What is Universal Settlement Coin? USC has been designed to remove some significant hurdles which prevent large business and corporate users from joining the crypto currency revolution while continuing to offer an uncompromised crypto currency solution for day-to-day activities. We are specifically focused on replacing the existing service used to make international payments around the world; SWIFT.
USC is not just for corporates, in fact everyday users will be able to send and receive USC coins almost immediately for very small transaction fees and as we expand our partnerships then we expect USC to be used as a global medium of exchange. We refer to the standard day-to-day functional as the ‘Retail Lane’.
The second lane, called the Corporate Lane, is designed for corporate customers who want to use the global value exchange potential of crypto currencies but are unable to do so today due to concerns with the fungibility and sourcing of the underlying crypto currency, such as Bitcoin, face. The major difference is that Lane 2 will solely use coins which have been freshly minted (mined) or coins which have only been used in Lane 2 transactions. Miners who support the Corporate Lane will be rewarded with higher fees as corporates will be charged by an exchange to use the service. Miners will be able to select which corporate exchange they wish to use based on who offers the best fees and services.
There’s no difference between the payment priority on the Retail and Corporate lanes (we operate on the net neutrality principle).
USC is build using the same underlying technology as Bitcoin including SHA256 mining, Segwit support and, in the future, full Lightning Network support.
USC will be launched as fairly as possible meaning no ICO, no pre-mine, and anyone will be able to download our software and mine coins using standard mining hardware. We will announce a specific timeline closer to launch day.
Example Use Case of 'Clean Coins': International Payments
USC can be used for everything existing currencies are used for, our USP is that we will build the necessary technology and tools to allow business and corporate customers to make international payments between different local currencies (GBP, USD, INR, etc) without having to use legacy banking solutions such as SWIFT or SEPA. This is achieved by allowing miners to specify that their newly minted coins can be used by exchanges for Corporate transactions for a set period of time before they are then released into the wider ecosystem.
The USC solution differs from other crypto currencies because corporations can have confidence that the medium of exchange is ‘clean’ and has not been acquired through nefarious means. Miners who chose to keep some of their coins in a corporate exchange will receive higher fees as the exchange will be able to charge corporate customers a service charge to facilitate the transfer. We expect competition between exchanges and we will make it as easy as possible for miners to move funds between exchanges.
We’ll be seeking a proof of concept phase with UK Banks initially once the main net is up and running.
Founder
Ross Clelland – Founder and Project Lead
https://www.linkedin.com/in/rclelland/ Technology Details
Algorithm: SHA256
Block Time: 5 minutes
Block Reward: 50 USC
Total Coin Supply: 21 Billion
Founders Reward: No
ICO: No!
Node/RPC port: 8687 / 8670
Wallets: Linux/Windows/Android
Block Explorers: Official & 3rd Party Explorers will be announced here
Pools: Official & 3rd Party Pools will be announced here
Bounties:
None at present. In future there will be bounties for pools, exchanges and explorers.
Recruitment
We are currently looking for:
• Blockchain developers
• Website developers
• Product Managers with Banking/Payments Experience
Please come and speak to us in Telegram.
Progress Checklist
Stage 1Full Node Build Complete (Testnet) -
CompleteWindows Wallet Complete (Testnet) -
CompleteGithub Repository Configured -
CompleteWebsite Created -
CompleteTestnet Launch -
28/Feb/2018Stage 2
Full Node Build Complete (Main) -
ProgressingUSC Explorer Live - Pending
USC Pool Live - Pending
Main Network Launch - Pending
Stage 3
Upgrade to full SEGWIT Address Support - Pending
Prove Lightning Network on Main Net - Pending
List on Exchanges - Pending
Finalise ‘Clean Coin’ design - Pending
