At the 20th of February 2020 we celebrated the Universa community meetup with about 25 enthusiastic Universials at the Karaat building in Amsterdam, a beautiful place which suited perfectly. Of course the one and only Universa CEO Alexander Borodich attended the meet up as well and explained more about the ongoing things which surround Universa. As you might remember, this was the second time Alexander visited the Dutch community. It was a great chance for a lot of people to meet with Alexander in person.
The Community Meetup & Presentation by AB
During the meetup people from the community, mostly from The Netherlands and some from Belgium and France, had time to get to know each other. Surrounded by these carefully listening people, Alexander gave a presentation followed by a Q&A while having some drinks afterwards. We started with a look back to 2018, when several plans were made and shared in the previous meetup. But what actually happened since then? It was an eye-opener to see how fast this industry moves forward.
First of all, back in the 2018-days Universa already talked about ‘smart money’ and ‘digital cash’ even before the term ‘Central Bank Digital Currency’ appeared. Nowadays, we see these terms popping up everywhere in the media outlets. A second example is the strategic agreement signed with Al Khaleej and DMCC last week. The idea of tokenizing sugar started back in 2018 as well. It shows how long it takes to convert leads to pilots and pilots to real world use cases.
Logically the Sugar Trading platform was a hot topic to be discussed during the meetup. It became clear, that the sugar market is now tied to the Futures and derivatives market from the Intercontinental Exchange from Chicago. At this moment, each four months the Futures will expire and new ones can be signed. This was the only way to trade sugar, the third biggest commodity in the world.
With the Digital Sugar platform it is possible to trade sugar instantly and 24 days a day, 7 hours a week. This causes three interesting aspects:
- Universa is the key to an alternative market for hedge funds
- It will be possible to trade using Daily Spot price for the first time in history of sugar trading. This will cause more traction on the network and the potential of arbitrage.
- Possibility to buy and sell the tokenized sugar from Al Khaleej Sugar.
Because this platform is such innovative and new, it’s hard to estimate the impact transactions-wise. It is so new, that we cannot imagine it’s success!
From A Bitter Lead To A Sweet Deal
With the Universa Digital Currency (UDC) solution, having sugar as an example, Universa is now able to expand their software into new markets. There are many more commodities and assets to be tokenized under proper licenses.
One of the key points of this topic is also that Universa still sees a huge market in the world of real estate. The tech is ready, now the world needs to become ready for it! The work which has started in Gibraltar will continue the coming months.
The sugar deal Universa realized with DMCC and Al Khaleej Sugar shows how big the game is which has to be played. It takes several years to finish a deal and it takes a lot of effort to make it happen. It’s really impressive to see what the team developed the past years, considering it consists only about 20 developers and in total 50 employees.
Building The Smart City
The Universa Blockchain can be used as a glue between dozens of IT systems as well. Take a Smart City as an example and one of it’s many crossroads. There may be traffic lights, driving cars, cameras, multiple sensors and more, all at the same crossroad. In a real Smart City, all these now still isolated things, need to be interconnected.
Image having an accident with your car. In a smart city a camera will record the environment, traffic lights will be turned to red and the emergency services will be informed, all at the same time. Nowadays all these services are operated by different entities and different software. The time has came to interconnect them all, using the Universa Blockchain. Although we know what to build, it does take a lot of time to interconnect dozens of systems to each other. Therefore, a little patience is appropriate.
Somewhat outside your comfort zone but at the same time the reality we live in, the same inefficiency is happening with communication in space. For example when a satellite sends a signal, it always has to get in touch with a place somewhere on earth before forwarding the signal back to orbit. With Universa Blockchain it will be possible to hyperconnect all these ‘space units’ into one global network. ‘We’re working hard to make this happen’ – Alexander Borodich said during his presentation.
Trust The Team
Most of the technical developments will be published in the Knowledge Base, before sharing it to the broader public. Alexander kindly asked to have trust in him, all the employees and Universa as a whole. A straight quote regarding this from Alexander: ‘Let the team do it’s thing. Let them do what they’re good at and let them develop more. For example with improving UniChat, DaoCracy, UniWork and many more projects.
In the meantime it became clear that working in such an innovative industry needs a lot of patience. Imagine working on a use case in which three countries are involved, three different cargo agencies for both land and sea transportation and working with officials whose mindset is not digitized yet. Again, it takes time. The credo is to wait and trust the team.
Another great example is the U･HODL hardware wallet. Please remember they are a partner from Universa and they work as a different entity. Universa, of course, would like to transfer the hardware wallet in your hands as soon as possible. It needs a lot of efforts to design such a high class piece of hardware and jewelry. Universa clearly wishes to be able to get the product in to your hands as soon as possible, but while striving for the highest quality in terms of production and design that result in setting high standards, it sometimes does delay delivery of the product.
The world of CBDC’s is moving forward. But Universa has more in store: a United CBDC. It’s a currency which can be issued by for example islamic countries as a new form of money. With having 193 countries on our beautiful planet, developing such an infrastructure is a niche. Building the financial infrastructure for countries and nations is a hell of a job. Not even talking about Point-of-Sale terminals, mobile wallets, applications and more upon this programmable money.
Of course, after Alexander’s presentation some questions popped up about exchanges and the trading volume. The vision of Universa is clear: “We do not want to have fake volumes, because why would we?’ What we all see on the order books, is what we get.
Looking Forward, Back To The Future
Another frequently asked question from the community is if Universa is profitable at this moment and whether it has enough funds to keep going next years. The answer is clear: the company does not have a positive cash flow right now, but expects this to be at the end of the year. It is important to know that although the company is not profitable yet, money is not an issue. Borodich ends with the solid statement: “I will do whatever is necessary”.
This statement should comfort us all. Let’s get back to where we started with: Universa’s plans which were presented at the first meetup. Where will we be in another two years? The industry is moving forward and so Universa does! To stay ahead of the market we have to cherish what we have and not just give it away. We have to be careful with what we share and we as a community have to keep an eye on the long term trends. Draw your conclusions and see you in another two years!