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Author Topic: UMMATI PLATFORM [UP] - An Ethical Investment and Finance Platform  (Read 139 times)
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November 11, 2017, 03:51:28 PM

The original thread was here, but there have been so many updates, and also we decided to change the symbol so I decided to make a new thread.

Introducing UMMATI PLATFORM(UP), an ethical investment platform.

   For anyone interested in investing in a token/coin that is going to survive the burst of the ICO bubble.

Advantages of Ummati token over other tokens:

Real Ownership Rights

Every Ummati token represents a percentage of ownership which entitles owners to an equivalent percentage of future profits in the form of dividends.

The right to a percentage of the premine when the Ummati blockchain goes live

 The Ummati blockchain will have a 15% total premine- 7.5% for devs, and 7.5% for investors. Tokens will give the right to coins, but tokens will not be burned. Dividends will still be paid out to the owners of tokens, with total tokens representing shares of 10% of total equity AND profits. 7.5% of total coin supply will be distributed to token holders according to their percentage

A novel consensus protocol and intellectual property

We have secured the patent for an investment platform with integrated reputation system which will be described below. We also have two other patents which need to be filed before discussing on an open forum, but they relate to a novel consensus protocol that goes beyond the Proof of Work or Proof of Stake box. It also involves a unique system called decentralized auditing which will be described in detail once the intellectual property rights are secured. Patents in the US can be used to secure rights in another 130 countries, so income can also be generated from collecting royalties from others who use our ideas. Yes, a new consensus protocol is an extremely risky prospect and it will require extensive testing and will have to be build from scratch, so it is a big gamble, but if we can get it to work payoff will be HUGE. IN sha Allah.

An investment protected by BOTH a foundation and a corporation

Ummati Platofrm will be incorporated in Hong Kong, a jurisdiction with low taxes, proximity to lucrative Asian markets, and tolerant to cryptocurrency businesses. The Ummati blockchain, however, will be managed by a foundation that will maintain development in the long term. This means even if the Ummati platform faces insolvency, another platform can be built using the same codebase on the blockchain.

A Viral marketing strategy that actually brings real utility

Ummati's group backing and reputation mechanisms give financial incentives to people being financed to get their friends and families to sign up. It also gives financial incentives to the people they recruit to sign up- without requiring any financial outlay on the part of Ummati Platform.

Disrupting an industry managing over $150 trillion in assets

    This isn't the next video game or take out token- this is an actual viable strategy for disrupting the financial services industry. Capturing 0.001% of the market share would translate to $1.5 billion in asset flow through the platform with an average gross profit in excess of $20 million. These profits may seem low by the standards of the financial industry, but that's because far more of the profits will be passed on to the investors and entrepreneurs who use the platform- which is yet another factor that has high potential to contribute to viral growth of the user base.

Market currents favoring growth

  Several trends combine to make the probability of capturing a significant portion of market share likely- first, fintech, p2p platforms are making rapid gains into the international finance market. Secondly, the platform is targeted especially at ethical concerns, in particular those of Muslims. Think about the growth of the organic and fair trade movements, and imagine the effect of these trends in finance. Thirdly, the Islamic banking sector has been steadily been outpacing the growth of conventional finance. Fourthly, blockchain allows lower overhead and higher efficiency which can attract investors and entrepreneurs with better financing conditions and returns. Fifth, the rise of social investment platforms adds an element of fun and gambling to  browsing and choosing investments- but a kind of gambling where it is possible for everyone involved to win, rather than some profiting from the losses of other. Besides this, the investments generate real benefit. Sixth, the growth of an unbanked middle class whose main connection to financial institutions will be by means of mobile applications, giving an advantage to light weight firms focusing on mobile applications.

A means of mobilizing social capital, one of the biggest untapped sources of wealth on the planet

  Ummati rewards people for having strong and well developed social networks, and can mobilize group resources on both the sides of the investors and the entrepreneurs to involve whole communities- including global communities- in the success of projects. The reputation system is a form of quantifying this wealth and operationalizing it. This approach is already widespread with large multinational investment funds, but the use of blockchain technology allows using the same approach with microinvestments, and then aggregating these investments to tap into a vast sea of potential.

