We know the Blockchain technology and how it has been used by digital currencies in many ways. But now there is a cryptocurrency that wants to use this technology to empower Latin Americans. What is that cryptocurrency? Utemis!
If you’ve not heard of it before, Utemis is the first ever e-commerce that uses blockchain to decentralise the businesses reputation on the network and bring Latin America together to form a single and simple economic space where if anything goes wrong, you get your money back.
The Round One ICO of Utemis was launched on January 8th, but something went wrong!
Utemis ICO: Round One
When the round one ICO was launched, it built a lot of momentum, and this led to Utemis hosting the first ever fire-sale on an ICO. But halfway, it was paused. Why? The required amount of experience needed to successfully push through a pre-ICO period was not yet gained.
Yes! The team had all the experience it needed in business to create a B2B platform. And convincing customers to come on-board with the program was something that was done before then. But then, there was still a lot to learn about conducting an ICO.
Built specially for carrying out B2B e-commerce transactions, two mistakes were made when parameters for the platform were being adjusted. One of these mistakes was not setting a fixed amount of decimals, while the second was removing the transfer option from the token accidentally.
What this caused was that, token holders saw the amount of Tokens in their wallet being distorted by decimals, and for those that tried to send Tokens, they found out that it was stuck in their wallets and were not able to send them.
This was why the first round was paused. But now to the second round of ICO is here!
Utemis ICO: Round Two
Seeing all the issues encountered during the first pre-ICO period, a step back had to be taken to fully correct those errors. The first step was creating a new Token that had the same name as the former one, and with the same symbol. This was used to compensate participants of the previous ICO.
Also, previous participates of the ICO will be given a 100% bonus on purchases they had previously made. What this means is that, if a user had 1,000,000 UTS before, they will receive an extra 1,000,000 UTS, making it a total of 2,000,000 UTS.
The previous tokens will be removed from participant’s wallets once the smart contracts on the former ICO has been deleted. Making their wallets new and filled with only the new Token.
This entire round two of the Utemis ICO token starts from the 15th of February, and with the experiences learnt from the previous ICO, there is sure to be no errors or faults. Participants can be rest assured of this!
The first round of the UTS ICO token definitely didn’t go according to plan, but as soon as errors were noticed, it had to be paused so those errors could be rectified. Now the business is stronger than ever and ready to empower Latin America
Now, on February 15, the second round is going to kick-off, and this time it’s coming back bigger and better than it was. Watch out!