What if we could facilitate a world in which the basic needs of everyone can be met on an on-going basis?


We aim to create the world's first fully fledged decentralised currency that works to the benefit of everyone without relying on taxation.

The world’s population is divided into two groups: those with access to the economy and those with none.

Yes No

The invisible barrier dividing them is access to economic participation - the capacity for people to sustain themselves by means of economic activity. Every person has economic value, yet almost 3 billion are excluded from economic participation.

The global financial system doesn’t recognise their value. Most rely on external assistance, a system so inherently inefficient and often corrupt that less than half the value of aid reaches the intended recipients. They become a burden in that they must be provided for, which, while rescuing them from starvation, also further entraps them in a self-perpetuating cycle of reliance.


By applying proven technological innovations to forward thinking socio-economic theory to achieve sustainable progression.

Consider that the poor expend most of their energy just surviving. Universal Basic Income tests have repeatedly proved that if people have enough to survive they become economically productive.

The question thus becomes: "Can we create a mechanism that assigns economic value to these people, which they can use to become more self-sufficient?"

Yes we can

We call the trading mechanism we are creating the UBU, or Universal Basic Unit.


The UBU Vision

For Project UBU

Delivery of the world's first fully decentralised issuance currency delivered freely to all citizens without relying on taxation. UBU is used as a platform for others to design and deliver an array of products and services utilising the unique value proposition of UBU.

For the UBX

UBX priced on a suitable exchange and representing a share of the wealth resulting from the network effects of the UBU community.


Envisioned UBX price (US$)

2 years


5 years


7 Years


For Citizens

UBUs have a value in exchange for real goods and provide the UBU Citizen with a monthly income making a meaningful difference in their lives.


Envisioned UBU price (US$)

2 years


5 years


7 Years



Envisioned Citizen monthly additional income (US$)

2 years


5 years


7 Years


For Vendors

More feet in store and more loyal customers for the Vendor. UBU reduces costs for Vendors with a free online marketing platform. More control over customer discounts and better ROI on marketing spend. New markets for their goods and services. Enhanced market and profitability as the UBU gains real value, especially for early adopters.

Citizens Growth

UBU anticipates 500 million Citizens within ten years actively using UBU regularly. This is based on a proportion of the estimates of the number of poor and marginalized people. UBU is not just for the use of the poor. The value of the UBU will depend on the number of Citizens and will increase quadratically according to Metcalfe's Law.


A cryptocurrency that unlocks currently dormant, inefficiently allocated and unrealised resources to create commercial and social value.

Project UBU assigns an equal number of UBUs to every human, distributed daily to an e-wallet. Doing so provides a means of access to the economy for the poor, and an economic enhancement to everyone else, stimulating economic growth.

What Explanation

The UBU can acquire value because of the unique combination of it being a payment system, an accounting method with an associated scarcity, and a money underpinned by the value of human beings.

Value is created in the UBU unit by incentivising the marketplace to accept them as payment or part payment, which in return increases vendor turnover and profitability.

Broad participation increases the velocity of and value in the UBU and is encouraged in a marketplace ecosystem called the UBUsphere through a variety of mechanisms.

Project UBU develops and deploys a crypto-secured currency and payment ecosystem based on blockchain technology that:


UBUcore is the nucleus of the ecosystem

UBUcore is the legal entity responsible for the creation of the ecosystem. The primary role of UBUcore is to create value in the UBU.

This is sacrosanct as it maintains the integrity of purpose while maintaining focus on making the business model work. To achieve this we focus on three components in the equation:

Core Diagram

The creation of an ecosystem that creates the ideal circumstances for free market sustainable momentum;

The rapid and widespread enrolment of UBU citizens resulting in the creation and distribution of UBUs;

The widespread adoption by vendors of UBUs as an additional form of payment.

The UBUsphere is the entire UBU ecosystem

It consists of the UBUcore surrounded by the infrastructure that it requires to function: the blockchain, the exchange, and a variety of mechanisms designed to propagate the UBUsphere by means of creating trading opportunities. Further out, is the open UBUsphere consisting of third parties that help to create value in the UBU and sustain the UBUsphere.

Sphere Diagram

What’s in it for you and how to get involved?


By vendors we mean retailers, manufacturers, service providers, municipalities, donor organisations and literally any entity that trades goods and/or services.

Get Involved

There are multiple ways to get involved to grow footfall, revenue, customer and staff loyalty and retention, while contributing to the velocity of the adoption of UBUs and increasing their value to everyone, you included.

These are some of the early approaches we’re adopting:

Click here to visit the Vendors microsite for more information.


Since we intend to decentralise UBUcore there is no equity available in the company. Instead we have created a derivative token called the UBX in which any type of investor can participate.

Click here to visit the Investors microsite for more information.

