Frequently Asked Questions (FAQ)
The U.CASH network is a group of peer-to-peer retail/online service providers (converters), combined with partner networks and access providers (Websites, Payment Providers, Merchants, Exchanges, portal clones, etc.) and blockchain enabled functions that enable end-users to access alternative financial services. It lets anyone in the world access unbanking and digital currency services while also giving them the ability to become a local converter themselves. This in turn, allows these converters to provide services to other users in their local areas, increasing the network size. The larger the converter locations number, the more solutions the ecosystem can provide to its users. This is why the U.CASH Network stands for the Universal Cash Network, as it allows global access from fiat cash to digital cash utiziling technology and actual service providers.
UCASH is the name of the network’s native digital cash token. UCASH is used to facilitate efficient peer-to-peer transactions as well as function on incentivized smart-contracts that enable advanced functionality in the ecosystem. It is also used as a network access token to enable financial services of many types. The token will be swappable across multiple blockchain implementations for access to robust functionality on the network, regardless of the specific underlying blockchain technology used. This will allow UCASH to exist and function on top of many of the more popular cryptocurrencies such as BTC, ETH and many others over time. The network will not care which layer it uses, only that it is the most capable and efficient available to the user at that time. By owning UCASH, you are holding pre-paid access credits for U.CASH network usage. Some capabilities must utilize 1 UCASH to be completed, while others are on a sliding scale. Most of this usage is delegated to the background of available user interfaces. The U.CASH network is available globally, in over 50 currencies, including Bitcoin and other cryptocurrencies. This is why UCASH stands for the Universal Cash Token, as it allows global incentivized distribution and usage to join together to empower a truly powerful network.
The U stands for Universal, but can also stand for You (U) when used for artistic articulation of ideas and statements throughout the ecosystem. The U.CASH Network is building globally to solve the issues of going from fiat cash to digital value, enabling unbanking services for those who need it most. As U are the ones who can provide conversion services to users in your local area or online, U are what makes this entire network of fiat/cash converters valuable for individiuals all over the world.
In the use of the network token, the U stands for Universal, so UCASH is short for Universal Cash. The network token is used for many purposes through the U.CASH network while also connecting fiat/cash with digital assets and cryptocurriences. UCASH acts as the universal connector and enabler of the U.CASH ecosystem. It continues to be distributed to users through bounties, and will theoretically do so forever. This inventivizes participation and usage of the token for its intended purposes. Algorithmic distribution of UCASH through smart-contracts for user behaviour that benefits the ecosystem has also been engineered for universal access. Incentivized Universal Cash, for the Universal Cash Network.
The U.CASH network is global. The network mission is to make peer to peer financial services available across the world. As of now, the U.CASH network supports over 50 national currencies, as well as Bitcoin and other cryptocurrencies. Bank account support is live for converters that accept bank deposits. And you may look for U.CASH converters in your city through our portal. We are constantly working on developing bank account integration in new countries, and in broadening the reach of our converter network. If you would like to request a converter in your region, or add your bank to our list, please do let us know at firstname.lastname@example.org
You can use the U.CASH network for transmitting value, requesting payments, withdrawing funds, managing bounties, accessing cryptocurrency, conversions and more, anywhere in the world with internet access. With the U.CASH network, you can load value into your account through a converter in-person or online, as well as 3rd-party cryptocurrency service.
There are a number of ways U.CASH and UCASH are used across the site and other locations. The following outlines our intended usages:
U.CASH, as in the U.CASH network, refers to the whole ecosystem of organizations, sites, converters, users, communities, service providers, smart-contracts and software enabling the capabilities of the network. The Universal Cash Network. UCASH is the name of digital network token which empowers its users and enables access to functionality on the network. UCASH is available to anyone globally to build out services and integrate with the ecosystem, as well as find their own unique solutions using what becomes available in the network. UCASH is used in various functions across the U.CASH network to promote incentivized actions that benefit the users of the ecosystem as a whole. The Universal Cash Token.
