A list of frequently asked questions
Why was uCAD created?
uCAD was built so that the canadian dollar can start moving faster. uCAD is a digital canadian dollar powered by blockchain technology. Like other crypto assets, it can move instantaneously, anywhere in the world, any time of any day, and it’s programmable. Unlike other crypto assets, uCAD is stable. It is backed 1:1 for CAD and is empowered by a distributed network of retail and online converters who provide cash to uCAD services nationally.
Why is a digital canadian dollar beneficial?
Unlike regular canadian dollars, uCAD doesn’t require a bank account. It doesn’t require that you live in a particular geography. And you can send uCAD around the world at an extremely low cost in just a few minutes. This opens the doors to unbound digital innovation for commerce and peer-to-peer transactions.
What can uCAD be used for?
uCAD can be used to hold canadian dollars in a digital format, to reduce exposure to cryptocurrency volatility, to remove cross-border transaction fees and to move between digital currencies with ease or as payments for services. In the future many new capabilities will be unlocked as the greater ecosystem builds new services and functions.
How is uCAD programmable?
Being programmable unlocks a whole new world of applications and business ideas: developers can create accounts to store money with one line of code; lending that is faster, cheaper, and more transparent; faster and cheaper payments, including payroll; global crowdfunding; transparent and stable donations to charity are just some of the capabilities that can be developed on top of uCAD.
Is uCAD divisible to the cent like a dollar?
uCAD is in fact more divisible that the canadian dollar as it currently supports 8 decimal places ($0.00000001).
What blockchain network does uCAD use?
uCAD currently utilizes the Ethereum blockchain because of its status as the market leading smart contract platform and strong support from developers. In the future we will build uCAD on Bitcoin and other networks if the demand is available.
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