Project UBU, the South African startup that’s striving to create an alternative decentralised money system distributing a universal basic income without taxing anyone, has launched an initial token sale (ITO) of its UBX token to fund its planned rollout.
13 token sale has three distinct phases as follows:
- Pre-sale phase until 23h59 GMT of September 28, with a cap of 4 million tokens. Pre-sale investors will earn 25 bonus tokens for every lot of 100 tokens purchased. Applications are non-binding and payment will only become due on September 29 once applications are approved.
- Public sale phase commencing at 00:01 GMT on September 29, running until October 20 with a cap of 4,5 million tokens.
- Contract sale phase commencing October 21 and ending on November 15 with 4,5 million tokens available.
The UBX is an ERC-20 smart contract token built on the Ethereum network and is priced at US$5,00. All details of the basis for this valuation and all the underlying mathematics & economics is available in our white paper which can be downloaded from HERE
An ITO is the same mechanism as an ICO (initial coin offering), the only difference between a coin and a token is a technical one related to Ethereum’s ERC-20 smart contract protocol.
Important Legal & Regulatory note:
Project UBU is a project undertaken by a South African registered and domiciled company registered as UBU Core Proprietary Limited, Reg. No.: 973076878 (“UBU Core / the Company”).
The offer by UBU Core of the opportunity to purchase UBX tokens on the terms and subject to the conditions set out in this document and on the website http://pre-ito.projectubu.com and its related documents and other websites, is made in this context. The Company, as well as its directors and officers, make no representations as to the applicability of legislation or regulation in any jurisdiction. No warranty, representations and/or undertakings, express or implied, of any nature is given by the Company, its directors or its officers in respect of the UBX tokens, or their acquisition by investors. UBU Core specifically directs all interested investors to consult and take their own advice in relation to any decision to purchase UBX tokens including advice as to which legal jurisdiction/s may be applicable to them in respect of such acquisition. The nature of the UBX, like other cryptocurrencies and crypto tokens, is that they are both volatile and risky and the possibility exists that sub-optimal or no returns may be realised.
Regulation of crypto tokens varies considerably from one jurisdiction to another and purchasers from the following jurisdictions (while making no warranty, representations and/or undertakings in relation to any other jurisdictions) are specifically notified that it may not be lawful for them to purchase the UBX in these jurisdictions and that accordingly the UBX is specifically not offered to persons from such jurisdictions. Given the continually changing nature of regulations pertaining to cryptocurrencies and crypto tokens, the following list is not exhaustive: United States, Canada, China.
About Project UBU
Project UBU is an ambitious plan to create an alternative, global, decentralised money system that fundamentally alters the circumstances of hundreds of millions of underprivileged people by providing them with a means to economic independence. Eight hundred million human beings live in extreme poverty on less than $1.90 per day. Wealth inequality widens relentlessly. Wealth redistribution can never be the answer. Another method of wealth creation must provide that answer.
Project UBU aims to unlock inefficient, trapped and moribund assets diffused throughout the economic system to create value in a crypto token that it distributes, at no cost, to every human being electing to receive them. Recipients can exchange these tokens for goods and services, with each transaction another pebble in the construction of an independent, self-sustaining ecosystem free from government control and entirely unreliant on taxation or other excisory methods.