THE BEGINNING OF CRYPTOUNITY

As seen on Medium.

Briefly, CryptoUnity is a relatively new start up crypto project, from Europe, Slovenia, whose goal is to make the crypto world more accessible to every individual. CryptoUnity wants to educate people, whether they have some previous knowledge or are just starting.

But to really get to know CryptoUnity, we have to start from the beginning. How was the idea born, how was it being developed, who is behind it, what has already been done? These are all the factors that shaped the project into what it is now. So without further ado, allow me to present CryptoUnity to you.

It all started approximately 2 years ago, on a small balcony in the middle of Ljubljana. One of us, that always had innovative ideas, was playing with different ICOs and just lost some money on one. While he was discussing it, he said “I’m sure there has to be a way to make ICOs more secure for buyers “. And our minds started racing, until the first lightbulb lit up. The best way for someone to start working with ICOs or crypto in general is KNOWLEDGE. Without it, you can get scammed faster than you can say ‘crypto’.

Okay, people need knowledge… now what? That’s how the original idea for CryptoUnity was born. Let’s educate people from the very basics, while creating a community that’s built on people who already have some knowledge in crypto and those who don’t. With that, people are already learning through conversations that take place. Add actual education and you’re onto something.

After we had the idea, we had to figure out how to package it into an actual project. So, we got together a few more times, brainstormed, dreamed about it individually and eventually the idea for the entire project was born. Let’s create an all-in-one app that will help people learn and use crypto. Let’s put everything together — a wallet, crypto exchange, education. Our imaginary app was starting to form. Through all of this, we kept the most important thing in mind — SAFETY. But under the word safety, we had two different roads forming. The first meaning of safety was safety within the app, so the wallet is safe. The other form that needed to be researched was the one of the projects. How can we make sure people will know that our project is safe?

A SAFE WALLET

To guarantee a wallet as safe as possible, we decided to have, not one, but two wallets for every individual. One being a hot one and the other cold (Katy Perry was not our inspiration, just to be clear). A hot wallet is where you keep your active cryptocurrencies, those that you use regularly and normally stores smaller amounts. It works faster because it is connected to the internet, which makes it easier to exchange/sell cryptocurrencies, but is therefore less secure against cyber-attacks. A cold wallet however, is not connected to the internet at all times. Unlike the hot wallet, on which transactions will take place quickly and with a single-phase authentication, we designed the cold wallet to operate with a three-phase authentication that will be required before performing a transaction:

  • with a fingerprint/face recognition or password
  • with a one-time password, sent to the user’s mobile phone
  • with CryptoUnity’s card

Transactions from the cold wallet will thus be strongly protected but slightly slower. The user will be able to exchange assets between the hot and cold wallet through transactions.

A SAFE PROJECT

Back to the original statement that started this whole idea: how to show that the project is safe? Our goal from the start was to build a community — and you do that by building trust with your supporters. That’s why we took our time to broadcast that our project is safe through different factors:

A public team

We put our faces out there so people can see who stands behind the project and get to know us; then they will realize we are just ordinary people with a goal and willpower to make this happen.

A legitimate company

We founded and registered our company in Slovenia to be completely transparent.

Locked wallets and vesting

With it, we are establishing a financial system for a long-term project. The measure also prevents sudden drops in the token’s value. The locking and gradual release plan presents the following:

  • the liquidity pool is locked for 6 months
  • project-related wallets, the founders’ wallets and wallets of the rest of the team are initially fully locked; unlocked tokens are released gradually
  • tokens are gradually allocated to buyers from the private presale phase

Dumping wall

This is a measure that is meant to prevent any sudden drops of the CUT’s value right after the launch. This simply means that selling fees are way higher in the first month on the exchange. Let’s say that the holder wishes to sell his tokens within one week of the TGE, the sales commission would be 34 %. In the following week, it is reduced by 10 %, and in each subsequent week by an additional 5 %, until the end of the fourth week, after which the final commissions are established. A big part of the fees goes to the loyal supporters, as a reward for holding CUT, and the rest for liquidity.

Once we had the safety part down, we were ready to start. Let me tell you this — our first estimation of launching our cryptocurrency was 6 months and boy were we wrong. Throughout the process of evolving the project and studying everything launching a project brings, we learned a lot. One of the most important things was being patient and taking the time needed, to not rush things. As we were putting together the final plan for the all-in-one app, we worked (and are still working) hard on the path we are going to take once we show our project to the public.

I will tell you more about other parts of the app in future articles but to end this one with one final thought, all I can say is that after two years of hard work, we realize we are just getting started. But we are also very proud of how far we have come, as a project and as a team.

Start simple and stay secure folks!

Tina