Please consider the following questions:
What if there were a way to create wealth for yourself by helping others?
What if we could harness healthy human self-interest to bring billions of impoverished people greater financial access?
What if we could trigger immense, worldwide wealth creation with new technology and a mobile app?
My name is Eiland Glover, and I am a co-founder of UR Technology with my long-time friend, software engineer John Reitano. The questions above are the ones we asked ourselves when we set out to create a world cryptocurrency called UR.
After many months of hard work by our team of software designers and developers from around the world, we are very pleased to announce the launch of UR and the UR Money mobile app. I’ve written this primer for those of you who are among the first UR users. As you will come to see, your success is necessary for the success of UR.
What is UR?
UR is a new type of money called “cryptocurrency”. There are other cryptocurrencies in the world. Bitcoin is the most famous of these. You may have read about it and heard experts saying that Bitcoin is the future of all money. But Bitcoin has some fundamental flaws that can never be changed. These are the problems of distribution and deflation.
If you’re like 99.9% of all people, you don’t have any Bitcoin. The truth is, you probably won’t ever have any. There’s a limited supply, it’s only distributed to technologists called “miners”, and much of that supply has been snapped up by investors. As of today’s writing, one Bitcoin costs $711, making ownership of even one Bitcoin prohibitively expensive for the average person to own.
Since people don’t have Bitcoin and it’s too expensive to get it, Bitcoin cannot become a world currency. We created UR to fix these problems and to make cryptocurrency accessible to every human, at little to no cost, and right now!
UR is different because UR is based on what is truly valuable in this world: you. UR cannot be created until you or another human is invited into and decides to join the UR community. You join by downloading the UR Money app and proving your identity. Once that’s complete, you get 2,000 UR. When you invite others, you keep getting UR based on those you refer, the people your friends refer, and so on.
Every human living now and every human born in the future will get 2,000 UR, and these referral bonuses will continue forever. UR is meant to benefit everyone.
Why must UR pioneers have to become rich in order to UR to reach everyone in the world?
John and I are structural thinkers, and we believe in the power of incentives.
In order to realize the promise of UR for the people of the world, we need your help and the help of millions of others.
We have therefore created UR with a built-in incentive structure that cannot be changed: you get paid in UR when you refer others. When they refer others, you earn even more UR. This means that early adopters of UR who refer friends have the potential to earn thousands and even millions of UR.
What about the value of UR?
Millions of UR means nothing if they are not valuable. We at UR Technology cannot determine the value of UR. Like any commodity or currency, UR’s value is determined by the behavior of thousands or millions of people acting in their own self interest in the global marketplace.
You and others, then, ultimately determine the value of UR.
We believe that people will choose to use UR for everyday transactions because they own UR, because it’s easy to use, and because users will be able to transact with any other UR user around the world instantaneously.
UR is designed to achieve a stable value over time because it is based on the number of economic actors (people) who decide to use it and it’s tied to world population growth. This means that the ultimate rate of inflation of UR cannot exceed population growth.
As UR spreads around the globe, of course, lots of new UR will be created and distributed to people, increasing money supply. Importantly, however, this supply increase is in direct proportion to the number of UR users and, therefore, to the size of the UR economy.
And this is why you have to become rich for UR to be successful.
If you and the other UR pioneers refer others and use UR, you will possess a growing wallet of valuable UR cryptocurrency.