Ubcoin Basic Review

Project Details

Name: UBCOIN MARKET

Ticker symbol: UBC

Project type: Platform

Extended company description: Ubcoin is a marketplace for buying and selling real goods and services using cryptocurrency.

Company: N/A

Website

Whitepaper

ICO Details

Public ICO start: 02.04.2018

Public ICO end: 31.05.2018

Token sale duration (weeks): Fri Jun 08 2018 00:00:00 GMT+0300 (EAT)

Token type: ERC20

Token emission: 4,000,000,000

Tokens available for sale (Pre-Sale + Public ICO): 2,000,000,000

Investment goal:

Price of 1 UBC:

  • Stage 1: 0.0000892857 ETH
  • Stage 2: 0.0001077586 ETH
  • Stage 3: 0.0001250000 ETH

Accepted currency: ETH

Bounty program: Active until the end of the ICO

Token role: Functional

Team

Team (number of people): 50+

Advisors and partners (number of people): 4

GitHub

Project Information

Ubcoin is a marketplace for buying and selling real goods and services using cryptocurrency.

The Ubcoin Marketplace is an extension of the mobile application Ubank. Ubank (an application that enables users to manage their finances 24/7) has been installed by 16 million users.

The project has also concluded partnerships with Samsung and Fly, as a result of which Ubcoin Marketplace and Ubank are pre-installed applications on smartphones produced by partner companies in the following countries:

  • Russia
  • Armenia
  • Azerbaijan
  • Belarus
  • Kazakhstan
  • Kyrgyzstan
  • Moldova
  • Tajikistan
  • Uzbekistan
  • Turkmenistan
  • Ukraine

The platform will provide the following services:

  • Selling and buying goods
  • An intelligent search system
  • A rating system for sellers and buyers
  • Product overview

Advisors:

Maxim Filin (LinkedIn) - Product specialist at Motorola Mobility, previously product manager at Meridian Group (FLY), senior testing engineer at Huawei Technologies.

Yama Bassam (LinkedIn) - Member of the board of directors of Freedom Learners, previously member of the True Colors Investing team, investment partner at Morgan Stanley.

Pavlov Evgeniy (LinkedIn) - Manager of business development and sales of VR at HTC, previously senior product manager of the Meridian Group.

Oleg Bud (N/A) - Portfolio manager at Samsung.

 

Partners:

Samsung - the company has been installing this project’s applications on its smartphones for more than 3 years.

Fly - the company has been installing the project’s applications on its smartphones for more than 3 years.

Runa Capital - An international venture fund investing in start-ups in their early stages. 

 

Attracted investments:

- 2013 – Runa Capital – $8 million. [https://thenextweb.com/insider/2013/02/25/russian-mobile-payment-startup-ubank-raises-8-million-from-runa-capital-to-spur-global-growth/]

Summary

The project is based on a marketplace enabling users to buy and sell goods using cryptocurrency. The team is represented by former employees of well-known telecommunications brands.

Strengths of the project:

  • Experienced team and profile advisors.
  • Strategically important partnerships have already been forged.
  • A dynamically developing target market.
  • The project team is focused on Ubank's existing audience of 16 million installations and 2.5 million active users (MAU).
  • The Runa Capital investment fund is one of the project partners.

Weaknesses of the project:

  • Strong competition in the market.
  • MVP will not be available until autumn 2018.

Market and Industry

Revenue for the e-commerce market will be $1,713,971m in 2018. It is expected that revenue will show annual growth rates (CAGR 2018-2022) of 9.6%, resulting in a market volume of $2,472,788m by 2022.

The Research and Markets agency forecasts market growth at the level of 19.42% per year.

Consequently, we may expect that the market will grow by 14-15% per year on average.  [https://www.statista.com/outlook/243/100/ecommerce/worldwide#], [https://www.businesswire.com/news/home/20161010005517/en/Global-E-Commerce-Market-Growth-CAGR-19.42-2016-2020]

The project team’s data show that the number of cryptocurrency holders will increase from 22 million up to 200 million by 2020.

