BitUN, a private bank for blockchain assets, is to list its BUC token on Coinsuper starting from 15 April 2018, with plans to the list on other exchanges including Huobi.
After listing on Coinsuper, the token will initially support BUC/BTC transactions, with other token pairs being available soon after.
BitUN is a private bank for blockchain assets. Based on HIGGS blockchain network, BitUN uses the Lightning Network 2.0 technology to establish a digital currency settling and liquidation network that resolves the issues of heterogeneous blockchain asset management and liquidation. At the same time, BitUN has remodelled the structure of blockchain projects through smart contract and blockchain technology; the whole process of token investment, allocation and liquidation is implemented in a complete chain, which guarantees openness, transparency and decentralisation within the process. In addition, BitUN’s development of lightning network 2.0 and its development of the ecosystem will achieve decentralisation of OTC transactions, seamless connection of global exchanges and other important expansions.
The core technology team of BitUN has members from well-known technology companies including Alibaba, Huawei, and Motorola. All of them have extensive experience in research & development and project management of the underlying blockchain technology. Also, BitUN has experts such as Professor Guo Yi Ke, Director of the Data Science Institute at Imperial College London and Dean of the School of Computer Engineering and Science at Shanghai University, as its technology advisor.
To achieve bank level security and to provide a convenient user experience, BitUN hired a team of professional consultants with over 20 years of plentiful experience in the areas of large enterprise management, financial services, risk control, and financial management in over 10 countries across North America, Europe and Asia. The team includes Chng Swee Ho, Executive Director of Chong Sing Holdings FinTech Group Limited; Gong Qing Li, CEO of Ping An Securities Group (Holdings) Limited; Dicky Yip, Executive Vice President of Bank of Communications; Davy Goh, CEO of Bcoin (SG); and Anthony Ng, Managing Director of CITIC Futures International Company Limited.
The full name of BUC is Bit Union Coin, an encrypted digital asset issued by HIGGS Chain blockchain, and it can be used in various services provided by the BitUN platform. The scope of use and application of BUC includes but is not limited to: subsequent blockchain project distribution costs; subsequent blockchain project initial token subscriptions; deposit costs for exchange platform and blockchain projects; digital assets’ OTC transaction fees; and other added-value services or membership services.
The total amount of BUC is 2 billion, of which 15 per cent is allocated to team incentives, 25 per cent to operation and promotion expenses of BitUN, 20 per cent to non-public offerings, and 40 per cent to public offerings (the initial coin offerings have already ended).
In order to ensure the security of funds on the BitUN platform and to protect the rights of all the project participants, the project management team will freeze 20 per cent of the income from every BUC settlement on the BitUN platform as the risk reserve fund for capital depository and OTC trading, without any re-use of the fund in the capital circulation system.
