Proposal to Whitelist Unibright (UBT) with a 1M BNT Co-Investment Limit

Proposal to Whitelist Unibright (UBT) with a 1M BNT Co-Investment Limit

Contract address: 0x8400d94a5cb0fa0d041a3788e395285d61c9ee5e

Project Websites: https://Unibright.io https://Provide.services https://Baseledger.net

# Discussion

With 20+ years’ experience as integration specialists and a number of high-profile clients under their belts[1], Marten Jung[2] and Stefan Schmidt[3] launched Unibright and its accompanying token. The UBT token was released in early 2018 by Unibright IT GmbH as one of the first fully regulated ICO’s in Germany. The initial idea and whitepaper[4] revolved around no code templates for common enterprise use cases, such as Multi Party Approval, Batch Tracing, and Asset Lifecycle, through the powerful Unibright Framework and it’s visual workflow creator and management tools. The template approach was seen as a key way to cut business costs and implementation times - build once, sell many - and has led to Unibright being compared to a “Wordpress for Blockchain”[5]. The generic phrase “blockchain” is not incidental. While the Unibright token is erc20, the project is blockchain agnostic. The “no code” visual approach removes the requirement for expert developers and allows anyone to design custom workflows using the Unibright native templates. Perhaps the most underappreciated aspect of the framework is the “Smart Connectors” that connect existing off chain data and enterprise software to the blockchain. Obvious candidates are SAP[6], MS Dynamics, Salesforce, Email, Excel, even other blockchains[7].

The first “product ready” version of the framework was released in early 2019[8], along with a public demo[9][10] for anyone to trial and see just how easy it is to use. Work has continued since that initial release, and the focus is now on expanding the utility of the UBT token. UBT recently underwent a “soft” retronym rebrand to “Universal Business Token”[11] – a reference to it being the only token a business client would ever need. In 2019 Unibright revealed they were working on a security tokenization template, called ‘Freequity’[12], which includes components for security, token definition, issuance, exchange and liquidity, derivatives, portfolios, big data, custodian services, and integrations with existing software. These components are all available without code, are regulatory compliant, and are implemented with an intuitive, visual approach.

The Unibright team has authored several blog posts[13], including a demo of AMM liquidity pools for security tokens[14][15][16], a video walkthrough of the Freequity platform [17][18] (with everything from compliance to issuance and trading), Coinbase Custody[19], and most recently, integrating their Freequity components with Hedera Hashgraph’s “Hedera Token Service” (HTS)[20][21].

In 2020, Unibright joined the Ethereum Enterprise Alliance, heading the “EMINENT” Taskforce[22] with Chainlink and Anyblock Analytics. Unibright also joined the Baseline Protocol as a founding member[23], and member of the Technical Steering Committee[24][25], alongside other companies such as AMD, EY, ChainLink, Core Convergence, ConsenSys, Duke University, Envision Blockchain, MakerDAO, Microsoft, Neocova, Splunk, Unibright, Provide, and W3BCLOUD. Baseline Protocol is an open source initiative that combines advances in cryptography, messaging, and blockchain to execute secure and private business processes at low cost via a public Mainnet. Through this work on the Baseline Protocol, Unibright has formed close working relationships with a number of other key players. Among the most notable is Provide.services. Marten and Stefan joined the Provide team, and Provide committed to integrating the UBT token as the only payment token for their techstack, effectively merging the two companies. Thereafter, notable client projects commenced, including Coke One North America[26], Fraunhaufer IPK[27] and Between.rs[28]. The year concluded with Unibright and Provide presenting initial work and use cases for these clients at the “Baseline-as-a-service Demoday” event[29][30]. During this event, CONA expressed praise for the rate of progress[31], and that they intended to go live with their solution from Unibright and Provide in early 2021.

The “Baseline-as-a-Service” product offering is now named “Shuttle”[32][33], and the first live version was recently released. Live demos are set to follow this release, the first is planned to involve ServiceNow[34].

One of the most interesting conversations to come out of this work was whether Ethereum, or any other existing public mainnet is suitable for enterprise clients[35]. In February 2020 the “Baseledger” whitepaper was released[36][37][38][39] – a blockchain built with one purpose: Baselining! Most importantly, for the UBT token holders, was that Baseledger would use UBT as it’s native token, and also introduce a staking mechanism. Other notable points from the whitepaper included that it will use Tendermint; UBT will remain an ERC20 token, it will have incredibly high TPS, fixed transaction costs, cross-chain utility, with a strong focus on business processes rather than DeFi. For example, CONA could use Baseledger for baselining, but could then release their tokenized invoices on Ethereum, Hedera or Polkadot. Rather uniquely, it will be GDPR compliant. GDPR compliance proved to be one of the more uncomfortable issues for clients interested in baselining, as the compliance officers at large corporations are overcautious of putting data on blockchains.

