A company calling itself the United Emirate Coin, built on the Ethereum platform, released a press release announcing what it calls the first Arab Cryptocurrency. As per the press release the United Emirate Coin is an open source, anonymous peer-to-peer Ethereum based Coin carefully developed by Industry experts based in the Middle East. United Emirate Coin is a global payment network that is fully decentralized without central authorities which enable people to store and invest their wealth in a digital Currency.
The total supply is just 20 million coins as per the press release. United Emirate Coin aims to bridge the gap and encourage the usage of cryptocurrency in day to day financial transactions in the middle east and other Arab nations. As per the news piece the UEC states that it is a transparent platform and addresses are the only information used to define where bitcoins are allocated and where they are sent. These addresses are created privately by each user’s wallets. However, once addresses are used, they become tainted by the history of all transactions they are involved with. Anyone can see the balance and all transactions of any address. Since users usually have to reveal their identity in order to receive services or goods, United Emirate Coin(UEC) addresses cannot remain fully anonymous. As the block chain is permanent, it’s important to note that something not traceable currently may become trivial to trace in the future.
The coin can be used to send and receive payments anywhere in the World quickly. Quick block execution time, ensure unparalleled speed to conventional remittance and payment system. Wallet encryption provides protection from wallet-stealing viruses and trojans as well as allows user to secure the wallet, so that user can view transactions and the account balance.