On 28th of March 2022 at 1:00 PM UTC Crypto Talkz hosted AMA with Ubiquity
🌟Mr. Alex & Mr. Dawson – CEO of Ubiquity shared us the Details about ‘ Ubiquity ‘ and it’s Unique features… 🌟
Host :👋Hello Chat , Welcome to another exclusive Crypto Talkz AMA❤️
Today with us we have @pavlovcik and @daws_n from @UbiquityDAO !
Hello @pavlovcik and @daws_n ..It’s a pleasure to have you here, thanks for joining us 🙂
Alex : thanks for having us!
Dawson : Thanks Joy!
Host : Welcome here both! It seems a busy day for Ubiquity?
Dawson : Yup! We’re doing a lot of prep work for our upcoming launch
That’s great to hear !!So, without making a delay…Let’s start our AMA with basic Introduction Segment 🙂
Introduction Segment
Q. First, Can you make a brief introduction about yourself and the Ubiquity?
Alex:
absolutely! this is my first time doing a text based AMA
dawson and i have some prior startup experience together
i personally have been in the crypto space since late 2016
my agency at the time used to specialize in the first half of the ICO process – sort of like a boutique investment bank. we focused on whitepapers, pitchdecks, financial modeling, tokenomics- really the heart of crypto projects and making sure that the foundation is sound for folks to be able to proceed with acquiring financing to conduct the actual token sale
the 2018 crash slowed down our business quite a bit (nobody wanted to pay consultants to help with their ICOs that year) and my personal involvement in the space slowed as a result. fast forward to defi summer 2020 and things started heating back up
but instead i was really more focused/fascinated on the newer world of defi and more specifically algorithmic stablecoins
fast forward to november of 2020 and we begin research on what would become the ubiquity dollar
i think that means DONE? i could continue to elaborate but then we might be on this first question for the hour lol
Dawson:
Alex covered most of the important items there, my background in a nutshell:
I founded a scale-up consulting firm for tech startups and hedge funds, we would help them build their Business Development, Investor Relations, and recruiting departments for the past 7 years.
Whoops — DONE haha
Q. Can you tell us more about Ubiquity and how it differentiates from other projects?
Alex: one simple thing i like to cite is how we really focused on frontloading the r&d of the core protocol before the official launch unlike most crypto projects
to elaborate
most crypto projects seem to have an idea and maybe a very basic smart contract to get to market as fast as possible, either sell their tokens or do some type of yield farming approach and then continue to say features are coming soon ™️ for awhile
we spent almost a full year with very proper r&d (this reflects well in our detailed documentation) and made almost no concessions to our design and implemnetation simply to get to market a little bit faster
many have joked about how we went about our launch in a backwards manner, but we believe that its a more proper way to plant roots and create a strong foundation for a project that intends to stick around for the long run
we have many contracts currently available on ethereum mainnet. they are listed here dao.ubq.fi/smart-contracts
we also have some others that are not detailed in our documentation yet, as we will be launching a small suite to coincide with our public launch
Dawson : To touch on the differences between our stablecoin & other stablecoins:
We’re the most upgradeable stablecoin on the market, this allows us to be more than just a form of payment with the P2E games we partner with.
The perks we bring to P2E economies ultimately benefit players the most.
Q. What are some of the major milestone’s you guys have hit so far and why are they important?
Alex: beyond our core protocol (the ubiquity dollar) we have also already started building an ecosystem around the dollar in order to bootstrap its utility. for example, our proxy yield aggregator program (we have a single one in beta, which will be the first of a suite of vaults for users to get yield)
for a bit more context: the original purpose of the proxy yield aggregator is actually a means for the ubiquity dollar protocol to raise collateral in perpetuity in order to help with stabilizing the price of the dollar
but through the r&d process we realized that we can generalize the deposit contract and essentially stack yield on top of other yield generating protocols. we plan to first go with low risk and eventually, maybe, get over to more riskier yield sources
aside from that we have an NFT coming up to coincide with our launch. its called the ubiquistick
Alex: theres 1024 of these access keys, and a 2-4% random mint of the gold edition (so approx 20-40 gold editions) these will allow perpetual early/beta access to our future products as well as gating access to our future suite of proxy yield aggregator products
the reason for gating access is that sustainable yield generally is zero sum. the more thats given out, the less yield per user
the access keys will limit these special strategies to ubiquity dao supporters
the last product to highlight is our bonds program – similar to olympus dao (we actually have been deep in talks with some of the core engineers from olympus to give the ok on our implementation) where for our launch the ubiquity dollar protocol will offer a means to purchase user’s liquidity with our stablecoin paired with other stablecoins
the first folks with access ot the bonds will of course be the holders of the ubiquistick nft
all these launch products are already finished and are pending the close of our strategic capital (fundraising round)
Dawson: I think a huge milestone is that we have been able to build this product, and have battle-tested our security and stability for over half a year leading up to our launch
What makes the Proxy Yield Aggregator so great for users, is the simplicity.
