[ICO] UTRUST - The future of online payments is here.



  • UTRUST is a revolutionary payment platform that empowers buyers to pay
    with cryptocurrencies while providing a groundbreaking purchase
    protection mechanism.

    VISION

    We believe that one of the key roles of cryptocurrencies in the digital age is to
    facilitate transactions and serve as a frictionless and secure payment method with
    broad acceptance. We believe current payment platforms are lacking the
    necessary features to drive broad merchant and user adoption; that digital tokens
    are more than an asset for financial speculation and that token ICOs can be
    leveraged to fund agile teams with the drive to build new platforms; platforms with
    real value, driven by growth in the transactions of goods and services, and
    financially sustained by a revenue from fair fees.

    How UTRUST works

    Get to know more about how our system works and why we beat all competition in the online payments industry.

    Payment Mechanism

    Buyer
    Pays with any major cryptocurrency, with a low conversion fee, or with UTRUST Token with zero conversion fee.

    Convert to fiat
    Funds are immediately converted to fiat currency in order to protect the seller from market volatility.

    Dynamic holding
    UTRUST holds the funds and releases to seller, adjusted on a performance-based timeframe.

    Seller
    Receives in fiat currency and can withdraw to a bank account, keep it in wallet or convert it to other cryptocurrency.

    PLATFORM & TOKEN

    The UTRUST Payment Platform
    The UTRUST Platform is a payment processor solution that enables merchants to
    accept multiple cryptocurrencies from buyers as payment methods while receiving
    in fiat currency. We aim to establish our solution as the best in the market, offering
    a few distinct innovative features:
    • A robust consumer protection and risk mitigation to both buyers and sellers
    • Pay with your favorite cryptocurrency as a buyer, receive in fiat currency as
    a seller
    • An integrated indexed token of exchange, that can be used in the platform
    to reduce transactional fees


    Overview of a transaction

    In essence, UTRUST will be a transactional payment API that combines the speed
    and safety of crypto payments with the consumer protection of traditional payment
    systems, and the fraud-free benefits of crypto payments (no stolen cards,
    chargebacks or hacked accounts). It will be a payment protection system designed
    around a robust mediation mechanism, empowering the buyer to opening a
    dispute and escalate if something goes wrong. We provide a safe chat environment
    for both parties to dialogue and attempt to self-resolve while allowing a trusted
    mediator to join as arbitrator. This escalation and mediation by an UTRUST
    operator insures that a final decision (refund or release) is reached by an impartial
    3rd party. Our key-pillars of value stand on:

    Buyer Protection - The amount paid by the buyer is held until
    transaction has been validated by the platform mediator. UTRUST
    handles conflict resolution and mitigate risk, protecting the consumer and assuring
    the possibility of the buyer to get a refund in case of a problem arises with the
    purchase.
    Fluctuation Protection - We provide a transparent conversion preview of
    rates. The conversion from crypto to fiat is done JIT at the best market rate
    and added to pool. By locking in on this amount, and assuring the hold after
    conversion, we ensure the seller will get the specific amount he requested,
    unconstrained from crypto market volatility.
    Low fees - We provide lower fees than other ecommerce platforms for
    sellers - 1% of the transaction amount. Connection to multiple exchange
    providers and smart analytics ensures the lowest possible exchange fees for the
    buyer sending the payment.

    How will the platform work for buyers and sellers’ perspectives? It’s quite simple.
    Let’s look at a typical user interaction flow with the platform:
    • The merchant sets an article for sale on the marketplace, with the specific
    price he/she intends to receive in their local currency. The marketplace
    offers prospect buyers with a wide range of payment options at checkout,
    including UTRUST.
    • Since the merchant wants to target as many young online buyers as possible,
    he/she offers UTRUST payment as a prominent checkout option, the buyer
    can select it and enjoy the best possible protection from UTRUST platform.
    • A buyer sees the offer and thinks it’s a great deal for the price the merchant
    offers.


    • When the buyer selects UTRUST as a payment
    method, we can choose to use funds from any
    of his existing cryptocurrency wallets as
    source of funds (eg: Bitcoin, Ethereum
    address), or use his UTRUST funds. If he/she
    has not created an account with us at this
    stage, he/she can do so now or just proceed
    and pay.
    • The buyer will be shown a description of the
    total amount to be paid, including a 1%
    commission and exchange conversion fees
    (from the crypto amount to the fiat amount).
    The description is transparent and updated
    every 2 minutes.
    • The buyer completes the transaction and the
    amount is sent to UTRUST. Our UTRUST
    system converts the cryptocurrency amount to fiat and holds it in escrow until
    its released to the seller. The specific duration of this hold period will vary
    depending on the merchant performance history.











