Advances in the blockchain technology have given rise to numerous decentralized, distributed systems. In the race to unveil the manifold benefits of the technology, a significant contribution has been discovered, to eliminate mediators in systems whose functioning is based on trust. For instance, transacting in money requires the mediation of an authorized third party which results in costs of transactions. Currently, the SME community pays about 10-13% cash per transaction. The barter model in today’s world majorly depends upon banks, organizations, and governments. However, considering the recurring global economic crisis and the growing need for decentralized systems, it has become essential to look out for alternatives for the economic system to survive without mediators.
Ube Ltd. is addressing these problems, by offering a blockchain solution to bring about a complete disruption in the traditional barter market. It has built a platform for e-commerce and entertainment sectors to function without the involvement of third parties. Thereby, giving power back to businesses and consumers to transact in a secure and transparent environment. Ubecoin, the native token of the platform, is based on Ethereum technology and utilized for transactions between businesses, consumers and speculators. To enable ease of access to its users, Ubecoin can be used with various third-party mobile wallets that are available on Google play store and IOS app store. The coin can be used within the ecosystem through the Free Trade Barter (FTB) platform and Online Entertainment.
Free Trade Barter
Ube Ltd has designed a Free Trade Barter platform which is a subscription-based platform, facilitating merchants to trade without any transaction costs, using Ubecoin as a medium of exchange. The platform empowers merchants as it provides them the ownership and control over Ubecoin and trading respectively. Based on blockchain technology, merchants are assured transparent and secure transactions with reduced infrastructure costs.
An increasing number of merchants on the FTB network will lead to increased liquidity of the Ubecoin market and diversity of goods and services offered.
Ubecoin will also be stepping in the online entertainment market to provide gamers a platform to spend their winnings with faster and cheaper processing speed. Unlike traditional fiat gaming platforms, players do not have to wait for their bank wire to pay for the games or cash-out when they stop playing. On one end of the spectrum, linking the online gaming sector with Ubecoin’s ecosystem will enable gamers to spend their winnings via FTB. On the other end, the merchants on FTB platform will gain access to the wide range of consumers in the entertainment sector. Ubecoin will operate in the entertainment industry with the support of its industry partners without entering the regulated market itself.
With partners such as RapidID, Probability Gaming (India), RISKU Pty Ltd., Revinfotech and AdDrivers on board, Ubecoin endeavors to provide a user-friendly global trading platform. A blockchain solution addressing the inherent flaws of the traditional barter model has long been awaited. The novel economic system provided by Ube Ltd. is deemed to benefit the industry as a whole.