Cryptocurrencies are notoriously volatile. Markets are largely unregulated which means price fluctuations can happen due to external and internal factors. If a cryptocurrency’s price continues to grow twenty times in a single calendar year and then proceeds to lose over 60 percent of its value in one month as bitcoin did in January 2018, the future of digital currency-based payments is in clear jeopardy.
Several measures have been taken to mitigate the bottlenecks exhibited by traditional cryptocurrencies, but almost every one of them unequivocally have to do with the scalability problem, not volatility. Layer 2 solutions such as the Bitcoin Lightning Network may bring down transaction fees, but makes no real effort to make the currency any more useful. This is exactly where UBIQUICOIN’s alternative approach comes in.
Armed with its own Proof of Majority consensus mechanism, UBIQUICOIN brings the vision of usable cryptocurrencies back into the discussion with a set of two distinct coins. As of writing this article, this is the first time someone has developed a dual coin system designed to complement each other. As they gear up for their Q2 ICO, interest has grown.
The first digital currency developed by UBIQUICOIN is named Transaction Coin. As its name implies, it is primarily meant to be used for daily commerce related tasks. The way the company is trying to achieve this is by giving each minted coin an equivalent backing in either cash or other assets. The coin will also have a fixed and stable value, which allows it to actually be used in a marketplace even though it comes with the caveat of taking away the possibility of holders profiting from an increase in price.
As long as UBIQUICOIN can continue providing cash equivalents equal to $1, the number of coins that can be minted will be essentially unlimited and driven solely by market demand.
In addition to using the Transaction Coin as a normal cryptocurrency, coin holders will be able to use their balance through a debit card at every merchant, regardless of whether or not they are willing to adopt digital currencies. The company is also beta testing several other features for its users, including mutual fund investments, micro loans and participating in charitable events and is likely to introduce them sometime in the future.
The second coin that UBIQUICOIN is touting is the Progressive Coin, which is presented as an investment opportunity for those looking to be part of the company’s vision. Even though Transaction Coins are the real bedrock of the company’s future, they are neither offered at a discounted price in an ICO sale or appreciate in value. In stark contrast, Progressive Coins will do both things and also be featured on traditional cryptocurrency exchanges.
Holders of the Progressive Coin will also stand to earn dividends on their earnings when the company is profitable. Since the platform works entirely on the aforementioned Proof of Majority consensus scheme, users will not be able to mine ether cryptocurrency. Instead, the company is offering up to 20 percent revenue sharing on the money that it makes.
All Progressive Coins issued during the ICO will be subject to a financial guarantee of up to $50 by an UK-based international financial institution.
The company is hoping to make its Transaction Coin tokens available to the public within the next quarter and will be onboarding merchants by the end of 2018. You can learn more about the team and project at Token Fest in San Francisco on March 16 or participate in their upcoming token sale that is launching soon.
