Unblocked Ledger Token (ULT)

osyed edited this page Apr 8, 2018 · 25 revisions
  • A max supply of 1,000,000,000 (one billion) ULT tokens are created in an ERC-20 contract.
  • The tokens are only distributed as bounties to help create and launch the Unblocked Ledger Coin (ULC) peer-to-peer network software. Tokens are not sold.
  • Bounties are awarded based on the ULT tokens having a nominal value of $0.10 USD each. For example if the project offers a bounty which it determines provides a value of $100 USD, then 1,000 ULT tokens will be the reward for completing this bounty.
  • Although the project awards tokens for bounties based on the above price, the tokens cannot be redeemed with the project for any value. Nor does the project take tokens out of circulation once they have been distributed.
  • The early contributors to the project are reimbursed with ULT for past efforts and expenses incurred due to the project. The total amount to be reimbursed is announced at the start of the project. The reimbursement is done with a limit of 2% per month. After the project is completed any amount remaining is reimbursed at once.
  • A maximum of 10,000,000 ULT will be given freely as part of airdrops to members of cryptocurrency communities.
  • A monthly report is published on the website of how many ULT were distributed that month. These numbers can also be verified by examining the ULT smart contract.
  • Once the ULC software is developed and deployed, the excess ULT tokens in the ERC-20 contract not already distributed are burned. The maintenance fund from ULC will be used to provide future support for ULC and ULT.
  • The holders of ULT tokens will be able to obtain coins on the ULC network after it is deployed at a 1:1 ratio. The ULT tokens are not lost when ULC is obtained.
  • The ULC software will be released under a Creative Commons BY-NC-SA license.
  • Non-commercial projects which use the ULC software will be asked to airdrop tokens for their project to ULT token holders. Doing so will help them gain an immediate community of users.
  • Commercial projects which want to use the ULC software can obtain a license token by burning a percentage of ULT tokens through the ULT smart contract. The percentage will be determined when the ULC software is released and may subsequently be adjusted based on market conditions.
  • After 10 years (from the excess burn event), the ULC software will be licensed under a Creative Commons BY license. The ULT in circulation will be converted to ULC at a 1 ULC per 10 ULT ratio and the ULT smart contract will be frozen.

See Unblocked Ledger Coin (ULC).

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