Archethic Price (UCO)

What Is Archethic (UCO)?

Archethic is a layer-one blockchain that promises to secure accounts by tying them to a cryptographically secured version of one's fingerprint. In doing so, Archethic wants to provide access to all technologies with the touch of a finger while simultaneously protecting one's identity. Archethic aims to outperform other layer-one blockchains by providing faster validation times and higher scalability while embedding biometry to make it tamper-proof and secure. The team claims to have four years of research and twelve international patents as proof of its expertise, and its mission is to give people back control over technology and their identity.

Envisioned use cases are decentralized identities, secure health records, programmable fintech, smart cities, and end-to-end e-commerce. It has a highly ambitious roadmap that outlines plans for a range of uses including implementing its blockchain in supply chain management in 2022, assisting mobility and public transportation services in 2023; proof of identity for the Summer Olympics in Paris in 2024; and, finally, for biometric payments and to secure medical records after 2025.

Who Are the Founders of Archethic (UCO)?

Archethic was founded by a team of French financial professionals and computer science experts. CEO Sebastien Dupont spent over ten years as Head of Mobile Banking in Africa and Deputy Director of Group Identity at French mobile operator Orange. COO Nilesh Patankar previously worked as Director of Payments Technology at Barclays and VP of Product Development and Innovation at Mastercard. The team is further composed of researchers from École Polytechnique in Paris and professionals with work experience at renowned companies like Mozilla, Google, and PwC. Furthermore, it has partnerships with HEC Challenge+ and a number of French accelerators, including the École Polytechnique X-UP accelerator.

What Makes Archethic (UCO) Unique?

Archethic has developed a proprietary and patented consensus mechanism called ARCH that allows the Archethic blockchain to be employed for several use cases. A first on the market, Archethic claims to provide tamper-proof biometric authentication, enabling the blockchain to be used for decentralized identity verification. This could be, for instance, used to provide access to major public events or communication without ever having to reveal the details of our identity. The biometric data from inside your finger will generate several cryptographic keys that will never be disclosed and from which our digital identity will be encrypted. In this way, Archethic aims to achieve mass adoption of its blockchain.

Furthermore, Archethic claims to be able to integrate different services like payments, inventory management, data storage and security, and a heap of others natively. This would do away with the siloed structure of current services, where separate companies provide distinct services in traditional server-client relationships. By having oracles natively integrated within its ecosystem, as opposed to external services as is currently the case, Archethic could be utilized in fintech and health, to enable biometric payments and secure medical records.

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How Many Archethic (UCO) Coins Are There in Circulation?

The total supply of UCO is 10 billion. The token distribution is as follows:

• 38.2% Funding Sale
• 23.6% Deliverables
• 14.6% Network Pool
• 9% Enhancement
• 5.6% Team
• 3.4% Exchange
• 3.4% Marketing
• 2.2 % Team

The price at the Initial Exchange Offering was 0.007€, giving Archethic a 25.1M€ market capitalization. Tokens that were not part of the initial token sale are subject to a vesting period of two to five years. The network reserve will be used to incentivize miners, while the 9% allocated to network improvements can only be used when Archethic has grown 100X in its valuation, i.e., after it has hit 0.7€.

How Is the Archethic Network Secured?

Archethic uses its proprietary ARCH consensus mechanism, which is similar to the directed acyclic graph consensus mechanism due to its treatment of transactions as atomic units. Mining is based on cryptographic verification to validate and secure the origin of a transaction (biometric devices, smartphones, hardware or software keys). Thus, only 295 miners are required to validate transactions. Anyone can own a storage node, but the network chooses which miners get to validate transactions in a fair and geographically distributed way. Early investors have preferential treatment to be chosen as miners.

Since transactions are chained together individually, each transaction chain will be stored in a reproducible and ordered way on a set of nodes. Therefore, each node will independently know all the nodes hosting a given transaction and, thus, will be able to relieve the network by interrogating only the closest "elected" nodes. This makes the system geo-secure and capable of self-repair.

Where Can You Buy Archethic (UCO)?

UCO is available on UniswapV2, Bitglobal, and Probit Global.

Cryptocurrency newbie? You can read more about how to enter the market and how to buy UCO or any other token in the CoinMarketCap education portal — Alexandria.