FAQs

Who can buy the Ubricoin ?
  • Anyone, when it goes to public sale and the current private sale.
  • To participate in the current private sale contact us on +254755844017 or email us at info@ubrica.com.
How shall we use Ubricoin?
  • After the sale completion, Ubricoin will be the standard payment for health services in the country and perhaps the world.
  • It will also be used to participate in all Ubrica projects e.g sokojanja,com to purchase local products.
  • Ubricoin will facilitate the creation of an incentive program to reward excellence in education, research and practice
  •  It will build financial incentives for traditionally marginalized hardworking people who contribute knowledge for the betterment of humanity
How will Ubricoin appraise in value ?
  • It will grow at a rate of 1% every month. This will be hard coded in the smart contract.
What is the initial price offering of one ubricoin ?
  • 1 UBN (Ubricoin) is equivalent to Ksh 50.
What is the benefit of Ubricoin versus shares of common stock?

Ubricoin is an ERC20 token, built on Ethereum blockchain protocol. As an ERC20 token Ubricoin is a distributed application that operates as:

  1. Crypto-currency
  2. A utility token in Ubrica ecosystem.

As a utility token, Ubricoin is not an equity instrument such as a share of common stock. A utility token gives you access to products and services. A Ubricoin represents future access to Ubrica ecosystem. There are two types of utility tokens:

  1. Digital coupons,
  2. Tokens that provide users with access to its decentralized forum (i.e., products on Soko Janja, health services acting as health insurance).

Ubrica will issue tokens for development of its projects and this allows the token holders to access different Ubrica products or services in future.  Participants in the Ubrican community can buy the token and use them to access Ubrica services, products and produce. The main purpose is to get access to the Ubrica ecosystem, but not to gain profits or dividends. Token holders will be enrolled on Soko Janja at no cost and get medical services at a URCCs without paying cash. The main value of the token is access to Ubrica’s proof of stake protocol tokenization platform.

Advantages of Ubricoin to fiat currency?

As a crypto-currency, Ubricoin will operate just like fiat currency (e.g. dollar, Kenya shillings), but without intrinsic friction inherent in fiat currency. You can pay for goods and services with it without incurring charges from international exchange rates. Consensus by a network of computers all over the world verify transactions on Ethereum blockchain. As such, there are no middlemen, or organizations involved in validating transactions. Computer validation of transactions is by far, safer and inexpensive, because it does not incur costs such as human resources and fees that would be involved running transaction through a third party trusted human organization, say a bank. Furthermore, it is far easier to corrupt a human being than a computer. Humans are also prone to manipulating supply of money and prices in their favor. A programmed computer validation system helps to overcome problem associated with trusted third party human organizations.

What are the benefits of investing in Ubricoin on the long run, is it through services only?

In the long run, Ubricoin will appraise in value, just as common stocks do. In this way, Ubricoin can be regarded an investment instrument. We have seen other cryptocurrencies raising in value tremendously.  This intrinsic power for crypto-currency increasing in value (such as what occurred with bitcoin), gives them characteristics of precious metal, such as gold. As you know, price of gold changes in time, although gold itself is not like water, that is generally needed.
 
In a similar way, Ubricoin can serve as store of value. Although land and buildings are good stores of value, generally, they cannot appraise in value in a rate anywhere similar to cryptocurrency. Reason: cryptocurrency market is global. Market for land and buildings is local. In fact, going forward, land will have progressively decreased value as most of the business go online, and as production technologies become available in Africa. Today, land in Kenya is the most valuable investment because our technological investment is rudimentary. As our use of technology improves, fewer and fewer people will be interested in land, as they can create a lot of value in a very small space (such as what is happening with Ubricoin. We do not need much land to create Ubricoin).

How will people benefit monetarily on their investment in UBRICA since government is rolling out universal health? .

Universal health is not something that one rolls out. Many of our people are not interested in learning or understanding what is universal health. The government’s approach to universal health involves getting people to pay monthly contributions to the National Hospital Insurance Fund (NHIF). This approach is faced with two distinct difficulties: (a) the people working in the  government are indifferent about where people get money to contribute to the Fund, and (b) the people working in the government are oblivious of the micro-economic problem of prioritizing family budget.
 
People working in the  government are indifferent about where people get money to contribute to the NHIF

A huge problem in Kenya, is that unemployment rate can be as high as 90%, for people graduating from university, in certain disciplines. Millions of market-ready people cannot find jobs. It is extremely naïve to ask someone without a steady income to make monthly contribution to a fund. From where would he/she get the money to pay.