We strongly urge all potential investors to read our white paper which details the founding principles, the business model, the economics, the technology and the mathematical substantiations for the whole project.


How do I sign up for UBUs?

What is a citizen?

You, friends, colleagues, employees, your taxi driver, the talkative guy in your economics class, the receptionist, your mother-in-law, literally anyone and everyone who elects to receive UBUs.

We don’t use the term beneficiaries because although receiving and trading UBUs costs you absolutely nothing, you are the fundamental value underpinning the UBU. In other words, you are the currency.


We’re not attempting to displace or replace fiat currency, we’re merely creating a complementary mechanism based on the value that you have to contribute to the economic system. There’s good stuff on our blog that explains this in detail.

Everyone is entitled to register as a citizen and receive an equal issue of UBUs daily, which will be deposited into your free e-wallet that we provide you with. Pre-enrolled citizens will be able to accumulate UBUs prior to the activation of the system, which we anticipate being Q2 2018.

To pre-enrol as a citizen please visit the Citizens microsite and submit your details as requested.

UBUcore (Pty) Ltd is the registered entity with full control of Project UBU.

Executive Directors

Dudley Baylis

Dudley Baylis


Dudley is an advocate for equality and systemic resilience. He has been entrepreneurially involved in sustainability and renewable energy since the late 90’s and director of Bridge Capital’s renewable energy finance since 2008 where he specialises in innovative financing structures. He is married with 5 children and in his spare time assists his wife Sharon to run a community trust focused on using horses to assist the poor and marginalised to find pathways to a better quality of life.

Justin McCarthy

Justin McCarthy

Chief Executive

With 25 years' experience at the intersection of communications, technology and media across multiple markets in Africa and the Middle East, Justin has launched numerous products to emerging market consumers. Fifteen of those years were at MD or CEO level in multinational groups. He is an active proponent of using technology to liberate commercial sectors from inefficient old world models. He is an established writer, speaker and presenter in the communications, media and technology sectors in South Africa.

Steven Sidley

Steven Sidley

Director: Technology

With an MSc Computer Science from UCLA, Steve spent 17 years in the US where held multiple positions in technology development in AI, computer animation, digital effects, video game programming and computer peripherals. After returning to South Africa in 1995, Steve co-founded the cryptographic payment technology company Prism which was listed on the JSE in 2000. He went on to careers as Group CTO for Anglo American, Group CTO for Altech, Group Account CTO at T-Systems South Africa and CEO at CapAfrica Private Equity.

Douglas Reed

Douglas Reed

Director: Commercial

Douglas has had a varied career, starting out as a roustabout on oil rigs in the North Sea before entering the field of business. He has over 35 years of entrepreneurial experience building a variety of start-ups including Mica Distributors and Vox Telecom. He loves building great businesses with entrepreneurial teams, thrives under the pressure cooker environment of left field thinking, exploring the unknown and coping with exponential growth.

Owe Nythun

Owe Nythun

Director: Finance

Owe holds a certified public accountant degree in Norway. He started his career within audit and accounting in 1995 with Ernst & Young. Owe has been working as an independent consultant and interim manager since 2000 and has been involved in a number of different start-up companies on behalf of Hutchison Whampoa, Nokia Siemens Networks and others. Owe's international experience includes businesses in more than 10 countries in Europe and Africa.

Dr. Millard Arnold

Dr. Millard Walter Arnold


Dr. Arnold is Senior Advisor to Bowmans, South Africa’s leading firm of attorneys. He is Executive Director of the South African Business Schools Association and Honorary Business Representative for the Government of Singapore in South Africa. Dr. Arnold is a non-executive director of several listed companies, served as Executive Director of Murray & Roberts and was the first ever U.S. Minister-Counsellor for Commercial Affairs for South and Southern Africa. Dr. Arnold has also served as the U.S. Deputy Assistant Secretary of State for Human Rights and Humanitarian Affairs. Dr. Arnold was professor of law at Touro University and adjunct professor at Georgetown University Law School. Dr Arnold holds a Juris Doctorate degree from the University of Notre Dame. He was a journalist for the Washington Post newspaper and a Senior Fellow at Carnegie Endowment for International Peace.

Atle Kittelsen

Atle Kittelsen

Founder, Globalvoice AS

Atle founded Movilisto, a Spanish mobile phone content and services specialist where he was CEO. Based in Madrid he built the company into the market leader with a turnover of €100m. He sold it to iTouch (UK) for €60m in 2003. Prior to Movilisto Atle served as CEO of Christiania Glassmagasin Norge, Norway’s leading retailer of cutlery and glasses employing 600 staff across 45 stores. Under Atle’s leadership, profits after tax increased 3,5 times.