The value of UCASH comes from its ability to incentivize individuals as well as enabling advanced functionalities on the network. For base functionalities, users may pay a set UCASH fee to access services and claim UCASH for completion of objectives (bounties). Advanced functionality for converters, end-users and smart-contract participants use UCASH in multiple ways to provide technical, and financial structure for services that are available on the network. Many of these functions may not be even visible to the average user of the network, but are the foundations which enable unbanking through the U.CASH network. In some cases, 1 UCASH = 1 UCASH for use in the network and smart-contracts. In other cases 1 UCASH = XYZ (Fiat Currency or Cryptocurrency). In others even beyond that 1 UCASH = % paid out by a bounty pool, which is independent of any market or value, but only pays out in proportion to what remains in the pool to payout. A user signing up and verifying an account might get 0.0001% of the remaining amount of UCASH in the pool. The next user will get less than the one before, as they receive 0.0001% of the remaining after deducting the previous users bounty. In this method, a decreasing bounty of UCASH is provided for each instance of a completion of a set of bounties, but will never run out of the entire pool (trending towards 0, but never 0.). In other cases even beyond that, the algorithmically decreasing UCASH bounty pool, may also see an increase in UCASH by way of external UCASH being added. This could be from other incentivized cross service functions. All four conversion methods are important in the functioning of the entire network, as they all meet varying mathematical, functional and incentivizational functions.
The UCASH network token exists primarily as a multi-use incentivization unit, and secondarily as a settlement and fee payment system. Most uses of the UCASH token will eventually be delegated to the background, while every day users may not ever be exposed to its functions. This can already be seen in usage such as our uCollateral Smart-Contract where users can provide collateral for the function of a liquidity loan system for converters. This brings digital liquidity to approved master converters globally to start offering cash-in and cash-out services without the need for bank accounts or access to digital currency initially. Usage for advanced capabilities such as this, on-chain functionality, combined with its requirement for fees in the network are what give UCASH its value. For many foundational requirements 1 UCASH = 1 UCASH, no matter what any secondary market or information source says. This allows us to allocate limited network resources (on-chain and off-chain) to transactions according to the bandwidth, providers and technologies available.
The U.CASH network combines the power of cash (both fiat and digital) with a global converter network and alternative financial services technology. The network lets you cheaply convert cash to digital currency in available areas, use that digital currency to access additional capabilities, then convert back to cash where available. You would use the U.CASH network in combination with your regular cash to access these cabilities. You could also directly use digital currencies to access some services as well.
The UCASH network token was not initially designed for usage such as regular cash, but it may become used in the network as such in the future if its path develops that way. UCASH primarily exists to support usage of fiat currencies and cryptocurrencies such as Bitcoin (BTC) by interfacing between an incentivized network of cash and digital converters with access to alternative financial services for users globally.
U.CASH is not a bank, it is more like an unbank. Most users initially will have bank accounts, but the target markets for U.CASH are the unbanked, overbanked AND the banking sector. Over time, a users reliance on bank accounts may totally disappear with a global distribution of U.CASH converters and users.
Bitcoin, and other cryptocurrencies seeing usage as Peer-to-Peer (P2P) Cash, Store of Value (SOV), Smart-Contract Layers (FUEL) and other transactions is what UCASH exists to support, not compete with. We believe Bitcoin stands the strongest chance to become a future global reserve currency of the world. Our love for Bitcoin is what motivates us to keep growing the U.CASH ecosystem and capabilities, and lead to the distribution of the UCASH network token: as an incentivizing and usage mechanism that will make Bitcoin more widely available and used globally. The UCASH network token is not designed to compete with Bitcoin or other cryptocurrencies, but exists instead only to enable access and usage of them more broadly. Using UCASH in the network and on smart-contracts for its developing purposes and for global incentivization is always promoted and encouraged. This is why the structure of the ecosystem was designed in a way to give out UCASH for completion of bounties indefinitely. This puts them in the hands of the users and develops a community which is incentivized to work together to build out the network and its capabilities. Although we promote Bitcoin and the greater ecosystem, there are still multiple reasons for earning and holding a small amount of UCASH as an individual user, and in larger amounts if you are a converter, 3rd party service provider, partner, high volume service user or an organization.
