The Unibright token model

Unibright answers: The Unibright Token Model.

In the blog about our strategy on community updates, we announced an “Answers to your questions” blog series, elaborating on the most interesting or frequently asked questions. Today we address a detailed explanation of our Token Model.

In one sentence: What is the Unibright Token?
The Unibright Token is a utility token and the voucher users need to use the Unibright framework.

What is the sense of the Unibright Token?
First of all, the Unibright Token is a utility token at its simplest meaning: It is the voucher to use our utility — the Unibright Framework.

Our argument is not that the token alone solves a problem. Our framework solves the problems enterprises face when they want to make use of blockchain technology. And to use our framework they will need the token, so let’s sum up:

• A company wants to use the Unibright framework →The company needs Unibright tokens

• The company has no Unibright tokens → The company can not use the Unibright framework

• The company wants to get tokens to use our framework → They will buy it from those who hold tokens and are willing to sell them (so for example from those who participated in the token launch)

How does the token model work exactly?

• First of all, the customer has to buy tokens on the market (1)

• For using the Unibright framework, the customer has to bring the number of tokens estimated to be needed for one month of usage into the platform once (his “balance”) (2)

• The tokens are used in ongoing integration cases (3)

• After the month is over, we offer the customer to buy the tokens back, that he used within the platform (“redeemed vouchers”). The price of this sale offer is fixed in the individual contract Unibright agreed on with the customer. (4.1)

This gives the customer the needed freedom to plan the costs for the period we have a contract for. Unibright has the possibility to have separate contracts for every customer or even for different use cases of the same customer. The tokens initially sent into the platform are locked for the duration time of the contract.

For every customer using our framework we have a (smart) contract holding the token balance and all “refill”-parameters agreed on.

How many tokens does a customer need?
Unibright is a framework, a set of tools that enable enterprises to make use of blockchain technology. We automatically generate smart contracts and automatically connect them to existing systems of the enterprise.

Each time our systems connect a Unibright smart contract with another system, this is a “Unibright Transaction” and this costs a certain amount of Unibright Tokens.

So with every transaction (connecting different systems or generating smart contracts), Unibright Tokens are transferred from the customers’ wallet within the platform to Unibright.

The number of tokens heavily depends on the number of transactions done. For example, a company doing approvals via our framework for every order exchanged would have at least one transaction per order. Given a few thousand orders per year and not having one supplier but a three-figure number of suppliers, this would lead to 100k up to 1 million transactions for this customer alone.

When a customer wants to serve more regular integration scenarios, the customer will need to hold more tokens. So, in the time after implementation, more tokens will be demanded because of the Framework targeting more clients, industries and more connected systems and by attracting more users to the platform itself.

There are even more cases, Unibright Tokens are used, e.g. for generating smart contracts, accessing special templates or bundling payments in different blockchains by the use of UBT. As the major impact on the token use will come out of the integration scenarios, we will address these additional cases in a separate post.

What happens when…

• … more customers want to use the Unibright framework?
  → More tokens are locked inside the platform, less tokens are available in the market.
• …UBT goes up?
  → The existing clients have price stability for the time their contract lasts.
• …UBT goes down?
  → New clients can bring in more UBT to get an “easier entry” for future integration cases.
• …a customer wants to increase his monthly transactions?
  → He has to bring in more UBT into the platform by a new contract.
• …a customer does not want to use Unibright anymore?
  → his unused tokens are unlocked again after his contract ends and he can sell them on the market (or bring them in again for future integration scenarios).

For the customer, this means, that he brings in Unibright Tokens once and is able to use the platform for the duration of the contract for a stable price. As integration processes are long-lasting processes (set up once, used for years), companies will go for long-lasting contracts to save their price for a long time.

For the token holders, this means, the more customers use Unibright, the fewer tokens are available on the market.