What is Unity Network?
Unity Network is a community-governed ecosystem of DApps (decentralized applications) developed for everyone — crypto-savvy and everyday users, alike. With a development team focused on ease-of-use, user education, smart UX design, and removing as many barriers as possible between people and actual cryptocurrency usage, one of Unity’s main business goals is to reach populations that haven’t traditionally made use of decentralized finance applications.
Unity Network Tokenomics Snapshot
Token Name: UNT
Token Type: ERC-20
Total Supply: 9,983,000
Team tokens: locked on Unicrypt
Unity Network Community Governance & DApp Development Cycle
Unity’s development cycle is directed by a union of Unity’s informed direction and the desires of its community of users. Once voted on by the community and reviewed by Unity, one DApp is developed at a time. Upon launch, a new vote is held and a new DApp is chosen for development, and so on.
Currently, this is achieved via a simple vote tally process. Unity’s finalized DAO (decentralized autonomous organization) structure is under development and is set to launch Q4.
All DApps developed by Unity Network funnel 3% of UNT back to Unity’s development fund, enabling growth as the number active DApps increases.
Long-term Business Goals
In the long-term, Unity Network seeks to bring DeFi to the masses by engaging in targeted market research to identify populations that will benefit most from the strengths of decentralized finance and solving key problems for those populations.
To give an example, Unity’s first working DApp is an AMM-based prediction market that makes trading on outcomes easier and cheaper than anything sports fans might find from centralized betting services. Trading on outcomes — particularly sports outcomes — is popular worldwide, but rife with barriers for the common user. Decentralization solves for many of these barriers by allowing users to participate from anywhere and without having to sign up for a service.
Unity plans to bring this methodology to all future DApps, collaborating with its community to solve real-world financial problems, eventually becoming a one-stop-shop for popular and useful DeFi utilities that anyone can use.
First Working Product Launch: AMM Prediction Market
Unity’s first product is PreSaga, a fully decentralized, AMM-based prediction market that allows you to profit from your understanding of global events. Designed to be the Uniswap of prediction markets, PreSaga solves the problems of confusing interfaces and invasive sign-up systems currently suffered by competitors. Unity’s staff will initially create PreSaga’s markets, gradually turning the process over to the DAO to facilitate its supervised decentralization.
PreSaga’s functionality is based on an elegant and easy-to-understand YES/NO outcome system. Here’s a quick hypothetical run-through.
Imagine that a market is created: “Will the Green Bay Packers win the Super Bowl?” You believe they will win, so you trade UNT tokens for 1,000 YES shares.
While a market is active, the value of YES and NO shares will vary between 0 and 1 UNT, moving up and down according to buys and sells, (much like Uniswap’s functionality). Now, let’s imagine market conditions meant that you bought your 1,000 YES shares at 0.5 UNT each (spending 500 UNT).
The Super Bowl arrives, and the Packers win. In this situation, once this market is marked resolved, your YES shares are now worth 1 UNT each, and can be swapped for UNT on a 1:1 basis directly within PreSaga’s interface (for a profit of 500 UNT, in this case).
If the Packers were to lose, any NO shares become worth 0 UNT.
Development of PreSaga is complete, and the DApp is set to launch Q4 2021 after comprehensive beta testing and will utilize Kleros as oracle to resolve markets.
Safety, Ethics & Audits
Unity Network is committed to transparency and user safety. Their growing team is publicly identified on the company website, and every DApp developed is audited by an outside firm (Gnosis.io in the case of PreSaga and Hacken for future development).
Unity’s goal is to, in an ethical fashion, become the bridge between DeFi and the everyday user, pushing greater adoption and providing access to financial services to those who might otherwise not have that access.