Ubiquity is a Decentralized Autonomous Organization (DAO) building financial primitives on the Ethereum blockchain leveraging our flagship product, the Ubiquity Dollar (uAD).
"uAD is the world's first polymorphic stablecoin."
In simple terms, polymorphic means adaptable. A major issue we observed on the architecture of the earlier attempts at algorithmic stable coins was that they defined their stabilization strategies to be set in stone. As a result, when the dynamics of the economy change, or when exploitative actors attack the system, their re-stabilization mechanics were no longer able to achieve the original design objectives. Ubiquity designed the uAD stablecoin with a polymorphic architecture that maximizes the flexibility of upgrading stabilization mechanisms.
There are several stablecoins in the market, what makes the Ubiquity Dollar (uAD) different than the others?
This means the token is designed to remain pegged to a specific price target. Naturally, the uAD protocol anticipates inflation cycles (price of uAD goes above 1.00 USD) and debt cycles (price of uAD goes below 1.00 USD). The uAD stablecoin is designed to expand and contract its supply on demand in order to maintain price stability.
Sovereign means not relying on any centralized party with the ability to manipulate any individual user's use of the stablecoin on chain. The community of UBQ token holders decides how the Ubiquity Dollar Protocol evolves.
Non over-collateralized. For example, to mint $100 worth of DAI, one must lock up $150 worth of Ether.
Imagine when we have billions of users transacting these stablecoins on-chain; this would require at least 150% of the entire market capitalization of the stablecoin to be locked up and not being deployed elsewhere in the ecosystem!
In more concrete terms, imagine if the total market cap of the dollar is $100 billion. This means that the system would need (minimum) $150 billion locked up in assets. This hinders scalability significantly for the next billion users.
Both the Ubiquity DAO and the Ubiquity Algorithmic Dollar fair launched in June 2021.
CertiK audit: https://www.certik.org/projects/ubiquitydao
We are in the process of obtaining a security assessment from PeckShield and Haechi as well.