[ANN][ICO] UniversalCoin - The Free Digital Currency

[Adam Travers]

It is with deepest regret that we announce the closure of the UniversalCoin distribution, and the UniversalCoin project as a whole. Due to increasingly sophisticated attacks on our claim process, we do not have the resources to keep the distribution running fairly.

We are extremely sorry that we aren’t able to complete the distribution. We saw an incredible community come together around UniversalCoin and it hurts to let you down.

The apps will be removed from the store, and remaining funds from the fundraiser will be returned to contributors.

Thank you for your support.

-Adam

DESCRIPTION KEPT BELOW FOR HISTORICAL PURPOSES

UniversalCoin is a wealth creation experiment. We want to know if it is possible to generate wealth at scale through a free and fair digital currency distribution.


Official site: https://universalcoin.io
Whitepaper: https://universalcoin.io/uploads/Universal%20-%20Free%20and%20Fair%20Currency.pdf
Twitter: https://twitter.com/Universal_Coin
Facebook: https://www.facebook.com/UniversalCoinOfficial/
Subreddit: https://www.reddit.com/r/UniversalCoin/

Cryptocurrency presents an opportunity to reduce economic inequality and improve quality of life for people around the world. What do today's cryptocurrencies do to actually help the financially disadvantaged? We saw an opportunity to create a fairer system that could have a net-positive effect on people's lives around the world.

UniversalCoin is a digital currency with a difference - everyone has a chance to participate and get their fair share. Unlike most currency systems it costs absolutely nothing to participate, all you need is an internet connection.

How does it work?

UniversalCoin tokens will be distributed to the public free of charge 40 times starting January 15 2018. On Mondays there will be 2 separate claim windows at 00:00-01:00 UTC and 12:00-13:00 UTC. Use our official app to claim:

Android app
https://play.google.com/store/apps/details?id=com.universalcoin.app

iOS app
https://itunes.apple.com/us/app/universalcoin/id1435974024?ls=1&mt=8

The distribution amount will increase every week, and every week each participant will get the same amount. You can participate in as many weekly distributions as you like. There is no catch - this is wealth creation with the power of community.

So, how are we creating wealth?

As UNV is distributed, the market will determine it's value based on supply and demand. UNV holders can then, if they choose to, sell their UniversalCoin on an exchange. UNV can also be transferred directly between parties in exchange for goods and services. The wealth is theoretically generated by the network effects from the number of participants, and each participants trust in the fairness of the distribution method.  

UniversalCoin details

UniversalCoin (UNV) is a fixed supply ERC223 token. The supply is capped at 40 billion and UNV cannot be mined.  It can be stored and sent using any ERC20 or ERC223 compliant wallet that can connect to Ethereum Classic. We recommend MEW or Trust Wallet.

   - Token name: UniversalCoin
   - Chain: Ethereum Classic
   - Token address: 0x6ADa6F48C815689502C43eC1a59F1b5DD3C04E1F
   - Token symbol: UNV
   - Decimals: 18
   - Token standard: ERC223
   - Total supply: 40,000,000,000 UNV
   - To be distributed in free weekly distributions: 32,000,000,000 UNV  
   - Discretionary fund: 5,600,000,000 UNV
   - To be distributed in Airdrops: 2,400,000,000 UNV

Discretionary fund tokens are sold to fund the ongoing campaign for increased awareness and adoption of UniversalCoin and to fund operating expenses for the project team. Less than 1% will be held by the founders within 2 years of the close of the distributions.  

How do I participate?

Get the app, claim, spread the word and get in touch

Android app
https://play.google.com/store/apps/details?id=com.universalcoin.app

iOS app
https://itunes.apple.com/us/app/universalcoin/id1435974024?ls=1&mt=8

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[BuyingFast]

Doesn't it cost a lot of gas to send all those tokens to the people that will apply for them?

[gtxgamer]

 I read your white paper, but there is only information about the distribution rules. What tasks are you trying to solve? What is the essence of your project?

[Adam Travers]

Doesn't it cost a lot of gas to send all those tokens to the people that will apply for them?

Yes, unfortunately it will cost a bit of gas to send out all the tokens. We have a budget set aside for this. Hopefully the ETH price will settle down so things can be more affordable.

I read your white paper, but there is only information about the distribution rules. What tasks are you trying to solve? What is the essence of your project?

Thanks for reading. The essence of our project of our project is to conduct an experiment on the subject of wealth creation. We want to know if it is possible to create wealth through a free and fair digital currency distribution. The benefits of this are twofold: educating other attempts at reducing economic inequality, and (potentially) enriching those who choose to participate in the project.

[shibaji]

Very interesting experiment/project. I intend to closely follow it. Let me know if you need a helping hand in analytics.

[BuyingFast]

Doesn't it cost a lot of gas to send all those tokens to the people that will apply for them?

