Newcomer to the market, U.CASH, seemed to make a good first impression over the past few day, after an explosive bull run injected some much needed life back into the market.
After weeks of uncertainty plaguing the market and and a slower recovery than we all would’ve liked, many heads were turned as U.CASH appeared in the top 25 on Coinmarketcap, making its first 1100% rise from $0.01 to $0.12. This sudden spike of activity no doubt acted like a lure to other investors who piled onto the website to find out more, causing a host of network issues for those looking to participate in the project’s Initial Bounty Offering programme.
A second peak saw the price surge an additional 83% to $0.22, followed by a sharp sell off that reset the price action.
U.CASH has now begun to lose momentum falling 33% from yesterday despite the coin showing signs of climbing to its earlier established all-time high.
24hr trading volume yesterday peaked at $4,637,750, over double what it was the day before but now its’ slumped to under $1,500,000.
For now U.CASH tokens are only available through it’s IBO or BTC-Alpha exchange.
What does U.CASH do?
U.CASH is a P2P digital asset conversion platform that uses designated retailers as ‘converters’ to trade digital assets for local fiat currencies and vice versa, with the aim of removing central authority from the traditional Banking system. The whitepaper details that these retailers can be anything from “bricks and mortar businesses to individual mobile converters providing in-person loading and unloading capabilities”.
The project intends to create a global network that allows anyone with an internet connection to connect to their nearest retail service converter and trade local fiat currencies for digital assets like Bitcoin and Ethereum, while also providing blockchain and traditional banking services. The project hopes to create an entry point into the developed financial market for residents of less developed countries who otherwise maybe too remote or lack the opportunity to access these types of services normally. These financial services will include everything from instant global transactions, loan applications and safe crypto storage services.
What’s an IBO?
An IBO stands for Initial Bounty Offering and is a unique concept to U.CASH. As opposed to the more widely adopted ICO method of wholesaling tokens in exchange for fiat or accepted crypto payments, an IBO distributes the platform’s tokens as rewards, or ‘bounties’, to individuals for making various contributions to the project. These contributions include tokens for signing up to the platform, programming features for the website or helping market the platform via social media.
This new distribution method could pave a whole new way for crypto startups to fast track their early development stages by crowdsourcing their communities talents in exchange for tokens. This mutually beneficial system incentivises proactivity and creates competition in the community to produce the best features possible for the platform.
Perhaps we will see this already fast growing community flourish in 2018 and take U.CASH to even bigger highs that what we’ve already seen. With serial entrepreneur Ageesen Sri, former Founder of Bitcoin XYZ and Locksbit at the helm, this project is certainly in some of the best hands to do so.