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UnbankedX (UBX) ICO Review

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UnbankedX is a decentralized social networking platform that is putting users privacy and satisfaction as its first priority. It is an innovative approach towards transparent and independent means of user data ownership, reward on ads and free of speech. It is the first get paid to content creation and sharing ecosystem that leveraged OCR token payments for its reward system.

Essential Information

Ico TimeUnknown – Unknown
Token NameUnbankedX
Token SymbolUBX
WhitepaperView Whitepaper
Website LinkHome
Price1 UBX = 0.06 USD
PlatformEthereum
CountrySingapore
Hard Cap200,000,000

More about UnbankedX (UBX) ICO:

We are the world’s first fully robo crypto bank serving the unbanked . UnbankedX is the number-one neo bank with users a support community from 70 countries and 700 over cities. We are profitably serving thousands of users in 15 markets.

Non-cash transactions are as old as humanity itself. From the exchange of goods in ancient Greece to the use of shell beads by Native Americans, history is rife with examples like these. In 2009, Satoshi Nakamoto published a white paper to design Bitcoin, As of jan 2018, Bitcoin is the most valued cryptocurrency in the world. Following the release of Ethereum and the main-streaming of cryptocurrencies, there are thousands of cryptocurrencies exceeding US $700b in marketing capitalization. Cryptocurrency’s wide appeal is that it allows users to conduct transactions in an evolving, transparent and rapidly growing payment ecosystem of trading platforms, payment processors, e-wallets, and more, with increasing investment appeal. It is touted for both the speed and low (or no) cost of transactions. In addition, the public block chain protects users from double payments and chargebacks.

In 2009, Satoshi Nakamoto published a white paper to design Bitcoin. Today, Bitcoin is the most valued cryptocurrency in the world. Following the release of Ethereum and the main-streaming of cryptocurrencies in 2016, there are 7,000 cryptocurrencies and tokens, 100+ markets and $500b in capitalization according to Coinmarketcap.com.
Cryptocurrency’s wide appeal is that it allows users to conduct transactions in an evolving and rapidly growing payment ecosystem of trading platforms, payment processors, e-wallets, and more, with increasing investment appeal. It is touted for both the speed and low (or no) cost of transactions. In addition, the public block chain protects users from double payments and chargebacks.
We brings sound money to the world, fulfilling the original promise of Bitcoin as “Peer-to-Peer Electronic Cash”. Merchants and users are empowered with low fees and reliable confirmations. The future shines brightly with unrestricted growth, global adoption, permissionless innovation, and decentralized development.

All Bitcoin holders as of block ——– are also owners of Bitcoin Cash. All are welcome to join the community as we move forward in creating sound money accessible to the whole world.

The seizing of capital from account holders (“bail-ins”) that occurred in Cyprus and nearly in Greece, demonstrated that bank deposits are only as safe as political leaders decide. Even under the best of conditions, banks can make mistakes, hold funds, freeze accounts, and otherwise prevent you from accessing your own money.

Banks can also decide to block your transactions, charge you fees, or close your account without warning. Bitcoin Cash gives you full, sovereign control over your funds, which you can access from anywhere in the world.
In October 2008, Satoshi Nakamoto published the famous whitepaper entitled “Bitcoin: A Peer to Peer Electronic Cash System”. In 2009, he released the first bitcoin software that powered the network, and it operated smoothly for several years with low fees, and fast, reliable transactions.

Unfortunately, from 2016 to 2017, Bitcoin became increasingly unreliable and expensive. This was because the community could not reach consensus on increasing the network capacity. Some of the developers did not understand and agree with Satoshi’s plan. Instead, they preferred Bitcoin become a settlement layer.

By 2017, Bitcoin dominance had plummeted from 95% to as low as 40% as a direct result of the usability problems. Fortunately, a large portion of the Bitcoin community, including developers, investors, users, and businesses, still believed in the original vision of Bitcoin — a low fee, peer to peer electronic cash system that could be used by all the people of the world.
We believe that BTCX can unleash the economic potential of the world’s 1 billion unbanked.

