Unity Ingot (UNY) Explained: Does It Have Potential?
With a variety of emerging cryptocurrencies that claim to be the next Bitcoin, Unity Ingot (UNY) comes with a different approach. It boasts of being the first ever legacy asset backed by cryptocurrency mining.
The mined cryptocurrencies are later on used to purchase Bitcoin and gold bullions thus keeping the UNY token’s value increasingly tangible and profitable in the long run.
Here is a closer look at how it works.
How Does Unity Ingot Work?
The whole purpose of creating the UNY token was to enable exponential growth with an easy to understand and a simple token that eventually gets accepted as a store of value as well as a medium of exchange.
In fact, apart from the fact that it’s the first ever token to be backed cryptocurrency mining, Unity Ingot (UNY) boasts of being the most basic and simple to understand token in the cryptocurrency space.
With up to three different mining pools, Unity Ingot does not only ensure diversity of its mining strategy but also guarantees safety.
By mining altcoins such as Ethereum, Litecoin, and Zcash, Unity Ingot coin is able to acquire Bitcoin at a cheaper price when compared to direct mining of Bitcoin. The mining of different altcoins and conversion to BTC is done on a daily basis in an attempt to stay ahead of the curve of a volatile cryptocurrency market.
Furthermore, UNY takes up a much more cost-effective approach in the positioning of its more than 500 mining servers to ensure profitability with minimal electricity and internet costs.
How Earnings Are Distributed?
With each mining server giving back 100 percent return on its initial investment, Unity Ingot uses a percentage of the collected funds to re-invest in the mining infrastructure including insurance and hydroelectricity costs, staffing, accountants and server costs.
The UNY token has a maximum supply of 10 billion tokens that shall be issued to members who can expect returns from Unity Ingot’s mining servers that boasts of a capacity to mine different algorithms including X11, X13, Scrypt, Blake, neoscrypt, and Ethash among others.
Furthermore, 50 percent of the earning will go into buying Bitcoin and Gold Bullions that back Unity Ingot token. Members who want to sell their UNY tokens will be able to do so thanks to the 15 percent that will be used to maintain the liquidity of UNY token.
As a result, Unity Ingot will maintain a self-sustaining growth token that appreciates on a daily basis as a legacy asset
UNY’s Goals For The Future
Just as is expected of most cryptocurrency and Blockchain projects, Unity Ingots will be building upon its B2B proof of stake system in order to create a token that does not only establish an ecosystem of likeminded crypto enthusiasts but also grows in the long run as a store of wealth for use on daily basis.
It also aims to be a medium of exchange in the future and has put up a responsive team of developers that are focused on growing and improving Unity Ingot.
In its agenda to build for the future, Unity Ingot (UNY) has already released its Gold/Bitcoin reserve that is set to be publicly visible and in real time concurrent to the UNY tokens issued on the company’s website. This will enable anyone holding the coin to clearly see the true value of the tokens as well as the mining capability.