A new company, in partnership with international orgnizations, wants to create a global digital currency, utilized by all sovereign nations and their citizens
Leer en español: UEX: blockchain y criptomoneda para toda la humanidad
A newly formed company with headquarters in The Bahamas will launch the “UEX”, a new cryptocurrency intended to be inclusive and globally adopted. Unify Earth, the company created by Unify Holding, aims to use next-generation blockchain technology and best practices in the trading of digital currencies for the “Good of All Humankind”.
Unify is a communications software and services provider that works with approximately 75 percent of the Fortune Global 500, the world’s largest companies ranked by revenue. The group has stated that they chose The Bahamas to establish their new company for several reasons. First, there is no income or corporate tax and no capital gains or inheritance tax in the country. The repatriation of foreign investment funds, foreign assets, and dividends or profits arising from foreign investment is allowed and facilitated. Second, The Bahamas is one of the highest-ranking countries for civil liberties and political rights according to Freedom House. And third, it is home to approximately one third of the world’s top 100 Banks, and easily accessible to international financial and global capital markets.
The UEX has been devised as an unregulated cryptocurrency based on significant “improvements to existing blockchain technologies in speed, security, and enhanced mining algorithms”. It has a market cap of 15 billion, which is not a small amount considering that the entire Bitcoin supply is only 21 million and 80% have already been mined. In fact, regarding the UEX, Unify Earth affirms that there will be “enough coins for everyone in the world”.
The company will release the UEX whitepaper for evaluation, review, and comments in April 2018. It also expects to launch an initial exchange of the currency, in the second quarter of 2018 in the Bahamas, which would be followed by additional exchanges in Panama, Tokyo, and West Africa later this year.
Furthermore, Unify Earth has formed strategic partnerships with the United Nations affiliate, World Sport Alliance Inter-Governmental Organization (WSAIGO), and the United Nations Sustainability Global Index Institute (UNSGII), whose stated mission is to end world poverty while creating a robust global middle class. While promoters of cryptocurrency often talk about its potential for financial empowerment, there are still many challenges to overcome. On the one hand, decentralized digital currencies do have certain advantages such as lower fees and the elimination of third parties for transactions. On the other hand, not everyone has reliable electricity and internet access.
Recent data reveals that approximately 1.1 billion people in the world do not have access to electricity. While efforts to promote electricity access are having a positive impact in all regions, “progress is uneven, and there are still more people without electricity today than there were in 2000”, according to the International Energy Agency. Moreover, a UN report released in 2017 stated that more than half of the world’s population still does not have access to the internet.
For these reasons, and many others, the quest for a universal cryptocurrency is a very ambitious project. However, Unify Earth is not unaware of the magnitude of their undertaking. On the company's website, future users can find the following statement: “You are signing up to be a participant in perhaps the greatest project of all time…the birth of a new world financial system”. Next month, when the whitepaper of UEX is released, there will be greater insights on how the new system will be implemented.
Latin American Post | Paula Bautista
Copy edited by Laura Rocha Rueda