Today Universa Blockchain launched two ‘stable’ digital currencies, called uGold and uCHF, which will be physically backed by gold and Swiss Francs. The turnover of the two currencies is expected to exceed $100m in their first year of circulation, there are applicants already looking to begin using the currencies. A further digital currency backed by oil barrels is planned for 2019.
- Preliminary applications for uGold already exceed two tonnes of gold
- In 2019, Universa plans to launch a digital currency backed by oil to service the Gulf region
- The Universa blockchain also allows any company or financial institution to issue their own digital currency and counts with transaction speeds a thousand times faster and a hundred times cheaper than Bitcoin
The blockchain platform Universa has launched two digital currencies, uGold and uCHF, both physically backed with gold and Swiss francs deposited in vaults in Zurich and Liechtenstein’s Landesbank.
“Owners of Stable Coins such as uGold and uCHF can transfer their digital money around the world instantly at virtually no costs, while being protected from the volatility of digital currencies,” said Alexander Borodich, the Founder and CEO of Universa.
The transfer of uGold and uCHF will have a fixed transaction fee of $0.01, regardless of the amount transferred. At the moment, uGold’s volume of preliminary applications exceed two tonnes of gold. In its first year, the combined trading of uGold and uCHF is expected to exceed $100 million.
In 2019, Universa plans to create a further digital currency backed by oil, for which there is currently demand from various Gulf countries. Further new tools for mutual settlements and trade financing will also be offered to financial institutions.
“The ability to trade digital currencies backed by metal, as well as other tokenized commodities, create brand new opportunities in the realm of interstate commerce. With these, participants don’t need to store reserves of foreign currencies. Instead they can now hold reserves in the form of tokenized oil, gold or even nickel, for example,” added Borodich.
Beyond uGold and uCHF, any company or financial institution is able to issue its own secured digital currency based on Universa’s blockchain. Its international platform allows digital assets to be exchanged equally quickly and cheaply, while providing an extremely high level of security for the transaction and complete protection against counterfeiting.
“By transferring traditional economics to the digital realm, we can accelerate the implementation of supranational mutual settlement systems, making international trade processes not only more efficient, but less dependent on economic and political risks,” Borodich said.
At the moment, Universa’s main competitor in this area is the VAKT blockchain platform, which specialises in oil trading, including the transfer of paper documentation to smart contracts. VAKT was created by a consortium of BP, Shell, Gunvor Group, Equinor, Mercuria Energy Group and Koch Supply and Trading, as well as the banks ABN Amro and ING.
“The advantage of Universa lies in its reliability and independence. In addition, today we are the fastest blockchain in the world, capable of performing up to 25,000 operations per second,” noted Borodich.
Universa is a blockchain platform providing the technology and interface for creating smart contracts and applications based on the Universa blockchain. Unlike Bitcoin or Ethereum, Universa does not rely on mining, which makes it much faster, cheaper and scalable. An important focus for Universa is to facilitate the application of its technology to provide a range of solutions for the real economy. Universa is led by Founder and CEO Alexander Borodich, a serial entrepreneur and well-known angel investor.