Why was uFIATS created?
uFIATS were built so that the local fiat currencies can start moving faster. uFIATS are a digital fiat currency equivalent tokens powered by blockchain technology. Like other crypto assets, they can move instantaneously, anywhere in the world, any time of any day, and they are programmable. Unlike most other crypto assets, uFIATS are stable. They are backed 1:1 to local fiat currencies and are empowered by a distributed network of retail and online converters who provide cash to uFIATS services internationally.
Why is a digital fiat currency beneficial?
Unlike regular fiat currency, uFIATS don't require a bank account. They don't require that you live in a particular geography and you can send uFIATS around the world at an extremely low cost in just a few minutes. This opens the doors to unbound digital innovation for commerce and peer-to-peer transactions.
What can uFIATS be used for?
uFIATS can be used to hold local country fiat currencies in a digital format, to reduce exposure to cryptocurrency volatility, to remove cross-border transaction fees and to move between digital currencies with ease or as payments for services. In the future many new capabilities will be unlocked as the greater ecosystem builds new services and functions.
How are uFIATS programmable?
Being programmable unlocks a whole new world of applications and business ideas: developers can create accounts to store money with one line of code; lending that is faster, cheaper, and more transparent; faster and cheaper payments, including payroll; global crowdfunding; transparent and stable donations to charity are just some of the capabilities that can be developed on top of uFIATS.
Are uFIATS divisible to the cent like fiat currencies?
uFIATS are in fact more divisible than local fiat currencies as they currently supports 8 decimal places (0.00000001).
What blockchain network do uFIATS use?
uFIATS currently utilize the Ethereum blockchain because of its status as the market leading smart-contract platform and strong support from developers. In the future we will build uFIATS on Bitcoin and other networks if the demand is available.