A Vietnam startup UHUB together with the HUB ecosystem’s innovator divulged their plans to commence an Initial Coin Offering to sustain the development of the decentralized ecosystem that constitutes HUB Exchange, HUB Marketplace, and HUB Connector.
The HUB Exchange is the platform grounded on Ethereum Blockchain which operates using Smart Contracts to provide more secure, economical, and less time-consuming buying experience. The purpose HUB Exchange is to serve as a gateway to the ecosystem, and digital exchange currencies. Through it, users will be able to trade and store several virtual currencies. The primary payment method of the network HUBcoin (HUB) will be distributed using HUB Exchange.
The HUB Marketplace is outlined as a decentralized market where all can directly buy or sell products. UHUB contains safety features such as Escrow Service and Rating System to preserve the authenticity of a decentralized platform.
The Escrow System works when a buyer settles the placed order through the Smart Contract Escrow who will keep the payment. The seller would send the product, and upon the receipt of the buyer, he then releases the fund from the Escrow to the buyer. The Rating System, on the other hand, allows both the buyer and the seller to rate each other and provide feedback on each trade to enable future users to choose the best.
The platform is economical for customers because of the absence of intermediaries like PayPal in the buying process thus reducing the transfer fees from 15% to roughly 1%.
The HUB Connector will function as a spot where users can purchase food coupons, ride tickets, tickets for concerts and other events, etc. It will also enable hotel and restaurant reservations around the world. To make it more convenient to users everywhere, places and tickets will be categorized based on the country and city so that it can correspond to his location.
Yeu Nguyen, CEO of UHUB stated:
“I am aware that UHUB is a big project. But we just want to pay our debt to the community.”
Nugyen said they want to make the project happen that is why the obtained a knowledgeable and motivated team. They are looking to provide a safer, cheaper and less time-consuming ecosystem that would be a one-stop shop for all the users’ need. He also shared that their long-term goal is to contribute to the number of job openings for freelancers, as the UHUB community starts to grow and as part of their aim to create a system where everyone would benefit.
The HUBcoin will only be available in Ethereum during the ICO. The project’s least funding goal is 18,000 Ethereum. The resale will be from November 16 to November 25 while the token sale is from November 25 to December 10.
More details are posted on the website of UHUB and whitepaper.