Regarding e-commerce, consumers made online purchases totalling $2.44 trillion in 2016. The number of buyers of online goods is forecast to grow to 2 billion by 2020.

Comments: The market demonstrates high growth rates, which will help the project to occupy a niche. In the white paper, the project has presented a detailed analysis of the market and its potential audience. This suggests that Ubcoin is well-focused on its market.

Competitors

In the course of our review we have identified the following competitors:

Eligma - a platform built on the basis of blockchain and AI, linking the existing e-commerce markets and a second-hand marketplace.

Open Bazaar - an online marketplace for p2p trading.

Trade Finex – a blockchain marketplace for trading and financial operations.

Summary: A key feature of the project is its strategically important partnerships with Samsung and Fly, which will make it possible to attract a wide audience in a short time.

The project is focused on the 16 million users of Ubank (2.5 million active users per month), which will have Ubcoin available immediately after updating their Ubank application.

Engineering Features of the Platform

The marketplace is built on the basis of blockchain with the use of smart contracts.

Smart contracts are designed to regulate interaction between seller and buyer.

The project uses AI to recommend products to users.

The project’s API will be open to other users.

Main System Modules:

  1. Ubcoin-ID authorization service (authorization requires an email address and password; 2FA (two-factor authentication) - an additional protection system, which can also be connected for an additional fee).
  2. Billing system (wallet management, deposit/withdrawal, internal transactions).
  3. Anti-fraud system (AI, internal rules, ML).
  4. Ad platform (placement and management, premium functionality, catalog and search).
  5. Auction platform (placement and management of auctions).
  6. Transaction management system (storage of funds, transaction confirmation, transaction history).
  7. Moderator and system administrator.
  8. Customer Support and Arbitration Service.

Technical Description

The following tools will be available to sellers:

  • Tools for creating and managing sales messages.
  • Tools for promoting ads and targeting.
  • Ad statistics (views, clicks, conversions, reviews, etc.).
  • Management of sales and payments.
  • CRM.

Buyers will have:

  • Selected and previous searches stored by the system.
  • The ability to view purchase history.
  • Intelligent recommendations based on previous searches and purchase history.
  • Purchase control tools.

Comments: The project uses popular technologies which have been tested in the market.

Technical Roadmap

With future development of technology and data capacity it is planned to implement the following:

June 2018 – A beta version of the Ubcoin marketplace to be developed.

August 2018 - Smart contracts for the platform.

September 2018 – Testing the MVP in conjunction with smartphone developers.

4 quarter of 2018 - Launch of the MVP in Eastern Europe.

Q1 2019 - Launch of full version of the product, making the beta version of the API available.

Q2 2019 - Release of a beta version of API-screening.

Q3 2019 - API for developers.

Q4 2019 - API to be fully accessible.

Comments: The project has presented a step-by-step strategy for product development.

The following active modules are available in the open repository:

Comments: The repository is owned by Ubcoin. It contains 1 open module:

- ubcoin – this module is devoted to a description of the project and the smart contract.

Documentation

We have analyzed the Ubcoin Market website and documentation for sufficiency and consistency regarding making investment decisions.

Information about the project is contained in the White Paper, One Pager and Terms of Service. The documents are presented in English. The project is described in sufficient detail in the White Paper; the main emphasis is on a description of platform functionality, market analysis and the marketing campaign.

The website also provides information about the project, the RoadMap, the ICO, a FAQ, the partners, the team and advisors. The website is available in English, Korean, Chinese Japanese, German, Portuguese, Spanish, Arabic and French.

Summary: The documentation enables a comprehensive view of the project. Platform functions are described in sufficient detail.

ICO

Tokens issued for sale, %: 50

Public ICO start date: April 2nd, 2018

Token type: ERC20

Accepted currency: ETH

Crowdsale duration: 8 weeks, until May 31st, 2018

UBC is a utility token used as a means of payment on the platform and with smart contracts for the Ubcoin market.

Token limitation: 4,000,000,000

Advantages for token holders: the tokens are functional, enabling users either to sell them or use them for accessing platform services.