    • The merchant is notified of an incoming purchase, that the amount has been
    sent by the buyer and is pending release. If this is a trusted merchant with a
    high-performance rating, the funds will be released almost immediately. If
    the merchant is a newcomer to the platform with no prior history the hold
    period can take several days. As the merchant establishes a track record of
    successful transactions, his performance rating will increase, hereby
    progressively decreasing the hold period.












    • If everything goes smoothly, the buyer receives the
    article, the seller receives the funds and no dispute
    is opened. Another happy customer and another
    successful sale for the merchant increasing his
    performance.
    • But let’s imagine that something does go wrong.
    For example, perhaps the buyer did not receive
    the article from the merchant due to an incorrect
    address. He decides to open a dispute, escalating
    the issue. At this escalation stage, both parties
    enter a self-resolution chat, where they try to
    come to terms in a friendly way. This can mean the
    merchant acknowledging a shipping mistake and
    fixing the issue, voluntarily refunding the buyer, or
    the buyer acknowledging the goods were
    received, among a multitude of possible scenarios.
    • If both parties do not come to terms in 7 days, the
    buyer has the option to escalate the claim to a
    mediator. In this instance, a UTRUST operator joins
    the chat resolution and serve as mediator and
    arbitrator with final say on the dispute outcome.
    Proceeding with an escalation will incur a fee of
    2% over the amount in hold if a buyer refund is
    issued by the UTRUST mediator.


    • From this point onwards, the UTRUST mediator takes control of the chat,
    collecting evidence from both parties and either issuing a refund to the buyer
    or releasing the funds to the seller. If the merchant loses the dispute (due to
    scam or fraud) a corresponding performance downgrade will occur, which
    will translate to a higher hold period for future transactions. Any buyer
    refunds are issued in UTRUST tokens, converted from fiat at current market
    value.






    THE UTRUST TOKEN

    The token

    You can use the UTRUST token in the platform, spending it in merchant that
    supports UTRUST or private buyer/seller transactions, you can sell the coin in the
    exchange, privately, or just hold for future use. The key difference to all other tokens
    is that it has a business model behind it. A payment system that enables you to use
    the coin and spend it independently and a system that grows in synergy with the
    coin. Moreover, using the UTRUST token on the payment platform will have its
    additional benefits to further stimulate its growth.



    Value and Strategy

    How will this strategic value coupling work? Each time a buyer pays with any
    cryptocurrency via UTRUST payment platform a percentage of the transactional
    fee is used to buyback UTRUST token and remove them from the market. The
    removed tokens will be destroyed. This will reduce the amount of UTRUST token
    supply further driving demand, the adoption of the platform and the value for
    Contributors. The higher the volume of transactions in the UTRUST platform, the
    higher the potential market value of the token. Since a percentage of the
    transaction fee is removed from the pool in each market transaction, the more
    UTRUST platform is used (with any crypto), the further the price of UTRUST
    appreciates, a built-in adjustment that acts as our self-correcting mechanism. If an
    Contributor decides to hold UTRUST token for the long run, though it will be
    subjected to exchange market fluctuations, there is a protective layer that links it to
    a sustainable financial platform. This so called intrinsic deflationary engine makes



    UTRUST not only the safest payment platform, but a great token for investment and
    store of value.
    The amount of UTRUST tokens is projected to be reduced from the initial 1 billion to
    a minimum cap of 100 million, at a rate no faster than 50 million a year. This
    dynamic adjustment of the fee burn rate will be managed by the UTRUST platform
    analytics engine with the goal of balancing token supply and demand while
    encouraging transaction growth.

    Token implementation
    The UTRUST token will be implemented as an ERC20-compatible token over the
    Ethereum blockchain. Ethereum was the natural choice for this project due to its
    broad adoption and industry-standard for issuing custom digital assets. The
    compatibility with the ERC20 standard leverages upon the existing infrastructure
    advantages of the Ethereum ecosystem, namely in terms of development tools,
    wallets, exchanges and human resource expertise. The ability to program smart
    contracts with a Turing-complete language allows for robust foundation and
    flexible customization of the cryptocurrency to the UTRUST domain-specific
    requirements. For more information on ERC20, please visit
    https://github.com/ethereum/EI...


