Bolt ICO Review

Summary

UChain is basically a platform that facilitates the development of dApps that utilize a sharing based economy and considered as the first public infrastructure blockchain. UChain aims to build its underlying blockchain network to solve the current problems of trust and data abuse.

The company has been working on the solution for the problems stated above through the execution of Peer to Peer Network, Distributed Data Storage, User Credit Passport, and Token Incentive.

Through the execution of API's and SDK's, all sharing economy enterprises are able to issue their own token and build their application on top of the UChain network, together making UChain a better global autonomous sharing economy ecosystem. By making a decentralized autonomous ecosystem, all users and merchants will be empowered. UCN tokens will be used as the base currency within the ecosystem, which will also support the development of URC-1 standard tokens that enable subsidiary sharing economies.

UChain will join the ranks under the umbrella of U-Bicycle, the world's leading Internet company specialising in shared travel. Parent company to many leading eastern brands such as U-Car, U-Park, Grab-cycle, X-Bike, etc. and the tech will be implemented into existing U-Bicycle entities immediately.

UChain will also act as a foundation with the name U.C.Foundation which will be a similar business model to the NEO investment fund and Bitcoin fund, working on standardizing, promoting and protecting.

Website: https://uchain.world/
Token symbol: UCN
Token type: ERC20 (Ethereum platform)
Toke price: 1 ETH = 5,000 UCN
Non-tech whitepaper: https://uchain.world/css/img/pdf/onepager-a7836e0f88.pdf
Whitepaper: https://uchain.world/css/img/pdf/uchain-whitepaper-dbe5656d6c.pdf
Hard cap: 24,000,000 USD (42,000 ETH)
Total possible tokens:
Token distribution:
Community reserved: 40%
Public Pre-sale: 20-23 June 2018
Crowd Sale: 10 July 2018

Token distribution and Vesting
Token Sale: 40%
The Private Sale: 22,000 ETH with a 50% bonus, half the funds will be locked for 6 months.
The Public Presale: 8,000 ETH with a 15% bonus, the bonus portion will be locked for 3 months.
The Crowdsale: 12,000 ETH with no bonus.
Ecosystem: 35%
Team: 15%
Company Reserve: 10%
Token distribution timeline
Token Sale will be distributed one month after the token sale concludes.

Use of Proceeds
35% - Research & Development
30% - Marketing & Growth
30% - Global Operations & Expansion
5% - Advisory
Roadmap

Year 2017

Q1: Uchain started to investigate the problems in the sharing economy model and came up with an idea of building a new generation of this economy using a smart distributed network through blockchain technology
Q2-Q4: In September 2017 the head-office was set up in Canada. Uchain Team has been formed and whitepaper has been drafted
Year 2018

Q1: Uchain’s website and final whitepaper has been published online
Q2: Uchain introduces various companies to the platform and bring on partners and trying its best to grow into Sharing Economy 2.0
Q3: Testnet scheduled to go live
Q4: Mainnet is scheduled to go live
Year 2019

Q1: First DApp (U-Bicycle)
Q2-Q4: P2P Transaction platform will be made available

Product stage
Platform is being built and expected to be ready by Q3 2018
Token usage
UCN can perform the following activities:
Transaction value: UCN is circulated in all DApps built on top of UChain as payment for all kinds of transactions.
Supply chain vouchers: UCN can be used as vouchers for the purchase of assets from suppliers (sharing bicycles, smart devices, etc.).
Data contribution rewards: Users will be rewarded with UCN if they decide to contribute their data to the development of the ecosystem.
Value-added services: UCN can be used for payment of API services provided by UChain.
Community rewards: UCN will be rewarded to the community contributors such as third-party developers and community operators.
User incentives: UCN can be earned by improving your community activity such as on-boarding more users and creating valuable content.
xFees: All fees will be denominated in UCN such as transaction fee from Sharing services and DEX.
Ad delivery: UCN can also be paid for advertisements deliver through the UChain advertising system.
Team
The founders are both working as CEOs of U-bicycle which is a world’s leading internet company. Business wise, both of them are very experienced and competent. The rest of the team are well experienced when it comes to software development. Basically the team looks smart and has real execution experiences.
The team’s advisory board are mostly ICO experienced companies that have established successful coins or ICO’s such as Red Pulse, Apex, ConsenSys etc.
The team has made partnerships with reputable and well established transportation companies like Grab and translink. Moreover, the company has made partnerships with companies that can help them fulfill their plans and established the UCN platform. Most importantly, U.B. Group Holding is the company’s exclusive partner.
Opportunities

The team is solid and very competent; business and technical wise
UChain started by the parent company U-bike which is a proven and existing company like an AirBnb for bicycles has 30M users and 300 employees, operating in 5 countries, 40 cities
The company is partnered and will join the ranks under U.B. Group Holding which owns a lot of sharing platform in the world like U-Bicycle, X-Bike, LocalKing, GrabCycle, U-Park, and U-Car which implies that UChain could be huge in the future
Decentralized worldwide sharing economy ecosystem seems very feasible through blockchain with the cooperation of sharing economy enterprises and has a great potential to keep moving forward in the future
They have a ton of existing investors and connections that could possibly help UCN being listed in big exchanges
The company has decent amount of Telegram members that shows positive response from the public thus the hype is starting to grow

Concerns
The company has just been established early last year so it’s still young but the leadership behind the company is well experienced
The company has no existing platform yet, still on the process
Uchain is similar with the Origin Protocol (another ICO), also Yggdrash and Edenchain thus UCN has existing competitors in the market.
Hard cap is high considering parent company has capital
No bounty program, increasing token holders quality, but less advertisement

Conclusion
In conclusion, this is project seems really good and has a great potential. They’re attacking existing problems in sharing economy like excessive transaction cost, trust and data abuse with an innovative blockchain solution through decentralized worldwide sharing economy ecosystem.
It started with the parent company U-Bike which has an established reputation and a proven company which is a stepping stone for UChain to jump forward on.

The team is well experienced in the sharing economy industry and has real execution experiences, however, the developers have no experience re: blockchain. With this, it is smart that the company acquired advisors who have a very good experience in Blockchain that could help them to be successful as well.
Overall, the future seems very promising for this project. And the hype is starting to grow.

Flipping potential

For flipping, we’re very bearish, since there is a lockup of 50% of the tokens for 6 months to protect from market dumping.

Long term potential
The potential is good, because of their existing partnerships they can easily become a solid market player in this area. Existing user database of over 100m users is not a small feat to start off with and having already dealt with previous large scale operations, this should not be anything different. We expect them to grow and scale this towards a very large size in the near future.