Unit Network (UNIT)

Basics

• Based in:
• Started in / Announced on: 2016
• Testnet release: "Our team is working hard to beta-launch Unit.Network in the upcoming weeks." (13-7-2021)
• Mainnet release:
• Focusses on token economies.

Audits & Exploits

• Bug bounty program can be found [insert here].
• From their docs (6-2021):

"Top auditing firms will ensure that the technology is not at risk of being hacked/compromised. For instance, Security Research Labs in Berlin."

Governance

• Unit seems to give their token economies their own choice on how to deal with governance. It does mention voting. From the docs (5-2021):

"On Unit, you can work with Polls system to involve members of your network to vote on a wide variety of matters pertaining to the whole."

Treasury

• From their docs (6-2021):

"Treasury is held on the network, which backs up the network, and is not managed by anyone. No single user has access to the treasury. The funds can only be accessed by token holders in exchange for their tokens."

Token

Launch

• Regarding the token sale (6-2021):

"There is a token bonus specifically for the UNIT core team, which includes a combination of tokens(20%) and cash(10%)."

• From their docs (1-7-2021):

"We will open token presale during the platform launch in the upcoming few weeks."

Token Allocation

• From their docs (1-7-2021):

"Total Circulating Supply: 100 million UNIT. 50 million UNIT tokens sold in five rounds:

1. Round 1 - $0.10 raising $1mil at $1mil market cap
2. Round 2 - $0.20 raising $2mil at $4mil market cap
3. Round 3 - $0.40 raising $4mil at $12mil market cap
4. Round 4 - $0.80 raising $8mil at $32mil market cap
5. Round 5 - $1.00 raising $10mil at $50mil market cap

Funds from the UNIT token sale are kept in the Operational Bank and Treasury to back up the underlying token economy and won't be spent for operations. 20 million UNIT go to the 200 core team members, where each of Unit co-founders and team members receives 100,000 UNIT with a three-year cliff and a five-year vesting period. 30 million UNIT are kept in the Operational Bank and Treasury to maintain a level of stability whereby tokens are to be sold at $1, $2, $3, $4, $5 phases with 1million UNIT in each phase when the token presale is completed."

50% to the token sales, 20% to the team and 30% to 'Bank and Treasury' which will also be sold.

Utility

• Utility token (6-2021):

"It’s a hybrid between a commodity/share, similar to BTC in the bitcoin network or ETH in the ethereum network. UNIT tokens are not a security/investment, but simply network credits that are used for the platform. The funds are not to be used for runway or operating expenses but simply to provide value to the unit token economy. They will not be used or spent, simply to back up the network/protocol value."

• From their docs (6-2021):

1. Governance (Propose and vote on proposals related to Unit ecosystem via Polls)
2. Staking (stake your UNIT and receive exchange fees when people exchange USDU-UNIT)
3. Operating Nodes (gas fees for running nodes which go to network node operators and validators)

Technology

• Whitepaper can be found [insert here].
• Code can be viewed [insert here].

Implementations

• Built on: Substrate, "This allows us to build a robust blockchain which allows us as a parachain (parallel chain) to connect to the Polkadot network called the relay chain." (6-2021). And: "UnitChain is a parachain built on Substrate and linked to the Polkadot network. View our Polkadot parachain proposal here." (6-2021).

How it works

• Will be using raised funds to back up their token economies (6-2021):

"Funds will not be distributed but are utilized to back up the value of the token economy. They will be held in the same currency that was transferred to the treasury. In other words, if all funds are collected in BTC, the intention is not to touch the funds by trading which could put token holders at risk."

Fee Mechanism

• From their docs (7-2021):

"The industry tokens are capturing value within the marketplaces or industries. The transactions involving industry tokens take 25 percent of the service fees, and the UNIT tokens and platform takes 25 percent of all the different platforms and service fees."

Staking

• From their docs (6-2021):

"The funds in the treasury can’t be staked/invested (yet) to protect the treasury."

Compliance

• Puts emphasis on Legality (4-2021), Compliance (6-2021) and KYC/AML throughout their docs:

"Though the intention is to educate and support with best-practices local teams with token issuance education allowing for regulatory compliance in each jurisdiction where tokens are issued. There is legal system which can be used if there is a need for pursuing legal action towards individuals, though, in terms of legal action towards Unit as a legal body, it is technically not possible. In the worst-case scenario, token holders can redeem their investment from the treasury, the amount of value that corresponds to their token purchase relative to the total circulating supply. This is done to protect token buyers. Unit does not have an official legal business entity. There is no legal base."

"Access governance can be defined as the set of rules a network initiator or community builder puts into place in order to control (or not) who accesses the group. These conditions can range from very loose structures requiring only a Know Your Customer and Anti-Money-Laundering screening process (“KYC-AML”) to face-to-face interviews, professional accreditations or referrals from peers who are already part of a group.  Beyond the KYC-AML mandatory verification for accessing your Token ecosystem, you may decide to set up other parameters for granting individual access. The range of measures lies in between the permissionless access policy and the restrictive permission-based approach. Permissionless means, as the word suggests, that after completing a KYC-AML process an individual can have access to the ecosystem without further checks.

After an initial closed/permission growth approach of the ecosystem adopted by the Unit founders, we decided to give such power to Unit Members who are now allowed (and incentivized) to invite friends to the ecosystem by simply sharing a link. Unit believed that this “evolutionary” strategy from top-down filtering to peer-based access was a natural way to create an initial safe space for the network that then allowed for an organic, grass-roots, adaptive, and trust-based community to be developed by its peers."

Their Other Projects

Exchange

• From their docs (6-2021):

"We have our own exchange platform, which is completely open and transparent. No major cons, advantages include no-wash/fake trading. Fees benefit the unit community."

• The page for the Exchange says "coming soon." (6-2021).

Industry Tokens

• Is planning to launch different Industry Tokens, like MUSIC and ART (6-2021).
• From their docs (7-2021):

"The industry tokens are capturing value within the marketplaces or industries. The transactions involving industry tokens take 25 percent of the service fees, and the UNIT tokens and platform takes 25 percent of all the different platforms and service fees. The UNIT token is like an index of all the other tokens, while the industry tokens capture the value created within those marketplaces and platforms. Providers and customers within an industry would recognize that the exchange and token are very much like going to different countries and using foreign currencies or going to hotels and using various loyalty programs."

Roadmap

• Can be found here (6-2021).
• From their docs (6-2021):

"Build UNIT token economy, build 50 industry token economies, and 50 city token economies. The roadmap which identifies the end goal of the token economy for the mainstream, and makes progress on milestones along the way, which include the growth of city, and industry tokens. We plan to have a team of 200 people for Unit, and 200 people for each of the 50 industry and 50 city tokens(20,000 people).

Where does Unit want to be in the next 1/3/5/10 years?

• 1 - Unit, industry, city tokens sales complete, and teams are filled.
• 3 - midway on being able to reach the tipping point, of getting key stakeholders in the economy to use tokens.
• 5 - managed to reach the tipping point, whereby we’re seeing 15% of the economy using tokens.
• 10 - completely shifted the value distribution of the economy, where entered token powered."

Team, Funding and Partners

Team

• Full team can be found here (6-2021):

"17+ Unit core pioneers and 300+ advisors coming from cross-discipline backgrounds and active across the globe: Singapore, Bali, KL, Dubai, Moscow, Berlin, Munich, Amsterdam, London, Zurich, Ibiza, Pune, New York, Miami, Los Angeles, and others."

• Paul Healy and Michael Healy "are currently orchestrating the technology development in a completely open-source way, so everyone can review the code and view progress." (6-2021)

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