An ambitious growth model and expansion strategy

Once we build a user base by offering a unique crowdfunding and asset exchange model, we plan on competing with established retail banks by offering a debit card linked to cryptocurrency wallets, as well as wire transfer and direct debit options.

Optimizing marketing effectiveness by focusing on a niche

   By managing the marketplace to include only projects in harmony with ethical principles and Islamic law, we create the world's first decentralized market where Muslims can buy, sell, and invest with peace of mind, knowing that all projects on the platform have been held up to rigorous moral standards. Ethically minded non-Muslims or the ecologically conscious can also organize socially and environmentally conscious projects, appealing to a market so far untouched by any similar platform.

How it works

A semi-decentralized exchange

Okay, nothing new, right? There are already exchanges offering the security of decentralized wallets with the high speed trading engines of centralized exchanges. This in itself, especially targeted at a niche market like Muslims and ethically minded investors would be a great business model, but there's more.

P2P Crowdfinancing and Securitization

   Automating the issuance of project tokens allows the liquid trading of microprojects. These projects can be bundled into indexes by traders and offered at a premium, increasing overall market liquidity and enhancing the efficiency of a microfinance money market.

Smart Contract Templates

One of the major difficulties with microfinance is lack of accounting expertise of entrepreneurs. This is resolved by the use of contract templates that can be easily customized to fit a specific project. Handling funds within the platform also increases the likelihood users will begin to use Ummati as their main savings bank as well.

Group backing mechanism

When an entrepreneur's social network back their project, it increases the reputation of the project and its visibility to investors. There are also contingencies for swarm collateralization, in which a high reputation (trusted) user secures a loan by taking small pledges from numerous members of the entrepreneurs social network. This puts pressure on the entrepreneur to succeed, and also secures investors who are taking the risk of investing in an unknown entrepreneur.

Reputation system

Ummati platform performs identity checks on entrepreneurs and backers, including selfies, fingerprints, geolocation data, social network data, and government ID. ID verification forms part of reputation, determining how much contract outcomes effect the reputation. Project reputations are determined by the aggregated sum of reputation of all backers. The percentage payout that backers receive from profits depends on their reputation. It is possible to build reputation anonymously, but takes much longer. Reputation unlocks the power of social networks, motivating support networks to help projects succeed by offering them earning potential, automated by smart contracts. It also gives them not only immediate financial incentive, but the possibility to increase their earning potential if their friend or relative succeeds. This means pressure to sign up for Ummati will come both from entrepreneurs wanting to get financing, AND from project backers who will encourage others to start projects, since the backers will want to increase their reputation by supporting more projects. Investors can remain fully anonymous

Social trading features

Interface includes user and project profiles. Users can view users and sort them according to total invested, best percentage return on investment, biggest total return, highest percentage successful investments. Users can browse categories of investment according to social causes like education or environment, or according to the size of the group supporting it, location, or other factors. Entrepreneurs and investors have profiles where anyone can view their histories, and follow certain entrepreneurs or investors. This social approach helps inexperienced investors to earn by following more skilled investors, and also helps talented investors to rally support to their projects.

Automated distribution of profits

The distribution of profits from contracts is automatically distributed to investors and project backers.

Decentralized audits

    The strength of the network is secured partly through algorithms that can identify suspect behavior. These algorithms are very effective in catching attackers- the problem is that they can punish innocent users as well. This is resolved through the option to submit to a decentralized audit, where the suspected user and another user who volunteers to conduct the audit can both get reputation increases instead. The details of these audits will be discussed more at length once intellectual property rights are secured.

New consensus algorithm

      The key is to utilize the consensus algorithm to incentivize desirable behaviors. Hoarding coins or hash power is ultimately not desirable. Alternate methods can be secured by the randomization of access to the network, by drawing potential candidates for block discovery from a standby pool. Details will also be discussed after intellectual property is secured.