As you can see, people in government talking about universal coverage, without talking about increasing access to high quality well-paying jobs is the greatest nonsense of the present time. Indeed, because of this problem, it is practically impossible to scale NHIF. This means that NHIF is already fully saturated, and cannot grow beyond where it is right now. NHIF is already covering people with steady income, who are less than 20% of Kenyans. The rest of the population is in subsistence farming or just barely making it through the day.

 

People working in the government are oblivious of the micro-economic problem of prioritizing family budget

Imagine a woman who makes a living selling vegetables at the local market. In a good day, she makes 500 shillings. In some days, she makes 50 shillings, in many bad days she is not able to sell anything. Guys from government come around and tell her: “Woman give us your 500 shillings. We will put it away for you so  that we will pay for your medical care when you get sick. We will even pay for your family.”

She has to feed her family at least twice a day. She also needs to buy uniform for her kids going to school. She has pay school fees…..and the list of needs continue. Maslow (1943), taught us that people will meet their immediate basic needs before they can think about meeting a needs in a distant future. Insurance is for meeting needs in a distant future. Even if the lady in this examples agrees to contribute to NHIF because of coercion by people in government, it is quite obvious she will in a future date have trouble prioritizing NHIF over school fees and food for her children.  She will default her payments.

 

Solution

Soko Janja helps to overcome both problems. Soko Janja is very interested in how local people make money. Indeed, the sole job of Soko Janja, fully developed, is to help people create wealth. About 14 million families in Kenya do not have access to health care. Should Soko Janja reach the 14 million families, and help put money in their pocket by facilitating market for local produce, products and services, then they would not have problem contributing to the health fund.  As an electronic market, Soko Janja can set money aside into a health fund. Such money will go into a smart contract that will pay medical services. Pooled smart contracts from millions of families will operate as health insurance.

 

More about

What analysis will be/ was used to come up with pricing/valuation of the UBRICOIN and tokens as stipulated in the document highlighting the sale of ten (10) billion coins that will be offered to potential investors?

We used the heuristic approach to come up with the pricing of the Ubricoin.
Heuristic approach is a practical method, not necessarily optimal, but sufficient
for reaching the Ubricoin immediate goal.

Initially UBRICA had a plan to offer shares to finance its projects. What is the way forward in relation to UBRICOIN coin offering (considering people have already bought shares with a certain valuation)?

Shares are equity investment instrument that allow you to gain ownership of the
company. Ubricoin is a utility token that allows you ownership to the utility of the
organization. The two instruments serve different purposes in the organization
and so they are not mutually exclusive. Both instruments are synergistic. Ubricoin
supports the shares and the shares support the Ubricoin. The Ubrica shares shall
be listed in the market as planned.

Of the total 10 billion coins, what will be the allocation of the coins to the founders of UBRICA and is there a lock-up period?
  • The coins will be allocated as follows, 1 share will be allocated 800 coins. Someone holding 10 shares will receive 8000 coins.
A coin that is owned by a few individuals (called “Whales”) could result in price manipulation, how will this be mitigated?
  • We are lucky Ubrica does not have whales. Nobody should own more than 50,000,001 million coins.
Is the coin’s governance structure going to be centralized or decentralized? In either case how then will it merge with the Ethereum block chain in the long run?
  • The coin governance structure is decentralized, built on Ethereum protocol. Ethereum is a decentralized protocol, and open source. You can build on Ethereum protocol many decentralized applications (DApps). Ubricoin is a DApp.
The government of Kenya is warming up to crypto-currency although we don’t have existing legal/regulatory framework. What legal barriers have been identified including mitigation measures more so if the regulatory framework is not put in place soon?
  • There are not legal barriers by Kenyan government, to implementation of Ubricoin. As explained earlier, Ubricoin is a utility token. Utility tokens are not regulated by any government. The U.S. Securities and Exchange Commission ruled last week that Ethereum is not an equity instrument. Ubricoin is built on Ethereum protocol as a utility token. Utility tokens are not regulated.
Currently due to the immutable nature of block chain technology, then it means transactions are not reversible. So if you transfer money to someone by mistake and want to get a refund for services there’s no option to dispute that person and the only way to get your money back is to ask the person to refund payment. How will such issues/scenarios be dealt with?
  • Transactions are immutable. However, if you wanted your coins back, you can send an inverse transaction. For example, sending 5 Ubricoins from Account A to Account B has an inverse of sending 5 Ubricoins from Account B to Account A. So, what you do is to send the inverse transaction.
How different will UBRICOIN be vis-à-vis already existing coins, which would lead to greater traction and adoption (i.e. what is its unique value proposition and competitive advantage that will attract investors)?

