BMJ Score: 3.4
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CommentaryWhile cryptocurrencies continue to gain popularity, the ability to transfer them to fiat currency is a primary concern that stunts the adoption of digital currency. Enter UniFox. By providing more liquidity to users, the UniFox platform can solve this problem. Their stable coin, Unicash, makes crypto spendable at shops via POS terminals and kiosks and also offers its own decentralized exchange with a wallet to safely store currency. We are impressed that four of their five products are functioning and ready to enter the market today, and we really like the idea that buyers can complete transactions in crypto and instantly convert them to fiat for merchants through UniCash. The token itself is unique because it acts as both a utility and security coin where users who hold more than 6000 tokens can become shareholders and earn dividends from transactions on the network. UniFox has ambitious goals and their team is skilled, but their advisors and partners could be ramped up. There are no major competitors at this time, but could this be due to the fact that this project is too robust? If UniFox can pull off their whitepaper, they will revolutionize the way crypto integrates within the economy. This could be a long-term hold, as time will tell whether or not the UniFox team can make their platform mainstream.
- How to invest: To participate in the UniFox token sale, simply clock the “Buy FOX Tokens” button on the site. NOTICE: That token purchase feature is still “under construction”.
- Discount: 50% Bonus during first 48 hours, 40% Bonus 10.02.2018 - 10.07.2018, 35% Bonus 10.08.2018 - 10.14.2018, 30% Bonus 10.15.2018 - 10.21.2018, 25% Bonus 10.22.2018 - 10.28.2018
- Eligibility: Eligibility: Restricted countries include the U.S.
- Token Price: 1 Fox = 0.25 USD
- Jurisdiction: Prague
- Minimum investment: $50 USD
- Payment Methods: ETH and BTC
- Problem addressed/solved: UniFox definitely wants to solve some big picture problems existing across cryptocurrency and banking. 1) It’s difficult to exchange fiat for crypto in many countries. 2) Available payment tools have very limited options. 3) There is no effective link between fiat and decentralized applications. UniFox goes into further detail surrounding the cause and consequence of each problem in the beginning of their whitepaper.
- Target customers/customer/ segments/verticals: UniFox wants everyone to partake in their ecosystem. It functions at its highest level when thousands of users can make P2P transactions and use the terminals/exchanges for all their banking needs, losing the need for a traditional bank that has slower transaction speeds and higher fees.
- Value creation: From buying, money transfer, exchange, storing, spending and withdrawal back to fiat, the project is divided into five parts, which are 100% autonomous, but the connection between the five parts is make what makes the project special. 1) The project consists of stable cryptocurrency (Unicash), ATMs, online exchange platforms, POS terminals, and a decentralized exchange. 2) They are making cryptocurrencies achievable all around the world. 3) They are making cryptocurrencies spendable. 4) They conduct fiat & crypto to one common cryptocurrency. 5) They will help cryptocurrencies to stay independent and decentralized.
- Competition: UniFox could potentially be the only blockchain project attempting such a monumental task of connecting fiat, decentralized exchanges, ATMs, and POS terminals. It’s unlikely they’ll encounter competitors that offer all the features of UniFox, but existing crypto ATMs will serve as an annoyance in the sense that they already hold the majority of the market share.
- Market size/potential: UniFox wants to essentially create a market that has yet to really exist. Yes, other crypto ATMs exist, but not with the ecosystem and functionality that UniFox can offer. The size of their market is next to nothing at the moment, as cryptocurrency has yet to reach at least part mass adoption due to a variety of factors. However, they plan to catalyze mass adoption via their project and its payment terminals, kiosks, and unique features with fiat. It appears UniFox is creating a product that, in terms of the market, is quite ahead of its time.
- Regulatory risks: This is a highly regulated industry, with KYC and AML policies as well as the potential for banks to refuse exchange.
