Recently Cryptobontix became the new owners of the token known as Unity Ingot. They have a few ideas on what they want to do with the formerly rolled out tokens and a new direction for this asset. In order for us to explain exactly what will happen to Unity Ingot (UNY) token, we must first explain what they represent and what were the original goals set in motion by the developers of UNY.
What Is Unity Ingot UNY?
Unity Ingot launched on May 11th of 2017. The token was created under an Ethereum contract format. The talk amount of fully issued tokens was established at 10 billion. The idea for this token seems pretty simple at first. Legacy asset is the name of the game. Unity Ingot was designed to be a valuable asset which could be handed down to your future generations or good friends as it continued to gain value over time.
The token’s value was designed to come from mining alternate coins, such as Ethereum, Lite Coin, Zcash, and other well-known coins. Afterward, the mined assets are to be sold and converted into gold bullion and Bitcoin to store the value of the coin. Converting the mined coins or holding them to increase the value is up to the developers.
UNY Coin Specifications
The current estimated circulating supply of UNY is roughly around 202 million. The market cap of UNY is a little over $20 million USD. If we look at the history of UNY we can see a gradual slope downwards since the inception of the token in May of 2017. At its highest point, UNY was estimated to be worth about 10 cents per token at the end of May in 2017. The lowest point in UNY history was reached on February 6th of 2018 when one UNY token was equal to about $0.001630 USD. Luckily, Unity Ingot seemed to have recovered and is currently worth $0.099295 per token.
The value trend of UNY was greatly impacted by the rapidly dropping price of BTC over the past 6 months. Recently Bitcoin has started to recover which in turn has also cause UNY to recover as well. Additionally, the new ownership might also have something to do with the price of UNY and its recovery.
Cryptobontix has a slightly different vision for Unity Ingot. While they are still attempting to continue maintaining the whole legacy asset idea in play for UNY, they are also planning to convert the token into a new token which they have decided to name Dignity (DIG). The amount of smart contract is also being reduced from the huge 10 billion tokens to a bit more acceptable 3 billion. Their main focus is also to ensure that each token is being backed by $1 of Gold. The conversion is currently underway and should conclude on February 20th, 2018.
In addition to the token conversion, Cryptobontix is also planning to roll out 3 additional tokens on Wednesday, February 21st, 2018. The final token breakdown is as follows: one token representing $1 USD in Gold, assumed to be the new DIG token, $2 USD in Silver for the second new token, $3 USD in Platinum for the third new token, and $4 in Palladium for the fourth new token. This is a very interesting idea because now these token will have multiple ways to back their value through the rare metals market.
While the original success of UNY was somewhat stifled by the decline of Bitcoin value, at the same time it introduced a rather interesting way to ensure tokens retain their value and can be passed down to future generations.
Reducing the amount of token from the original 10 billion to 3 billion should make a huge difference in the ability of this token to retain its value; we think Cryptobontix is making an excellent decision here. Adding additional token to diversify the value profile is also a great move.
Overall, the new management of UNY and conversion to 4 new tokens is a very interesting way to keep this exceptional token idea alive and valuable to the consumer. This is a great token to keep your eye on and should be a superb way to ensure long-term profitability.