On July 4 began the ICO campaign for the UET token, another useless ERC20 token on the Ethereum blockchain. In less than 24 hours the ICO already raised more than $10.000 from tens of 'investors'.
The funds collected during this, as claimed, the first ever 100% honest Ethereum ICO, the developer plans to spend on personal goods, mainly on electronics. As an option, he will buy a large screen TV.
The developer warns the visitors not to buy these tokens, but also lists some of the differences between this ICO campaign and others. First of all, many users are tired of the different ICOs, for weeks advertised on each corner, and then plaguing the Ethereum network immediately after launch. UET has zero value at start, so the only way the value can go, is up. Since no profit is promised, many investors are not expected, which means a small number of transactions, which in turn means that there is the Ethereum network will not be overloaded. Secondly, the developer devoted a whole weekend to study Solidity and smart contracts and is able to launch ICO himself. Most of the code was copied from GitHub and from Stack channels, and probably there should be no problems with it.
Fundraising began on July 4, 2017 at 2:00 pm and will last until 14:00 on July 11 or until the developer decides to close it.
The smart contract is also interesting: as more ETH will be sent to 0x27f706edde3aD952EF647Dd67E24e38CD0803DD6 by all investors, the more UET tokens will be distributed to each of them, according to the rule:
The price is 1 ETH for 100 UET tokens, but one can get bonus tokens if he invests more than 0.01ETH.
On the frequently asked questions there is an answer that the project is not a scam: you just give money to someone on the Internet and get in return you get completely useless tokens. No show-offs like constituent documents, professional advisors or experts. All is fair and 100% transparant.
Also, the developer expresses the hope that the token will be allowed to be sold on one of the major crypto-exchange exchanges, so he would be able to manupulate the market. More info can be found at http://uetoken.com.
Useless Waves Token
On Waves platform, there is an alternative token named 'Useless Waves Token'. The project has set up a bounty campaign, so that everyone can get free tokens for writing a post or a tweet mentioning the Useless Waves Token. Instead of buying electronics, the target of this ICO campaign is to fly to Seychelles. Contributions can be sent to 3PFn9SGPJ8yVjcmBps48Jx6ddz1QXwUiYqP and the project accepts all Waves tokens as payment.
The Waves version has been less successful than the original one, with only 0.25 WAVES raised so far. For more information checkout the Bitcointalk thread dedicated to the project, its 'white paper' or its 'road map'.
