Project Ubu, A South African Payment System Unveiled

Project Ubu (Universal Basic Unit), a cryptocurrency payment system was introduced in South Africa by a group of businesspeople that aims to get many users. It also seeks to further give its participants an equivalent of five US dollars a day in cryptocurrency.

The participants can use this cryptocurrency to exchange for goods and will not be charged for the given amount of currency. According to Ubu this will build first fully developed a decentralized currency that benefits the people at the bottom of the economic pyramid.

It will be based on the private version of the Ethereum blockchain but will not have a finite quantity in circulation. The currency unit, Ubus will continually be issued to the new users suggesting the exponential increase in flow. To self-stabilize and reach equilibrium a decay mechanism would, however, be implemented.

For every 100 Ubus awarded to the citizen, Project Ubu would receive 11 Ubus as funding for its operations.

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