Quote from: GoldTiger69 on November 03, 2016, 08:14:51 AM

I haven't read the white paper, but how do you plan to distribute the UDCs?

well, the WorldBank will have an exchange for dealing with trades affecting the monetary volume (so basically for issuing and removing currency).
For the trades that only convert an amount of currency into another (e.g. USD <=> UDC), the goal is to have 3 groups of methods:
independent exchanges platforms, possibly with more options (the WorldBank will only perform trades with the pegged currencies);
traditional online deposits/withdrawals services
local deposits/withdrawals services, either independent or through partnerships (e.g. stores, ATMs, ...)

For all groups, there's a huge incentive as the companies providing such services can use their own Slots and therefore set their transaction fees freely (at least for their side).

Quote from: BigCat45 on November 03, 2016, 12:56:41 PM

Quote from: UDC on October 31, 2016, 08:26:40 PM

Specifications

No premine or ICO

Roadmap
2nd Half 2016:

Requests for investments and partnerships for UDC's general development.

Isn't request for investment called ICO nowadays?

Not in this case, I understand that it is used interchangeably when dealing with altcoins forked on bitcoin, but UDC works differently.
UDC's value being pegged to other currencies, whenever it is issued (removed), the traded fiat currencies are added (removed) in their entirety to the reserves.
Since its value is backed by those reserves, they cannot of course be used for anything else than that.
Therefore i'm using investment in the traditional sense, as in into the WorldBank's company/foundation, to be used for supporting its infrastructure.
Also an ICO has no effect in this case, be it for 5 Uni or 5.000.000 Uni, since the reserves are equivalent to UDC's monetary volume and don't affect UDC's value for someone else.

Quote from: AlexMckay on November 03, 2016, 01:52:14 PM

Don't we already have this coin.
I think its called Bitcoin.

Thanks for your input, although if you take a look at the Features and Specifications, you can see the main differences and possibly understand why someone would pick one over the other.
Speaking for myself, i do see why i or the average person would prefer UDC over Bitcoin, since it has advantageous features (otherwise i wouldn't have put them), but i'm kinda biased of course Wink

Quote from: riclas on November 03, 2016, 12:31:05 PM

I'm glad you're aware of the legal requirements of some countries. However, you will face many hurdles if you require all of the mentioned currencies to be active on UDC for your project to go forward. Expect a long road ahead. You should think about how you can program it for one currency first, deal with the legality of your system on it, and then expand to other currencies.

UDC is not a decentralized currency, as you claim in the abstract. There is a central entity of issuance. There are many points like this that require further review of your text and ideas.
You never mention why UDC is better than current payment processors in the related work, yet you compare to them towards the end of the paper.
You also never mention why the problems that have occurred with decentralized cryptocurrencies exist, while you describe them.
You don't mention how UDC deals with fiat currency fluctuations, which will be a huge issue for exchanging.

When you are in Lisbon lets meet. I would love to talk to you about your project.
I am sure you will have a great master's thesis, if you are using UDC for it.

Well first off, thanks for taking a look at the whitepaper.And i also want to state that UDC is not my master's thesis, it is a completely separate project that i'm pursuing regardless.

Speaking about the central bank, the thing is, the issuance and removal of currency has to centralized of course (having multiple authorized organizations would create an incentive to fraudulently issue currency IMO).
However the rest of UDC is decentralized (some parts probably not in its initial phase, depending on the number of participants), because it can operate regardless of the existence of the WorldBank.
The Validating Nodes (workers and publishers), Signing Nodes (set fees and submit transactions into the network), Data Trackers (provide all information) are all decentralized, therefore the monetary operations are themselves decentralized.
Even in the hypothetical case that the WorldBank stops existing, the only change is the monetary supply becomes limited to the current volume.

But you're right, i glossed over some parts in the whitepaper, i tried to focus more on what is UDC, but will try to complete them in future versions.
Also yeah, the plan is to start somewhere (preferably within the eurozone due to its size) and then expand.