UltraNote Genesis Coins
You probably already understand that the UltraNote team does not support the concept of Initial Coin Offerings (ICOs as they are popularly known). UltraNote has never and will never run an ICO. We have self-funded all operations, system maintenance and upgrades ourselves; not many cryptocurrencies will ever be able to claim this.
With the likelihood of future regulation in the crypto world, any cryptocurrency that has operated an ICO will probably have some explaining to do. Which, of course, will probably work out to be quite costly! Have a guess where that money will come from… if it has been asked for once, it will be asked for again.
ICOs disadvantage the average person, who often gets burned by pumps and dumps shortly after the ICOs finish, generally these pumps and dumps are caused by:
- oversupply of coins relative to the ICO price.
- technical or legal issues on project initiation, which require diversion of ICO funds.
- unethical dev teams abandoning projects and departing with ICO proceeds.
- large-scale buyers selling because they negotiated large discounts on the ICO price and still make profit, despite selling below market value.
The entire UltraNote team is in agreement that they want to do the right thing, in the right way. This character trait runs through our blood and we believe it shows in the quality of our work and in the strength of XUN.
Protection of XUN and the people who choose to own it are our prime motivator. For this reason, when UltraNote was created, a block of 18 billion XUN Genesis Coins was reserved for the project (note, no pre-mining occurred). It is vital that you understand why these coins were created and how they have been reserved to stabilise, preserve and strengthen the future of XUN.
The XUN Genesis Coins were created instead of running an ICO – this was our way of demonstrating to you that we preferred to take a risk on ourselves, rather than ask people for their money in exchange for a promise. XUN Genesis Coins are all locked to the XUN blockchain, here is a link to the XUN block explorer where you can see the % of coins locked to the network. As of writing, 99.45% of all XUN available are locked to the blockchain.
A prime feature of XUN is that coins on deposit in the GUI wallet earn interest. All of the Genesis Coins are earning interest and it is this interest which funds multiple activities, such as:
Bounty campaigns. In 2017 we have given away over 1 million XUN in bounties, so that people can discover the benefits of XUN. This work will continue in 2018.
Funding exciting new developments at an accelerated rate. We have already delivered ahead of our 2017 roadmap. 2018 will bring further additions and improvements to XUN and we will now be able to bring these to you even faster.
Charity donations – UltraNote Foundation, our legacy to the people of the world who are less fortunate than ourselves.
Introducing UltraNote Foundation
In addition to donating our own funds to maintain UltraNote protection systems and critical processes, the UltraNote development team co-ordinated a joint self-funded donation to charity in December 2017
The charity we chose carries out work in Bethlehem, its work includes the providing clothing, support and education to the poorest children in the area. It’s important to us as a team to be able to support this type of work. A unifying character trait of the UltraNote team is to do the right thing, in the right way, for the good of everyone.
We were so galvanised by our common outlook that we set up The UltraNote Foundation and we’d like to take the opportunity to tell you more about our vision.
From the UltraNote Genesis coins, we have allocated 1 billion XUN to the UltraNote Foundation GUI wallet. These coins are locked to the blockchain via deposit and they will be earning interest whilst simultaneously securing the network. In 2018, we will donate the interest that these coins generate to various charities.
We will keep you all updated on our charity work every time a donation is made. We will review the 2018 plan and communicate UltraNote Foundation commitments in 2019 in due course.
The great thing is, the number of Genesis coins will remain the same, they will continue their work of securing the UltraNote network so that you have a stable platform to operate from. You can feel great about being a part of UltraNote because you know that the team behind it are not only working tirelessly to support you, but they are also supporting charitable work around the globe.
The UltraNote team wishes you all a very happy holiday break this December. Please spend a moment to think of the people around the world who are not as fortunate as you, whilst you celebrate. If you have a choice in this world, use it to do the right thing, in the right way.
XUN Genesis Coins are an integral part of UltraNote and the team pledge to protect them for the good of XUNs future. UltraNote is here to stay and it grows stronger daily; the reserved Genesis Coins are an integral part of the past, present and future of XUN and this will never be changed.