There’s a few topics that will be covered in this post, including:

Exchange Listings, Cancellation of Contribution Period v2.0.

Application Logistics, Advanced Functionality, & Seeding Protocol

Source Code, Graphics, Development Frameworks

Frequently Asked Questions

Exchange Listings

First, let’s talk about exchanges. UFR is now trading on the following markets:

Cryptopia — UFR/BTC, UFR/LTC (paused), UFR/DOGE (paused)

Etherdelta — UFR/ETH

IDEX — UFR/ETH

Cryptopia has been overwhelmed by a huge influx of new users. As such, they have announced that they will be removing their Litecoin markets from the main site completely and opening a new sister exchange dedicated specifically to Litecoin pair trading. UFR/LTC will be traded on this exchange when it opens.

If everything goes as planned, Upfiring (UFR) will be listed for trading on another mid-sized (top 50 in terms of volume) exchange within the next 10 days. The trading pairs (BTC/UFR and ETH/UFR) have already been confirmed, but like many other exchanges they have recently been overwhelmed by new users. They are currently working to resolve some technical issues before resuming new listings. A huge advantage of this exchange is that, unlike Cryptopia, it is fully functional on all mobile and tablet devices. This will allow for faster and more efficient UFR trading.

Price Discussions

Given the recent growth of UFR and lots of posts from the community regarding future price growth, some friendly reminders need to be given. Price rises in the crypto space can be very exciting. When the price is rising (or falling) quickly, it’s easy to lose sight of the project and focus only the market. Just be careful. It is up to you to do your due diligence and assess all of the risks and potential benefits before buying and selling coins & tokens. Focus on the technology and what the project is trying to accomplish, assess what you think its value is, and remember that the market can always go in both directions. We are in a long-lasting cryptocurrency bull market right now, but that might not always be the case. Do not invest recklessly.

Cancellation of Contribution Period v2.0.

As outlined in the Whitepaper, 15% of the total UFR supply (3.6 million) was reserved for a potential Contribution Period v2.0. We have recently decided to rule this option out. A major component of our initial contribution period that differed us from many other projects was offering UFR at a single set price. There were no early-contributor bonus structures, private pre-sales, or any other unfair advantages offered.

Holding a Contribution Period v2.0. would not be fair to existing UFR holders because it would immediately increase the circulating supply by 3.6 million UFR, diluting the existing market. As an alternative, we are designating a small portion (1/3) of these tokens to be used to fund new exchange listings in the future, when necessary. The competition amongst projects asking for new listings — along with the huge recent growth of the crypto space—has driven the the cost of a new listing on many major exchanges into the tens or even hundreds of thousands of dollars. Since we did not anticipate this change in the market and none of the ICO funds were designated to be used for this purpose, allocating the UFR for this purpose is necessary if we want to expand our listings and make UFR more widely available in the future.

As such, the total circulating supply could increase by a maximum of 1.2 million UFR over the course of the next year or two — although it is likely that we end up using much less than that. Depending on the individual exchange’s policies, they may accept UFR directly or it may need to be sold very slowly. This increase in supply should not negatively affect the price in the long-run, and is similar percentage-wise to the supply increase that occurs as a result of mining & staking with other cryptocurrencies.

As it is not longer officially in reserve, CoinMarketCap will consider the entire 1.2 million UFR to be in circulation and the new updated circulating supply will be 15.6 million UFR. At this point in time, we have not had to release any new UFR into the ecosystem in order to pay for exchange listings, and the actual circulating supply is still 14.4 million. It will be announced, along with the listing, whenever UFR is sold to cover the cost of new exchange listings.

The final 2.4 million UFR that was designated for Contribution Period v2.0. will be held in reserve until a detailed plan is made for its use. The current thought is that it will be used to help form partnerships and create an affiliate program to help bring Upfiring into more mainstream P2P communities in the distant future (months or years after the application launches).