Introduction

We participated in the Humaniq Global Challenge which was set up to unearth projects that were generating useful services, or to provide the ability to generate income remotely for people living in unbanked regions in the world using just a simple smartphone. UnbankedX was one of the winners of Humaniq Global Challenge 2017. Out of 600 ideas submitted ours were chosen to be the best and viable by Humaniq, a top Ethereum cryptocurrency company.
Our aim is to harness blockchain technology and the rise of smart mobile devices to empower a market of two billion people who currently do not have access to employment and financial services across the world. Almost half the world — over three billion people — live on less than $2.00 a day . At least 80% 1 of humanity lives on less than $10 a day. More than 80 percent of the world’s population lives in countries where income differentials are widening.
We can help contribute to reversing these trends and help bring people out of poverty by creating new opportunities in the digital economy and giving people the tools that can provide liquidity for entrepreneurial ventures such as small loans, investment, online work and crypto financing.

Research

As one of the prizes for emerging champion, the team was sent to research in -various towns and villages in Kenya for two weeks in November 2017.The aim of the expedition to Kenya was to understand – social and economic needs of the unbanked and underbanked; and the existing technological infrastructure and challenges impeding implementation. We believe that there is still available space in the market to provide micro financing which can be offered through employment of blockchain distributed ledger technology, logarithms to determine credit profile and a degree of human maintenance and monitoring through our representatives. Our research objectives were to:

a) help people over overcome poverty. It is targeted to farmers and entrepreneurs who seek financing to expand or start their enterprise.

b) While collateral or legally enforceable contracts are not a prerequisite, assisting farmers and entrepreneurs to utilise assets to unlock potentials.

c) creating self-employment for income-generating activities as opposed to consumption for subsistence.

d) obtain loans a borrower provide some level of information for credit assessment and in some instances we may insist that the borrower must join a group of borrowers.

e) enforce obligatory and voluntary savings programmes for the borrowers.

f) sustain Interest rate at a level which is close to a level commensurate with sustainability of the programme rather than bringing attractive return for the investors. It is however important to keep interest rate as close to the market rate, prevailing in the commercial banking sector, as possible, without sacrificing sustain-ability. In fixing the interest rate market interest rate is taken as the reference rate, rather than the moneylenders’ rate.

The Kenyan government estimates university enrolment more than doubled between 2012 and 2016 — to 540,000. But youth unemployment was 17.4 per cent in 2014, according to the latest data available from the World Bank — one of the highest rates in east Africa. The median age of Kenyan farmers is 61, but the median age of the population is 18.
The World Bank expects Kenya to grow 5.5% in 2017 before picking up to 6.1% by 2019, helped by a healthy services industry, a growing tech hub, and major infrastructure projects. One of Kenya’s strengths is it has a fairly diversified across several industries. Yet, despite Kenya’s growth and status as East Africa’s large economy, 61% of Kenyans in cities live in slums, a figure that is likely to get worse as Kenyan cities add 500,000 people a year. In Nairobi, a lack of affordable housing has made it one of the most expensive cities in Africa.
The country’s quick pace of urbanization is supposed to be an engine for growth. Yet, Kenya, along with almost every other country on the continent, do not have enough jobs for its young people—those under the age of 30, who make up 75% of the country’s population and move to cities for jobs.
Less than a quarter of Kenyans in urban areas work in the formal job market. The rest are self-employed, take wages in informal odd jobs, or do unpaid work for family members in the retail or wholesale trade. According to a World Bank, despite Kenya’s increasing levels of education, the majority of these jobs do not use skills beyond basic numeracy. A recent survey of online job adverts between 2012 and 2016, showed that 50% of jobs in Kenya’s five largest cities including Nairobi paid less than 25,000 Kenyan shillings (about $250) a month.
Our own research has shown that many young in Kenya want to become entrepreneurs in order to create opportunities for themselves but also create futures for their families and employment for others.Our market research has shown that most Kenyan users are only able to afford Android phones. The minimum phone models have a front-facing camera and microphone, and thus are sufficient to install a mobile wallet and to authenticate the user.

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