London, June 30th, 2020. 01 Special Situations Ltd is pleased to announce the official launch date of July 30th, 2020, for the new UX Network (“UX”).
Following the completion of the acquisition of the assets of the WORBLI Foundation on June 4th, 2020, a review was undertaken of the technical architecture, historic implementation and technical debt that had accumulated on the WORBLI Network. The review considered the implementation speed and costs of immediate and future protocols that were essential for a blockchain to compete in the new era of financial markets. As a result, the decision was taken to establish a new network that was fully fit for purpose.
In the footsteps of WORBLI, the UX Network will launch as a compliance-driven, highly cost-effective and globally scalable consumer and enterprise public blockchain. UX Network remains dedicated to the deployment of its blockchain-enabled Know Your Customer (“KYC”) and Anti-Money Laundering (“AML”) offerings to the FinTech and Digital Asset sectors.
How will this affect you?
Allocation of UX Tokens
A ‘Snapshot’ will be taken of WBI token balances across all WBI accounts at 1600 UTC on July 10th. This snapshot will be used to determine how many UX Network Tokens each account holder may be eligible for.
Once your potential UX Network Token allocation has been determined pursuant to the snapshot of your WBI account, you will be invited to fulfil the eligibility requirements for opening a UX account and receiving your quota of UX Network Tokens. Eligibility requirements will include undertaking identification verification in accordance with our KYC requirements. We expect to issue our terms of offer in the next few days which will explain in more detail what you need to do to qualify to receive your UX Network Tokens.
A new standard in KYC
As part of the launch, a newly formed operating entity, has been appointed as the first service firm to support the ongoing compliance operations and technical development of the UX Network. These operations will involve implementing UX Network’s proprietary, portable KYC solution, driven by an entirely new Layer 2 identity economy and supported by a new Layer 2 token. Other groundbreaking projects are already underway, including truly decentralized portable on-chain KYC solutions.
Comprehensive information will be made available on the UX homepage prior to the launch. All questions regarding the UX Network sign-up process and all business- or technical-related inquiries regarding the UX Network should be directed to firstname.lastname@example.org.
The team at 01 Special Situations Group is extremely excited to now begin the final push towards launching a next-generation network that addresses many of the challenges faced by existing blockchains. It has been a long journey for all EOSIO community members and partners, and our team would like to thank everyone for the patience shown.
We look forward to welcoming you to UX on July 30th.
The team at 01 Special Situations
The opportunity to open a new account through the UX portal, the granting of UX Network Tokens and the ability to develop dApps on the network will be subject to terms and conditions that will be released prior to launch.
Nothing contained in this announcement constitutes or shall be deemed to constitute financial, legal, tax or other advice of any kind. This announcement is published solely for informational purposes and has no regard to the specific objectives, financial situation or particular needs of any person. Information contained herein is believed to be reliable, but no warranty is given as to its accuracy or completeness and views and opinions are subject to change without notice.
Information contained in this announcement in respect of either WBI or UX Network Tokens should not be considered an offer to sell or a solicitation of an offer to buy or subscribe for an interest in any investment vehicle or any other securities.
This announcement is not directed to any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction where the content of this announcement would be contrary to law or regulation or which would subject us to any registration or licensing requirement within such jurisdiction. You expressly acknowledge that you are, as the case may be, an individual who is legally or authorized to seek information about the matters referred to or described on the announcement.
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