- Investor value: FOX token is a share of the entire project. Therefore, its value can be considered as a digital share across the entire project. However, a fundamental rise in prices will occur as soon as FOX cryptocurrency starts to be used for paying blockchain fees and all the services; the demand for the services of the company will trigger a demand for FOX cryptocurrency. In addition to being a token that makes use of technologies available, it is also a security token through which FOX token holders share a share of the entire Unifox system; 100% of the net profit of the company is divided among the holders of FOX.
- Disclosures: UniFox definitely put a lot of time and effort into their whitepaper. It has 50 pages of detailed content, including a few solid pages of businesses plans and revenue streams, an often overlooked aspect of an ICO. Other than a run of the mill roadmap, UniFox does not offer any further documents or immaculate FAQ section. In all fairness, they’re very straight and to the point.
- Token distribution: 60% ICO, 25% UniFox team and development, 7.5% future use, 5% advisors, 2% bounty program, and .5% airdrop.
- Use of proceeds: Not explicitly stated
- Caps: Soft cap: $2.5 million USD; Hard cap: $100 million USD
- Track record: UniFox has a nine-member management team and additional five-member marketing team (a valuable asset for projects that want to gain online traction). Founders of UniFox have financed and prepared individual parts of Unifox since 2016. Evidence of their funding is provided on page 36 of the whitepaper. Tokens belonging to Unifox Team & Development will be frozen for a total of three years and will be released every six months for sale, which is a much longer period of time than most teams are willing to wait. This shows trust in the future of the project. In terms of individual brilliance, the UniFox team can’t really compete with other ICO teams. Only a few members have over 500+ connections on LinkedIn, and the CEO, Jan Turek, doesn’t exactly boast the most impressive work experience. He’s worked as an online marketer, software license reseller, and CEO of Stawe Soft for less than a year.
- Integrity: It’s pretty obvious that the UniFox team is not on the same level as higher caliber teams that have glowing resumes with years of experience, but what they lack in experience they make up for with transparency. They have tons of appearances at road shows where you can meet the team personally. A few of their stops include Malta, San Francisco, Barcelona, Singapore, London, Dublin, and more. Plus, the team is freezing their own tokens for at least three years, preventing them from selling out into the market in order to make a quick buck.
- Jan Turek, COO & Co-Founder (LinkedIn)
- Vadim Bilousov, CTO & Co-Founder (LinkedIn)
- Michal Vlasak (LinkedIn)
- MVP: Four of the five products are about to be tested or fully functional. Unifox states that it is possible to visit them and view the products personally, right in their office in Prague or Bratislava, or other country representation offices. Evidence of existing terminals can be found on their YouTube page.
- Token use case: FOX Coin is supposed to be a base unit of the Unifox blockchain and also has a legitimate role to play throughout the project; it is the key to executing transactions across the entire Unifox ecosystem. Fees have to be paid in it.
- Value-added: Perception of the FOX cryptocurrency as a key to using technology is the main idea of ICO. As a result of increased demand for technology, there is also demand for coins without which technology cannot be used. This ensures an increase in price and value of the token. Even if a user does not have FOX to pay a fee, the system will buy FOX automatically.
- Decentralization: Unifox is intended to be a decentralized trading place for cryptocurrencies – i.e. an exchange without control of one central authority.
- Token Supply: Max token supply of 1 billion FOX
- Technical difficulty/investment expertise needed: UniFox sums up its project for the world by reiterating their slogan of “Imagine MasterCard for cryptocurrencies”. They want to include everything in their project from buying, money transfer, exchange, storing, spending, and much more. It’s their goal to make cryptocurrencies achievable all around the world in a simple and easy-to-use manner.
- Halo effect: Current partners of UniFox include Achain, Phore, Electra, Crypto Wallet, EasyPay, and others among the crypto world. UniFox wants to expand its network of crypto partners so that more exchanges, coins, and other tech can be featured and used with its own technology.
- Buzz: UniFox has solid all-around buzz online. Their Facebook (9.2k), Twitter (7.8k), and Telegram (18.7k) all hit quality marks with the current stage of the project. UniFox has additionally been featured on news outlets such as Digital Journal, Cointurk, Newbium, and other crypto-related sites.