    PLATFORM MARKET FIT
    In order to understand what was missing in the online payments market, we started
    by collecting data from user experiences using crypto payment systems, identifying
    the major pain points encountered. We then looked at current solutions in the
    market (both in crypto and traditional fiat payment segments), comparing keyfeatures,
    and focusing on the top-market players. From this analysis, we
    discovered that current solutions in crypto payments were lacking in their ability to
    provide merchants and buyers with the protection features users had come to
    expect from traditional payment methods in the areas of transaction protection
    and conflict resolution. On the other hand, traditional payment solutions suffered
    from a high rate of fraud, with credit card chargebacks being a major pain for
    merchants. By condensing our findings and comparing UTRUST with the top players
    in the traditional and crypto worlds, with came with the following comparison
    chart:












    Competitive Landscape vs other market players
    1. Lower Buyer Purchase Risk - We cover all purchases (both goods and the
    majority of services). Other traditional solutions such as PayPal only cover the
    purchase of physical goods. Crypto-based services such as Bitpay do not cover
    anything at all.
    2. Payment Approval Speed - Unlike traditional payment systems that most of the
    times delay the approval of payments due to high risk of fraud, and require
    submission of countless documents, we approve payments immediately and
    make the process hassle-free for both parties (buyer & seller).
    3. Low exchange fees - We provide both buyer and seller low exchange fees by
    using advanced analytics that connects to multiple crypto-currency exchange
    providers. Services such as PayPal and Bitpay provide extremely high internal
    exchange rates.



    4. Low seller fees - We will charge sellers a flat 1% fee on received payments. Other
    services such as PayPal charge a flat minimum rate of 2.9%, but can go above
    5% after all “hidden fees” are accounted for.
    5. Multiple Cryptocurrencies accepted - We accept the most used
    cryptocurrencies on the market (Bitcoin, Ethereum, Litecoin, Dash Monero and
    others) covering a wider percentage of the total market cap. Other services
    such as Bitpay only accept Bitcoin, restricting their market to half of the total
    market cap. As more tokens are created and added to the market, their
    captured percentage will only shrink further.
    6. Safety of funds – Leverage the power of the blockchain and say goodbye to
    credit card fraud. You have control over your own private keys and funds, and
    not even we can access your wallet. Traditional centralized solutions have a
    poor track record in keeping your funds safe.
    7. No Chargebacks - Sellers will be protected from rampant credit card fraud and
    nasty chargebacks, a common occurrence in traditional payment services still
    reliant on credit cards.
    8. Customer Payment Protection – Services such as PayPal are well known, and
    PayPal relies heavily on its buyer/seller protection plan. However, it only covers
    the purchase of physical goods. Bitpay does not cover any purchases, making
    the transaction irreversible and leaving you exposed to potential fraud. UTRUST
    extends consumer protection by covering both physical and virtual (if
    applicable) purchases. We will guarantee full coverage of all eligible payments
    made via UTRUST.
    9. Efficient resolution of disputes - Traditional solutions such as PayPal have a
    lengthy waiting period of transaction resolutions while they gather evidence on

    both sides independently (taking up to several months), making it a slow and
    painful process. We provide both a self-mediated 2-party resolution mode, and
    an advanced 3-party resolution dispute mechanism, enabling both parties to
    chat in real time, guided by one of our resolution mediators. We make it quick
    and easy to sort conflicts.
    10. Performance-based rating of seller - We implement a performance-based
    analytics algorithm to evaluate the performance of sellers, making it so that as
    the performance of a seller grows, the corresponding hold period on the funds
    decreases. This mechanism creates a trusted environment, encouraging sellers
    to perform better over time and increasing buyer confidence. In the best-case
    scenario, a top seller will see its hold time eliminated, obtaining the funds
    immediately.
    11. Decentralized token linked to platform value - UTRUST is not only a payment
    platform. We will issue our own crypto-currency – the UTRUST token. You can
    buy/sell/ send/receive your token in the platform, convert it to fiat, other crypto,
    or simply keep safe in your wallet and see its value grow in synergy with the
    platform. Transactions using the UTRUST token will be converted internally and
    benefit of zero exchange fee.

    TIMELINE & MILESTONES
    ICO Details
    Initial target pre-ICO is set to open on 28th August 2017, 4pm GMT, followed by an
    initial ICO opening round on October 2017 (specific day TBD). The single round will
    run for a variable period no longer than 7 days or until all tokens are issued,
    whichever happens first. The maximum crowdsale cap is set at $50 MM (fifty
    million), with accepted contribution tokens in both BTC and ETH. The total pool is
    fixed at 1,000,000,000 (1 billion) tokens, and will be segmented in a single round
    totaling 70% of the pool, preceded by a 5% pre-sale sale and with 10% already preallocated
    to private stakes. In aggregate, all publicly available rounds will total 75%
    of total minted tokens, with our minimum investment stake is set at 0.2 ETH / 0.02
    BTC

