What Is Utrust (UTK)?
Utrust (UTK) is a cryptocurrency payments solution built on the Ethereumblockchain. The UTK platform aims to modernize the finance and payments industry by combining blockchain and standard currency system features. Using the Utrust platform, traders can trade securely, opt for refunds, and protect themselves from the price uncertainty of the crypto market. In simple terms, Utrust aims to become a cryptocurrency that people and businesses use to pay for goods and services.
According to the UTK whitepaper, the platform provides consumer protection that merchants take for granted in the traditional online purchase system. The platform also seeks to act as a mediator for resolving conflict associated with payments and underdeveloped transaction payments security.
Running on Ethereum, Utrust is designed to build a system that instantly enables users to trade cryptos at lower fees. The platform also seeks to reach a large audience of crypto holders by introducing immediate crypto-to-cash settlement for merchants. In short, the platform aims to build a payment API for marketplace integration. Application programming interface (API) is the collection of protocols and software-building applications that enable companies to open their application data.
UTK is the native token that users and merchants can use for spending and receiving payments on the Utrust platform or private transactions. UTK is an ERC-20 standard token that defines how the token is transferred between the traders and how traders can access data. The platform accepts UTK tokens and can pay the user in traditional currency or cryptocurrency of their choice by levying just a 1% fee. Moreover, Utrust aims to be a deflationary utility token that helps the native token grow its value even in high market fluctuations. In fact, to balance the token demand and supply while encouraging transaction growth, the Utrust platform uses a burning mechanism. Cryptocurrency burning is when a fraction of tokens are sent to a wallet with no private key, which means the tokens are lost forever.
History of Utrust (UTK)
Nuno Correia, Roberto Machado, and Filipe Castro originally cofounded Utrust as the future of online payment. The company published the UTK whitepaper on October 15, 2017.
The Utrust project ventured into the Ethereum blockchain on August 28, 2017, with a pre-initial coin offering (ICO) of $1.5 million to observe community interest in the UTK payment platform. Later, on November 2, 2017, Utrust completed the main ICO opening round of $49 million by accepting contribution tokens in BTC and ETH. The platform had also issued a maximum total supply of 1 billion UTK tokens.
