BitUN, found online at BitUN.io, is a blockchain project that aims to replicate traditional banking services – including investing and savings accounts. Find out more today in our review.
What Is BitUN?
BitUN is a blockchain project led by a Singapore-based team. Announced in February 2018, the platform aims to play the role of both a private savings bank and an investment bank, providing traditional banking services over a blockchain-based platform.
The platform is based on Lightning Network 2.0. All transactions on the platform are performed through the BitUN Lightning Network channel. BitUN uses this channel to execute smart contracts that govern all transactions.
In addition to offering a multi-chain wallet, BitUN will offer an “ICO Store” that hosts vetted ICOs. The ICO Store will become a trusted source for well-established ICOs, allowing investors to easily participate in powerful new investment opportunities.
What Problems Does BitUN Seek To Solve?
BitUN believes today’s cryptocurrency industry has several major problems. Some of the problems identified in the BitUN whitepaper include:
- Today’s online wallets have few functions; they hold cryptocurrencies, but they don’t replicate the services of a traditional bank (like with a savings account or access to investment opportunities)
- The market is filled with ICO projects that have no solid business model
- OTC transactions rely heavily on third parties
- There are few services dedicated to managing digital assets for enterprise customers
As the cryptocurrency continues to grow, all of these problems become increasingly apparent. BitUN aims to solve these problems with its BitUN platform.
How BitUN Private Blockchain Crypto Asset Bank Works
BitUN sees itself as a private bank for blockchain assets. You can use BitUN like you would use a traditional bank: just like you would store money in a traditional bank, you can store blockchain-based assets with BitUN.
The goal of BitUN is to create the best digital assets management application.
Core features of the platform include:
BitUN allows you to manage assets across different blockchains. Digital assets are managed using BitUN’s Lightning Network 2.0 and smart contract system, allowing you to transfer digital assets with no transaction fees required.
BitUN has IM and SMS functions that make it easier for users to communicate, transfer, and distribute cryptocurrencies. The company claims its messaging protocol is as powerful as Telegram or WeChat. You can add friends or setup your own community group. BitUN will support groups containing up to 10,000 people.
BitUN will feature an “ICO Store” that allows users to participate in high-quality ICO projects. The ICO projects posted on BitUN have been approved and vetted by licensed brokers. BitUN plans to accept only high-quality ICOs through its platform.
Decentralized OTC Transactions
BitUN’s transactions are based on HIGGS, the intelligent algorithm and high-performance blockchain platform, which provides secure, convenient, and private transactions with no deposit requirements. BitUN will automatically lock cryptocurrencies for both parties until the transaction is completed safely.
Access To Exchanges
BitUN will allow users to connect to multiple cryptocurrency exchanges around the world. Users can login to each exchange through their ordinary BitUN account. Since the cryptocurrencies of these exchanges are hosted by BitUN, users can complete transactions without being charged additional transaction fees.
Business Blockchain Browser
BitUN will have a “business blockchain browser” that allows users to view business information on the blockchain. You can view business data like transaction info, wealth management, fund transfers, OTC trading, token contracts, and more. Checking this information is as easy as checking a blockchain address.
The entire trading ecosystem is built on the HIGGS blockchain. BitUN uses HIGGS for its tamper-resistant features and traceability combined with high-performance, low latency, and fast confirmations.
How Do BitUN Tokens Work?
BitUN has its own native token called the Bit Union Coin, or BUC. It’s a cryptocurrency based on the HIGGS blockchain. BUC is recycled within the BitUN ecosystem and will be available for trading on major trading platforms.
Key features of the BUC token include:
- Issuance fees for launching ICO projects on the BitUN platform
- Payment for extra services and VIP services
- Payment for OTC transaction fees
- Exchange and ICO depository fees
BitUN BUC Token ICO Details
BitUN is creating a total supply of 2 billion BUC tokens, with no further issuance planned. The price of tokens is set at 1 BTC = 80,000 BUC.
Of the total supply of tokens, 40% (800 million) is available during the public sale, with 20% (400 million) allocated to the pre-sale, 25% (500 million) reserved for marketing and operations), and 15% (300 million) reserved for team incentives.
Dates for the BitUN ICO have not yet been announced.
Who’s Behind BitUN?
The BitUN team is organized under the name BitUN Fintech Technologies, which is the blockchain digital asset management company within the Higgs Block Group.
The Higgs Block Group team was formed in May 2017. By February 2018, the company had gone public with its plans to launch the BitUN cryptocurrency exchange.
BitUN will launch OTC trading based on Lightning Network 2.0 starting in May 2018. By the end of 2018, the platform hopes to have attracted 20 million users while issuing 30+ ICOs through its ICO Store.
Key members of the Higgs Block Group team include Professor Yike Guo (Technical Consultant), Johnson Chng (Director), Henley Gong (Director), Davy Goh (Director), Dr. Anthony Ng (Executive Director), and Ken Dean (Executive Director).
In April 2018, BitUN made headlines for partnering with Coinsuper, a Hong Kong-based digital asset trading platform. BitUN announced a strategic partnership “to strengthen long-term cooperation across all trading and customer services” while integrating technologies from both companies into the BitUN and Coinsuper platforms.
BitUN is a digital assets bank created by the Higgs Block Group team. The bank seeks to optimize the digital assets management process, allowing customers to hold funds in a multi-chain wallet, then exchange funds within that wallet using the Lightning Network 2.0 protocol. BitUN will also launch an ICO Store dedicated to hosting vetted ICOs with a strong business model.
To learn more about BitUN and how it works, visit online today at BitUN.io.