Rather than needing to be a DeFi Native to earn low-risk yield on stablecoins, this was built as a plug-and-play solution
We want to make it a very easy process to earn 20-40% APY on your stablecoins
Q. Now tell us, What are the products and services that your project will provide? Can you elaborate on the Tokenomic of the project? And how is it fractionating?
Dawson: Alex touched on a few of our existing products, but I’m really excited about a product that we’re coming out with is our Season 1 Reward Pool.
This provides a lot of utility and demand for our governance token (UBQ) and our dollar (uAD).
I think the coolest thing about this pool is what players get from our P2E partners.
This Reward Pool means that players have the chance to receive some, or all, of their money back when purchasing an NFT for P2E games
When they use uAD for their purchase
Q. And lastly, Is there any bullish information that hasn’t yet been made public that you can share with our community for ‘exclusive’ news before we wrap up our first segment?
Dawson: Well, I have a little alpha leak I guess
We haven’t promoted it much, but we have a few small markets where people can buy our governance token, or swap for our dollar before we launch
We had to test in production, so I’ll drop that here:
– Farm UBQ (Governance Tokens)
– Swap DAI/USDC/USDT for uAD (Ubiquity Dollars)
– Swap uAD for UBQ
Host : Thanks for that well detailed introduction about Ubiquity❤️
Twitter segment
Q1. Ubiquity’s Proxy Yield Aggregator will offer your users double the yield on their cryptoassets compared to the underlying base yield. How will such a system achieve this? Will the yield increase over time?
Thank you!
Alex:
we are able to add yield (up to double, currently) by paying the rewards out in our debt token
let me try and describe the current user flow with our current proxy yield aggregator (beta) product
user deposits 1000 usdc
our deposit contract will hand off the 1000 usdc to pickle finance usdc pickle jar
lets say that they offer 20% APR, meaning, in one full year the user should have earned 1200 USDC
now lets say that the user wants to withdraw their funds
user will withdraw through our deposit contract (the proxy yield aggregator) the user will recieve their original 1000 usdc back, the proxy yield aggregator will keep 200 usdc (to help collateralize the ubiquity dollar) and then reward the user for 400 debts
so, the net result of the transaction is that the user will have 1000 USDC + 400 uAR
the purpose of this is that the debt tokens help stabilize our dollar by allowing the users to redeem for dollars (and sell the dollars to realize a profit) only when the ubiquity dollar is above peg (above 1.00)
and when the ubiquity dollar is below peg, the protocol is able to use the generated funds to prop back up the price
the last question is if the yield could be higher over time and yes, anything is possible. the two ways to do this would be to give higher debts (riskier for the economy) or incentivize using additional rewards in our governance tokens
there currently arent any plans for using governance tokens to further incentivize use of the proxy yield aggregators, but this can change in the future
Q2. Ubiquity uses multiple forms of debt, each with its own properties, to stabilize the price of the Ubiquity Dollar (uAD). Where do these “debts” come from and exactly how do they stabilize the price of your token?
Thank you!
Dawson: Debts are created in a few ways, generally speaking they are one of the rewards we offer to our users.
When our protocol needs to print new dollars, anyone holding debt tokens are first in line to receive these dollars.
Initially they were built strictly to stabilize our dollar, but many of our team members decided to take their payroll in debt tokens — which was a “lightbulb moment” as we noticed it was an internal line of credit.
This realization got us thinking about new ways to use our debt system, which opened up a lot of cool use cases in our product design, partnerships, and community incentives
Q3. Most stable currencies talk about backing their value in different assets, some in U.S. dollars, others in commodities or indexes, so I would like to know what is your stable currency backed by? how safe and reliable can it be?
