Blockchain technology was developed to serve as a distributed database on which data can be securely stored. For cryptocurrencies, it serves as a digital ledger for transactions, that is managed by a network of computers and not by one central authority. Transactions are only confirmed by means of consensus across the network.
What makes blockchain secure is the fact that the data cannot be altered. Transactions are stored on blocks, which gets added to the blockchain. Each block contains a hash of the previous block, ensuring that they remain meddle-proof.
We want to ensure that the supply stays in line with the GDP growth of Africa. If the coin supply remain fixed, it would potentially lead to coins with values that are not viable in African and everyday trade scenarios. Pricing a coke at at 0.00012 is not very consumer friendly.
It has been found money supply isn’t necessarily related to the depreciation in its value. This is due to the increase in demand alongside the increase in supply. If the demand is stronger than the increase in coin supply, the coins will still become more valuable over time.
The dynamic supply would also lead to a more equal distribution of coins. The fact that coins are mined automatically from your wallet, means that everybody will essentially have equal opportunity to mine the additional supply. This, on top of the fact that the additional supply will be mined over a long period, will ensure that coins maintain their value.
Our key focus will be on serving the African market, and releasing our PoS and payment solutions locally. Una however is completely open source, and will be borderless, therefore future expansion into other emerging markets will definitely happen.
The funds we are raising through the ICO will allow us to launch mobile wallets for IOS and Android, and to develop a PoS system. A portion will also be used on marketing, expansion and supporting the UnA team.
Due to the nature of UnA, mining pools are not required. Coins are distributed equally along all miners since mining takes place directly from the UnA wallet. No technical knowledge or expensive equipment is required. As long as you wallet is open, mining will run in the background. You wallet will also be encrypted and require a password to access after it has been left unattended for a few minutes. This is to ensure security.