UTime Token (UTMT) (UTime Token / UTMT) ICO review
The Global Chinese Elderly Care Public Welfare Foundation (“The Foundation”) will launch its own time token, “UTMT” and build a blockchain-based time banking platform for volunteers, a reciprocity-based service trading system in which hours are the currency. In the meantime, the Taiwan Utime Elderly Care Foundation (currently undergoing registration), as the Foundation’s starting point of its global deployment, will establish a time banking system model in Taiwan. It is the first time banking system aimed at elderly care for Chinese people and will be extended to other Chinese communities around the world. By issuing UTMT, the Foundation is calling on Chinese cryptocurrency communities to do charity and jointly build up the first global Chinese elderly care time banking system. When they or their family members or friends need care services, UTMT holders may convert their UTMTs into regional UTMT.OOs (where OO stands for a region) to exchange for locally provided services.
The Value of Holding UTMT - The world's FIRST digital currency tailor made for Chinese elderly care:
1. Link to the real economy: Use time tokens to send local caregiving services to yourself, your family members or friends in need
UTMT can be converted into regional UTMT.OO, and one unit of UTMT.OO can be exchanged for one hour of care service in the corresponding region. UTMT.OO holders can not only use the time tokens for themselves, but also transfer them to relatives or friends that need elderly care, thus turning their kindness into a practical gift. There are two service categories: home care and community care service. The recipient of home care is one person or a small group, while the recipient of community care is many persons. In either case, the care service may cover spiritual comfort, caregiver support, physical care, nursing, accompaniment, transportation, meal services, housework, health promotion, referral and introduction to resources,telephone care calls, etc.
2. With the foundation of a stable coin, UTMT’s exchange rate for regional services may increase as high as 10% annually
UTMT may be converted into regional UTMT.OO based on the conversion rates set by the Foundation, and during the first ten years after the initial token sales, the Foundation may raise the conversion rate as high as 10% per year based on the state of operation and feedback from the regional foundations. For example, in the first year 170 UTMTs can be converted to 1 UTMT.TW; in the 2nd year if the rate is raised by 10%, 153 UTMTs can be converted to 1 UTMT.TW. Therefore, those who obtain UTMT through the initial token sales may see the service time they may obtain through conversion grow over time.