Market Positioning

    Demand remains strong for financial services that cater to the moral concerns of Muslims. The Islamic banking sectors currently manages an estimated $1.5 trillion in assets, with an average annual growth of over 10%. This is significantly higher than the conventional finance industry, and the Muslim population continues to have a high growth rate. Fintech P2P initiatives are poised to take over a fifth of the $150 trillion international finance market in the next 3 years. Most of the world's 3 billion unbanked,  of whom approximately a quarter identify as Muslim, will be doing banking by mobile phone application. These ethical concerns are not limited to Muslims- the Bible also forbids interest, and many people are looking for investments that take into account labor conditions and environment, which are also important concerns in Islamic law.

Furthermore, there have been debates in recent years among Muslims, with some prominent scholars declaring large portions of the Islamic banking sector to be impermissible, and basically just masked interest. There is complete lack of alternatives for Muslims who are dissatisfied with the current state of the Islamic banking industry, representing huge growth potential for Ummati.

Our team so far

Mohammed Ibrahim Ludwick

Former COO of the Islamic Bank of Bitcoin, the world's first Islamic cryptocurrency startup. Pursuing Ph D. In Islamic Finance. Studied international economics and political science at the graduate level. Serial entrepreneur with over two decades experience in real estate and stock market investment.

Kevin Brinkschulte

Kevin studied computer science at the University of Göttingen. He is a certified network technician and has experience with network protocols and security on a fundamental level. He has worked recently on several projects utilizing Solidity, and is currently researching database communication protocols, data modelling and visualization, and network theory and security.

Abdul Wali Stout

Abdul Wali has experience as head of internal sales and business development at a mid-sized international trade and logistics firm, as well as marketing manager in the network security industry. He has experience designing and programming arbitrage bots for cryptocurrency exchanges, and bought his first bitcoin at $11.

Team members wishing to remain anonymous

Guy Van Sants(psuedonym)

 Mister Van Sants has designed at least three algorithms for known cryptocurrencies, basing them on existing algorithms.

Abu AbdulRahman

  Abu AbdulRahman has a Ph.D. in Mathematics from one of the top 5 universities in Germany, and has over a decade of experience programming.


Also along for the ride are our two interns from the UK, Khalid (Java apprentice) and Najeeb(Social Media Marketing), as well as various supporters from Indonesia, India, and Pakistan. PM me to join us on Slack!

Structure of ICO


   The pre-sale will last one month and will enable participants to participate in the ICO with priority. Tokens purchased during the pre-sale will be convertible 1:2 for Ummati ICO tokens. The total number of tokens available in the pre-sale will be 157,000 tokens divided according to percentage of total funds contributed, with a hard cap of $600,000.

  Funds from the pre-sale will be used for producing working prototypes (contract template tool, reputation algorithm reader, decentralized audit assigning algorithm, etc.) and for ICO marketing- ie. detailed animated explainer video, website upgrades, media spots, conferences.

 The pre-sale will begin on December 1st, 2017/1439 and will continue for one months. All tokens will be delivered on or before January 10th.

ICO Crowdsale

  The ICO will begin no earlier than three months after and no later than six months after the end of the pre-sale. A total of 1,417,500 tokens will be sold. Each token represents the right to claim one coin from 7.5% of the total supply of coins on the blockchain, which will be premined upon launch of the blockchain. Total supply of coins is capped at 21,000,000.

Each token also represents a percentage of ownership stake in Ummati Platform in perpuity, and entitles the owner to same percentage of total profits.

The ICO will last 30 days. The 1,417,500 will be divided according to the percentage of contributione. The tokens are divisible to eight decimal places. The sale will have a hard cap of $15,000,000.

Total tokens sold will represent 10% equity in Ummati and this ownership will not be diluted.

  Stay in the loop



Twitter: @ummatiproject

Telegram: @ummatiplatform

Instagram: @ummatiplatform

Thank you for reading and thank you for your support!

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