Unity Coin is going LIVE on Eterbase – Unity Coin
Hello, commUnity!
Did you miss us? I know the holidays get in the way of work and productivity, but we’re back with another update. In less than 6 hours, UNITY will be tradeable on Eterbase, Europe’s premier digital asset exchange.
To kick off this new exchange, our founder Ali held an AMA on the Eterbase Telegram yesterday. What this means is that our members in Europe will have a fiat onramp/offramp where they can trade Unity 24/7, in addition to being on the WAVES platform. Not only does Eterbase have a secure trading platform, but it is complying with all the EU GDPR and AMLD5 regulations. I know that’s a lot of alphabet soup nonsense, but it means that the exchange is compliant and will not get shut down by the government.
Those exchanges again are:
https://waves.exchange
Here are the AMA highlights with Ali, enjoy!
Q: What developments do you have coming next year?
A: The most exciting milestones will be our official launch in Q1 which will have our official wallet available on the web, Mobile, and Desktop (Android, iOS, Windows, Mac, Linux) with all the basic features needed but also including one-time and recurring Credit Card purchases.
As a project that encourages long-term value, we like the idea of a site like dcabtc.com gives of doing something easy on users like $10/week, but as we hedge and grow against BTC we believe we can offer a better value in UNITY.
We also have plans to expand on our wallet and entire platform with a VIP program, a few partnerships to purchase with UNITY (one on the way is a VPN service), but mainly the exciting milestones will be locking for credit and card integration so UNITY can be a long-term hold but also have everyday utility to buy a cup of coffee as well.
Referral bonuses, rewards for usage, and all of these benefits will be announced as we go but the project’s core around the Stablecoin gives very exciting possibilities and integrations. Offered on an exchange like Eterbase and others gives the utility to all users via our coin and platform as well for addition on/off ramping or secure holding in a volatile market.
Q: What legal complications do you face?
A: Upon full launch, we will be regulated and compliant with our home region (Singapore), but have proactively filed with the SEC and will maintain compliance there also to avoid any issues in the future like other projects have had (such as the huge fines for EOS, etc), as well as gain confidence from users that comes with that.
Q: What software is used for bot diversification…is it open source or in-house?
A: Our coin isn’t used to directly trade in bots. We’re registered as a Stablecoin (in Singapore) because we back the token with assets. This diversification is done automatically by algorithms, but favors long-term positions and hedging to be safer and more consistent compared to high risk and explosive with standard trading. This is managed by proprietary algorithms and some use of Machine Learning over our network and systems to manage this.
Q: Can you explain the benefits of holding UNITY and is there something like a staking program?
A: We currently don’t have any locking or staking, but we do have this in our long-term roadmap to lock tokens in a smart contract to create a secured line of credit. This will be used via Wallet payments, as well as a planned white-labeled Visa card. We have already begun talks with providers but the main barrier to scale of use since they require a certain level of monthly volume for decent rares (for Visa cards) but it would be easier to start in Wallet first before adding on Card integration.
Q: How often and how much do you donate to charities? How much % goes to administration costs?
A: We’re currently “all in” on development until launch so are not currently giving any amount to charity, but as we were founded from the endowment division of a charity and are registered officially as one we will be dedicated to this after launch. All revenue will go first to making a great product with developers, support staff, etc. needed as normal but we have no equity holders that take shares of profits — only salaries, server costs, etc. — and every sat or penny after these will then go to vetted charity projects.
Q: How large is the Unity team? What are the most exciting milestones that are coming up in 2020?
A: We started as an internal project which branched from a charity, so not a large team. Currently around 20 people and about half of that is developers. We didn’t run a large ICO and raise millions upfront, rather our funding comes from monthly gains, and thus, we run a monthly budget. As Unity grows so will our team, at a consistent and stable rate.
We did add 2 developers this month and would like to grow to up to 50 as the project allows. As well as a full support team, legal, and everything else that is needed. Upon full launch, we will be regulated and compliant with our home region (Singapore), but have proactively filed with the SEC and will maintain compliance there also to avoid any issues in the future like other projects have had (such as the huge fines for EOS, etc.) as well as gain confidence from users that comes with that.
Q: How did the Nye interview come about?
A: Nye, like Eterbase, came through the recommendation of our Beta members. I knew him from some closed trading groups but not closely but my co-founder Rostik Rusev is the man with a million connections and knows Nye well. We will be having an interview with Rostik/Nye coming soon but the previous one was a very base level intro with me, which we linked in our news channel t.me/theunitynews
Q: Can you share with us your new philanthropic venture this coming year for 2020?
A: So, the charity that we spawned from does operate mainly in Southeast Asia, but is also registered in the US. As our ability to do charity grows with the project, we will crowdsource suggested charities from the community and then vet them to open them up to our portal (for direct donations) or voting for our company’s “profits” to go to. This will be done under Unity Charity.
