Do we need to facilitate transfers from Crypto to fiat and back to attract new customers and retain existing customers on Crypto exchanges? Can a Crypto platform be user friendly without involving fiat at all?
An industry startup called Ubcoin Market appears to believe that the answer to both of these questions is yes and they’re attempting to capitalize on their beliefs.
To narrow things down a bit, the principal problems that Ubcoin’s looking to solve are that there isn’t a true, easy way to “acquire crypto,” and there isn’t an easy way to begin spending it, once you’ve acquired it.
To address this, Ubcoin’s looking to become the new Ebay. According to their business model, this means that would-be users will be able to easily log-on to the Ubcoin Market, post listings related to their used products, and price them in Ubcoins.
From here, once a sale is made, two paths exist. The first is that the receiver of the Ubcoins can convert them into Bitcoin or Ethereum and then send them back to his or her personal wallet. The second, and the one that we can reasonably assume that the Ubcoin firm prefers, is that the receiver can keep the Ubcoins and use them as the platform’s native currency. In essence, to buy anything on the Ubcoin Market, you’ll need to have Ubcoins.
On paper, this idea is similar to others like Syscoin, whose Blockmarket is modeled in the same way, except that Blockmarket reportedly doesn’t involve Ethereum at all. A complete analysis of both Blockmarket and Ubcoin Market bears another piece, but suffice it to say that Blockmarket is already up and running and it’s seemingly as easy to use as downloading Syscoin’s native wallet.
With Syscoin as well as similar projects like Rarebits, that wants to do the same thing except only for non-fungible Crypto-related assets, Ubcoin’s desired niche does appear to be a red ocean. When Ethereum and EOS are added to the mix because of the fact that they are platforms, it appears almost certain that this is the case.
The question then becomes: how exactly does Ubcoin plan to differentiate itself from these strong competitors? One possible answer lies in their claim that they will strictly follow the laws of every country that has created guidance with regards to regulating Cryptocurrencies. On the other hand, in that by 2020, they want to be doing business on every continent, this might prove to be overly ambitious.
What appears more likely to be their differentiator is the fact that Ubcoin plans to use neural networks to govern the listings on its market as well as to improve its overall performance, which could position it as a safer version of Ebay, as long as Ubcoin’s customers understand what neural networks are and why this could be the case.
Furthermore, Ubcoin makes an even bolder assertion on their main website, where they say that one of the key reasons that people should invest in their token and therefore, in their platform is because their platform is “exclusively pre-installed on all Samsung and Fly smartphones, including Galaxy S9.” If this is true, it becomes all the more striking with certain sources claiming that Ubcoin’s also working with Huawei, MasterCard, Visa, LG, and Bitmain, among others.
As to verifying these claims, it’s not entirely clear whether these are legitimate partnerships or just indirect references to the illustrious backgrounds of the Ubcoin team. Including their advisors, they’re all advertised as having worked at these companies and more.
Even if the piece of news is true about Ubcoin being installed on all or most Samsung phones, this does not equal a direct path towards millions of new users of the Ubcoin platform.
Education is still key and this includes staying on a clear message that appeals to the target market in a way that actually solves a problem that they want to be solved. As of now, according to the Ubcoin CEO, this is: providing people with a platform that’s both a crypto exchange and a traditional buying and selling platform, all at once.
While this seems like an attractive way to promote the usage of Crypto for real-time business, a fairly big hole still exists that needs to be filled. Why exactly does the every man who has no experience with Cryptocurrencies need such a platform, especially when fiat will be excluded from it?
By: BGN Editorial Staff