Proposal to Whitelist Unibright (UBT) with a 200K BNT Co-Investment Limit

Contract address: 0x8400d94a5cb0fa0d041a3788e395285d61c9ee5e

Project Websites: https://Unibright.io https://Provide.services https://Baseledger.net

TL;DR

Activate single-sided exposure and IL protection for UBT 200,000 BNT co-investment limit Full proposal on gov.bancor.network

Tokenomics

Unibright’s native token, UBT (ERC20), tokenomics can be split into two parts: UBT is required to participate in the Baseledger network, and UBT is required to access both Unibright’s and Provide’s services.

Unibright launched as in “input” utility token – UBT can be used to pay for various services provided on the platform, for example discounted blockchain consultancy workshops. Additionally, tokens can be locked for usage within the Unibright framework to cover transaction costs. In 2020, Provide also adopted the UBT token as a payment token, and introduced “Provide Payments”[40]. Provide Payments introduced “Universal Blockchain Token”[41] into the crypto vernacular, reflecting a way for UBT to be used as the base currency for all transaction costs an enterprise blockchain solution may incur. For example, Ethereum and Chainlink may be required to run their solution. The client purchases an amount of UBT each month with Fiat through Provide, which is then used to cover their costs in various other tokens. Hence the client only needs to hold/use UBT, and everything else happens behind the scenes.

With the release of Baseledger, the tokenomics loop is now complete, as UBT acts as both an “Input” and “Output” token. Previously the token model required holders to either use their UBT or hold it. Baseledger now allows all token holders to participate in the Baseledger Network – either as node operators or proxy stakers. Clients that use Baseledger will pay a flat fee per transaction in fiat, which is then converted into UBT on the open markets, and distributed to node operators and proxy stakers through a proof of stake consensus mechanism, as a reward for securing the network. This staking mechanism does not involve the creation of new tokens or inflation.

It is worth noting that the Unibright team does not hold any tokens, nor do they rely on the selling of tokens to remain in operation. Of the 150M tokens created, the team initially held 9m. These tokens have now all been distributed and it can be considered that the token supply is now completely distributed. At present, there are approximately 20,000 UBT wallets listed on Etherscan; the biggest individual wallet holds 1.13% of the supply for example.

UBT is a utility token, and the team works closely with lawyers and regulators to ensure compliance with everything currently being done, or planned for the future. Their ICO was among the first in Germany, which is highly regulated by BaFin, and Unibright also completed a REG D[42] form for the SEC regarding the ICO. UBT has been listed on both IDEX for US users[43] and Coinbase Custody, which gives a strong indication that UBT is compliant with all relevant Regulations.

Community and Communication

Unibright communication and its community are present on Telegram, Twitter, Reddit and Medium - all links can be found on Coingecko[44]. Team members of both Provide and Unibright regularly feature on “The Baseline” Youtube show, as well as TSC meetings. The team also speaks at events and takes part in interviews and AMA’s for the community. Good examples of this would be the recent AMA [45] held with Patrick Lowry, CEO of Cryptology AG, and Rachel Wolfson of Cointelegraph, and then also the two part interview with Hashoshi[46] and Cryptofiend[47].

Engagement by the community on twitter is often highlighted as a strength, and all social platforms have seen considerable growth over the last 12-18 months. Community members also have a very active “unofficial” telegram, a community information website, Unitrooper.com, and also a blog that keeps a record of all the most important things said by the team on telegram.

Available Audits

The Unibright token is listed on various exchanges, such as IDEX US, Bittrex Global and Coinbase Custody, all of which have high standards and checking of smart contracts that involve the token. It would therefore be reasonable to assume that these exchanges checked before supporting the UBT token.

Market and Trading Data

Unibright’s price at the time of writing is $1.19. It’s all-time high was $1.64 (19th Feb 2021), and its all-time low was $0.0079 (25th November, 2019). There are 150,000,000 tokens in circulation, of 150,000,000 maximum supply. The current market capitalization is $178,500,000. The UBT token is available on several major exchanges and a number of leading DEXs. In order of liquidity, the top exchanges that have listed UBT are: Uniswap, Bittrex, Quickswap, IDEX US, Kyberswap, and Hotbit. The 24-hour spot volumes range from $922,391 (Uniswap) to $203,462 (Bittrex) and $90,816 (Quickswap).