The Hybrid Summit was held at the AsiaWorld Expo in Hong Kong yesterday. Coinciding with Blockchain Week (March 4th–8th), the one-day summit aims to educate thousands on blockchain technology. Aiming to produce innovative blockchain-relative projects, one example of what it’s all about is digital wallet uBUCK, which is the subsidiary of the Canadian publicly traded company, LiteLink Technologies Inc. (CSE:LLT) (OTC:LLNKF).
Speakers at the event included Jon Malach, CEO of Native Ads, Wallstreet Bitcoin bull Tom Lee and IOHK founder Charles Hoskinson.
Stablecoins and the uBUCK Digital Wallet
One recent innovation—a form of digital currency called the stablecoin—aims to tackle the issue of price-volatility associated with cryptocurrency.
In its simplest explanation, a stablecoin is a digital asset backed by a tangible asset such as gold or the US dollar. Backing a cryptocurrency in this manner reduces the price volatility of the cryptocurrency and creates a digital, decentralized currency, practical for everyday use.
Stablecoins may even encourage global adoption of cryptocurrency, and the uBUCK platform aims to play its part. uBUCK presented at this year’s Hybrid Summit, showcasing what it can do.
The uBUCK platform aims to make spending, transferring and holding money safe, efficient, and practical. With four wallets in-built, the platform allows users to send uBUCK Cash to other account holders free of cost and in lightning speed.
Online purchases and ATM cash withdrawals are also possible—much like a regular debit/credit card.
But where does the stablecoin idea integrate? Users buy uBUCK vouchers using Bitcoin or Ethereum stored within the wallet. This voucher is loaded onto the linked uBUCK Debit MasterCard and this, effectively, converts the uBUCK Cash into dollars by doing so.
Effectively, a user is “storing” their cryptocurrency in a stablecoin tied to the US dollar.
In today’s centralized finance world, there is another notable feature here. uBUCK is an efficient tool for those without a bank account or credit rating. According to Forbes, over 1.7 million people worldwide do not have access to a bank account.
The Hybrid Summit happens annually and, for 2019, it has wrapped leaving its mark on blockchain developers and entrepreneurs across the globe.
Will stablecoins become the future of currency? What do you think of the uBUCK project?
Let us know below!