Utrust (UTK) operates as a decentralized cryptocurrency payment processor. The network focuses on e-commerce businesses via a suite of proprietary features and products. The goal of the project is to make it easy for businesses to seamlessly accept cryptocurrency payments. To this extent, Utrust continues to deliver with more businesses joining the protocol weekly.
How Does Utrust (UTK) Work
Utrust works through a combination of systems. The network makes it easy to accept digital currencies. It combines the most popular features found on traditional payment gateways with the security of blockchain technology. This structure enables the protocol to conduct real-time business-to-consumer transactions.
When a transaction is sent, the network automatically converts the cryptocurrency into fiat currencies in real-time. This process is completely autonomous and the network seeks out the lowest conversion rate as part of the process. Notably, there is a holding period in place for new merchants to prevent fraud. As your reputation builds and you conduct more transactions, the holding period gets waived.
What Problems Does Utrust (UTK) Solve?
One of the primary issues that Utrust seeks to solve is slow business adoption. Cryptocurrencies are faster, more efficient, and secure than fiat currency, yet many businesses don’t accept these digital assets due to volatility concerns. There are businesses that want to accept cryptocurrencies, but don’t know where to begin to make the process a reality. Utrust was built to provide these users with full support.
The protocol helps to alleviate merchant concerns through its easy-to-navigate dashboard. New users can find all the features they need to start accepting crypto payments today. The system was built from the ground up to mitigate volatility and improve returns for merchants.
Conversion delays
Part of this strategy includes reducing conversion delays. The crypto market is volatile with price changes happening every minute. As such, it’s vital for a merchant processor to complete transactions in near real-time to ensure no loss in value from the point of sale to the finalization of the transactions. Utrust provides immediate conversion from crypto to fiat currency to ensure there is no loss in value incurred by merchants.
Lack of Consumer Protection
Another major problem in the crypto merchant sector is a lack of consumer protections. Cryptocurrencies bring some advantages, but there are some caveats, such as the inability to refund on public blockchains. Utrust introduces a variety of buyer protections to improve the scenario.
Utrust focuses on securing transactions between buyers and sellers. Specifically, buyers and sellers enjoy more flexibility such as the ability to communicate prior to the transaction to improve verification. This approach streamlines the exchange between both parties and improves the overall user experience.
Inflation
Inflation is another concern that has made headlines recently. Inflation occurs when a currency losses buying power. It’s one of the worst things that can happen to savers because it steals their wealth. Utrust integrates deflationary protocols to prevent inflation from causing issues to users.
Specifically, a small percentage of the fees are converted into UTK and burned. Burning tokens refer to removing them from circulation forever. To accomplish this task, the developers will send the tokens to an address that has no withdrawal option. The goal of this process is to reduce the overall supply. In turn, this drives up the demand which results in higher token values.
Benefits of Utrust (UTK)
There are a lot of benefits that Utrust users gain. For one, the payment processing services were designed to provide seamless integration into current PoS systems. This easy onboarding benefits consumers and merchants as the protocol requires no previous experience to manage. Best of all, merchants receive their payments in fiat currency.
Dashboard
The Utrust interface is where users access all of the features of the network. The developer went to great lengths to ensure the dashboard was efficient and easy to navigate.
Low Fees
Those seeking an affordable alternative to PayPal and other centralized online payment processors should consider Utrust. The network has low conversion fees and there is no exchange rate fee when conducting transactions in the network’s native utility token, UTK. The network charges a small 1% commission and conversion fee for normal transactions.
Flexibility
Another reason why Utrust has become so popular is its flexibility. The network supports different digital currencies and fiat currencies. As such, it operates as a low-cost solution for any business seeking a flexible international online payments processor.
Utrust wallet
The Utrust wallet makes it simple to conduct crypto transactions. This versatile digital wallet can store a variety of popular ERC-20 tokens and popular cryptocurrencies. The protocol was built to operate on your favorite mobile device. Anyone can store their UTK tokens and buy products using this wallet.
Token
The UTK token is an essential component of the Utrust network. It’s the main utility token for the Utrust system. Users save when they conduct transactions using this token. They can also send UTK across the globe in seconds using the peer-to-peer network. Notably, UTK is an ERC-20 standard token that lives on the Ethereum blockchain. As such, it enjoys a high level of interoperability in the market.
Final Thought
The Utrust strategy is to help bring more businesses into the crypto sphere. This makes sense as they have the most to gain from such a venture. Additionally, this step is essential to drive large-scale crypto adoption in the future. For these reasons, you can expect to see Utrust continue to expand its network of merchants and users over the coming months.
