You’re going to give some random person on the internet money, and they’re going to take it and go buy stuff with it. Let’s be honest—everyone’s tired of ICOs. This ICO is going to be different. The UET ICO transparently offers investors no value, so there will be no expectation of gains. I learned all about Ethereum smart contracts and Solidity over a weekend so I could launch how Should I Invest 100,000 ICO.
Also, I definitely didn’t have any smart contract experts look at the contract before I launched it. All the other ICOs go through weeks of auditing and they still end up with bugs and vulnerabilities in their contracts. Since these tokens aren’t worth anything to start with, there’s nowhere to go but up! But remember—this is a completely honest ICO, which means I don’t want anyone to mistakenly expect the value of the tokens to go up, either. They’re called Useless Ethereum Tokens for a reason. Regardless of the fact that none of you read any of the warnings on this page. You can view the token contract and transactions on Etherscan. The base token distribution formula is very simple: for every 1 ETH you contribute, you’ll receive 100 UET, and if you contribute at least 0.
01 ETH, you’ll also receive an additional 1 UET for every Ether that’s been contributed in total. Every block has a 1 in 256 chance of issuing bonus tokens. When purchasing UET, the smart contract will take a hash of the current block’s coinbase, number, and timestamp. If the first byte of the hash is 0x00, the block becomes a bonus block. During a bonus block, the smart contract counts the number of bits set in the second byte of the hash and uses that number as a bonus multiplier. Every UET purchase of at least 0. 01 ETH worth during the bonus block will receive, in addition to the base distribution, an additional 100 UET per Ether multiplied by the bonus multiplier. That means that contributors have a chance of receiving a total of nine times the number of tokens they expected! You’re literally giving your money to someone on the internet and getting completely useless tokens in return.
It’s just you, me, your hard-earned Ether, and my shopping list. Maybe it’s because I lost money in the GDAX flash crash. Maybe I got inspired by the guy who crowdfunded the potato salad. Maybe I’m just way too bored and need a better hobby. What can I do with UET? UET is a standard ERC20 token, so you can hold it and transfer it. Why are you even still reading these?
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Will UET be traded on any exchanges? You have no idea how much I hope so. In fact, if it does get picked up by any of the major exchanges, I promise to use some of the ICO proceeds to constantly and incessantly manipulate the market. Will there be more chances to buy UET?
It totally depends on how the ICO performs in the beginning. If I don’t make enough money to buy at least one flat-screen television, I’ll probably keep the ICO open longer than initially stated. How do I get a refund for the tokens I bought? All Right Reserved, including the right not to give back your money. Enter the characters you see below Sorry, we just need to make sure you’re not a robot. Enter the characters you see below Sorry, we just need to make sure you’re not a robot. Opinions expressed by Forbes Contributors are their own.