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UTime Token (UTMT) ICO Review

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UTime is a decentralized social networking platform that is putting users privacy and satisfaction as its first priority. It is an innovative approach towards transparent and independent means of user data ownership, reward on ads and free of speech. It is the first get paid to content creation and sharing ecosystem that leveraged OCR token payments for its reward system.

Essential Information

Ico TimeUnknown – Unknown
Token NameUTime Token
Token SymbolUTMT
WhitepaperView Whitepaper
Website LinkHome
Price1 UTime Token / UTMT = 0.1 USD
PlatformEthereum
Raised$10,000,000
AcceptingETH, BNB, USDT, BTC

More about UTime Token (UTMT) ICO:

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 United Nations Conference on Sustainable Development8 (hereinafter referred to as Rio+20) produced a political outcome document titled The Future We Want containing mandatory provi-sions to establish an Open Working Group to develop a series ofSustainable Development Goals (SDGs). In the document, the United Nations Member States recognize that “people are at the center of sustainable development and in this regard we strive for a world that is just, equitable and inclusive, and we commit to work together to promote sustained and inclusive economic growth, social development and environmental protection and thereby to benefit all.” (United Nations, 2015). Among them, SDG3 is de-signed to “ensure healthy lives and promote well-being for all at all ages.”

The global population is experiencing a wave of aging populations. According to the World Population Ageing Report 201723 , pub-lished by the United Nations, the proportion of populations aged over 60 around the world will continue to climb from 13% in 2017 to 21.1% in 2050 and grow at a rate of around 3% per year (United Nations, 2017). The global population of people aged over 60 years is expected to more than double from 962 million in 2017 to over 2 billion. Meanwhile, the old-age support ratio (number of economi-cally active people per retired person) is estimated to decrease from 8 in 2013 to 4 in 2050, indicating that the burden of support-ing the elderly population is increasing. Currently, about 40% of the world’s elderly people are living independently, either alone or with their spouse. Therefore, improving the health and quality of life of the elderly and revitalizing human resources have become important issues for the sustainable growth of all economies around the world.

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.

Call for Chinese cryptocurrency communities to use UTMT to support Chinese elderly care time banking system

The Global Chinese Elderly Care Public Welfare Foundation (“TheFoundation”) will launch its own time token, “UTMT” and build ablockchain-based time banking platform for volunteers, a reciproci-ty-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 cryptocur-rency 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 fora region) to exchange for locally provided services. The initial plan is to roll out the system, after Taiwan, in Singapore and the Chi-nese community in the U.S.

How to use UTMT?

At the top of its organizational structure, the Foundation launches global initial token sale plan of UTMT. External investors can use Ethereum (ETH) as well as Bitcoin (BTC), Binance Coin (BNB), and Tether (USDT) to purchase UTMT. UTMT has no expiry date. Under the Foundation, there are the Taiwan Utime Elderly Care Foundation (TW Foundation), U.S. Utime Elderly Care Foundation (U.S. Foundation), and Singapore Utime Elderly Care Foundation (SG Foundation), which respectively will issue UTMT.TW, UT-MT.US, and UTMT.SG. UTMT holders may convert UTMT into regional UTMT.OO issued by the regional OO Foundations (where OO stands for a region). Unlike UTMT, the regional UTMT.OO has an expiry date, which may be extended.

Time Banking Ecosystem

Analysis of the Market:Current Status of the Elderly Care Industry: Rapidly aging global Sinosphere

SingaporeAccording to the 2017 Revision of the World Population Prospects7, the global population over 60 years old was about 962 million in 2017, accounting for 13% of the world population, and this group is growing at a rate of about 3% per year (United Nations, 2017). According to the 2010 World Population Prospects9 of the United Nations, the number of elderly people aged 80 and over in Singa-pore will become more pronounced. Over the next 20 years, due to its aging population, Singapore is on track to become the country with the largest reduction in labor force in Asia. In 2018, Singa-pore’s local residents aged 65 and over accounted for 14% of the total population (Department of Statistics Singapore, 2018), and by 2060, this group will account for 32%.

Taiwan

Taiwan’s post-war baby boomers (born 1946-1964) are now gradu-ally entering the 65+ age bracket. In combination with the low fer-tility rate, this will lead to a rapid increase in aging of the popula-tion. In 2018, people over 65 years old in Taiwan accounted for14.05% of the population, or one in seven people. Taiwan has then formally become an aging society12 (Ministry of Interior, R.O.C., March, 2018). Taiwan’s elderly population is expected to grow to a 20% share of the population by 202518 (National Development Council, August, 2018), which is the point when Taiwan becomes a so-called super-aging society. Taiwan’s National Development Council (2013) estimates that by 2060, Taiwan’s population over 65 will reach 39%, second one to Japan. Their demand for medical care, nursing, and care services will put great pressure on thesociety, government and the entire senior industry.

American Chinese Community

According to the report of Overseas Chinese Network (Chin-aqw.com)13, the number of Chinese-Americans in the U.S. reached 5.08 million in 2016. Chinese are not only the largest group ofAsian-Americans in the United States14, but also its second largest ethnic minority overall, second only to Mexicans,and 50% of Chi-nese-Americans live in states along the West Coast. Chinese in the United States are mainly concentrated in the metropolitan areas of San Francisco, Los Angeles, and New York. According toPew Research Center5, Chinese-Americans over 65 years old made up 12% of the total number of Chinese-Americans in 2015, which means that the Chinese population in the United States also faces a serious aging challenge. Cultural differences make it more diffi-cult for Chinese-American families to find suitable caregivers for their elderly relatives.As the society’s structure gradually shifts toward less young people and more elderly people, the time and money required for elderly care place increasing burdens on each family, while the currentlack of care institutions and the government’s welfare resources makes it even more difficult for the society to respond to suchissues as frailness, loneliness, and depression associated withelderly populations. Consider Taiwan as an example: According to statistics of the Ministry of Health and Welfare, disability rates of people over 65 years old are as follows: no disability 83.65%, mild disability 6.84%, moderate disability 4.48%, and severe disability 5.03%20 (Social and Family Affairs Administration, Ministry of Health and Welfare, 2015). When applying for government subsi-dies or services under private commercial insurance, one has tomeet the disability evaluation criteria to be able to receive care services or subsidies. However, the 80+% of people without dis-abilities mentioned above are also likely to need short-term urgent care and assistance with activities of daily living at some point. The elderly population will continue to grow as a major proportion of the population, and the long-term care subsidies from the gov-ernment or private commercial insurance will fall far short of soci-ety’s needs. This is an issue that calls for urgent resolution.Seeing the need to take care of Chinese senior citizens around the world, the Foundation will issue UTMT while its regional founda-tions will provide care solutions to the healthy and sub-healthy elderly (see figure below) in the corresponding regions.

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UTime Token (UTMT) ICO Scam or Not?

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