One of the Cryptos I have always wanted to talk about, is called URO, a real long-term cryptocurrency. As this is a slightly more complex Crypto than any other I’ve seen so far, it got put on the backburner for a bit. But the time has come to give URO the spotlight!
URO has two goals : up first is the goal to set up a distributed Urea (http://en.wikipedia.org/wiki/Urea) exchange for the efficient international trade of the world’s most important fertilizer for food production : Urea.
On the other hand, Uro wants to provide a medium of exchange stabilized via backing to the true and undeniable international value of Urea, the world’s most important fertilizer commodity that is responsible for 50%+ of total world food production.
As we all know, when international markets are involved, there are many things that could, and also should be done a lot better. Especially when it comes to price fluctuations threatening to influence 50% of the world’s food production!
As a solution to the looming food shortages, which have been predicted by many independent experts worldwide, an international , distributed Urea Exchange is necessary. As a result, crops can be fully planted, and properly fertilized.
I know all of the above is hard to digest, but the most important topics in life aren’t easy to begin with. Let’s continue by going over the milestones which have been achieved, or are yet to be achieved, by URO.
Milestone 1 has been achieved quite recently, on June 9th 2014. Each URO is now backed by 1 metric tonne of Urea fertilizer, thanks to an agreement between the Uro Foundation and several international Urea trading partners. It’s always good to see that you’re not the only party who wants to change things, especially when it comes to subjects which are relevant to all of us.
As a result of this agreement, the Uro Protocol was created, which you can find here.The Uro Protocol was ratified by all parties involved. You can find out all the details on the Uro website, including the accompanying instruments of ratification.
Currently, milestone 2 is a work in progress, and will hopefully be achieved within 6 months of URO’s launch, which would mean the deadline is roughly November 8th. A lot of things need to be done however, and you can find the complete list in the URO thread on BitcoinTalk.
Further milestones are expected to be achieved within 9 months and 12 months after the launch date respectively. A fully functional Urea exchange, and setting up regional Urea collection points for farmers where they can exchange Uro for Urea, are both part of the long-term plan.
I have copied the technical specifications of URO below :
Algorithm: X11 PoW
Target Block Time: 3 minutes
Block Reward: 12 Uro
Difficulty Retargeting Algorithm: Safe Gravity Well
Genesis Block Premine: 0 Uro
Total Units: 1,000,000 Uro over first 6 months, then 100,000 per year (to cater for anticipated 10% increase in trading volume increase per annum based on our projections of the Urea industry’s growth globally).
Recommended Transaction Fee: 0.1% (0.001 Uro)
Standard Mined Block Maturity: 40 Confirmations
Recommended Transaction Confirmations: 6
Default RPC Port: 36348
URO can be mined at a handful of pools, but the URO team believes it would be more beneficial to decentralize mining. In order to get people mining on their own, they have included detailed instructions on the BitcoinTalk thread here.
“Please understand that over a period of 1 month, your earnings are the same no matter if you are solo or pool mining. A pool only reduces short term variance.” – URO team
Now the big question on a lot of people’s minds is : “Is this actually legit or just another scam?“ Two documents were presented today, apparently showing proof that URO is legitimate, and is doing exactly what they promised. I do use the word apparently , as I don’t have the necessary knowledge to tell you exactly what these documents represent.
I have included both documents below :
From the bits about URO I do understand, I really like the idea, and I’m glad to see progress being made in a relatively short span of time. Unfortunately, most of the information is way above my pay grade, so I hope some of our readers can make more sense of it than we can.
URO Website: uro.io
Follow URO on Twitter @UroFoundation
Like URO on Facebook at: facebook.com/urofoundation
Freenode IRC: #URO