What is UTRUST (UTK)?
Future of UTK Cryptocurrency and know how to buy UTK

#1 – UTrust: The Basics

What is UTrust?

  1. UTrust is a payment gateway platform which aims to be the crypto equivalent to existing centralized gateways like PayPal.
  2. It’s not the first contender in this regard, because platforms like Bitpay and Monetha already exist which also aim to contend with the likes of PayPal. However, there is one essential difference in UTrust – the fact that UTrust provides customer protection like any centralized service.
  3. Consumer protection is the service wherein the platform would return your money if the product turns out to be faulty; i.e., the payment may be decentralized, but the platform is centralized, giving you a way of contacting them in case of any problems.

UTrust Development

  1. The UTrust website lists a team of around 30 members, including the core management, other managers, developers, engineers and 9 advisors.
  2. CEO Nuno Correia has been involved in the crypto world ever since it came about in 2011, and has successfully founded several B2C ventures before UTrust.
  3. CIO Filipe Castro started his career in software development solutions, including solutions for electronic payment systems. CTO Artur Goulao worked as Head of Development at Excels, a leading Swiss Cybersecurity company, prior to joining UTrust.
  4. Advisors include SafeCloud Technologies co-founders Francisco Maia, Francisco Cruz and Joao Paolo, Keyturn co-founders Marc Howland and David Bryan, and many others.

 

#2 – What are the advantages of UTrust?

UTrust Technology

  1. The UTrust system would be integrated with a merchant’s website like PayPal. Consequently, the buyer would choose UTrust through the merchant website if he/she wishes to pay via cryptocurrencies.
  2. The buyer would then be shown a total payment amount which would include a 1 % commission and a conversion fee to convert cryptocurrency to fiat currency (since the merchant must be paid in fiat currency).
  3. After the buyer buys the product, the converted fiat money is held in escrow for the buyer’s protection, released only after a prescribed holding period.
  4. The holding period is decided by the reputation of the merchant, and it is ensured that the buyer receives the product before the amount is released.
  5. The more successful and dispute-free transactions a merchant completes, the higher is their rating and consequently lower is their payment holding period.
  6. The payment protection system is designed around a mediation mechanism wherein UTrust provides a safe chat environment for the merchant and buyer to interact and for the buyer to raise any concerns. A trusted, impartial mediator would then decide whether to refund the amount paid by the buyer or to release it to the merchant.
  7. To protect against fluctuations, UTrust has a transparent conversion system which converts the crypto to fiat in real time using the best conversion rates. It also locks the amount and checks the value after conversion to protect sellers from the inherent volatility of cryptocurrencies.

 

#3 – How to buy and store UTrust tokens (UTK)?

How to buy UTK

UTrust tokens (UTK) are available for exchange in seven platforms for various other cryptocurrencies. The exchanges include Huobi, HitBTC, Idex, ForkDelta, KuCoin, OKEx and LATOKEN. Most exchanges accept BTC or ETH, or both. LATOKEN also accepts LA in addition to ETH, KuCoin accepts BCH and OKEx accepts Tether.

There is only one exchange as of July 2018 which accepts any fiat currency in exchange for UTK tokens – HitBTC, which accepts US Dollars.

  1. The above platforms just let you buy or sell tokens through them, but help is often needed to decide which exchange to buy from. This is where CoinSwitch, one of the best cryptocurrency exchanges comes in. It will help you decide the best exchange for you by displaying the prices at the exchanges it’s sold in, all at one place! It supports more than 140 coins and 45,000 pairs of cryptocurrencies. You can choose any pair you want with your UTK token, and CoinSwitch will facilitate the comparison.
  2. What’s more - with CoinSwitch, you need not rely on wallets on the exchange you’re buying from. Instead, all transactions can happen to and from your very own private wallets.

UTK Storage

  1. Being on the Ethereum blockchain, UTrust tokens can be stored in any of the numerous wallets compatible with Ethereum.
  2. Hardware wallets which store Ethereum and tokens on its blockchain include Ledger Nano S and Trezor. They are recommended as they are said to be the most secure.
  3. Exodus and Mist are desktop wallets which store ERC20 tokens. They are compatible with Windows, Linux and Mac operating systems.
  4. Jaxx, another Ethereum wallet, functions as a desktop wallet for Windows, Linux and Mac PCs, a mobile wallet for Android and iOS phones, as well as a web wallet through Chrome and Firefox extensions, making it one of the most versatile wallets around.
  5. MyEtherWallet is its most popular Web wallet, and ETHAdress is one of the paper wallets storing ERC20 tokens.