Charity is easy to scale. You can see pictures of myself when I visited the Rohingya camps for example and our charity only scratched the tip of the iceberg, but if we ran into issues on that there are many great charities we have partnered with in the past and would vet any suggestions from the community.
Q: What’s the trading price and circulating supply of UNITY? Can’t find it on CMC not any updates on Coingecko, any plan to have that solved soon?
A: CMC and others normally list you after you’re on three exchanges. Eterbase will be our second exchange, but we have already contacted and are in communication with CMC and Gecko to be listed there soon. Currently, you can see our calculated index price (which is direct from live assets) in our wallet while exchanges will always depend on actual orders. Circulating supply can be seen on the blockchain and is around 460k UNITY and a current price of 12088 sats ($0.87) when I checked a bit ago.
Q: One of Eterbase’s Treasury clients, Ferrum, has released a card for card payments, will you look to work with them?
A: We haven’t looked into Ferrum until now, but would love to compare them to our current partner as an option for fiat and credit card on-ramping. Being compliant with money transmitter licenses and more is important (and why we can’t just use PayPal directly). Compliance is important as we’re registered in Singapore, but also proactively filed with the SEC. For the health of the project, we would only work with fully compliant partners, and will look into Ferrum starting today!
Q: How will you go about selecting the charities? Will there be a minimum size in terms of their reach? Could the community do their own research and propose smaller projects perhaps?
A: Our wallet will include a voting mechanism so each token held in the wallet will allow a vote for which charities or specific projects that goes to and then a monthly blog for transparency and results with the charity partners. We’re big on the charity aspect.
We don’t have specific charity goals for just 2020 because, as mentioned, the scale of charity work is huge. We would love to expand as we grow and above I mentioned strategies to scale via partners and more.
Q: Volume on the exchange is low…what can be done to fix this?
A: Volume on exchanges really depends on you guys as the community of Eterbase (and the other coin holders), but we are working on marketing which will be a focus after our full Wallet launch in the coming months. As mentioned before we have some bigger names like Nye interested, but we also believe our partnership with Eterbase and the community here will like our product and it will appeal (which will bring volume obviously).
The volume of BTC compared to even USDT, USDC, PAX, etc. on a single exchange alone is decent for a small or medium portfolio. If you spread that to all exchanges as well as other short, medium, and long-term positions liquidity and volume of the diversification, it’s not an issue at all and is something we’ve looked into and tested a lot. There are many small-cap coins that can be easily evaluated and used for much longer time frames since immediate liquidity wouldn’t be an issue there.
This is why our keyword is “diversification” for many reasons, but especially stability and consistency, which doesn’t come from a portfolio of a single asset alone. As the crypto market overall cap grows, this becomes better for any portfolio and gives volume and liquidity.
Q: Do you have plans on moving to other countries doing charity or are you only focusing on SE Asia?
A: We don’t have specific charity goals for 2020 because, as mentioned, the scale of charity work is huge. We would love to expand as we grow. I mentioned above the strategies to scale via partners and more.
Q: What made you choose Eterbase to utilize and how does it benefit your company?
A: Eterbase is an amazing exchange with negative fees and a great API. It was recommended by multiple partners and is focused on regulation and compliance which hit all the marks for an official partner of our token. As Eterbase grows the negative fees and vetted treasury clients (and more) will make it a better place to use for an avenue of diversification as well.
Q: Will the diversification strategy always have a single all-encompassing goal, or could there be more products with different levels of risk going forward?
A: “Diversification” as the keyword means you want to distribute assets or anything as much as possible (at least on anything positive over your core measurements). This is what our index intends to do but also helps directly with liquidity when you have multiple mediums rather than a single.. and in a fluctuating market, you also don’t have a single point of failure either.
AMA final recap thoughts from Ali:
I personally like the idea of people being able to directly buy via our Wallet for something small and easy like $10/wk and our mission is consistency and stability. Being backed by actual assets makes us a Stablecoin. However, if we can continue to achieve overall consistency and stability, I believe others would see us as a Stablecoin in the traditional sense that people think of when on an exchange to exit pairs and hold when not wanting to trade something else. Something that would be better than BTC or USDT as a stable “go-to”
We just recently had a long-time user that came back to our Telegram after a few months and almost forgot about his UNITY. When he saw the BTC value increase he was happy… it’s like a much better version of finding coins in your couch you weren’t expecting — only that this is actively and automatically diversified and deflationary…rather than coins of some inflationary fiat currency.
We are excited for the future, and would love to see each of you join our commUnity!
Telegram group: t.me/theunitycoin
Facebook: facebook.com/theunityplatform
Twitter: UnityCoin
Rostik Rusev
Co-Founder of UNITY
#JointhecommUnity
Published at Fri, 20 Dec 2019 06:37:09 +0000
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