Utu Trust, a Kenyan-based company building a trust infrastructure which recently launched the Utu Trust Token and the UTU Coin, has successfully completed its private token sale, and the crowdsale soon thereafter.
According to the CEO of Utu, Jason Eisen:
“That was incredible! We are already sold out. It was like a couple of minutes and we’re done. Now onward and upward!”
Following the successful crowdsale, the Utu Coin (UTU) will now be listed on UniSwap Protocol starting from October 16, 2020.
Here is the difference between the two tokens by Utu:
UTU Trust Token (UTT) – non-buyable token which represents (good) participation in the system. UTT measures the positive participation in the system. As a result, it is not buyable, but can only be earned. It is the heart of the protocol
UTU Coin (UTU) – an ERC20 token on Ethereum (for now, later migratable / swappable to/from other chains) which is publicly available for sale. UTU will be required for consuming the services on the UTU platform. The token enables the monetary aspects of the system
NB: UTT can be converted to UTU Coin (to a limited extent) via an auction mechanism, but not vice-versa, to help incentivize people to earn UTT
The UTU Coin can be staked for taking part in governance, but more importantly, the UTT can be staked on service provider endorsements, to earn more UTT when these lead to successful recommendations by users.
UTU has team members around the world with heavy concentrations in Kenya and Nigeria as well as USA, UK, Germany, and Switzerland.
Here is Jason speaking about his early beginnings in Kenya at a recent webinar event with BitKE:
Utu has so far gotten strong backing from major investors that include:
SoftBank Group’s DEEPCORE
Genesis Block HK
Currently, users can experience some of UTU’s innovative products and use cases embedded on apps like MARAMOJA (mobility) and JamboRow (P2P lending) across the African market.
Digital trust currently is basically a legacy of what Ebay gave us in the 90s – aggregated, averaged, anonymous feedback. Meanwhile the whole internet as evolved around us and digital trust mechanisms have stagnated. We abandon this one size fits all model of a universal score card for trust, and instead seek a descriptive model of trust, filtered by our own networks of trust and evaluated dynamically based on the options available.
Trust has been hitherto delivered as a product – either as a consumer-facing review platform (yelp, tripadvisor, google reviews, etc) or as an afterthought inside products (“let’s throw a 5 star system on it and call it a day”). But trust isn’t a product…its infrastructure. It should be delivered as such. We serve up our Trust Infrastructure via API/Oracle so platforms and marketplaces can consume them as infrastructure. This also eliminates that massive manipulation ability on consumer platforms where I can create limitless accounts/fake reviews.
All of the economic incentives around digital trust are for the abuse/manipulation thereof. Fake reviews, bot armies, they all manipulate trust and tend to yield rewards for those that buy (and sell) such services. Meanwhile, projects/people that only focus on organic metrics might languish on the side.
We designed our token model to address both sides – to eliminate the ability to “buy Trust” while creating a positive economic incentive to build trust – defined as facilitating good outcomes.”
According to Bastian, the co-Founder of UTU, the system is also protected from abuse and incentivizes good behavior:
“Our infrastructure has a built in incentive mechanism that rewards successful endorsements and punishes bad actors. For example if a “bot” or a person leaves a fake recommendation, they will have to stake UTT on this endorsement.
After showing that endorsement to others, if people successively react negatively to that endorsement i.e. the other clients deem the service not recommendable, then the individual will be penalized on that state (both the reward and penalty functions are predefined.”