The Unibright Token Model (UBT) — Update 2020
In 2019, we presented a detailed description of our token model, in addition to the one we released in June 2018. With our recent leading engagement in the Baseline Protocol Initiative, the confirmation of UBT to be listed on Coinbase Custody and the incorporation of the Unibright Framework into Provide , our token evolves into being the “Universal Business Token.”
This blog posts summarizes the utilities of UBT and the token model from the perspective of token holders, users, Unibright and Provide.
What is UBT?
- UBT token is a voucher to use Unibright’s products and services.
- Without UBT you cannot use Unibright’s products and services.
- Everyone who wants to use the products and services has to buy UBT from those who own it. Those who own UBT can use it for using Unibright’s products or services themselves or sell it to those who want to use it.
- 🔥NEW: UBT is an integration gas, used by Provide Payments, to facilitate enterprise procurement of public blockchain services.
How is UBT used as a voucher?
- Depending on the use-case template and the estimated monthly integration costs (e.g. connections from SAP to a smart contract in Ethereum), the needed amount of UBT for 30 days is calculated.
- The client has to bring in this amount of UBT into the platform, by sending the UBT amount to a wallet owned by Unibright.
- Unibright stores these tokens with a professional Custodian solution.
- Unibright initially fills up a transaction balance for this client in the Unibright system. This transaction balance determines how many “transactions” (= smart contract interactions, contract generation, off-chain connections, …) the user can perform and is updated periodically during the usage.
- After each billing period (30 days), the client is allowed to refill his transaction counter by paying 0,14 USD per initially brought in token. The payment can be done in Fiat or other options.
- 🔥NEW: Provide Payments exposes a Managed Transactions API which calculates the amount of UBT needed to cover the underlying blockchain transaction costs (i.e., gas) at runtime, based on the current exchange rate of UBT against the native cryptocurrency of the target network (i.e. ETH). A hot wallet managed by a professional custodian service is used to fund transactions which are broadcast by Provide on behalf of customers using the API. Customers are billed in arrears on the first of each month for their usage during the previous month.
How does the client get the UBT he initially needs?
- He buys them on an exchange — or — he already owns them because he bought them earlier.
- 🔥NEW: UBT can be purchased from Provide Payments, acting as a “service broker” (buying UBT from open market and building reserves if needed).
What happens to UBT deposited with the platform?
- All (100%) of the UBT is deposited in wallets under the management of a professional custody service.
- Half (50%) of the UBT is earmarked to provide liquidity to the integration gas service.
- Half (50%) of the UBT is locked at least for the duration of the license or services engagement and can be used to serve new customers with missing UBT as the circulating supply decreases: The amount of UBT on the open market decreases until all tokens are locked in the platform. In the event a customer is unable to purchase UBT due to none being available on the open market, the client is allowed to buy a portion of the needed UBT through Provide payments. This portion is capped by the ratio of currently locked tokens and the total supply. (For example, if 10% of tokens are locked in the platform, the next client is allowed to buy 10% of his needed UBT directly through Provide Payments). No client is left out.
Unibright — Enterprise Blockchain Solutions from Germany
Unibright is a team of blockchain specialists, architects, developers and consultants with 20+ years of experience in business processes and integration. We offer Consulting, Low-Code-Integration Tools, programmable DeFi and the Universal Business Token.
Unibright’s founders Marten Jung and Stefan Schmidt look back on 20+ years of experience in software development, process integration and technology consulting. Unibright are first movers in supporting business processes with blockchain technology, enabling new and improving existing processes in efficiency, transparency and security.
Unibright’s team and network offers the best architects, blockchain developers and integration specialists to build any blockchain application. Unibright is well-positioned by partnerships with the industry’s top companies and resources.