The Purpose of the United Network Distribution (UND) Utility Token is two-fold
1 — To pay for gas for transactions and timestamping on the UND Mainnet.
2 — To accumulate in attempt to be one of the 96 MasterStakers to validate the UND network and collect block rewards.
As of now(June 2019), the UND Mainchain is still in Testnet mode, so obviously there is no reason to have UND for the sake of paying Network tax, however earlier this year we did issue a placeholder UND Token following the ERC-20 token standard. The purpose of this was to allow those that wanted to accumulate UND in anticipation of the upcoming Mainnet launch — with the plan being a full 1–1 token swap to the Native UND at the onset of Mainnet.
Leading up to this point, it became very apparent due to community requests that many wanted to be able to accumulate on the BEP-2 (Binance Chain) token standard.
Because of continual user requests and a favorable collaboration with the Binance team, we are very happy to announce an ongoing dual ERC-20/BEP-2 token standard for UND that will be in effect until full Mainnet swap.
Please keep in mind that dual standards for a single token is not anything new, with USDT for example being issued at SHA-256, ERC20- and even TRN-10 Standards. After the dual standards implementation, the total supply of UND is still fixed at 1,000,000,000 (however, as we have discussed previously the vast majority of the tokens will not be circulated before mainnet launch or anytime soon)
This is how it works if you are a current ERC-20 UND token holder:
1 — If you wish to keep using the ERC-20 UND, you can trade it at the exchanges supporting the ERC-20 format — this will be fully swappable 1–1 to the native UND at mainnet launch
2 — If you wish to swap UND into the BEP-2 format there will be a process where you can execute this swap at Binance.com where the ERC-20 UND will be burnt and transformed into BEP-2 UND — This will also be equally swappable at mainnet for the native UND
Keep in mind that there is no way to swap back from the BEP-2 version to the ERC-20 version — it would be a one-way swap with no increase in total supply and both equally being swappable to the mainnet.
This is an important step both for Binance and Unification as we jointly introduce the BEP-2 token standard which promises to allow faster processing and liquidity for those wishing to accumulate UND.
You can explore the newly minted BEP-2 UND at https://explorer.binance.org/asset/UND-EBC keeping in mind that while 1 Billion was minted, BEP-2 UND will only be introduced into circulation if the equivalent amount is burned on the ERC-20 side.
Currently there is a proposal submitted to allow trading of the BEP-2 UND on the Binance DEX located at https://www.binance.org/en/, if you support the project — please let your comments be known as we petition for listing.
Unification is a Public/Private Hybrid Blockchain designed for Enterprises and Governments
You can keep up to date with Unification by researching our Press and Resources Page at https://unification.com/resources or by following us on Twitter: