Back in the day when Bitcoin was first invented, it was intended to go global and become the cryptocurrency of the entire world. Right now, twelve and a half years later, some would say that the mission has been accomplished, partially. Bitcoin is indeed being used around the globe by people from all walks of life. However, mass adoption has not yet happened. Mass adoption would imply that Bitcoin is being used by everyone, that it can be used to pay in every store, restaurant, that you can use it to pay for education, bills, rents, that you can buy a car with it, or a home, and more.
Obviously, this is not the case. Even now, in mid-2021, most of these things can still only be done with traditional currencies. There are several reasons for that. For example, while the whole world now knows of Bitcoin, most people still don’t own any of it. Some are simply not interested. Others think that it is too complicated, too foreign in comparison to fiat money. Some simply don’t trust it, still thinking it a scam.
And, of course, there are also reasons such as the lack of regulations, Bitcoin’s own issues, such as lack of the ability to scale, slow transaction processing, high fees, and more. This leaves the world in a strange position. There is certainly the will to use crypto, and even the governments and banks are thinking about it. Only recently, El Salvador’s president said that he would propose a bill to make crypto a legal tender. Even Iran said that it would be open to legalizing crypto.
But, is Bitcoin really the way to go? Many do not think that it is. Over the years, a lot of people have discovered that BTC has the potential to be a good store of value, but not that great a cryptocurrency. This is likely the path BTC will travel in years to come, but that leaves a gap that it was supposed to fill. What will be the coin that will serve as the everyday currency?
Sure, there are coins like Litecoin or Stellar that can be considered. However, recently, new crypto was created with this specific goal in mind. It is called Ucoin, and here is what we know about it so far.
What is UCoin?
UCoin is a cryptocurrency created by Universal Coin International Inc. It is an ERC-20 utility token, created to operate in an ecosystem of business applications, and have a global circulation. Essentially, it is a cryptocurrency created to be used for basic daily real-life transaction needs.
It tackles the problem of slow but expensive transactions by using blockchain and ensuring low fees. It plans to partner with merchants and ensure their acceptance of it for everyday transactions. As a blockchain-based platform, it is borderless, which makes it easy to send to anywhere in the world, instantly.
Speaking of speed of transactions, it is worth noting that waiting periods for having your transaction processed is only 15 seconds to three minutes long. Compare this to Bitcoin, which has a waiting period of anywhere from 10 minutes to 1 week, and the improvement is more than obvious.
To increase the ease of use and make coins available and useful in everyday life, it is integrating with Visa, and the move is currently seeing a great amount of effort from the project, which wishes to speed it up as much as possible. Visa is being integrated into the UCoin business ecosystem, with prepaid and debit cards that will allow users to pay everyday life transactions with their cryptocurrencies, and no longer depend only on the coins they have sold for fiat.
It will also offer a digital banking platform with full banking services, cards, the ability to transact money, and more. Transactions are, of course, unlimited, the project is highly secure, it requires KYC and AML compliance, and it can be traded on crypto exchanges. The project is also very transparent, and auditable, as opposed to Bitcoin. Naturally, it also has its UCoin Business Ecosystem, where Bitcoin has nothing of the sort, and its block processing time is only 15 seconds, as opposed to BTC’s 10 minutes. Add the fact that UCoin also has access to Ethereum’s dApps and smart contracts, and it is clearly a better solution for everyday use, as well as its use in the crypto sector.
The token’s technology was already developed, and even the token itself was created on Ethereum’s network. It had its name and logo trademark registered, and it became a member of the Enterprise Ethereum Alliance (EEA). Most importantly, it was designed to be a globally compliant utility token.
Of course, nobody knows the future, and claiming that this will be the coin of the future would be nothing more than guessing and wishful thinking. However, the coin was designed with this goal in mind, and it will be interesting to see how its mission will progress in months and years to come.