Baseledger is one of the biggest topics on 2021 for Unibright and Provide, but not their singular focus. The teams are continuing to onboard real, paying, clients – which is their number one priority!

# Tokenomics

Unibright’s native token, UBT (ERC20), tokenomics can be split into two parts: UBT is required to participate in the Baseledger network, and UBT is required to access both Unibright’s and Provide’s services.

Unibright launched as in “input” utility token – UBT can be used to pay for various services provided on the platform, for example discounted blockchain consultancy workshops. Additionally, tokens can be locked for usage within the Unibright framework to cover transaction costs. In 2020, Provide also adopted the UBT token as a payment token, and introduced “Provide Payments”[40]. Provide Payments introduced “Universal Blockchain Token”[41] into the crypto vernacular, reflecting a way for UBT to be used as the base currency for all transaction costs an enterprise blockchain solution may incur. For example, Ethereum and Chainlink may be required to run their solution. The client purchases an amount of UBT each month with Fiat through Provide, which is then used to cover their costs in various other tokens. Hence the client only needs to hold/use UBT, and everything else happens behind the scenes.

With the release of Baseledger, the tokenomics loop is now complete, as UBT acts as both an “Input” and “Output” token. Previously the token model required holders to either use their UBT or hold it. Baseledger now allows all token holders to participate in the Baseledger Network – either as node operators or proxy stakers. Clients that use Baseledger will pay a flat fee per transaction in fiat, which is then converted into UBT on the open markets, and distributed to node operators and proxy stakers through a proof of stake consensus mechanism, as a reward for securing the network. This staking mechanism does not involve the creation of new tokens or inflation.

It is worth noting that the Unibright team does not hold any tokens, nor do they rely on the selling of tokens to remain in operation. Of the 150M tokens created, the team initially held 9m. These tokens have now all been distributed and it can be considered that the token supply is now completely distributed. At present, there are approximately 20,000 UBT wallets listed on Etherscan; the biggest individual wallet holds 1.13% of the supply for example.

UBT is a utility token, and the team works closely with lawyers and regulators to ensure compliance with everything currently being done, or planned for the future. Their ICO was among the first in Germany, which is highly regulated by BaFin, and Unibright also completed a REG D[42] form for the SEC regarding the ICO. UBT has been listed on both IDEX for US users[43] and Coinbase Custody, which gives a strong indication that UBT is compliant with all relevant Regulations.

# Community and Communication

Unibright communication and its community are present on Telegram, Twitter, Reddit and Medium - all links can be found on Coingecko[44]. Team members of both Provide and Unibright regularly feature on “The Baseline” Youtube show, as well as TSC meetings. The team also speaks at events and takes part in interviews and AMA’s for the community. Good examples of this would be the recent AMA [45] held with Patrick Lowry, CEO of Cryptology AG, and Rachel Wolfson of Cointelegraph, and then also the two part interview with Hashoshi[46] and Cryptofiend[47].

Engagement by the community on twitter is often highlighted as a strength, and all social platforms have seen considerable growth over the last 12-18 months. Community members also have a very active “unofficial” telegram, a community information website, Unitrooper.com, and also a blog that keeps a record of all the most important things said by the team on telegram.

# Available Audits

The Unibright token is listed on various exchanges, such as IDEX US, Bittrex Global and Coinbase Custody, all of which have high standards and checking of smart contracts that involve the token. It would therefore be reasonable to assume that these exchanges checked before supporting the UBT token.

# Market and Trading Data

Unibright’s price at the time of writing is $1.19. It’s all-time high was $1.64 (19th Feb 2021), and its all-time low was $0.0079 (25th November, 2019). There are 150,000,000 tokens in circulation, of 150,000,000 maximum supply. The current market capitalization is $178,500,000. The UBT token is available on several major exchanges and a number of leading DEXs. In order of liquidity, the top exchanges that have listed UBT are: Uniswap, Bittrex, Quickswap, IDEX US, Kyberswap, and Hotbit. The 24-hour spot volumes range from $922,391 (Uniswap) to $203,462 (Bittrex) and $90,816 (Quickswap).

