What is Universal Currency (UNIT) Crypto Beginner’s Guide
Universal Currency (UNIT) currently has 18,638,386 coins in its total supply, with 14,538,386 coins in active circulation that can be bought, sold, and exchanged by users. The platform’s blockchain uses an SHA 246 algorithm, which is the same algorithm used by Bitcoin’s blockchain.
It uses a combination of Proof of Work and Proof of Stake mining concepts. The platform had its ICO on May 1, 2015. They also opened their mining pool and made their token available on multiple exchanges.
On May 20, 2015, Universal Currency launched its website, and opened its social networking accounts on Twitter and Facebook. All users were given anonymity and were able to conduct in wallet trades.
On August 15, 2015, the platform opened and made available its online wallet and mobile wallet.
Universal Currency offers an online debit card, and it is a Bitcoin-based token. The platform has never released a Whitepaper and states that its goal is to be a digital coin that can be used and accepted anywhere in the world.
Mining Universal Currency (UNIT)
The Universal Currency blockchain uses a SHA 246 algorithm and can only be mined with ASIC mining equipment. Miners must download and install a Universal Currency wallet. Users may have to wait several days to obtain a wallet but can begin mining immediately.
Users can create mining pools and workers. Users who stake and hold UNIT earn a 1% reward on their holdings per year. They updated their blockchain in June 2018.
They have their own wallet where users can send UNIT coins to other platform users. Block rewards started on the 101st block. One UNIT is currently worth roughly $.027.
Universal Currency’s maturity occurs every 15 confirmations, and the minimum age is 1 hour. The current block rewards schedule is 0 UNIT for blocks 0-100, 100 UNIT for blocks 101-210,000, and 5 UNIT for all blocks after the 210,000th block.
Each block is solved within 60 seconds, and the Proof of Stake concept begins at the 10,001st block. The platform’s wallets are currently active. They offer a decentralized and secure wallet and will offer a mobile wallet by the end of July 2018.
They offer core wallets on Windows and MacOS devices. There is a total of 210,000,000 UNIT coins that will ultimately be released. The first UNIT coins were available in 2015. There were 14 million UNIT coins created in 2016, and an additional 2.4 million UNIT coins will be mined and created until 2098 when the supply reaches 210 million.
Universal Currency (UNIT) Outlook
Universal Currency offers no information to users about its goals, objectives, or purpose. They have never shared, written, or released a Whitepaper, and offer little information on their website.
Their website includes links to their Facebook and Twitter pages, Cryptopia, and Bitcoin Talk. They also have links to download their platform, source code, and mining pool. They currently allow users to download a Windows and MacOS compatible platform wallet and source code, but don’t have a mobile download available. They have an email where people can ask for more information on the platform, but overall there is a complete lack of information about the platform.