UTRUST plans to be a payment processing platform that allows buyers to pay with cryptocurrencies and sellers to receive payment in fiat currency, while acting as a trusted mediator and purchase protection provider. Utrust aims to solve the main issues holding back the widespread use of cryptocurrencies as payment for actual, real-world goods and services – namely, that buyers have come to expect a robust consumer protection mechanism (i.e., refunds), while sellers are wary of accepting cryptocurrencies due to their volatility. Essentially, Utrust will be a transactional payment API that combines the speed and security of crypto payments with the protection and safety of traditional payment systems.
For buyers, Utrust will mitigate risk by providing transaction validation as well as mediation and arbitration, empowering users to open and escalate disputes, and obtain refunds, if things go wrong with a purchase. For sellers, Utrust will provide a transparent conversion preview of rates with just-in-time crypto-to-fiat conversion at the best market rates, ensuring receipt of the requested amount regardless of volatility. Utrust’s service fees will be 1% of the transaction amount.
When a buyer purchases a listed item, the payment amount will be sent to the Utrust platform, converted to fiat, and held in escrow for a duration depending on the merchant’s performance history. If something goes wrong with a purchase, the buyer can open a dispute, in which case the buyer and seller will first enter a chat to try to resolve the issue among themselves. If they do not come to terms within 7 days, the buyer will have the option to escalate the dispute, in which case a Utrust operator will join the chat and serve as mediator and arbitrator with a final say on the disputed outcome – either issuing a refund to the buyer or releasing the funds to the seller. If the merchant loses the dispute, a corresponding performance downgrade will occur, which will translate to a longer hold period. Proceeding with an escalation will incur a fee of 2% over the amount in hold if a buyer refund is issued.
Utrust will be launching a pre-ICO of $1.5 million on August 28th, followed by a 7-rounds ICO beginning in September, with the goal of obtaining a funding total of $50 million. The Utrust token will act as an investment stake as well as a transactional token for buying products and services on the platform. Utrust tokens will be accepted as payment on the platform alongside other cryptocurrencies, with the advantage of requiring no conversion fees. For every transaction performed on the platform (in any cryptocurrency), a small percentage of the amount in Utrust tokens will be burned, so as to reduce supply and increase demand, thus driving up the Utrust token value for holders. The amount of Utrust tokens is projected to be reduced from the initial 1 billion to a minimum cap of 100 million, at a rate no faster than 50 million a year, dynamically adjusted by the platform’s analytics engine.
Unfortunately, Utrust does not cover any implementation details in its whitepaper, and in fact does not yet have a working prototype or MVP, which is planned to be developed and made available in 2018, following its ICO.
|Token Sale Dates||Pre-ICO: set to open on 28-August, |
ICO opening round in September (TBD).
|Total Supply||1,000,000,000 (1 billion) |
5% will be sold in the presale, and another 10% in each of the 7 ICO rounds.
Another 10% will be retained by Utrust and diluted by 2% per year during the next 5 years, while 5% will be allocated to marketing and bounties. 10% have already been pre-allocated to private investors.
|Raise Limits||$50 million.|
|Pricing Structure||Pre-ICO: $0.03 (three cents) per token. |
ICO Rounds will start at $0.04 (four cents) per token and increase by an average amount of $0.01 (1 cent) per round.
|Technical White Paper||https://utrust.io/#whitepaper|
More of a declaration of intent.
|Team||The website team page lists 25 team members, most of them with LinkedIn profile links. Utrust is headed by CEO Nuno Correia, CIO Filipe Castro, CTO Artur Goulão, and CPO Roberto Machado, along with Head of Engineering Luís Ferreira, Head of Operations Laura Esteves, Head of Design João Ferreira, and Head of Sales & Partners Nick Olender. There are seven software engineers and a product designer on the team. Most of the team members appear to be employees at Subvisual, a company co-founded and headed by Machado and Ferreira. Utrust’s nine advisors include SafeCloud co-founders Francisco Maia, Francisco Cruz, and João Paulo.|
|Token Rights||Payment on the platform without conversion fees.|
*Disclosure – At the time of writing, cryptorated staff owned no UTRUST tokens.