The UNIT: Pioneering the Flatcoin Vision

A flatcoin, a term first introduced by ex-Coinbase CTO Balaji Srinivasan in 2021, is designed to move in peg with inflation, as opposed to being pegged to a currency or asset. The UNIT is pioneering this vision and building a flatcoin innovative mechanism. Its peg coin TINU provides the best long-term storage of value, especially in the face of rising global inflation rates.

Inflation has been tracked by the World Bank since 1970, two years before USD lost its convertibility to gold. Since then the average global inflation has been 7.9% per year, meaning that prices have risen globally by 56.25 times since then.

On the other hand, the price (USD) of an ounce of gold in 1970 was $35, while in 2022 it was $2000. This is an increase of 57.14 times since the World Bank started to track inflation worldwide. The World Bank’s measure of inflation and the USD price of gold multiples are nearly identical. This comparison shows that by holding gold, you can hold purchasing power while tracking closely the inflation rate.

Since President Richard Nixon stopped the convertibility of USD into gold in 1971, common people have completely lost touch with gold as a store of value, medium of exchange, and unit of account. As Nixon announced in August 1971, this action was meant to address the country’s inflation problem, but in fact, it became the exact reason for inflation.

How can we escape from this immense depreciation of purchasing power?

When Satoshi created Bitcoin and started the cryptocurrency era, it showed us a way for us to stop trusting the banking system. Blockchain coins have seen incredible rises in value over the years with the whole space going from 0 to a value of over 500 million ounces of gold today.

Parting from the fact that gold has been the ultimate flatcoin over the last 53 years, the creation of better flatcoins must come from the advancement of new technology. Since the invention of Bitcoin, the cryptocurrency era has pushed its first waves into human consciousness and has grown to be an important part of the global financial system. The cryptocurrency space has moved ahead of inflation over the years and some people have called it an inflation hedge.

Since individual coins have their code and community biases, UNIT averages the top cryptocurrencies and crypto-communities to create a global crypto unit. This unit carries out the role of the ultimate flatcoin as it is an inflation hedge and a cryptocurrency standard from which to measure the development of other cryptocurrencies in the market. Bitcoin has performed well but it has underperformed UNIT.

UNIT is not a currency or asset, it’s an indexed unit of account for the whole crypto space. By creating UNIT, we bring a transparent benchmark for common people to value coins stably without worrying about inflation in any specific coin. And as a flatcoin, TINU, the UNIT ETF, will soon open the UNIT standard for market participants to capture.

Follow the UNIT today at http://x.com/unit_index, and be part of a community that is shaping the future of crypto investing.