UChain is the first public infrastructure blockchain specifically designed for the global sharing economy. Along with other sharing economy enterprises, UChain aims to build its underlying blockchain network to solve the current problems of trust and data abuse. Exercising APIs and SDKs provided by UChain, all sharing economy enterprises are able to issue their own token and build their application on top of the UChain network, together making UChain a better global autonomous sharing economy ecosystem.
UChain aims to be the next evolution of the peer-to-peer sharing economy. Uber, Airbnb and UBike are well-known examples of business operating in this “sharing economy”. This economy can be best described as “Idle resources + platform + public participation = The sharing economy”. UChain will launch a platform that enables these brands to take advantage of the benefits of blockchain technologies. Together, UChain and sharing economy businesses will create a better global autonomous sharing economy ecosystem.
What makes this project exciting, is it’s already a well established real-world business that is looking to grow and expand through the benefits offered by a public ledger. UB Holdings, better known as U-Bicycle, are the team behind the ICO. While bike sharing in Australia has had mixed results, it is huge overseas and a common sight in North Asia and parts of Europe. U-Bicycle already has 30 million registered users and is expanding quickly.
The UCN tokens will be used for supply chain vouchers, value-added services, user incentives, community reward, ad delivery and fees. In addition to this, UChain has created an innovative staking mechanism to reward people who hold UCN in their private wallets.
The core team members are all established in their fields of expertise. Cofounders Ian Yu and Grace Min both lead U-Bicycle in the Asia and North America regions. Both have rapidly climbed the corporate ladder, with Ian involved in founding a Chinese e-commerce website (servicing more than 320m buyers annually).
The remainder of the team has a lot of technical experience including ex-directors, researchers and developers. I’m happy to see they have a dedicated Marketing Officer, Mandy Chan. Mandy has a background working with mega enterprises such as Glaxo Smith Kline and Microsoft. While many projects have a great product, it is critical that they are marketed appropriately to ensure new brands and investors are continually attracted to it.
Investor list looks great, with the CEOs of APEX Network and Red Pulse providing guidance and direction. Big name funds are also on board. Ledger Capital, Badwater Capital, ConsenSys and Origin-X Capital are backing the team from an early stage.
The UCN team have already announced a cooperation with their full suite of existing businesses including U-Bicycle, Campus Bike (China), Local King (Taiwan) as well as U-Car and U-Park.
UChain has the benefit of operating as an existing company with years of experience and surpassing the usual ‘growing pains’. They have been considering the benefits of blockchain since early 2017 as is reflected in their short roadmap:
As you can see, with a mainnet launch next quarter, things are moving quite quickly for UChain. They show confidence in their platform by migrating their existing business to the blockchain in the following quarter.
Announced earlier this week, the hardcap has been reduced to 35,000 ETH or approximately $14m USD. This is a smart move by the team to account for market conditions. It also offers outstanding value for a platform and DApp project - especially one with an existing product already!
Cancelling the crowdsale not only reduce the hardcap, but it also puts the tokens in the hands of the people who have early faith in the project. Private and Presale participants tend to be more committed to the project. Committed backers are less likely to dump their tokens at the initial exchange listing.
UChain has come out strongly, engaging with the Gøblin staff to run a successful (and smooth!) bounty program. The results are fairly clear with:
UChain is not the first to market to use Blockchain technology for a sharing economy. One I have looked at recently was the BEE Platform Token. UChain has the advantage over BEE with their existing business, targeting emerging markets, and their plans to grow beyond the initial DApp. While BEE may have been a square peg trying to fit into a very competitive round hole, I believe UCN have a much greater chance of success given all of these factors.
UChain is looking for new ways to solve the sharing economy problem. They are a leader in this market segment, they understand the problems and are looking to benefit themselves and others with a strong platform.
The team is positioned to do well even in the current market conditions. They are both experienced in running a sharing economy business and have great advisors and investors onboard. By reducing the hard cap and limiting the ICO to the early believers in the project could keep the project in strong hands.
The author has no affiliation with the above token or with the promotion/marketing thereof.
He does not hold any tokens, but will be investing into the standard public pre-distribution phase.
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