A cryptocurrency that unlocks currently dormant, inefficiently allocated and unrealised resources to create commercial and social value.
Industry: Fintech Project UBU is a cryptocurrency payment system that aims to drive social development through the creation of a more resilient global economic ecosystem. The organisation makes use of a Universal Basic Unit, which is a freely issued digital token of exchange that derives its value from under-utilised assets, to improve global development by including millions of people currently marginalised in the global economy.
Project UBU was South Africa’s first ICO and currently stands as the most successful universal basic income proof of concept (POC) to come out of Africa to date, helping thousands of people receive staple goods and services. UBU is a FREE universal basic income token of exchange built on the blockchain and distributed to any registered Citizen via a smartphone, enabling seamless transactions of these free tokens for goods and services offered by vendors throughout the country.
The concept is simple, each day registered citizens are issued 100 free UBU tokens to their wallet (created upon registration and pegged to a users cell number), on the application various vendors within their radius will display their ‘deals’, which can be purchased by registered UBU Citizens using these tokens. At the end of every day, unused UBU tokens will decay, encouraging Citizens to spend and purchase more and inevitably increase the velocity of money and in turn economic growth. Vendors can view their entire transaction history and deals via their portal.
Sovtech has provided a number of core solutions to Project UBU, under tight deadlines and complex shifting briefs in cutting edge technologies like blockchain. There work has been professional, creative and on-budget, on-time. We have come to see them as a strategic partner. Steven Sidley, CTO, Project UBU
Stack: Mobile & Web (React, React Native, Mongo DB, Chain.com) Project Scope: UX Design | UI Design | Software Development The solution leverages android only and has a web application for those on iOS, this is specifically to obtain a larger target market reach within the South African context. Tokens are issued each day on the blockchain and to each users wallet. Each newly registered Citizen is also baked into the blockchain, therefore, the entire solution is completely secure and partially decentralised.
UBU know the exact amount distributed to each citizen and only have vetted vendors available for the transaction of goods and services, therefore each token is spent within the ecosystem. Tokens can also be transferred to other registered users seamlessly by entering their cell number and making the transfer. The application also allows vendors the ability to offer goods and services in a specific geographical area and offers them free marketing on the platform.
The application saw 2 100 downloads in two months of it being in beta phase, and within the first year had over 19 000 UBU tokens in circulation and up to 700 000 transactions committed.