 

#4 – What is the future of UTrust?

Also Read: Complete Analysis of UTRUST | Live UTRUST (UTK) Price Charts And Predictions

Market Cap and Global Acceptance

  1. The ICO for UTrust tokens was held in November 2017, selling 275 million UTK and raising $21 million in the process.
  2. The total token supply of UTrust is 500 million UTK, which is divided as follows:
    1. 55% (275 million UTK) were distributed in the ICO
    2. 10% (50 million UTK) were sold in the pre-ICO stage
    3. 20% (100 million UTK) were distributed among private investors in the pre-sale
    4. 10% (50 million UTK) were reserved for the development of the UTrust platform, and
    5. The remaining 5% (25 million UTK) were used for the bounty program and marketing.
  3. The circulating supply of UTrust is about 311.38 million UTK tokens as of July 2018. It has a market cap of about $18.59 million and an individual price of about $0.059.

Price History

Date

Open

High

Low

Close

Volume

Market Cap

Jul 29, 2018

0.061951

0.062983

0.058211

0.060078

95,931

1,92,90,448

Jul 01, 2018

0.060819

0.062604

0.059875

0.062396

79,184

1,87,98,578

Jun 01, 2018

0.118711

0.120612

0.113318

0.118569

9,37,212

3,62,14,576

May 01, 2018

0.198224

0.237213

0.185702

0.228668

22,14,820

5,69,35,492

Apr 01, 2018

0.1367

0.140522

0.120469

0.128735

21,12,770

3,91,63,908

Mar 01, 2018

0.196528

0.229804

0.195451

0.214903

16,00,230

5,58,40,952

Feb 01, 2018

0.340379

0.351489

0.259575

0.283008

46,34,910

8,38,64,104

Jan 01, 2018

0.517733

0.517733

0.365171

0.471101

57,08,440

16,82,63,312

Dec 29, 2017

0.204705

0.210674

0.187057

0.209511

39,56,620

6,65,29,168

Trends so far

  1. At the time of launch, the value of the UTrust tokens was about $0.2 per UTK, which then increased to a maximum of about $1.12 per UTK in January 2018. It later dipped to a minimum of $0.057 in June 2018. Its current value as of July 2018 is about $0.06.
  2. The moderately high circulating supply of the UTrust tokens has led to a similarly moderate ranking for UTrust among cryptocurrencies worldwide in terms of market cap. UTrust stands 308th in global market cap rankings as of July 2018. While it certainly isn’t rock bottom, it isn’t a high ranking by any means either.
  3. UTrust’s ranking may not be extremely high, but the potential of a payment gateway which combines the benefits of centralized payment gateways with those of the blockchain cannot be negated. With increasing demand for cryptocurrency payments, the use of such a gateway is likely to increase, which would lead to a consequent appreciation in value of the UTrust tokens.

 

#5 – What makes UTrust different from other cryptocurrencies?

  1. UTrust is not the only cryptocurrency payment gateway attempting to contend with the likes of PayPal, but it’s the first to provide consumer protection.
  2. The fact that UTrust combines the benefits of the blockchain (decentralization, security, low cost and trustlessness) with those of a centralized system (buyer protection and a person to contact in case of any problem) sets it apart from its counterparts.

 

#6 – Should you invest in UTK?

  1. UTrust may have an inferior rank in global market cap rankings, but the potential for a global cryptocurrency payment gateway, which promises to protect buyers, cannot be underestimated.
  2. As the use of blockchain and cryptocurrencies increases, so will the demand for a cryptocurrency payment gateway. When faced with a choice amongst all cryptocurrency gateways in existence, people are more likely to choose one which provides security and faster supports for scenarios when things go wrong.
  3. An increase in demand is sure to result in an appreciation in token value for UTrust, making it a good opportunity for long-term investment. Especially since the value of the token is at a low as of July 2018, and investing in it is unlikely to strip you of your savings.
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