In the world of cryptocurrency ICOs, it is not surprising some people are fed up with the current situation. More specifically, a lot of projects raise millions of dollars without as much as a working demo. To counter this ongoing craze, some people have created the first 100% honest Ethereum ICO. It is now possible to buy the Useless Ethereum Token, in a way.
The Useless Ethereum Token is Genuine
It has to be said, a lot of the cryptocurrency ICO tokens shouldn’t necessarily be created in the first place. All of the projects being built on top of the Ethereum blockchain could just use Ether as its currency. However, without an ICO token, they wouldn’t raise as much money as they are doing right now. It creates a very strange environment in which Ether itself seemingly becomes less valuable and ICO tokens are a pure money sink.
Enter the Useless Ethereum Token, perhaps the very first ICO token that will effectively deliver on its promise. As the name suggests, this token will not serve any purpose whatsoever, nor should it. It is merely an illustration of how the cryptocurrency ICO space has evolved over the coming years. A lot of investors are more than willing to give money to random strangers without doing their due diligence. That is not acceptable by any means.
More specifically, there is no denying the Useless Ethereum Token is the first of its kind. Not because it has no inherent value whatsoever, but mainly because it will do exactly as advertised. People are growing tired of cryptocurrency ICOs for very understandable reasons right now. Moreover, a lot of these crowdsales do nothing but clog up the Ethereum network, which creates a very annoying situation for everyone in the world.
This is why the UET ICO is very different, as it is not about raising tens of millions of dollars for a project without any working code or demo. Instead, it is all about showing how bad things have gotten where cryptocurrency ICOs are concerned. By offering no value to investors, the UET team also puts no pressure on themselves to deliver. Nor will they even contemplate delivering anything in the long run, as that’s not what this project is about whatsoever.
It is evident anyone with an hour of spare time can create their own token on the Ethereum blockchain. These tokens will also adhere to the ERC20 standard, and be issued through a smart contract. It doesn’t take much effort to create the contract and token, yet it seems more than sufficient to trick people into investing in a project that may or may not work. Additionally, this particular ICO contract will not be audited whatsoever, like so many others weren’t audited in the past.
It is quite refreshing to see an ICO with a guaranteed token value right now. The Useless Ethereum Token is a major development in the cryptocurrency ICO world, and it goes to show how creative people can get. Since this token has no inherent value whatsoever, it cannot decline in value either. That is by far the most stable investment anyone could make in the world of cryptocurrency ICOs right now. Moreover, UET will not make it to any official exchanges either, although that may change depending on how many people tend to invest.
One thing that makes this ICO even more remarkable is how it uses a different distribution formula. As more people contribute Ether, everyone will get more tokens. This is not a scam by any means, yet it shows no one should invest in a new ICO without doing their research. No one would be surprised to see the value of the Useless Ethereum Token go up over time though, as that is how crazy this market has become as of late.
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