Ubiquity DAO is a decentralized autonomous organization on Ethereum that seeks to develop the Ubiquity Dollar (uAD) as a key asset in the metaverse economy.^[1]

Overview

Founded in November 2020, Ubiquity DAO is a decentralized autonomous organization that focuses on developing the Ubiquity Dollar (uAD) within the Ethereum ecosystem. The DAO aims to position uAD as a significant currency in the metaverse and crypto gaming sectors, encouraging adoption through real-world applications.

Additionally, Ubiquity DAO is working on UbiquityOS, a platform intended to support DAO operations, and offers resources for GameFi projects. The Ubiquity Dollar, a polymorphic stablecoin, is designed to provide stability and may serve as a reserve currency in decentralized finance.^[1][2][3][4]

Products

Ubiquity Algorithmic Dollar (uAD)

Ubiquity DAO's primary product is the Ubiquity Algorithmic Dollar (uAD), a fully collateralized stablecoin designed with mechanisms that aim to maintain its $1 peg by adjusting supply based on market conditions. When uAD's price exceeds $1, new uAD is minted and distributed; if it drops below $1, holders can exchange uAD for Ubiquity Credits (uCR), which are redeemable when the price stabilizes.

The DAO also offers UbiquityOS, a platform intended to enhance DAO operations, and UBQ tokens for governance, all structured to function independently while benefiting from ecosystem synergies.^[5][3]

UbiquityOS

UbiquityOS aims to improve organizational efficiency by integrating AI with GitHub and crypto payments to streamline task management and project delivery. The platform automates repetitive tasks, facilitates job matching, and provides financial incentives for developers.

DevPool, a component of UbiquityOS, seeks to connect developers with projects by offering incentives and optimizing task assignment to enhance project outcomes and developer participation.^[6]

DevPool

The UbiquityDAO DevPool aims to simplify contributions through defined guidelines. It is recommended to use GitHub for task management and minimize Telegram chat. Tasks should be self-assigned by opening draft pull requests.

To start, locate tasks on work.ubq.fi, register your wallet by commenting “/wallet [address]” on the GitHub issue, and seek clarifications if needed. Fork the repository, make regular commits, and mark your pull request for review. Payment links are provided after task completion.^[6][15][16]

Use Cases

UbiquityOS aims to enhance efficiency for various users:

• Developers: Aims to match developers with tasks suited to their skills and provide financial incentives.
• Repository & Project Managers: Seeks to automate management tasks and enable task pricing to facilitate efficient task completion.
  • Developers: Provides opportunities to work on preferred projects with compensation and plans to introduce a GitHub reputation system.
• DAOs: Utilizes AI to streamline task assignment and improve overall organizational efficiency.^[14]

Ubiquity Cards

UbiquityDAO introduces Ubiquity Cards, starting with prepaid Mastercard and Visa options, which allow users to spend earnings from UbiquityOS. These virtual cards, compatible with Apple Pay, Google Pay, and Samsung Pay, do not require KYC for transactions up to $1,000 USD, making them accessible for users who value privacy or lack traditional banking services.

Future plans include Ubiquity Debit cards, which aim to support automatic balance top-ups from UbiquityOS earnings. This development will involve higher regulatory compliance and operational costs. Additionally, there is research into creating a lending market for credit based on Ubiquity governance tokens and Ubiquity Dollars.^[17]

Ubiquity Wallet

The Ubiquity Wallet aims to integrate with UbiquityDAO’s payment systems, including UbiquityOS and payment cards. As of March 2024, it is in early development for a browser extension and mobile apps for iOS/Android. The Wallet focuses on security and efficient user experience, with planned features such as live reward payout estimates and user XP stats on GitHub. A public beta of the browser extension is projected for the end of 2024.^[17]

UbiquiSticks

Ubiquity DAO has introduced the UbiquiStick NFTs, a collection of [redacted] 3D model NFTs resembling USB drives and hardware wallets. These NFTs are intended to provide holders with early access to forthcoming Ubiquity products and custom vaults in the Yield Aggregator suite.

The UbiquiStick aims to offer its holders the opportunity to test future products and utilize exclusive vaults designed to enhance yield strategies, which are planned to be available in Q3. The collection features standard black and limited gold editions, with a whitelist mint price of 0.5 ETH. Details for qualifying for the whitelist are to be announced.^[13]

Tokenomics

$uAD

The Ubiquity Algorithmic Dollar (uAD) is a stablecoin aimed at maintaining a $1 value. When uAD's price rises above $1, the protocol mints additional uAD to bring the price down. Conversely, when the price falls below $1, holders can burn uAD for Ubiquity Credits (uCR), which are redeemable when the price recovers, in an effort to stabilize the value of uAD.^[7]

$UBQ

The UBQ token facilitates governance within the Ubiquity DAO. Initially, UBQ had no supply but is generated as users interact with Ubiquity's products. As an inflationary ERC20 token, UBQ is minted to encourage adoption and enhance product functionality. To manage potential hyperinflation, a penalty is applied to the issuance of new tokens based on the total supply.

Additionally, UBQ is used in liquidity provisions, where funds are allocated to buy back tokens and provide liquidity in the Ubiquity markets.^[8]

$uCR NFT

The uCR NFT is an ERC-1155 token designed to support uAD's price stability. When the price of uAD falls below $1, holders can burn uAD to receive uCR NFTs, which can be redeemed for uAD at $1 when the price increases. These coupons, issued at a premium and valid for 180 days, can also be traded on secondary markets. The premium aims to encourage the burning of uAD, thereby assisting in managing its supply.^[9]

$uCR

uCR (Ubiquity Credit) is a mechanism used during debt cycles when the price of uAD falls below $1. Participants can burn uAD to receive uCR, which can be redeemed 1:1 for uAD when its price exceeds $1. uCR is issued with a premium that depreciates over time, aiming to encourage early redemption and stabilize uAD.

Unlike uCR NFTs, uCR does not expire but its redemption value decreases as the debt cycle progresses. This system aims to manage uAD's supply and maintain its price stability.^[10]

Treasury

The Treasury aims to support the development and enhancement of Ubiquity products. It is funded by contributions from products within the ecosystem, such as uAD, which allocates a portion of its seigniorage. During periods when uAD is the sole product, the Treasury’s funds are intended to provide liquidity for uAD.

Initially managed by a multisig wallet, the Treasury's usage will transition to governance oversight after the prototype phase.^[11]

Governance

Ubiquity DAO governance operates in four phases:

1. Rapid Prototyping: The team manages development and funding with uCR tokens, allowing for quick adjustments.
2. Cool Off: Community feedback is gathered on proposed changes before implementation.
3. Fully Decentralized Governance: Involves a Temperature Check to gauge interest, a Consensus Check for formal discussion and voting, and a Tender for proposal submission and review.
4. Governance Proposal: Includes drafting, auditing, and voting on proposals, with a two-day timelock before implementation. Proposals may be revised and resubmitted if initially unsuccessful.^[12]