- UTK -3.08513%
- Coin Supply: 500,000,000
- 24H Vol: $1,071,366
UTrust Coin Review & Guide
As cryptocurrency continues to gain traction and adoption throughout many different markets, it also shows signs of disruption and change. One such industry is the online payment industry. Companies like Zelle, PayPal, and VenMo have long been entrenched as the major players to use when making digital payments.
However, digital currencies might be in a place to force this market to evolve and create a way to use cryptocurrencies for everyday transactions. One such coin, UTrust, may wind up being the driver for global adoption of digital assets.
Want to learn more about Utrust and how it impacts the payments systems industry? If you answered yes, you’re in luck. Here’s our 2019 review of the UTrust coin.
What is UTrust?
UTrust is a blockchain project in the same vein as PayPal. Located in Switzerland, UTrust is aiming to disrupt the payment systems market by offering flexibility on its platform, along with more advanced features and functionality. For example, for buyers, UTrust helps to reduce the potential for frauds and scams.
It does this by offering users full protection for their payments. UTrust also behaves as a third-party mediator. That means your purchase has protection from scams and frauds from the moment you click the “Buy” button until the item is successfully delivered to your front door.
If you’re a seller on the UTrust platform, you’ll experience the benefits of real-time transactions and low fees. This helps to eliminate hacked accounts, chargebacks, and credit card fraud. Additionally, buyers and sellers using UTrust have the ability to use several digital assets concurrently.
As a seller, you’ll also have the option to accept all forms of fiat currency as payment, which helps protect you in the event of market variations.
Who is UTrust?
UTrust is a project led by its CEO, Nuno Correia. Correia started investing in cryptocurrencies as early as 2011 and has co-founded a handful of B2C ventures. He has a background in Law and Marketing, remains heavily involved in the community, and is passionate about the future of digital payment systems.
Working alongside Correia is a large entrepreneurial team which has an excellent track record when it comes to technical experience. The staff boasts graduates from MIT, international lawyers, and experienced venture capitalists, all who make a significant impact on the project. If you’re looking for a legitimate and transparent project led by a team with similar attributes, UTrust is a great option.
How Does UTrust Work?
While UTrust wants to disrupt the payment systems market, its team chose to keep specific features already inherent in the industry. They chose these features as a way to provide protection to buyers on their platform. The UTrust staff decided that decentralization isn’t the end goal, and began behaving as a third-party go-between for buyers and sellers.
Here’s how the UTrust process works:
1) A buyer selects UTrust as its method of payment. This means they can use any cryptocurrency they hold, which includes UTrust tokens. The payment system automatically calculates how many coins are needed, then performs the necessary conversion. A 1% fee is assessed to cover UTrust commissions.
2) Once the transaction completes successfully, the digital assets are sent over to UTrust. The platform then converts the coins into fiat money. During this time, a third-party intermediary keeps the funds in an escrow account. The merchant is then notified that they have money pending.
3) The intermediary determines that everything is acceptable, then releases the money to the seller. With every successful sell the merchant makes, they potentially increase their rating with UTrust. With higher ratings, sellers can guarantee faster transactions for their customers. Those with a reputable rating on the platform have basically a zero hold status.
4) If for some reason the buyer and seller do not agree on the terms or a problem arises, each member has seven days to discuss things and come to an agreement. If an agreement cannot be reached, UTrust acts as an arbitrator and considers the evidence. They will then make the final decision regarding whether to release the funds to the seller or return the money to the buyer.
This is how UTrust works from the perspective of a user. From a technical perspective, UTrust offers a wallet, which will support many different cryptocurrencies, plus a widget which sellers can integrate into their websites. UTrust wants merchants to use their custom built API to receive USD or EUR directly from the buyer.
The UTrust ICO took place on August 28th, 2017. At the time of its ICO, investors paid $0.065 USD per token. At the time, the project accepted contributions in the form of ETH and BTC. By the time the ICO ended on November 20th, 2017, the project had raised $20M USD.
UTrust initially released 1 billion UTK tokens, however, the plan is to reduce that number in an effort to establish balance in regards to supply and demand. The project will take part in buybacks in an effort to diminish the tokens available on the market. UTrust’s UTK token serves as a financial instrument, an investment tool, and a transaction unit. It’s used to estimate the value to the UTrust platform in its entirety.
Users can buy products and services on the UTrust platform with the UTK tokens. If a user pays with UTrust tokens, they do not ensure a conversion fee. With any other currency, a small fee is applied to the transaction.
Every time a buy users UTK to pay on the platform, a part of the transaction goes toward buying back UTrust tokens. Once UTrust has these tokens, they are burned.
The value of the UTrust tokens depends on the amount of the conversion fees. A balance needs to be recognized. If the cost of the fee is too much, it will impact the UTK price, however, if the fee is too low, then users will simply forego using UTrust coins and pay with other digital coins instead.
Features of the UTrust Platform
UTrust offers plenty of features to those who use its platform. Here are some of the more common features you can expect to encounter with this project:
Low Exchange Fees
Sellers will be charged a flat fee of 1% on all payments they receive. By comparison, PayPal charges 2.9% for the same transactions, which can rise to as much as 5% if exchange rates and other fees are taken into account.
