#### What is Universal Currency? Universal Currency (UNIT) is a type of [cryptocurrency](https://www.coinbase.com/learn/crypto-basics/what-is-cryptocurrency) that users can generate through [mining](https://www.coinbase.com/learn/crypto-basics/what-is-mining). It operates on a hybrid scrypt [Proof of Work](https://www.coinbase.com/learn/crypto-basics/what-is-proof-of-work-or-proof-of-stake) (PoW) and Proof of Stake (PoS) system. The total coin supply of Universal Currency is 210 million UNIT, with an annual increase of 2.4 million per year until 2098. The currency has a maturity of 15 confirmations and an interest rate of 1% per year. The minimum age for a UNIT is one hour, with no maximum age limit. The last known price of Universal Currency is 0.00197872 USD, with a current supply of 20,049,109.632831 and 15,949,109.632831 in circulation. #### How does Universal Currency work? Universal Currency operates on a hybrid scrypt PoW and PoS system. This means that new coins are generated through both mining (PoW) and holding and [staking](https://help.coinbase.com/en/coinbase/trading-and-funding/staking-rewards/eth-2-0-staking) existing coins (PoS). The PoS system starts at block 10001. The currency has a block time of 60 seconds, which is the time it takes for a new block to be added to the [blockchain](https://www.coinbase.com/learn/crypto-basics/what-is-a-blockchain). The currency's algorithm is sha256, a [cryptographic](https://www.coinbase.com/learn/crypto-basics/what-is-cryptography) [hash](https://help.coinbase.com/en/coinbase/getting-started/crypto-education/what-is-a-transaction-hash-hash-id) function that is commonly used in the cryptocurrency space. Universal Currency aims to provide a decentralized platform for transactions, eliminating the need for third-party facilitators. #### What are the potential use cases for Universal Currency? Universal Currency aims to provide a decentralized platform for transactions, which can be beneficial in various sectors. For instance, it can be used for [peer-to-peer](https://help.coinbase.com/en/coinbase/getting-started/crypto-education/glossary/peer-to-peer) transactions, allowing users to send and receive payments without the need for a central authority. This can be particularly useful in regions where access to traditional banking services is limited. Additionally, Universal Currency can be used for online purchases, offering a secure and private method of payment. It also strives to provide a platform for developers to build [decentralized applications](https://help.coinbase.com/en/wallet/other-topics/what-is-a-dapp) ([dApps](https://www.coinbase.com/learn/wallet/guide-to-dapps)), which can offer a range of services from [decentralized finance](https://www.coinbase.com/learn/crypto-basics/what-is-defi) (DeFi) to gaming. #### What is the history of Universal Currency? Universal Currency was developed by a team of developers who aimed to create a decentralized platform for transactions. The currency operates on a hybrid scrypt PoW and PoS system, which was a novel approach at the time of its creation. The total coin supply of Universal Currency is set to increase annually until 2098, demonstrating the long-term vision of its developers. The currency has a community of users who contribute to its development and promote its use. The last known price of Universal Currency is 0.00197872 USD, indicating its active trading in the cryptocurrency market.