Scam or Not: Ucoin — are They Serious?
What is Ucoin: an asset-supported digital currency
Project: Ucoin cryptocurrency is meant for investments, savings, trading and daily payments. It is claimed to be supported by 6 separate asset classes — global equities, corporate bonds, precious metals, different kinds of commodities, real estate and crypto investments. The project is built on the Ethereum blockchain and developed by Universal Coin International Company. The goal of the project is to establish a diversified asset ecosystem promoting value and liquidity for its coin users on a global scope. The users will have access to the integration of smart contracts and security biometric system ensuring transparency on the platform and accessibility of the contracts to all the participants.
Country: British Virgin Islands
Website: ucoincurrency.io
Analog: DigixDAO (native tokens are supported by gold).
How they differ from the competitors: supported by 6 separate asset classes.
Date of ICO: Pre-ICO is ongoing till November 30 / ICO is scheduled on December 1 — December 31, 2018.
Token price: 1 UCOIN = 1 USD.
Purchase: accepted currencies — ETH, BTC, Fiat; minimum purchase — 100 USD; restricted areas — USA, China, Singapore.
What their token gives you: utility token.
What will happen to tokens: the total supply is limited to 5 billion coins. Tokens will be distributed in 30–365 days after completion of ICO.
Token allocation:
10% — token sale;
90% — N/A.
How much they want to raise on ICO: 500 million USD
Where the money will go:
- operational;
- technical development;
- innovations;
- marketing;
- management;
- general operating of Ucoin.
Team:
👤 Stewart A. Stockdale: CEO
👤 Pedro Viera: Operations Management
👤 Sergio Cordero: Investor and Strategic Alliance Development
👤 Jorge Munoz: Finance and Banking
👤 Charles Seminario: Strategic Business Development
👤 Washington Touriz: Digital Technology Manager
👤 Carolina Maingon: Sales Manager
👤 Katherine Escandon: Customer Service
👤 Monica Leon: Operations and Compliance
Advisors:
👤 Alberto William Dahik Garzozi
👤 Julio Marquez
👤 +4
Free tokens: affiliate and reward program is mentioned in the whitepaper, though there are no details.
Roadmap:
The roadmap is provided for a period from April to October 2018 only. It includes fundraising goals and multicurrency wallet launch.
Communication:
Telegram — 53
Twitter — 79
Facebook — 9,8 thousand
❗️Why scam
Concept: ★☆☆☆☆
Ucoin cryptocurrency is claimed to be supported by 6 separate asset classes and it could look quite interesting in case there was enough information about the way it is going to be implemented, but it is not so. According to the provided information about the ICO, presale has been ongoing since April, 30. Still, there is no data about the raised funds up to date as well as no info about how to take part in the token sale. That is quite strange, especially taking into account that the project has quite ambitious softcap at the amount of 200 million USD. The whitepaper is too short, it lacks a lot of important details. The project is not highlighted in mass media.
Token: ★☆☆☆☆
UCOIN is a ERC-20 token on the Ethereum blockchain meant to be used as a universal means of payment around the globe. The token economy is not described. Only 10% of the total supply is going to be offered on ICO, and the plans of the team concerning the rest 90% of tokens are not clear.
Crew: ★★☆☆☆☆
Stewart Stockdale, shown as the CEO of the project does not mention his connection with Universal Coin International Inc. in his Linkedin profile. Social network profiles of some team members and advisors are not provided.
Communication: ★☆☆☆☆
The number of subscribers in Twitter and Telegram is close to zero. And despite its Facebook community has quite a lot of subscribers, the audience doesn’t seem to be alive as there are no likes and no comments to the posts. The content of the social network profiles is not informative as there is no news about the project development.
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