Fast Approval Payment Speed
Since UTrust can reduce the risk of fraud on its platform, it does what it can to approve payments almost immediately. While BitPay offers a similar option, PayPal doesn’t.
Reduced Buyer Risk on Purchases
UTrust will cover all purchases for goods and services, whereas a payment solution like PayPal will only protect buying physical goods. Similar cryptocurrency payment system services like Bitpay don’t offer coverage of any type.
Accepts Multiple Digital Assets
UTrust accepts the vast majority of popular cryptocurrencies available on the market. These include Bitcoin, Ethereum, Dash, Litecoin, Monero, and many others. Bitpay will only accept Bitcoin while PayPal won’t take any cryptocurrencies.
Protect Customer Payments
UTrust protects customer payments through its self-mediated, fast response, two-party resolution process. The platform also offers a third-party resolution mechanism which aids in settling disputes if buyers and sellers cannot come to an agreement. If an agreement is not reached in a week, UTrust resolves the matter itself. PayPal might take a few months to address and resolve a dispute.
Safety of User Funds
The UTrust platform uses the blockchain to prevent credit card fraud or other security issues. Users have complete control of their own funds and private keys. Meanwhile, PayPal often prevents users from accessing their funds if they don’t have a good track record with their clients.
Performance-Based Rating for Sellers
Sellers on the UTrust platform are subject to a performance-based algorithm used to assess how well they are interacting customers. The driver behind this idea is to create an open and honest seller market which would allow reliable and transparent sellers to rise while low-quality sellers would vanish. Additionally, top sellers would see faster transaction times while less reputable ones would encounter higher hold times.
Protection Against Fluctuation
Users on the UTrust platform have a transparent preview of all conversion rates. Conversions are done using the best market rate at the time, which is locked in so that sellers will get the amount requested. The volatility of the crypto market could have a significant impact on the price of goods and services if UTrust did not lock rates into place.
To provide instant payments to its users, UTrust gives them with a unique digital wallet. This allows users to deposit their preferred digital coins into the wallet and spend it on the UTrust platform. As a result, they have access to their assets in one place, which means they’ll have an easier time sending funds to those that may not already have a mobile wallet.
Transactions between those who use UTrust and between buyers and merchants complete almost instantly. This is in contrast to Bitcoin transactions which can take hours to successfully complete. Most digital assets are kept in cold storage, which makes the mobile wallet that much easier to use. Plus, it creates additional safety for those that rely on keeping private keys on their desktop or PC.
UTrust Pros & Cons
Where to Buy UTK
UTrust tokens are compatible with ERC-20, which means they’re based on the Ethereum network. Therefore, you can buy, sell, or trade UTK with any wallet that supports the ERC-20 standard. Head over to the UTrust site to create your own wallet and get started using UTK.
If you want to buy UTK from a cryptocurrency exchange, you can visit the following platforms:
- KuCoin – Lets users trade BTC and ETH for UTK
- Huobi – Singapore based cryptocurrency exchange trades UTK for BTC and ETH
- OKEx – Trade UTK with Tether
- You can also find UTK on exchanges such as Bitfinex, Ethfinex, and HitBTC
Of course, it’s important that you do your due diligence before signing up for these exchanges. Just because a coin is listed today doesn’t mean it will be available tomorrow and vice versa. Plus, the UTrust staff is working diligently to promote its coin and grow its brand. It’s only a matter of time before more exchanges are interested in listing the UTK token.
Is UTrust Worth the Investment?
It’s challenging to answer this question since there is no specific right or wrong way to go. We can’t make predictions about how this coin will behave in the future, so our aim is to collect as much information as we can and share what we know with you. Take the knowledge you have and determine what makes the most sense for you.
The ups and downs of the world of cryptocurrency occur regularly, so keep that in mind before you make an investment. And always remember that you shouldn’t invest more than you’re okay with losing. Having said all that, there are a few concerns around UTrust that you should take into consideration:
- UTrust brags that it has the lowest fees in the payment system market. While 1% is a very low fee, the project does not take into account the commission charged by the exchange. This is an inevitable cost when converting digital coins into fiat currencies. The real fee will depend heavily on the current market.
- UTrust says that the price of its tokens will continue to increase as they are burned by the system, however, they don’t say what will happen when only 100 million UTK coins are left.
- How will UTrust resolve conflicts that arise between buyers and sellers? The project says they will cover all good and services purchased online, but this seems like a tricky area to navigate successfully while keeping users happy.
- How does the platform plan to entice those who don’t use UTrust to buy and hold UTK? The platform needs to drive interest in the coin to foster adoption and growth.
The items listed here are all areas of concern and are not necessarily problems with the project. There is a lot of potential with this project, and it’s easy to see how it could become a significant player in the payment systems market. So long as they continue to follow their roadmap and show consistent improvement, UTrust can succeed in its industry.
Get into the details and read more about UTrust by diving into the UTrust whitepaper.