Hello this is Jung-Han, kim of Harbor team
Summary- In currency, underlying assets have a long history.
- UAICO locked on all invested assets in smart contracts and allocates newly issued currencies to investors(70%), development funds(20%), and founder share(10%).
- Investor can withdraw the new currency at any time and receive the original currency back.
- UAICO is a model focused on investor protection and currency value stability.
We have developed a new ICO model, UAICO, and introduce it.
Gold has often been used as a currency throughout history. Its scarce and limited resources made it not only a fine monetary system but also an asset of real value. Many countries slowly began to adopt the gold standard in an effort to secure their national currencies and maintain economic stability. As a result, gold eventually became fully recognized and accepted around the world.
Vast majority of currencies prior to the First World War was based on the gold standard. The British Pound, for example, was the reserve currency, and it was widely used in international trades and foreign exchange.
https://image.slidesharecdn.com/exchangeratesinternationalfinancialsystem-111214102135-phpapp01/95/exchange-rates-international-financial-system-13-728.jpg?cb=1323858873After the Second World War and under the Bretton Woods Agreement, the U.S. Dollar became the next reserve currency linked to the price of gold, in an attempt to rebuild a stable and healthy economy.
However, on August 15th 1971, due to the overvaluation of the U.S. Dollar, the agreement dissolved and the gold standard ultimately ended.
Few decades later, Bitcoin, the world’s first cryptocurrency, was created by Satoshi Nakamoto in an attempt to remove any possible corruption in issuing or exchanging currencies by central banks after witnessing the 2008 financial crisis.
Although many had been skeptical about the concept of cryptocurrency in its very early stages, after various technological advancements and discovery of its potential applications, the world began to embrace the idea of Bitcoin and Ethereum.
But it seems there are too many cryptocurrencies being issued through countless ICOs, where most of them proves to be rather unstable. Furthermore, ICO projects without pioneer technical values and/or innovative business models only end up disappointing their investors and are inimical to the overall cryptocurrency market.
Simply put, ICO models nowadays are setting fundraising goals that are just too high and offering business models that are just too risky, in order to create cryptocurrencies that are just too unstable.
Hence, Harbor Team proposes UAICO (Underlying Asset Initial Coin Offering) as the new ICO model.
Similar to the gold standard, the UAICO model works by storing all the invested funds in smart contracts to create the value of underlying assets of the newly issued cryptocurrency.
This allows investors to withdraw the newly issued cryptocurrency at any time to refund a fixed portion of their initial investment, thereby maintaining the minimum value of the new cryptocurrency.
As a new ICO model, UAICO holds many technical and economic potentials. It is a model that focuses on protecting the investors and maintaining stability of the currency. In the long term, we believe it will help create a much healthier cryptocurrency market in the near future.
If you have any opinions or ideas about UAICO, please share with us.
For more information, please refer to the link below.
Online meetup:
https://meetup.toharbor.comProject Site:
https://www.toharbor.comfacebook:
https://www.facebook.com/HarborToken/
