In 2017, a group of South African businessmen joined forces to launch Project UBU – a cryptocurrency payment project which aims to get many users involved.
Project Ubu aims to provide participants with 100 cryptocurrency units (UBUs) per day and, over time, get that value to an equivalent of a few US dollars exceeding the poverty index.
The currency will be distributed to individuals at no cost, and these individuals will be able to exchange the currency for goods and services.
This will create the world’s first decentralised currency that primarily benefits people at the bottom of the economic pyramid.
Since its announcement, Project UBU has been quiet about the initiative, and MyBroadband caught up with chief executive Justin McCarthy about their progress.
McCarthy told MyBroadband they have been deliberately quiet as they absorb learnings from their beta testing period and incorporate this into their business model.
He said they are making revisions to the ability for vendors to convert accumulated UBUs to UBX tokens.
They are also making upgrades to the vendor portal and are improving their mobile wallet app.
McCarthy added that after multiple versions of the app were on iOS TestFlight, Apple at the last moment elected not to support it.
“We are still in the dark as to their reasons and after four failed appeals are developing a mobisite that mimics the app on iOS devices,” he said.
He said Project UBU is still in beta test mode with a selection of closed communities and is scheduled for commercial release in Q2 2018.