The unique value proposition of Ubricoin is its focus to support development of life-science and health production in developing countries. According to our knowledge, no one else has created a crypto coin to support life science and health production in Africa. We have developed Ubricoin on blockchain to serve as a platform devoted to improving quality of health for all. Ubricoin will help to achieve global health. We will use Ubricoin to develop global health industry and create market intelligence through a cryptocurrency reward system that will inspire positive contribution to health improvement around the world. We will use a smart review system to reward consumers for positive health behavior. Educators at all levels of education, researchers, and practitioners at all levels, will also receive rewards for excellence, quality of work, and positive contribution to society. We believe in a future where everybody has access to best health products and services. We believe in great health that is easily accessible and affordable to all. We believe in a future of universal health access. We expect that Ubricoin will improve health related quality of life and quality adjusted life years. In addition, we believe that Ubricoin will reduce the enormous burden of disease, particularly in the developing world, and eliminate years of life lost due to disease.

In crypto-currency lingo, we have tokens and coins. Explain if it means the same and if not a detailed description of each and use case scenario.

Tokens and coins mean the same thing. The term coin indicates cryptocurrency as aspect of the token. That is when the token operates as cash. Ubricoin is an ERC20 utility token, built on Ethereum blockchain protocol. As an ERC20 token Ubricoin is a distributed application that operates as (a) crypto-currency, in which case we can call it a coin (just a name), and (b) a utility token in Ubrica ecosystem. As a utility token, Ubricoin is not an equity instrument such as a share of common stock. A utility token gives you access to products and services. A Ubricoin represents future access to Ubrica ecosystem. There are two types of utility tokens: (a) digital coupons, and (b) tokens that provide users with access to its decentralized forum (i.e., products on Soko Janja, health services acting as health insurance). Ubrica will issue tokens for development of its projects and this allows the token holders to access different Ubrica   products or services in future. Participants in the Ubrican community can buy the token and use them to access
Ubrica services, products and produce. The main purpose is to get access to the Ubrica ecosystem, but not to gain profits or dividends. Token holders will be enrolled on Soko Janja at no cost and get medical services at a URCCs without paying cash. The main value of the token is access to Ubrica’s proof of stake protocol tokenization platform.

In the world of crypto-currency there are currently two prominent consensus mechanism (i.e. that ensures that all participants agree about the ownership rights to the virtual currency units) for engagement; (a) Proof of Work and (b) Proof of Stake. Expound on how each works and which of the two is better based on Ethereum model.
  • Proof of work consumes a lot of energy resources. We do not have so much energy on developing countries to support proof of work protocols. Ubricoin on Ethereum protocol will rely on proof of stake. We will use proof of stake to generate incentives to support global health. We have built, on blockchain technology, a model that will overcome shortage of financing for health, which has been the thorniest issue in global health. Lack of funding for health in many countries of the world has led to increased burden of disease, years of life lost due to illness, very poor quality of life, and very low quality adjusted life years.
  • We strive to create a health conscious community that rewards people who provide valuable contribution to knowledge in life science and health. Through a smart reward system, we will see a rise in emergence of new knowledge and solutions to most vexing issues in health. Ubricoin will reach a broad market for health production that will include billions of people in developing countries who have been excluded from health care and from financial systems.
  • Ubricoin on blockchain for global health is extremely powerful as it will build financial incentives for traditionally marginalized hardworking people who contribute knowledge for the betterment of humanity. For the first time in history of mankind, hundreds of millions of people who contribute good deeds to mprovement of health related quality of life of human race will receive incentives for their good deeds.
  • This smart reward system will unlock unprecedented amount of funds to support advancement in knowledge in general, and in lifescience and health production in the world, in particular. Good teachers who care deeply about their students, good researchers who contribute to new knowledge, and good practitioners who strive to provide greatest quality of service will receive financial incentives for their good deeds.
  • Our crypto-currency program involves creating incentive programs to reward excellence in education, research and practice. We shall also reward the use of Ubricoin for financial transactions in everyday practice. Buying from local suppliers and manufacturers on Soko Janja will attract rewards. By doing so, quality of medical and health care will improve all over the world.