U.CASH, which is short for “Universal Cash,” is a peer-to-peer financial platform and digital asset conversion network. The U.CASH team believes traditional banking is becoming obsolete and that old business models are going to be replaced with peer-to-peer sharing economies that empower end users.
Since banks have failed to adequately service low-income, low-earning markets and provide truly global financial services, U.CASH wants to create a universal cash platform where you can send and receive money, request payments, withdraw funds, take out loans, pay bills, make investments, buy/sell goods and services, exchange cryptocurrencies and more via the U.CASH smartphone app.
The platform has all the necessary modules for fulfilling banking needs, such as bank-grade security infrastructure, mobile and online applications, and distributed smart contracts. Additionally, U.CASH has a retail network of converters that enables users to instantly convert fiat to digital currencies and vice versa, right from their wallet.
U.CASH also features a native token (abbreviated UCASH without the period) that is used to facilitate transactions within the network. The tokens fuel the network and are required to pay for financial services.
How U.CASH Works
U.CASH is powered by a combination of different technologies. It combines the smart contract functionality of Ethereum, the security of Bitcoin, and the anonymizing features of Monero and Zcash. They believe that this will provide a new ecosystem for distributed financial services.
The U.CASH team tested the platform’s capabilities on a Bitcoin fork and experimented with other blockchains like Ethereum before deciding to build their own custom blockchain platform that utilized all available technologies to fulfill its market requirements.
To comply with anti-money laundering (AML) and know-your-customer (KYC) protocols around the world, U.CASH will implement a “tax” on transactions originating from non-verified or low-verified accounts. Users who provide a digital copy of their ID and verify their identity will gain access additional services and get charged less transaction fees. The lower fees will be subsidized by the tax charged to anonymous/non-verified users of the network.
U.CASH Pricing, Market Cap and Volume
UCASH was launched in an “Initial Bounty Offering” (IBO). A majority of the tokens were offered to users via a bounty program in order to give everyone a fair chance to acquire tokens by contributing their skills and time. The IBO was meant to encourage equitable distribution and prevent “whales” with large holdings from locking out regular users. The U.CASH IBO ended on January 8, 2018.
There is now a finite supply of 21 billion UCASH tokens. According to CoinMarketCap, there are 1.8 billion UCASH tokens in circulation, but the U.CASH website claims 8.7 billion tokens are in distribution. The reason for this discrepancy is unclear.
UCASH’s market cap skyrocketed in February 2018 and almost reached ~$300 million USD, but it quickly plummeted and has been steadily going down ever since. By March 2018, its market cap hovered between $20 and $30 million USD, and one token was worth ~$0.01 USD.
U.CASH vs. Other Cryptocurrencies
U.CASH is more than just a decentralized exchange like Kyber, Blocknet or Komodo. It’s a global distributed financial services network that offers anyone with an internet connection an alternative to traditional financial services like banks and credit unions.
By using a network of asset converters, the platform can give users quick access to digital and fiat currencies. Users can also use the platform to bill payments, securely hold digital assets, and send remittances to even the most remote locations in the world. U.CASH’s use case is ambitious, but it’s a novel application of blockchain technology in the financial sector.
Buying and Storing UCASH
UCASH is traded on C2CX, YoBit, and BTC-Alpha. As an ERC20 token, it can be stored in any Ethereum wallet that supports the standard, including MyEtherWallet (MEW), Mist, Parity, and Jaxx.
Liquidity of UCASH
U.CASH has been plagued with scam allegations, and as a result, has very poor market liquidity. The few exchanges that carry UCASH tokens have an extremely low daily trade volume (less than ~$5,000). Curious investors should be wary.