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Union is proud to announce that their token sale will begin in just over two weeks, on May 1st, 2018. The sale will last until July 31th or until their target of $5,000,000 is reached, whichever comes sooner. The sale will act as a fundraiser for the launch of Union’s blockchain-based collaborative savings ecosystem. Union will be accepting Ethereum, Bitcoin, and Litecoin at a value of approximately $0.03125 per UNI tokens.
Founded by Amitesh Sahu and Kamal Anandani in 2017, Union is a collaborative saving platform for ~400 Million Indian millennial, and organizations. Union will allow individuals, and organizations to access capital and other financial products without the need for a trusted third party, such as a bank. They will achieve this by operating on “smart contracts,” which will automate their financial products and greatly reduce the risk of fraud. Smart contracts are decentralized, transparent, secure and fully auditable. Without the involvement of intermediaries, users are able to access capital faster and more easily than with traditional banking methods, with drastically reduced interest rates. The company aims to provide a decentralized alternative to institutional financial services, which are notorious for their rigorous loan approval requirements and other regulatory obstacles.
Union will allow individuals and organizations to participate in simple saving circles (pools) on the blockchain. Co-Founder Amitesh Sahu says, “Blockchain is a big differentiator for a financial product because risks are easily mitigated due to its inherent attributes. Also, the smart contract feature on blockchain is governed by rules and not human desires or emotions which, to a great extent, reduces chances of fraud. After extensive market research, we knew we could devise a solution integrating blockchain to address the setbacks in the financial systems in India.”
Figure 1 UnI Pool
Two major target demographics are Indian millennials and B2B manufacturing companies with heavy distribution models, though the public blockchain will allow for users to participate from anywhere in the world. Ultimately, Union will create a massive, democratic, peer-to-peer financial institution that utilizes machine learning to overcome the inefficiencies and unnecessary costs of existing systems.
To businesses, Union will also offer Bill Discounting, which will permit companies to liquidate accounts receivables for immediate funds, thereby providing them with working capital that they can use straight away. Presently, Union only transacts in cryptocurrencies, but their team plans to implement a solution for fiat currencies shortly.
Figure 2 Bill Discounting using smart contract
Union is now in its alpha phase and has already amassed a following of almost 7,000 members on Telegram. By the end of the year, they strive to make that number look marginal, with a target user base of 100,000.
You can learn more about this innovative company and get whitelisted for their token sale by visiting: Website: https://getunion.io/