Yes, unfortunately it will cost a bit of gas to send out all the tokens. We have a budget set aside for this. Hopefully the ETH price will settle down so things can be more affordable.
mic inequality, and (potentially) enriching those who choose to participate in the project.

Nice that the team puts up so much money from their own pocket in the beginning. The costs will be very high. at 22 GWEI that's $0.585 per transaction. For 100k transactions (which happens if this projects goes well), that's $58,500. If the project doesn't go well you'll end up spending less, but there's a higher chance that your investment will be lost because not enough people were interested in the distribution.

[BuyingFast]

Ah, actually you have to use up to 29000 gas to transfer tokens, so that would be up to $0.887 per transaction.

[tippytoes]

I read your white paper, but there is only information about the distribution rules. What tasks are you trying to solve? What is the essence of your project?

Thanks for reading. The essence of our project of our project is to conduct an experiment on the subject of wealth creation. We want to know if it is possible to create wealth through a free and fair digital currency distribution. The benefits of this are twofold: educating other attempts at reducing economic inequality, and (potentially) enriching those who choose to participate in the project.

The significance of your project is very shallow. In short, you want to test the waters here. If it will hit with the community, you will get huge money. Otherwise, you will still get a lil amount of cash. But you can say to yourself, you distribute tokens without a value and create a value afterwards because of these gullible people buying your tokens even without solid foundation.

[shibaji]

I read your white paper, but there is only information about the distribution rules. What tasks are you trying to solve? What is the essence of your project?

Thanks for reading. The essence of our project of our project is to conduct an experiment on the subject of wealth creation. We want to know if it is possible to create wealth through a free and fair digital currency distribution. The benefits of this are twofold: educating other attempts at reducing economic inequality, and (potentially) enriching those who choose to participate in the project.

The significance of your project is very shallow. In short, you want to test the waters here. If it will hit with the community, you will get huge money. Otherwise, you will still get a lil amount of cash. But you can say to yourself, you distribute tokens without a value and create a value afterwards because of these gullible people buying your tokens even without solid foundation.

Err ... isn't that how BTC was created? Out of thin air? 

[Sword555]

I read your white paper, but there is only information about the distribution rules. What tasks are you trying to solve? What is the essence of your project?

Thanks for reading. The essence of our project of our project is to conduct an experiment on the subject of wealth creation. We want to know if it is possible to create wealth through a free and fair digital currency distribution. The benefits of this are twofold: educating other attempts at reducing economic inequality, and (potentially) enriching those who choose to participate in the project.

The significance of your project is very shallow. In short, you want to test the waters here. If it will hit with the community, you will get huge money. Otherwise, you will still get a lil amount of cash. But you can say to yourself, you distribute tokens without a value and create a value afterwards because of these gullible people buying your tokens even without solid foundation.

Why would it be so horrible if people decided they wanted this and it gained value? It's not going to gain value out of thin air. It's going to gain as much value as a large group of people attribute to it. If it's worth something to them, who are you say they're wrong and question their intelligence?

[Sword555]

Only 2 days til the first distribution right? I'm excited for this.

[mJoke0410]

Hey, I'm interested in helping you with the Spanish translations of the whitepaper, web pages, spreadsheets, etc ... Write me anything 

[Sword555]

Is there a bounty for this? Or will there be?

[shibaji]

IS this happening??

[shibaji]

Something is wrong with the token also, trying to add it to MEW says invalid ERC-20 token.

[Adam Travers]

IS this happening??

It is indeed happening. The first claim window is open for the next 50 minutes or so.

Something is wrong with the token also, trying to add it to MEW says invalid ERC-20 token.

Check if you've entered the details correctly, with these should be no issue:

Address: 0x1440147231CF81F08734E20Bf171a48820527306
Symbol: UNV
Decimals: 6

[shibaji]

Does not look like I got anything at all in my ETH wallet. So much drama and zero outcome.

[Adam Travers]

Does not look like I got anything at all in my ETH wallet. So much drama and zero outcome.

Hey, the tokens will come through after the second claim window. We tally up everyone from today and give everyone an equal share for the week. So you should see your tokens in around 12 hours. Don't worry about checking constantly, we'll send out an email once all tokens have been distributed for the week.

[Twinkledoe]

The roadmap has only the airdrop distribution as the main goal. Can you add more substantial objectives dev?

[Adam Travers]

The roadmap has only the airdrop distribution as the main goal. Can you add more substantial objectives dev?

Our main goal is to conduct an experiment into the nature of wealth and value - to see if it's possible to generate wealth for everyone that participates in the project. The airdrops form part of this plan, to disincentivise immediate selling after our initial claim period. We think that learning more about the nature of wealth and trying to enrich people all over the world is a substantial enough goal, and unlike most ICOs we don't actually promise anything we aren't equipped to deliver.

If it makes you happy though, perhaps we could add blockchain to a toaster?