# References

[1] Home - SPO

[2] https://de.linkedin.com/in/martenjung

[3] https://de.linkedin.com/in/stefschmidt

[4] https://unibright.io/download/unibright_whitepaper.pdf

[5] https://twitter.com/Sjaaaakster/status/1247075501723746307?s=20

[6] https://store.sap.com/en/product/display-0000059272_live_v1/UB%20Framework

[7] Overview - Framework

[8] Medium

[9] https://authentication.unibright.io/

[10] HowTo use the Unibright Demo (MultiPartyApproval "Bottle") - YouTube

[11] Universal Business Token - Framework

[12] Medium

[13] https://medium.com/unibrightio

[14] Medium

[15] Medium

[16]https://tradingdemo.unibright.finance/

[17] Medium

[18] https://youtu.be/dd-tQbdUH3k

[19] Medium

[20] Unibright Integrates Hedera Token Service to Scale… | Hedera Hashgraph

[21] Medium

[22] EEA Mainnet Working Group forms Task Force “EMINENT” (Ethereum Mainnet Integration for Enterprises) - Enterprise Ethereum Alliance

[23] EY and ConsenSys Announce Formation of Baseline Protocol Initiative | ConsenSys

[24] Medium

[25] Community Leaders - Baseline Protocol

[26] Medium

[27] Medium

[28] https://youtu.be/R0OohGiBNGc

[29] Baseline-as-a-Service Demo Day 2020

[30] Medium

[31] https://youtu.be/C5iFSZh1nfM

[32] Shuttle | Provide Technologies

[33] Provide Adds No-code Workflow Designer to Shuttle for Baselining Your Business Processes | Provide Technologies

[34] ServiceNow - Wikipedia

[35] https://youtu.be/s2Quwz7FLd8

[36] Medium

[37] https://youtu.be/WIT9C6oOBkw

[38] https://baseledger.net/

[39] https://baseledger.net/storage/app/media/docs/Baseledger.pdf

[40] https://providepayments.com/

[41] Unibright Token Model

[42] https://sec.report/Document/0001741355-18-000001/

[43] Medium

[44] https://www.coingecko.com/en/coins/unibright

[45] Baseledger White Paper Release AMA - YouTube

[46] Unibright: The key for enterprise blockchain mass adoption (BaseLedger) - YouTube

[47] Exclusive Interview w/ Unibrights CEO & CTO!! ft. Hashoshi | $UBT - YouTube

9 Likes

a 1M BNT investment (8Million Dollars~ ) doesn’t seem warranted for a coin that could at the very most capture only 1 million in volume. I am okay with whitelisting but the co-investment would have to be removed or lowered imo.

7 Likes

What do you think would be a better co-investment limit? Maybe something like 200k?

5 Likes

200k i agree makes sense. right now there’s a little less than 2 Million usd in UBT liquidity on uniswap so (2M / Bnt Price) would be the upper limit for me. I doubt we could get a match for 1M bnt but 200k should be plenty with some left to spare.

7 Likes

Solid feedback. 200k BNT is a fairly decent chunk of change, so I don’t mind starting there. If the pool becomes sucessful, it’s trivial to vote to increase it.

7 Likes

Just for additional information, Unibright has about $1m on quickswap pools on matic as well

6 Likes

1M co-investment is unnecessary for this particular coin. I would agree on starting at 100k-200k and go from there. With gasless voting coming up, it shouldn’t be a problem to adjust this limit over time

6 Likes

300-500k sounds very solid for the beginning. Adjustments are always possible.
Ubt has proven itself and has been adopted by many large companies. The potential is worth it.

5 Likes

Just to bring some clarity, a 1M BNT co-investment limit is roughly $7M worth of BNT, supporting $14M in total liquidity. It is reasonable for the community to ask it to start lower; it sounds like 300-500K BNT is agreeable.

5 Likes

For me 200k seems more acceptable than 500k and even 300k.

5 Likes

Just signed up to voice my support for whitelisting unibright. Nothing to add (pretty much everything necessary to form a cogent opinion is in the OP)

6 Likes

Just signed up to voice my support

6 Likes

As a proud owner of both these tokens and member of both communities on Telegram I will happily support this prposal with my vbnt and subsequent ubt.

6 Likes

Just signed up to voice my support

7 Likes

We can start at 200K. Be aware that the co-investment cap effectively limits the single-sided exposure to a certain level, thus bottlenecking among the features that are helping to make Bancor a market leader. Unibright is a solid project, and continuous liquidity is an important part of how the token is used. If Bancor becomes the default home for UBT liquidity, we could be aligning ourselves with a decent source of swap revenue into the future. I respect your risk aversion, but we don’t want to be overly conservative, either. I think 200K is acceptable, but if it fills up quickly, we should be ready with a proposal to increase it.

8 Likes

If there are demand i am fine to increase the co-investment.

6 Likes

Great proposal. Agree with the initial BNT investment, if possible to change easily due to demand. Ready to provide UBT liquidity.

4 Likes

Well written proposal. I think that UBT would make a great addition.

5 Likes

Great addition. Please add!

4 Likes

Proposal is now live for voting

https://vote.bancor.network/#/bancornetwork.eth/proposal/QmbauvcSzoutyGw31hDvbScyCX255SwSNMmyBeoiPsjqtY

3 Likes