In cryptocurrency, we hear a lot about “banking the unbanked” and how new digital currencies can provide opportunities for individuals who may find it hard to open a bank account. Whether lacking necessary documentation or minimum funds, it is not as easy as one may think to open a bank account. In this climate, a project called U.CASH aims to do the opposite (or so their motto claims), to “unbank the banked.”
What is U.CASH?
U.CASH began as a project called “SecuraCoin,” and their aim is to build a global network of cash to digital conversation locations in tandem with their technology. The team claims that the network will natively support all fiats and many digital currencies, that it will be compatible with any assets (such as art, bullion representatives, files, and more), and work with any blockchain. All of this amounts to a rather ambiguous and ambitious “anything is possible with U.CASH.”
Their list of short-term and long-term goals is also widespread. They list currency conversion, digital wallet services, financial services, converter networks, worldwide usage, global exchange, distributed vaults, Peer to Peer transactions, easy use, easy access to digital currencies, proof-of-existence services, and monetary freedom.
The hope is to “unbank” the world by allowing anyone with internet access participate in the global economy via cash and digital assets. The system is based on “converters.” There are three kinds of converters, retail, mobile, and online. The retail converters are money as service businesses. These provide secure locations to exchange between cash and digital assets. The mobile converters meet with others to do in-person conversions between cash and digital assets. Online converters provide remote, non-personal conversion between cash and digital assets.
Rather than the typical ICO we’ve seen become so popular, U.CASH chose to do a IBO, or “initial bounty offering.” In an IBO, the majority of access to tokens is determined by contribution of time and expertise. Rather than crowdsourcing funds, they crowdsource resources and skills for the project itself. It is an interesting idea. The IBO has completed and the U.CASH team distributed 8,634,014,796.17 UCASH.
This coin exploded recently taking a top 25 slot on coinmarketcap. It sits at #22 at the time of writing.
Whether or not it will be able to hold this position against other digital market favorites and new cryptocurrencies remains to be seen.
U.CASH’s performance is part of an overall trend we are seeing where cryptocurrencies have meteoric rises even in the face of less than favorable market conditions.