What is UTrust (UTK)?
UTK Coin Price
What is UTrust? A Quick Overview
UTrust is a payment mechanism designed to help combat user fraud, chargebacks, and the volatility of markets in a decentralized peer-to-peer way.
Using a payment processing solution that is not only safer, cheaper, and more versatile (accepting cryptocurrency) - it helps protect buyers, merchants and the money moving within.
The ICO of UTrust Coin
Utrust started with an ICO that was supposed to take place on August 28th, of 2017, but after Chinese ICO regulations and updates, they were moved to November 2nd.
In their pre-ICO alone they raised $1.5 million in 90 minutes.
The UTK Coin Team
The UTK Token Supply
Total Supply: 500,000,000 UTK
The Purpose of Utrust Token
Payment processors rule the land when it comes to ensuring that payments go through.
Although, there are a lot of errors.
Namely, fraudulent charges, resulting in chargebacks which can ruin a merchant's business.
Then for the buyer, there is always the possibility of getting charged more than the agreed upon amount, having their funds frozen, and having to pay processing fees.
When you put these two different areas together, there is a lot that can wrong.
Funds can sometimes take up to weeks to clear, which can drastically hurt businesses and those spending the money.
Utrust was created to help stop this process and improve its efficiency.
How The UTrust Payment Mechanism Works
This cryptocurrency has a 4-step payment mechanism (if we are going from the buyer to the merchant in order).
Starting with the buyer, they can pay using any major cryptocurrency.
Every coin has a low conversion fee, but by using the UTK coin itself the user has zero-fees.
Conversion To Fiat
Then comes the conversion to fiat.
With cryptocurrency, this is a crucial step as many merchants don’t accept cryptocurrency yet, and those with it want to utilize its worth.
Funds are immediately converted to fiat, making sure that market volatility doesn’t affect the seller.
The system then holds the funds with dynamic holding periods, and a protection period (to mitigate conflicts).
These funds are then released to the seller on a performance-based timeframe.
Once the seller receives the payment, it is in Fiat.
They can choose to:
- Withdraw to a bank account
- Keep it in the wallet
- Or convert it to another cryptocurrency
With all of these features, including decentralization, they aim to take on the likes of PayPal, Bitpay, and others.
The Features of Utrust Coin
Utrust prides itself on being the safest payment platform.
Here are some of the major benefits and features of using the UTK platform.
Lower Buyer Purchase Risk with Customer Payment Protection
Utrust will cover all purchases, both goods, and services, allowing for both parties to keep their sanity.
Paypay is known for their physical good protection service, but UTK coin’s system takes it to another level.
They guarantee full coverage of all purchases physical and virtually made through UTK.
Low Fees and Quick Speeds
Exchanging for fiat on Coinbase can be expensive, while Utrust offers competitive fees for buyers and sellers.
They use competitive exchange based prices, and charge sellers a flat fee of 1% on received payments.
Payments are approved immediately, making the process for buyers/sellers hassle-free for both parties.
Multiple Cryptocurrencies Accepted
As more tokens are created and used with popularity, they will continue to add and accept more cryptocurrencies.
Safety of Funds and No Chargebacks
Utilizing the ethereum blockchain, users have control over their private keys and funds.
This means no credit card fraud, as not even Utrust has access to your wallet.
It also means that there are no chargebacks for merchants because transactions are signed by the private key and immediately complete input into the blockchain forever.
Resolution of Disputes Timeframe
They provide both self-mediated 2nd-party resolution mode, and an advanced 3rd party resolution dispute mechanism allowing parties to chat in real-time.
They make it easy and quick to sort disputes using their resolution mediators.
Seller Performance Based Ratings
Evaluating the performance of sellers is a major part of payment processing.
With a performance-based analytics algorithm, Utrust ensures that as the performance of sellers grows, the corresponding hold period decreases.
Creating a trusted environment, which then encourages sellers to perform better over time and increasing buyer confidence.
Decentralized Token and Index Value
With their decentralized token, the UTK coin, they have a valuable asset that backs the platform.
This can be used to buy/sell/trade and send funds for zero fees.
What GCA Thinks of Utrust
UTK coin is trying to take on a massive industry.
Payment processing has always been something that needs disrupted, especially when it comes to the cryptocurrency industry.
By allowing users to move funds to sellers, via an easy and safe payment processor, Utrust is a valuable service.
Plus they accept most major cryptocurrencies and provide the backing to your sales process.
With the user protection, it is a service we see many people using in the future.
We currently do hold UTK coins and will be watching them in the future.
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