    The pre-sale round will target a unit price of $0.03 (three cents) per token with a
    5% distribution of the token pool. The ICO will follow suit at a 70% distribution, with
    unit prices per token at a fixed value of $0.065 (six dot five cents). Regarding the
    remaining 15% of tokens, 10% will be retained by UTRUST, diluted in 2% per year,
    during the next 5 years in order to support future steering of the project. The final
    5% will be allocated to marketing and bounties. The values and percentages are
    further detailed in the table below:

    The pre-sale round will function as a way to profile public interest in the project
    potential and obtain further community feedback, while providing an early
    opportunity to loyal Contributors to join in prior to the full ICO rounds. The ICO will
    have a maximum duration of 7 days, closing the moment the tokens are sold out.
    During the round, the tokens are distributed in a first-come-first-served basis and
    only the tokens sold on each round will be created and issued (for example, if only
    50% of the tokens are sold in 7 days, then only 500 million tokens will be generated,
    thereby decreasing the total token pool from 1 billion to 500 million).
    In regard to token issue timeline, the UTRUST tokens are planned to be issued to all
    Backers in 2 weeks after the ICO closes, but however may be subject to further
    delays regarding legal, certification or regulatory compliance.


    For further information regarding our token sale, please visit the dedicated FAQ
    section in our website.
    A significant portion of the post-ICO funds, totaling 51% of the token total value will
    be allocated to the MVP, R&D, and personal, targeting the development of an API
    for merchant marketplace integration, client wallet frontend, and resolution
    dispute mechanism backend. Around a quarter will be allocated for marketing
    purposes, to drive platform adoption and integration with 3rd party websites, with
    the remaining amount dedicated to operational and administration expenses,
    partner engagement and legal fees. Currently this represents an expected
    allocation and may be adjusted as the project evolves.

    ● Engineering and Development - Developing the UTRUST platform and all its
    components, hiring technical resources and establishing the infrastructure to
    support development.
    ● Marketing & Promotional - Developing relationships, marketing plan and
    cooperation strategy with merchants in order to expand support of the
    UTRUST platform and reach a wider audience of clients. Developing a

    marketing campaign targeting increased adoption of the platform by
    buyers.
    • Partner Engagement – Developing relationships with non-merchants’
    entities, such as exchange providers and other strategic partnerships,
    including possible joint ventures and incentives to drive platform adoption.
    • Legal & Regulation – Establishing legal entities, complying with ongoing
    regulatory framework, incorporation and other legal obligations.

    Development Roadmap

    Regarding timelines for this project, the following showcases each tentative
    milestone and target date for each phase:

    The roadmap towards a new payment system

    After the conceptual phase and shortly after the pre-ICO closes, our team will
    prepare a detailed roadmap for the staged development of the platform. Currently
    we aim to have a transactional API platform ready for merchants to test in Q1 2018,
    supported by a wallet app in where buyers and merchants can check their balance,
    transaction history and mediated resolutions joined. The backend interface for

    mediators will complement the platform, rolling-out in a progressive basis in Q2
    2018. The initial pilot launch will feature a curated selection of merchants, with a
    progressive expansion and refinement in Q3 2018.
    Figure

    Links:

    Website:https://utrust.io/ico
    White Paper:https://s3-eu-west-1.amazonaws...
    Facebook:https://www.facebook.com/utrus...
    Twitter:https://twitter.com/UTRUST_Off...
    Slack:https://join.slack.com/t/utrus...
    Reddit:https://www.reddit.com/r/UTRUS...
    Blog:https://medium.com/@UTRUST
    Telegram (Group):https://t.me/utrustofficial
    Telegram (Channel):https://t.me/utrustannouncemen...



  • UTRUST - Early Supporter Reward

    Dear Community,

    We really appreciate your enthusiasm and would like to thank all of you who believe in our mission to create the best blockchain payment platform in the world. For this reason, we are introducing the Early Supporter Reward.

    To express our gratitude to our early supporters, anyone who is already registered, or who registers before the 20th of September 2017, will receive a 20% reward on the first $10,000 contributed. For example, if you contribute $1,000, you will receive $1,200 worth of UTRUST tokens. This reward effectively reduces the price for early supporters down to $0.052 per token.

    In case you missed today’s AMA, Nuno (CEO), Filipe (CIO), and Artur (CTO) answered many important questions from the community. Watch the full recording of the live stream here:

    September 15, 1pm GMT Live Stream

    We want you to know that we value your love and support!

    Nuno Correia CEO & Co-Founder UTRUST



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