Unibright Announces New Token Model For UBT, Upgrades Payments System

  • The new UBT token will be used as “integration gas” for Unibright services, calculated and managed by Provide Payments.
  • Users will be able to buy the assets either directly from Provide or from exchanges and will have to transfer them to Unibright’s hot wallets in order to use their platform.

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On October 20, Unibright, announced a new set of utilities for UBT, essentially turning the token into a “voucher” for its products, using Provide Payments API.

According to the announcement, customers who want to use the company’s products and services will have to buy UBT from owners or use their own to pay a monthly subscription fee. The Universal Business Token is said to be used as an “integration gas”, managed by Provide Payments to facilitate enterprise procurement of public blockchain services.

Unibright released further details on how the token will be used as a voucher, stating that Provide’s API will calculate the needed amount of UBT for 30 days, depending on the use-case template and the estimated monthly integration costs. Each client will have to bring in this amount of UBT into the platform by sending the tokens directly to a wallet owned by Unibright.

When the assets are received, the system fills up a transaction balance for the customer, allowing them to conduct a set amount of smart contract interactions, contract generation, and off-chain connections. After 30 days, clients will be able to refill the transaction counter by paying 0,14 USD per each initially brought-in token. That could be paid in fiat and other currencies, not specified in the announcement.

Unibright’s new partnership with Provide Payments will allow for the exposure of Managed Transactions API, which will calculate the amount of UBT needed to cover transaction costs, based on the current exchange rate of UBT against the native cryptocurrency of the target network. Funding transactions will be managed through Unibright’s hot wallets by a professional custodian service broadcast by Provide.

Moreover, users can now purchase UBT from Provide Payments, who will act as a “service broker”, or buy them from exchanges. The UBT deposited in the platform will be stored in the hot wallets and divided equally with two purposes. Unibright claimed that 50% of the assets will be earmarked to provide liquidity to the integration gas service, while the other half will be locked at least for the duration of the license or services engagement.

These funds are said to be used to serve new customers with missing UBT as the circulating supply decreases. According to the announcement, the amount of UBT on the open market will decrease until all tokens are locked in the platform, from where clients will be allowed to buy a portion of the needed UBT through Provide Payments.

“This portion is capped by the ratio of currently locked tokens and the total supply. (For example, if 10% of tokens are locked in the platform, the next client is allowed to buy 10% of his needed UBT directly through Provide Payments). No client is left out.”

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