- Universal Basic Assets is a crypto project based on an Institute for the Future proposed framework.
- The project’s native token is UBA.
- However, there is little clarity or transparency about the project.
NEW DELHI (CoinChapter.com) — The Universal Basic Assets project is a little-known addition to the growing number of crypto projects.
The project aims to introduce the concept of Universal Basic Income (UBI) but defines itself as a “SocialFi network and Decentralized Identity (DID) system with privacy protection.“
Moreover, the project is similar to the Pi Network, allowing users to mine its native token, UBA, using a mobile app. Universal Basic Asset encourages users to form relationships through invitations and interactions.
According to UBA’s whitepaper on Gitbook, invitations are vertical associations between users, while interactions refer to the “horizontal associations formed by users that team up across different vertical association structures.”
The vertical association has a triangular, almost a Pyramid-like structure.
The project claims it is an experiment that draws inspiration from the idea of a universal basic asset mentioned in the Institute for the Future’s (IFTF) 2017 paper by the same name. The IFTF is a Palo Alto-based, not-for-profit think tank.
The IFTF paper calls for an effort to “regain balance and enable sustainable livelihoods for large swaths of the population.”
The UBA Value System And Tokenomics
The UBA crypto project states it plans to provide APIs to all Web 3.0 developers to “achieve rapid acquisition of users and accurate import of traffic.”
Moreover, the Universal Basic Asset team claims the SocialFi developers would be able to leverage UBA’s “massive” user numbers to grow. Furthermore, the platform promises support to developers building ecological projects, such as forums, social platforms, etc.
Additionally, the UBA platform uses zero-knowledge proofs to ensure user privacy.
Meanwhile, UBA acts as the project’s native governance token.
The UBA token has a maximum supply of 1 billion tokens, of which 35% is reserved for User incentives. 13% of the total token supply is set aside for the private funding round, while the project has reserved 23% of the token supply for ecological funds.
The tokens allocated to the developer team, the ecological fund, and the adviser would remain out of circulation, with the project unlocking the UBA tokens in 12 quarters or 3 years.
Moreover, the project offers UBA NFTs in its ecosystem, available on Binance, for a floor price of $0.45.
Is UBA Safe?
The Universal Basic Asset project started with very lofty goals. However, the lack of transparency might dissuade traders from engaging with the project.
The lack of any information about the project founders or team members also throws a wrench in the project’s plans to amass a large number of users. Ironically, the UBA page on X only has 99 followers.
Furthermore, there is no information regarding any code audits for the project, which erodes trust in Universal Basic Assets. In addition, the white paper is scanty in detail. Lastly, there is no information regarding the token on any charting platform, including CoinMarketCap.
The project has been around since 2021, so the lack of information and meager social media presence raises suspicions.
Investors planning to engage with the platform or the UBA token must do their own research before trading.