If a person wants an access to a capital they have to generally go through the traditional channels, Banks, Loan Shark and Friends. All of them come with some sort problems or the other. They get exposed to scams, unscalable businesses, inefficient credit tracking schemes and higher loan rates. They are not able to leverage their gained social capital and trust for other financial products.
We need a platform based on blockchain which utilizes social capital, trusts, commitments to facilitate trusted lending, savings and other financial products and the Union platform provide one.
What Is Union?
Union's vision is to utilize trusts, commitments, and social capital to create a democratic financial ecosystem on blockchain technology for banked and unbanked individuals. They are on a mission to improve the financial inclusion of the individual by leveraging the blockchain technology by removing inefficiencies in the existing system and developing portfolio of financial products that will use social capital and trusts of an individual.
Union Collective Crypto Lending & Savings Investment Products
Union first initiative is to provide a decentralized platform for Collective Investment Schemes. It will act as a platform where schemes will be run using smart contract, to automate the saving and lending process. The smart contract will have all the features of Chit funds, such as contributions, bidding, assigning funds after each round, and awarding funds. As the entire solution in on the blockchain technology, it is easily able to track the commitments of an individual.
Union Social Commitments (USC):
Individuals within the platform can create commitment contracts, and upon successful completion of the contract, individuals can receive a positive score towards their social standing.
Union Lending Authentication (ULA):
Union Advances (UA):
Algorithm to calculate the social standing score based on various factors such as timely payment of previously participated Union Pool, fulfilled union social commitments, social media accounts, etc.
Union UNI Token ICO Details
A total of 200 million Union tokens (UNI) will be released out of which 80% will go to the Crowd Sale, 10% will be given to the Union Team, 8% will be the marketing expenses, 1% will be testing and Bug Bounties and the final 1% will be given to the initial investors. The hard cap is set to $5 million. 1 UNI is approximately equal to $0.03125 and the minimum purchase amount is of 0.1 ETH. UNI can be purchased in BTC, ETH, and LTC.
The funds raised from the crowd sale will be utilized as follows:
- 40% for Platform and Product Development
- 25% for Infrastructure and licenses
- 12% for marketing expense
- 12% for overhead costs
- 7% for Testing and Bug Bounties
- 4% for the Contingency
Token sale starts on 1st May 2018 and continues until 31st July 2018.
Union has a target customer of more than 400 million population, that is because they are targeting the Indian population. India is a rapidly developing country whose people don’t have enough access to financial institutions. These unbanked people will be the perfect target for Union and as the founders are from India, they know how things work on their land.
You can find out more about the platform or participate in their crowd sale on getunion.io/