Alex: the primary backing will be raised from our launch event bonds, which is where the protocol will purchase liquidity from users. the liquidity that will be supported for the bonds program will be our stablecoin paired with other popular stablecoins
as the protocol lead i’ve been deeply involved in the research of many of the other monetary and fiscal policies of the other major stablecoins
shout out to lusd for having one of my favorite setups (no governance and only backed by ether) making the protocol in my personal opinion one of the lowest risk stable assets that exist today
so technically speaking our backing will be in uad-STABLE (we havent announced which pairings yet, but lusd is one of my favorites, again from a risk perspective)
we seek to have low risk stable assets first, and then eventually grow to higher risk less stable assets after the ubiquity dollar is on its feet and underway to defi domination 🙂
Q4. They said that “Hyperinflation” is one of the big issues in the #P2E space. So as a newbie here, can you let me 1st know what #Hyperinflation means & what causes it? Also, how can #Ubiquity’s DeFi products solve or survive this Hyperinflation?
Dawson: We recently saw a perfect example of hyperinflation with Axie’s SLP token.
When a token can be generated simply by playing the game, it ends up attracting “gold farmers”, who rapidly generate the in-game tokens.
This means that successful P2E games are prone to hyperinflation, as more and more people want to produce the tokens for that game
This has a lot of negative affects in the space, and we feel that this needs to be solved for P2E games to be fully adopted
Players wouldn’t want to hold the games assets if they’re at risk of losing money, and players become employees rather than earning as they enjoy a fun game
The main ways to avoid hyperinflation are:
1) adding “burn” mechanics that reduces the token supply
2) having a reserve currency to preserve the value of the games currency
We’re able to provide a lot of support here because
1) Our experience and focus on stabilizing in-game economies
2) We’re able to offer a stablecoin as a reserve currency, which can be upgraded to fit each games specific needs.
Q5. What are the key milestones on your roadmap – both what you have already accomplished and what we can look forward to? Any partnerships and short/long term technical milestones you want to talk about or get some attention
Dawson: Well as I mentioned, we’re pretty happy to have come this far in development. Everything is built & thoroughly tested.
We’re pretty excited for what we have in the next few weeks.
We’ll be announcing our investors/partnerships and then moving right into our launch event.
Here’s the order of events:
– Fundraising Round Close
– UbiquiStick NFT Drop (Early access to our launch event + future ecosystem perks)
– Launch Event (Limited access high-APY yield farm)
– Season 1 Reward Pool
Telegram Live Segment
Q. “uAD is the world’s first polymorphic stablecoin”. So, can you explain What is “Polymorphic” in DeFi?
polymorphic refers to being highly adaptable. we spent a ton of effort on focusing on the upgradability of our protocol, because, in order to defend an economy, we can plan careful for many months with assumptions but ultimately if a new price destabilization vector appears on the market (for example exploits or attacks on underlying collateral) if we offer our protocol the most amount of levers to respond to this new threat, the theory is that we would be able to defend the peg more effectively
Q. UBIQUITY UBIQUITY!!!❤️
I wanna know if there is any plans of Ubiquity going on a multichain???
yes soon ™️. we are disincentived to go to every chain in order to consolidate our liquidity as much as possible first on ethereum mainnet. for the next network we’re speaking with a ton of game-fi partners to see who we can work best with and on what chain they are on. we will make a decision to port over to another chain based on where we can add the most value to our partners. these plans havent been decided on yet, as we will focus on moving forward with this after our public launch
Q. Ubiquity aims to create the world’s first sovereign, scalable and secure cryptocurrency, the Ubiquity Dollar but I would like to know what innovation or advantage your stablecoin has that other coins such as BUSD or USDT do not have? What is the added value of Ubiquity Dollar?
We are 1:1 backed, and we will be fractionalizing our reserves over time to provide more stability to our ecosystem
Q. 🅾️ Stable currencies, like fiat money, need and must have an economic backing that guarantees their value and serves as reserves. For this, what are the reserves that Ubiquity has to guarantee that its uAD stablecoin has a real value?
we’re backing the ubiquity dollar with liquidity relying on other low risk stable assets from the defi ecosystem!
Q. Do you have Whitepaper if yes, please share it with as secondly do you have plans for pre-sale? Now where can we Join it?
https://dao.ubq.fi/ubiquity-dollar
Q. The community of UBQ token holders decides how the Ubiquity Dollar Protocol evolves so could you explain to me how their governance system worked? UBQ token holders have full control over the Ubiquity ecosystem?
We’ll be implementing voting rights to token holders in a phased method, I’ll drop a link for you to see the specific approach:
https://dao.ubq.fi/governance-module
Q. Since NFT is popular nowadays, is there a plan for NFT integration?
Alex: yes we have an NFT coming out along with our public launch called the UbiquiStick
1024 total with a whitelist upon public launch!
Q. What is your plan about globlization? Do you have local Comunities for those user who don’t undrstand English well?What can we expect to see from your platform in the short-term (at some point in 2021) & 2022?And beyond (long-term goals)?
