"Ask Me Anything" session from Ubcoin CEO and COO: best questions and answers
On April, 29 the two chief members of the Ubcoin Team — Felix (CEO) and Stan (COO) — participated in the AMA (Ask Me Anything) session for investors of Action Chris investor pool (https://t.me/Action_Pool). We present here the most interesting questions and answers from the session, shedding more light on the Ubcoin MVP and projected marketing steps and features of the platform.
Ubcoin ICO Stage 2 in ongoing with discounts 20–44% (depending on the investment amount). We reserve the right to organise special offers and/or AMA sessions for investor pools — please contact us on email@example.com if interested.
Is there a lock on the tokens? If yes, for how long?
Yes there’s a lock for investors, but no different from other projects — we keep Token locked until ICO finishes. The team has much longer locks.
Does UBCoin have an MVP for the MarketPlace ? If YES, any chance we could see it? (Website, Screenshots)
We have payments processing systems ready and working with UBank platform. It’s certified by Visa and Mastercard’s PCI DSS certificate. That means that our system can work with super sensitive data like user bank cards and any other personal information.
We are now in the process of building Ubcoin Marketplace above the Ubank processing. We are planning to show first demo investment/marketplace in the beginning of June, starting from that time — all our investors will have online access to their personal space on our website and see every step we make when developing the system. So answering your questions — yes we have even more than MVP, and we’ll show it very soon :)
HUAWEI is getting bigger & bigger on the Mobile Phone Market, how big is the chance of getting „Pre Installed Apps“ of Ubank on the devices of HUAWEI as well, because SAMSUNG you already have this kind of partnership? (Awesome by the way)
There is some info from the press releases published in various media: “Huawei, the global developer of ICT solutions, will now be releasing smartphones with the pre-installed mobile application uBank. All Huawei smartphones, including Ascend and Honor of the latest modifications, will be equipped with a payment service, CNews told uBank. Owners of Huawei smartphones with pre-installed uBank will be able to pay for goods, mobile communications, internet, television, housing and utilities and other services from both the internal account of the application and the attached bank card. With the help of the service, users can ask for a loan from a friend or transfer money, as well as repay a loan. Payment for many services in the application is made without commission”.
According to uBank, Huawei is the third mobile device manufacturer, with which uBank cooperates after Samsung and Fly.
What is your Marketing Strategy going to be, to get these predestined Users on UBMarket & to get them to use UBCoin?
Ubank surveyed its current users to measure interest in Ubcoin potential product:
• 84% indicated their level of interest in cryptocurrencies was “high” or “above average”;
• 79% expressed interest in Ubcoin service;
• 6% indicated they currently already own one or more types of cryptocurrencies;
• Among current cryptocurrency owners, only 2% indicated that they experience no complications when converting crypto to fiat for further spending on goods or services
it’s important to mention that pre-installation agreements with phone development companies like Samsung, Fly, Huawei and others that we are going to work with in future — are already a big part of our marketing activities. It’s also super important to underline compared to other companies in blockchain field — we have a simple product for the end user, so i’ll be also easy to deliver our message to users both who understand blockchain or are just becoming interesting in crypto.
What are your personal feelings how well UBCoin could do on the Crypto Market becoming the EBAY OF CRYPTO?
Well, Ubcoin has a huge headstart overy any competitor in this sphere with its 16m+ app downloads and strong strategic partners like Samsung and others. While Ebays of the world cannot afford to get into cryptogame due to their overcautious compliance departments and huge shareholder liability, we can. We will lead this market niche. Which means that a reasonable investor can compare existing marketplaces valuation (e.g. market cap per user, or other metrics) with our forecast and see that the value of the company is going to be in the hundreds of millions.
So when customers want to buy or sell in UBmarket how will they go about it? can they use fiat or do they need tokens UB coins or what ?
Super easy. We are giving a ebay type platform to people who wants to get into or out of crypto. Just the same way — you have an old Ipad, you take a picture of it and publish it all inside Ubcoin app. You set the price in your currency let’s say you set 200$ — we take the average market price if UBC and show the recommended amount in UBC you need to set when publishing the add let’s say it’s 200 UBC 🙂 Then on the other side there’s a buyer — who want’ to buy your iPad, as he has crypto and wants to directly get an iPad, he doesn’t want to get in fiat first. There’s a messaging functionality in out app, buyer will be able to write to seller. Then if buyer confirms — the money is blocked in his account until the deal is done.
So what happens if the buyer is unfamiliar with crypto but would be willing to buy with Fiat?
We need to separate type of users, there are two:
1. I’m not familiar with crypto, and I want to become a crypto holder. Most likely — bitcoin of Etherium holder. That’s why I use UBcoin market. I just use anything old like iPad — “ instead “ of fiat money. We do not use fiat. Then after I sell my iPad, I get UBC tokens, and then I can change them to any other currencies in seconds.
2. Second type of users, Let’s say Steve, he already holds crypto. He will also definitely not want to use fiat money. He just takes his bitcoins, change them to UBC and buy anything that he would buy if he had fiat money. But he’s not taking risk of exchanging bitcoin to fiat.
How does smart contract kicks in. For instance, buyer receive the product but not willing to pay. How seller is protected?
Smart contract requires both parties to sign off on settlement of the transaction. The platform holds buyer’s funds in escrow while goods are in transit. Once received, if the goods are not of described quality or condition, the buyer’s funds are not released to the seller. If parties fail to settle amicably on their own, then the platform provides a two-tier dispute arbitration service.
First tier of arbitration consists of two selected Ubcoin users with high enough rating and relevant to the geography, product, type of sale that is in dispute. If the dispute parties are not satisfied with the user arbitration, it goes to the second-tier — a Ubcoin arbiter who is a support staff member of Ubcoin. Funds/goods are released to the party found wronged by non-performance of the other party. Guilty party’s rating on the platform is decreased. Repeat offenders are suspended for a limited time. Worst offenders are banned from the platform. User of the platform are motivated to act as arbiters by a small fee reward and increased profile/user rating for quality arbitration. High user ratings qualify the user for preferential platform fee schedule and access to more premium features of the marketplace.
Ebay is notorious in charging fees to sellers, what’s the fee structure?
We employ a freemium model… sellers get two postings per month for free. additional posting will start from 1%. premium features, like priority review, top posting, targeting, etc will have a special commission fees, but definitely not as high as any of the existing marketplaces. And sellers don’t pay visa/mc/paypal fees, so that’s also big savings for them.
This is a global market place platform, how do you work with shipping carrier? It will be very expensive to ship item from Korea to US or some other county. Is ubcoin only allowed in local transaction?
Cross-border is definitely a big option. Over 25% of transactions in marketplaces these days occur between different countries. Users will see shipping options available in the marketplace. If Alibaba and Amazon taught us anything is that cross-border shipping doesn’t mean expensive. May take a bit longer and not all goods can be shipped, but overall it’s a healthy mix of local and cross-border trade. Besides, you know that there are great price disparities between different countries for same types of goods, even with shipping it is often cheaper to buy some things in Korea or China and have them sent to Germany or the U.S.
The entire transaction is settled in UBC, but if shipping is involved, the seller will the charge pay his local shipping company directly in fiat, but the price he receives for the goods is in UBC and covers estimated shipping. Our roadmap sees an open API to be released in 2019 that shipping companies can use if they want to start accepting pmt in UBC and integrate seamlessly with Ubcoin Marketplace.
Ubcoin ICO Stage 2 in ongoing with discounts 20–44% (depending on the investment amount). We keep the right to organise special offers and/or AMA sessions for investor pool — please contact us on firstname.lastname@example.org if interested.