A group of South African businessmen has unveiled Project Ubu (Universal Basic Unit), a cryptocurrency payment system project which aims to get many users involved.
The team behind the project includes Bridge Capital’s Dudley Baylis, former Vox Telecom CEO Douglas Reed, Tuluntulu CCO Justin McCarthy, and former Anglo American and Altech CTO Steven Sidley.
Project Ubu aims to provide participants with an equivalent of five US dollars a day in cryptocurrency.
The currency will be distributed to individuals at no cost, and these individuals will be able to exchange the currency for goods and services.
This will create the world’s first fully-fledged decentralised currency that primarily benefits people at the bottom of the economic pyramid, said Project Ubu.
Project Ubu will use a private version of the Ethereum blockchain to serve its needs, but unlike certain cryptocurrencies, there will not be a finite quantity in circulation.
Ubus (the currency unit) will be issued continuously to an ever-growing number of citizens, which means the number in circulation will increase exponentially.
A decay mechanism that enables the ecosystem to self-stabilise and attain equilibrium will be implemented, however.
Revenue and technology
Project Ubu will receive funding for its operations through the awarding of Ubus to citizens.
For every 100 Ubus issued to each citizen daily, the project receives 11 Ubus to ensure its operations can continue.
The project will also gather verified information about their users over time, which is of value to companies.
“While this is not a goal of the Ubu Project, but a byproduct, it does offer another significant long-term investor benefit,” it said.
One of the significant challenges the project faces is that many of its envisaged citizens will be from the least-privileged sectors of society.
The wallet and private key registration system they will use will be designed to be super-light and super-simple as a result, it said.
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