We’re a globally distributed team, so we have connections across the world internally, and externally through forming strong partnerships. Our goal is to become “ubiquitous” across the world.
😉
Q. what are the advantages of your product compared to other stable coins such as 𝗨𝗦𝗗𝗧, 𝗨𝗦𝗗𝗖, etc. ??
will there be a staking feature to get more earnings in your platform ecosystem ??
These stablecoins are centralized, and they only act as a form of payment.
We’re able to provide much more hands-on assistance to stabilize their economies, and our technology allows us to offer solutions beyond what USDC/USDT are capable of doing
Q.DO YOU HAVE ANY AUDIT REPORT AND HOW SAFE IS YOUR SMART CONTRACT FROM BUGS?
yes we received an audit from certik early on and we also tested in production for over half a year. we replaced a core smart contract several times actually so after battle testing with real money on the line, we’re confident that our foundation is safe and that we can continue to build upon it. besides that, after our public launch we do plan to continue to receive audits from reputable firms regularly
Q. On your page you say you are a growing ecosystem so, could you tell me about those partnerships you are actively developing to expand the Ubiquity ecosystem? Could games or metaverses use Ubiquity’s services?
These are the exact people we are partnering with!
Games who we partner with are able to provide cash-back rewards to their players, while we also help them stabilize their economies.
Q. 🅾️ Considering that Ubiquity was created using a modular strategy system through Polymorphic Architecture, can you tell us what are the opportunities that this architecture offers and why its use is so essential?
incentivized partnerships made easy using our transfer hooks is a great example. its a bit technical but for now i encourage you to check out my quick writeup on the possibilities here https://twitter.com/0x4007/status/1472797782666891268
Q. How do you plan to continuously integrate yourself into what is the Defi market and how to master it as a professional DAO?
we have a very active business development arm led by @daws_n. we make a very active effort to communicate and build relationships with other prospective partners
Q. The biggest name in the stable coin space is off course Tether and there has been a lot of controversies around tether on what the actual token is backed up on , So in the case of Ubiquity DAO How is the price of an Uad token equal to $1 ? What backs up the currency ?
collateral, economic incentives and game theory 🙂
Q. There are several stablecoins on the market, what makes Ubiquity Dollar (uAD) different from the rest?
No other stablecoins are focused on actually helping P2E economies, they are just a form of payment.
We are willing to do more than other stablecoins to help the P2E space by directly incentivizing players with cash-back rewards.
We are able to do more than other stablecoins to help the P2E space by using our experience & upgradeable design to reduce hyperinflation + stabilize their economies
Q. I read that the community of UBQ token holders decides how the Ubiquity Dollar Protocol evolves, but really what decisions can we make and change in Ubiquity? Could the mechanism and any other features be changed? Or will it be just small aspects?
we’ll try and keep governance tightly scoped because we’ve seen that the vaguer/broader the question usually leads to poorer outcomes for the protocol. furthermore we subscribe to vitalik buterin’s theory on retroactive change being more effective for the communuity to decide, while the core team being more proactive to implement change
Q. Can you explain how is your Tokenomics Distribution? How many tokens Will be minted ? And How many tokens Will be locked by the team???
because we fair launched an algorithmic stablecoin, currently 100% of the supply has been generated from usage of the protocol. the liquidity providers for our dollar make up the largest holders of the UBQ governance token
Q. Do you have any plans for IDO ? If yes where can I get letest update? Can you share some link for update? And can you share some details for Ido? Specially how can I fill up the from?
Alex: you can find links to sushiswap/curve markets to buy our tokens now on our dapp dashboard here uad.ubq.fi
we did a fair launch so these markets were originally for testing purposes, the liquidity is thin. we’ll incentivize them after the public launch to grow the liquidity
Q. When they say that “uAD has been designed from the ground up to scale to billions of users”, does that mean that they plan to give this stablecoin all kinds of utilities? or really how they plan to reach billions of users?
thats correct. we offer first party integrations for our partners in order to better service their needs unlike other major stablecoins like USDC
Q. What’s your main focus right now, are you focused on the community or market/Exchange or the products??
currently we’re focusing on closing our strategic capital fundraising round. once this is closed we’re going to proceed with launching our “launch event” products including our olympus style bonds program and nft
📌 Here below are links for you to get the latest update about Ubiquity
Community: https://t.me/UbiquityDAO
News: https://t.me/UbiquityDAO_Announce
Twitter: https://twitter.com/UbiquityDAO
Website: https://ubq.fi/
Discord: https://discord.com/invite/SjymJ5maJ4