which do you feel are the best important?
FK: Partnerships with manufacturers arch to pre-installations present one of the best means of business and extensive out to the advanced audience: 80% of users will use the pre-installed app aural the 6 months of purchasing a phone. And we’re absolutely acceptable and accomplished at this: for instance, our aggregation has been accommodating with Samsung for added than 10 years now – they pre-installed our antecedent articles Navifon and uTalk, accept been pre-installing Ubank and are activity to pre-install Ubcoin Market. We actualize value-adding casework for anniversary manufacturer; we put ‘smart’ in their ‘smartphones’.
It’s absurd to distinct out any of our ally as the best important one; all of these partnerships accept been active in our development. Visa and MasterCard accept accustomed us aplomb in the aegis of our users’ data; Samsung has accustomed us acumen into how our users acknowledge to our products; and so on.
But, what’s added important than any partnership, is the alternation with end users themselves. After all, it’s for them that we work.
Bitcoinist: What excites you the best about Ubcoin?
FK: We accept begin a way to break the problems of abounding bodies who appetite to be allotment of the ever-expanding, beginning apple of cryptocurrencies. We didn’t appetite to actualize a ‘successful business’, we capital to break a problem: to acquisition a way for bodies to advance in and avenue cryptocurrencies in an accessible manner. And we’ve done it. That’s what excites us best about Ubcoin.
Do you accept added questions about Ubcoin Market? Ask them in the comments below!
Images address of Ubcoin, iStockPhoto
