Unit Network

About Unit Network

About Unit Network

1. What is Unit?

Unit Network is a layer 1 blockchain built using the Substrate framework by Parity Technologies / Web3 Foundation. It provides the technological and economic infrastructure for mainstream adoption of the Token Economy – a near-future in which millions of tokens fuel borderless economies to power the globe.
As a free, simple, and secure way for businesses, projects, and individuals to create their own crypto-tokens, Unit allows anyone in the world to participate in and benefit from token-based economies they have helped to build – a new paradigm of crowdfunding and shared ownership.
On a path to be the leading blockchain technology platform with built-in decentralized exchange, token-builder, and community growth features, with tens of millions of tokens created and traded on the protocol, Unit Network aims to be the biggest token-builder and decentralized exchange in circulation.

2. Why the Token Economy?

At Unit, we strongly believe that the world needs a more fair and equitable economic system, aligning incentives between customers, employees, founders, and investors. Tokens provide this better system by applying blockchain technology to enable better ways for value to flow and be distributed. That’s why we built Unit Network – the fastest, easiest, and most advanced token builder.
Similar to how Google changed Search, Facebook transformed social networks, Apple led the way for smartphones, Unit revolutionizes tokens/value – bringing the token economy to the mainstream. We believe that Unit and the token economy are going to change the world more than search, social networking and smartphones put together.

3. Who are the people behind Unit?

The core UNIT, industry, and city teams. We plan to have a team of 200 people for UNIT and 200 people for each of the 50 industry and 50 city tokens (20,000 people). We have and are building a very competent team, which is pushing forward strong/reliable technology.

4. How many people do you have now?

As of July 2022, we have 52 people on the UNIT core team and are actively growing our city and industry teams.

5. What qualifies these people to start and contribute to Unit’s development and growth? Are you mostly developers?

Our development team is strong and experienced, and the team as a whole comes from a range of fields, including finance, marketing, sales, product, legal, and government.
Together, we have experience in the digital token/asset world, share a vision of the future for a more free and cooperative economy, and have the drive to be able to realize it.

6. Do you have an Advisory team?

Yes, we have brought together 100+ leading advisors – top entrepreneurs, investors and experts across many industries/cities – to support this mission towards the token economy.
Advisors/holders include Robert Gryn, CEO of Metahero; Cristina Ventura, GP at White Star Capital; Diego Gutierrez Zaldivar, CEO & Co-Founder of RSK Labs; Alexei Gidirim, Founder and Managing Partner of YouDo.com, and many others.

7. What is the overall goal for Unit?

Solve wealth inequality by creating a token economy that completely changes the role of money in society, the way the internet did for information and smartphones for mobile communication.

8. How is the team planning to get there?

Our project roadmap identifies the end goal as being the adoption of the token economy for the mainstream. The pathway is to build the UNIT token economy and build 50 industry token economies and 50 city token economies that ignite the future of the cooperative stakeholder economy.

9. Where does Unit want to be in the next 1/3/5/10 years?

1 – All UNIT, industry, and city token sales are open, and teams are filled. 3 – Midway to the tipping point of getting key stakeholders in the economy to use tokens. 5 – Reached the tipping point, where 15% of the economy is using tokens. 10 – Completely shifted the value distribution of the economy, powered by tokens.

10. Is Unit Network built on Polkadot or it's own blockchain?

Unit Network is its own blockchain, built on a framework provided by Polkadot called Substrate. Substrate allows us to build a robust blockchain which enables us as a parachain (parallel chain) to connect to the Polkadot network called the relay chain.

11. If new, how does Unit ensure that buyers can trust the ‘new’ system?

There is no need to trust, it’s completely open and transparent.

12. Why is Unit Network built with substrate and launching on Polkadot?

We believe Polkadot is currently the most advanced technology for building/connecting blockchains. Polkadot, and blockchain generally, provides the secure ground state that has been lacking in internet security since the internet’s inception. Costs for accounting, legal fees, and security are largely minimized because the security at the base protocol layer essentially eliminates the need for a series of hackable band-aid solutions that require significant and costly human and technology investments.
Polkadot is superior to Cosmos because it offers a better security model with the relay chain offering top down security for the network, as well as XCMP – cross-chain messaging protocol – offering inter-chain interoperability.

13. What is Unit doing to support the Polkadot ecosystem?

Unit Polkadot Fund: Unit Ventures is launching a $100m Polkadot Unit Fund aimed at Polkadot and Unit Ecosystems
Fund Distribution: $25m - UNIT $25m - DOT $25m - Unit Ecosystem $25m - Polkadot Ecosystem

14. What is the value proposition of Unit Network?

Unit Network enables users from across the globe to easily create their own tokens, sell them, raise capital, distribute capital, and stake and exchange tokens in liquidity pools.

15. What is Unit’s product/service?

It provides the blockchain tools and infrastructure that people can use to grow communities and speed adoption of the Token Economy.

16. Does Unit Network have it's own exchange or DEX? If yes, what are the pros and cons?

Yes. We have our own exchange platform, which is completely open and transparent. No major cons, advantages include no-wash/fake trading. Fees benefit the unit community.

17. How does Unit Network generate value (“make money”)?

Unit’s revenue model is very simple. Unit Network takes a 2% fee on all trades of all tokens across the network, equally split four ways:
0.5% - To the user that invited / referred the exchanger 0.5% - To the exchange pool and shared by the liquidity providers that facilitated the trade 0.5% - To the UNIT treasury 0.5% - To the traded token’s treasury
There is also a 1% fee on withdrawals/unwrapping from the network, of which 0.5% goes to the UNIT treasury and 0.5% goes to the vault that processes the withdrawal/unwrapping.

18. How does Unit justify the transaction fees? Are they comparable to centralized systems?

The transaction fees are similar to internet/technology platforms, which for usage charge a fee that typically goes to equity holders.

19. What is the ecological imprint of the platform? How can it help/ease the global situation?

This is referring to environmental concerns such as Bitcoin’s Proof of Work energy use. Our platform uses Proof of Stake, which uses dramatically less energy, and our intention is to overtake Bitcoin.

20. What are the paid services and what services are free?

The only cost is token exchange (2% fee for each trade) and withdrawals. Messaging, sending, staking, all other services are free, except a very small amount of UNIT fees are generated from each write action to the Unit Network blockchain.

21. How does one join the ecosystem? Who can become a member? Is there any application/selection process to become a member? Age and other restrictions?

Anyone can be a token member. Core team has to curate.

22. What are the most unique features of Unit Network

The two most unique features of Unit are the Treasury and Vault functions.