Transfer over eBay, there’s a brand new market on the town! Ubcoin Market upends the normal peer-to-peer market mannequin by not solely giving customers a spot to purchase and promote objects, however to allow them to grow to be crypto buyers within the course of. Bitcoinist sat down with founder Felix Khachatryan to study extra about Ubcoin Market and discover out what the longer term holds for this progressive platform.
Bitcoinist: Ubcoin goals to offer a market the place anybody can safely and immediately promote or purchase actual items in trade for cryptocurrency. What’s the greatest downside with related marketplaces at the moment, and the place does Ubcoin slot in?
FK: Ubcoin just isn’t precisely a market: eBay, Amazon, Avito, and so forth. let folks promote stuff however we allow them to grow to be crypto buyers through promoting stuff. Ubcoin just isn’t a crypto trade, both: we don’t use fiat cash. So one would possibly say that Ubcoin Market is a hybrid between a market and a crypto trade.
Bitcoinist: Why is decentralization vital for a peer-to-peer market and the way does Ubcoin make the most of sensible contracts to make sure decentralization?
FK: Decentralization generally and sensible contracts particularly are vital for peer-to-peer buying and selling platforms in that they allow the client to maintain their anonymity, preserve the safety of their knowledge, and safeguard them from fraudulent schemes.
Because of sensible contracts, our platform is ready to present escrow providers, to serve, because it have been, as an underwriter of your transaction; it ensures that the transaction might be profitable. You don’t should belief one other individual; you belief the automated system regulating the transactions.
Bitcoinist: Ubcoin’s white paper claims that the “mass adoption of cryptocurrencies is inevitable and imminent.” What makes you so certain?
FK: Quite a lot of causes:
The exponential progress of cryptocurrency customers and cryptocurrencies’ market cap.
The large variety of blockchain initiatives receiving enormous quantities of cash – this 12 months, the general sum of money raised by ICO initiatives will in all probability rise past $10 billion.
The creation of the Telegram cryptocurrency, the most important ICO challenge on the planet: by 2020, it’ll have greater than 500 million customers.
All of those elements counsel that the mass adoption of cryptocurrencies is inevitable and that utilizing cryptocurrencies will grow to be simply one other merchandise in our repertoire of on-line social interactions.
Bitcoinist: In layman’s phrases, how does Ubcoin truly work?
FK: You open the Ubank app — you’ll both have it pre-installed if you’re a Samsung or Fly person otherwise you obtain it from Google Play or App Retailer — and enroll through Telegram, electronic mail, or cell phone quantity. As soon as you might be in, the app identifies your location with a purpose to present you related postings.
Then, let’s say, you wish to purchase cryptocurrency. So as to do this, it’s important to promote one thing. For example, you’ve an iPad you wish to promote. You click on ‘Make investments’, click on the ‘+’ button, choose a class, create a brand new posting, add images, write an outline, point out a value in which might be mechanically transformed to UBC, and set geographical preferences (present to folks out of your neighbourhood, your city, your nation, and so forth.).
Then you definitely wait.
One other person who already possesses a specific amount of cryptocurrency and wish spend it, clicks ‘Exit’, searches the ‘Tech’ class, finds your iPad.
Then you definitely discuss in an inside chat and negotiate the value in addition to the place and the time of your meet-up. The vendor (you) sends an bill proper within the chat. The client can both settle for or decline. If she or he accepts, the system places the required quantity of UBC on maintain and notifies the vendor.
You meet. If all the pieces’s so as, the client and the vendor verify the deal within the app. That’s it, the deal is finished: you’ve acquired cryptocurrency, the opposite individual now has an iPad.
After that, you possibly can ship your newly obtained UBC to any crypto trade itemizing UBC tokens and trade it to any main cryptocurrency. Afterward, it will likely be doable to do that with out leaving the app: the trade performance might be applied inside the Ubank app.
Bitcoinist: How a lot work has gone into constructing Ubcoin’s market platform?
FK: The event of the MVP for the Ubcoin Market itself — which is extraordinarily refined, as a result of we’ll should course of many transactions in a safe style — will take 6 months. But it surely’s being performed on the premise of Ubank’s processing system, which has been always labored on and up to date for greater than 5 years now.
By mid-summer, the prototype of Ubcoin Market might be prepared (quickly, our web site will permit guests to observe in actual time the progress of the platform’s growth). By the top of the 12 months, we’ll replace the Ubank app, and it’ll have Ubcoin Market built-in into it.
Bitcoinist: How does Ubcoin assist shield customers’ knowledge?
FK: Ubcoin Market will use Ubank’s processing system which has been working with quite a few banks for greater than four years and that satisfies the necessities of all world requirements, together with Visa’s and MasterCard’s PCI DSS. That implies that we’re allowed to retailer and course of financial institution card knowledge.