Why We Chose an ERC-20 Token to Start, and U.CASH’s Future

When U.CASH launched on the markets earlier this year, we decided to release it to the world through a ERC-20 token. In this post we explain why we made that decision, and what the future holds for U.CASH.

Problems with Bitcoin Blockchain

“What issues with the Bitcoin Blockchain?” You may ask.

We initially investigated the possibility of using the Bitcoin blockchain, including on the Counterparty & Colored Coins protocols that sit on top of Bitcoin’s platform. A major flaw in these avenues included the lack of advanced smart-contracting capability on the Bitcoin blockchain, even though some proposals and development from RSK are promising. In addition, Bitcoin poses problems in regards to the high transaction costs when moving colored coins.

Accessibility

When we first launched the IBO, we knew we had to build tokens that were accessible to the widest range of users. U.CASH’s goal is to greatly help the global unbanked population. For one, an ERC-20 token let us easily list on some of the exchanges we are on now — it allowed us to make a smooth on-boarding to exchanges BTC-Alpha, C2CX, and Ethereum-based Etherdelta.

Boo yah!

Wallet compatibility was another reason we launched with an ERC-20 token. Being an ERC-20 token, there is native support for our launch token on wallets such as MyEtherWallet, MetaMask, Mist, imToken, Trust, and Cipher.

The Future

This isn’t the end; our ERC-20 token that we launched with is only the beginning. That is because while the Ethereum platform and its ERC-20 tokens provide accessibility to users and exchanges across the globe, we want to be able to interface across many different blockchains and take advantage of all the features across different platforms. Ethereum, unfortunately, is attempting to satisfy multiple businesses, ideas, people and mission. We believe that Ethereum’s development roadmap — which contains a switch to proof of stake, are at odds with U.CASH’s requirements for a robust, secure and technologically advanced platform for financial inclusion.

This is why we are planning to launch across some of the other prominent blockchains: we want to borrow ideas from multiple blockchain implementations to offer a targeted, fully functional base layer that can be used to power the network. We propose to integrate other tokens by creating a pegged number of tokens for each blockchain represented via a 1:1 pegging mechanism that will ensure that total supply of pegged tokens created is equal to the token supply created form the IBO.