- Access fiat cash-in and cash-out services through the U.CASH network and receive discounted fee payments.
- Utilize UCASH on available smart-contracts and functions to earn more UCASH bounties.
- Pre-pay for services earlier gaining discounted fees in the future, and thereby more transactions.
- 1 UCASH is the minimum network fee to complete 1 blockchain transaction through the U.CASH network.
- 1 UCASH reserves the ability to have 1 chain verified user account through the U.CASH network.
- There are a limited amount to be distributed trending towards 21,000,000,000 UCASH in circulation.
- The limited total UCASH was designed to consider scarce periodic block chain and network resources.
- UCASH is partly an incentivizational token, use it to incentivize other bounties yourself.
Your money is held on your U.CASH account. Currently this a multi-signature wallet infrastructure, in the future your funds can also be held privately on your computing device or interact directly from other applications. Your U.CASH account should only be used for minimal funds you wish to use, and we encourage users to learn about holding cryptocurrency securely themselves through various means. The U.CASH network is building towards being 100% peer-to-peer, with noone but you and software, managing or touching your funds at any point in any transaction. Our goal is to educate users and empower them to be their own bank. We just help them unbank along the way.
Yes. You can currently store UCASH network tokens externally as on all Ethereum (ETH) wallets. UCASH will become 1:1 exchangeable once other blockchains (BTC, ETC, etc.) when integrated. This will allow for cross-chain compability and redundancies of the U.CASH network in the future.
The technology layers of the U.CASH network use modern encryption technology to secure your digital assets and information. The code is continuously updated and maintained to stay on top of security, technical and social issues that may come up over time internally and externally. When you transact using the U.CASH network, your counterparty only receives whatever basic information that is required to validate and complete the transaction. The usage of fiat options, including meeting a converter to complete a transaction may have some risks involved. The feedback system exists to reduce such risks, but does not entirely solve the issues inherent with dealing in a peer-to-network involving cash. We wim to educate users and promote safe and fair usage of the ecosystem, but individuals are informed to deal with others in the network with care and awareness.
U.CASH is powered using a combination of digital currencies, multi-signature escrow, and smart-contracts with distributed data storage, that all allow access to a globally compatible worldwide network.
The following information is stored on this site's initial U.CASH network portal servers:
- Your profile information (name, email address, phone number), all of which can be edited from the 'Menu' on the U.CASH app.
- A list of IP addresses and devices that have accessed and transacted on your account.
- Transaction information, including amounts and recipients for usage of your account.
- Your account information (balances, currencies, verification, etc.), that may be sensitive and kept secured.
The following information is publicly available on many different blockchains:
- Your public key (though your profile information -- name, email address, phone number is not posted on the blockchain).
- Your transaction history.
Please note you can edit your profile information at any time, some of your account information when required, but never any information on a blockchain.
Other service providers, businesses, groups and individuals which utilize the U.CASH network may require you to store other information with them. Please see their relevant privacy documents for more information.
The network itself operates globally, and is able to be built on using open-source technologies and development. Multiple organizations, businesses, individuals and groups worldwide are involved in growing the U.CASH network, but are still organized and managed by the launching team. The company that initially conceptualized the network, U.CASH Inc. operates from Canada, and is a corporation organized and existing under the laws of Ontario, Canada. It exists to promote and grow the U.CASH network through technical and business development currently, but as global organizations continute to build the ecosystem in many areas (as they already are doing), the function of the initial group of companies will reduce over time.