Dividends: no

Additional token limitation: no

Escrow: N/A

The sale of tokens is carried out in several stages:

Max goal: 179,000 ETH

Min goal: 2000 ETH

Bonus:

Comments: Tokens will be created as they are sold, so there will be no unsold tokens in the sale. Citizens of the following countries are not permitted to participate in the token sale: (i) United States of America; (ii) People's Republic of China; (iii) South Korea; (iv) North Korea; (v) Libya; (vi) Syria; (vii) Lebanon; (viii) Iran; (ix) Pakistan; (x) Canada; (xi) Bangladesh; (xii) Bolivia, (xiii) Ecuador, (xiv) Kyrgyzstan; (xv) Morocco, (xvi) Nepal (xvii) or Israel (xviii).

Bounty program

Links to the bounty program https://bitcointalk.org/index.php?topic=3094107.0

Summary: The project has an extensive bounty program. All conditions for the program are indicated at the link above. Rewards will be distributed within 4 weeks of the end of the ICO.

The project has a referral program.

Token and capital distribution

Tokens and capital are distributed according to the following scheme:

Summary: Tokens do not affect the distribution of shares in the company. The incentive system is built in such way that it is more profitable to buy tokens earlier.

Development Plans

Roadmap:

Q1 2019 - Scaling of the application to other markets.

Q2 2019 - Access to markets of Central Asia and Eastern Europe.

Q3 2019 - Access to markets of South Asia.

Q4 2019 - Access to Latin American markets.

Summary: The marketing strategy involves recruiting users to the platform and scaling. The project is planning to enter Eastern Europe, Southeast Asia, South Asia, Latin America, the Middle East and Africa.

The team has conducted an analysis of its target audience. From 2019, the project will focus on attracting vendors. Another strategic objective for the project is to conclude further partnerships with smartphone manufacturers for pre-installation of the application on phones.

To implement the marketing campaign, the project will recruit the following staff for each new geographic market:

  • Brand management team
  • Traffic Manager and ASO
  • SMM / community manager
  • Corporate events manager
  • PR manager
  • User Support Team.

The white paper details the marketing budget until 2022 inclusive. [http://doc.ubcoin.io/whitepaper.pdf?v1=]

Team

The team consists of 50+ people and 4 advisors. Information on the main team members based on LinkedIn is given below:

Felix Khachatryan (LinkedIn) - Founder and CEO. Founder of inTaxi, previously CEO and co-founder of Global Searching Systems fleet management, executive director and co-founder of Navigation.

Mazhar Jan (LinkedIn) - Founder and investor. Development of VP and VAS products for FLY.

Stan Danysh (LinkedIn) - Chief Operating Officer. Previously deputy chairman of the board, operations director of MDM Bank, CFO of KupiBonus.ru, DeltaLeasing.

Summary: The team also includes the following personnel: the founder and investor, a technical director, head of the marketing department, 50+ developers, senior management and advisor talent.

Marketing

Information about the project is available via various popular services such as Twitter, Telegram, Reddit, Medium, Facebook, GitHub, BitcoinTalk and YouTube. The project has a bounty program.

The team is conducting an advertising campaign on social media; Twitter and Facebook feature regular news updates on the project.

The format of articles about the project shows that they are written mainly by information portals as announcements of an imminent ICO. 

Comments: Interest in the project is gradually growing. The marketing campaign is being developed mainly via Twitter and Facebook.

Summary: Based on available data, it is possible to conclude that user interest is growing. The team is carrying out an advertising campaign on Twitter and Facebook, communicates with interested users via Telegram and maintains a Medium blog. The project website was created only recently, so we are unable to provide metrics.

Contacts

The developers can be contacted using the links below:

Website

Twitter

Telegram

Medium

Reddit

Facebook

GitHub

Bitcointalk

YouTube

 

 

The information contained in the document is for informational purposes only. The views expressed in this document are solely personal stance of the ICOrating Team, based on data from open access and information that developers provided to the team through Skype, email or other means of communication.

Our goal is to increase the transparency and reliability of the young ICO market and to minimize the risk of fraud.

We appreciate feedback with constructive comments, suggestions and ideas on how to make the analysis more comprehensive and informative.