No mining and pos ? So how does it work ? Why would we buy this coin ? What is my incentive to participate in the development of this coin ?
What is the goal you see for your coin in the future ?
Well, all transactions (and any other piece of data like Ledgers/NMB Blocks/NMB Entries) are confirmed by the Validating Nodes (= network's workers) using the network's consensus mechanisms and protocols.
Meaning everything published by it has been agreed upon by all parties.
Now, i mentioned (in the main post) there are no block rewards or the habitual redistribution of the transaction fees, but there are other incentives.
• The Managing Entities (set and ) receive all fees of the normal transactions related to the accounts of the Slots they manage. In exchange, they have to run a Validating Node, and therefore help grow the network.
• The DAS (~= automatic event-based transactions) and DAO (~= complex smart contracts, think of them as a generalized Ethereum's The DAO) modules generate their own service fees. Those fees go to their respective creators/developers/investors, however a fixed percentage is extracted from those fees as compensation for the network resources they "used". That compensation (identified as the network fees) is then periodically distributed among all Validating Nodes (who can be run by anyone), divided into equal shares.
Therefore, we have two types of rewards:
1. for those who create and provide services on top of the network
2. for those who contribute resources to the network by providing Validating Nodes
And, unlike Bitcoin for example, where the "winner-takes-all" (block rewards + fees), with UDC, everyone is compensated fairly for their contribution.
As I stated before in UDC's details, its main goal is to become the de facto global exchange medium.
And by this, i don't mean it'll replace Bitcoin/Ethereum/... in the sense of they'll cease to exist, but rather overtake them in terms of market share.
This, of course, is the long-term goal as a mature digital currency.
As to why it can possibly achieve that goal, lies in its differences:
• its value, being pegged to a basket of currencies, is much more stable and "predictable", which is more attractive to the average person. Especially when the value is constantly backed by real reserves and exchangeable at all times.
• the processing and confirmation of transactions is faster (couple of seconds) than other cryptocurrencies and comparable to certain block durations of Ethereum. Except they don't require additional confirmations as they do, being published is indication enough that the transaction was accepted by the network. This opens up applications that require near real-time validation, and so can be used at the local level (PoS, payment terminals, ATMs with faster deposits/withdrawals,...).
• the Managing Entity system, with the management of Slots (groups of 1 million accounts) and independent definition of fees, also brings other possibilities. Companies can become their own payment provider to receive payments without intermediaries and with lower or no fees.
• the relatively simpler accounts system, abstraction of the network (individuals don't have to be running nodes or synchronize with the network, much like the lightweight wallets like Electrum) and possible features will ease its use and IMO further increase its adoption by the average person.
(the Envisioned Ecosystem chapter of the whitepaper gives an overview of what is possible/coveted)