Charles Marais

Charles Marais

Senior Partner, Hogan Lovells

Charles Marais is a qualified South African attorney and Notary Public with postgraduate qualifications in income tax law and financial markets & instruments. He is a former general manager of Absa Capital (part of the Barclays group) where he held the position of Global Head: Project & Export Finance from 1996 to 2003. He also conducts seminars and workshops on Public Private Partnerships, project finance, construction and legal documentation.

Ewan Middlemiss

Ewan Middlemiss

Director, Bridge Capital

Ewan is an Investment Banking principal with over 25 years’ experience in the banking and finance industry. He was a key executive at Société Générale where the structured finance team was ranked first in South Africa. Ewan also spent 6 years running the M&A corporate advisory business for Thebe Investment Corporation, SA’s oldest and most reputable BEE Investment Company. Ewan is well connected in the international banking and professional advisory arenas and is the architect of many innovative financial and acquisition structures. He was educated at University of Witwatersrand B.Com, B.Acc, H.Dip.Tax Law and articled with Deloitte & Touche, where he obtained his CA(SA) and has attended Kellogg Business School in Chicago.

Technology Advisory

Simon Dingle

Fintech entrepreneur & Co-Founder, Phantom Design

Simon is a broadcaster, designer, entrepreneur and writer who believes we're doing money wrong and is trying to fix it. He hosts a weekly technology radio show on 5FM and previously directed product design at Curve (London), Luno (Singapore), and 22seven from Old Mutual (Cape Town). He is an advisor to AlphaCode and a small group of clients through Phantom Design. Simon also invests in new financial technology startups and blockchain technologies with his firm Inves Capital. He served on the digital advisory board at Old Mutual and used to be a regular columnist for Finweek Magazine, Brainstorm, Computing SA and other titles.

Gavin Marshall

Blockchain Lead

Gavin Marshall is the founder of Sharebit, a platform for the sharing economy, built on top of the Bitcoin Blockchain. He is also a speaker, trainer and consultant focusing on Bitcoin, Blockchain and decentralised technologies. Gavin has over 18 years’ experience as a technologist, and was one of the founder members of Mxit, one of the first mobile messengers in the world.

Viroshan Naicker

Mathematician & Economist

Viroshan is a mathematician and economist. He has published research in a number of diverse areas including mathematical finance, differential equations, open quantum systems and combinatorics. He studied at the University of Natal and the University of Cambridge, before completing a PhD in Mathematics at the University of Johannesburg in 2015.

Gerald Neves

CEO, SovTech

Gerald is the founder & CEO of SovTech, a leading software development company in Africa, with blue chip clients on 3 continents. He is passionate technologist and entrepreneur who is a Director of Fincheck, one of the fastest growing FinTech startups in South Africa, and a Director of BioExTech a recycling startup and Accenture Innovation Awards Finalist. Gerald is also on the Board of the Commercial Investment Committee for the University of Johannesburg (UJ). Gerald studied Economics at the University of Cape Town where he was the President of Students In Free Enterprise.

Jamie Chennels

CTO, SovTech

Jamie is the CTO at SovTech and ensures his teams have the skill to remain at the forefront of the tech waves as they roll in. Cryptocurrencies are just another area the team is making a name for themselves in Africa. Jamie also sits as CTO across a number of SovTech's ventures, tackling challenges with the potential to change the lives of millions of people on this continent he calls home. Before SovTech, Jamie was based in Colorado where he cofounded Ventribe, working closely with the then early Braintree Payments in cracking the social commerce puzzle. Jamie studied Finance and Economics at the University of Cape Town.

Andrew Chouler

MD, SovTech Projects

Andrew is the Managing Director of SovTech Projects. He manages all development teams at SovTech and is the lead product designer, solution architect and UX specialist. He is passionate about digital psychology and advocates for a strong user design centred approach across software products built at SovTech. Andrew obtained degrees from both Stellenbosch and UCT and is a Financial Analysis and Portfolio Management Honours graduate, enabling him to merge experience from both business and technology into SovTech’s software solutions.

Maria Helena Høivik

CTO, Globalvoice AS

Maria holds a Master of Engineering Cybernetics from NTNU in Norway, and has over a decade of experience within the areas of engineering, IT consulting, business development, solution architecture, systems development, QA and technological leadership. She has a passion for bridging the gap between business and technology, by creating effective and targeted custom software solutions that optimises and supports the business process in question. Before Globalvoice AS, Maria played an important part in several complex development projects, many of them within the areas of Telecom, Finance, Health services and Retail industry, through various positions in Osiris and Inmeta Consulting.

Commercial Advisory

Anton Leal

Entrepreneur and CEO of XLink

Anton is the CEO of XLink Communications, a company he founded back in 2004 to pioneer the use of M2Mand GSM to innovate point-of-sale communication solutions for the retail and financial services sectors. His entrepreneurial style, business successes and unconventional approach to leadership earned him a finalist in the EY World Entrepreneur Awards - Africa, Exceptional Category and a finalist in the IT Web Personality of the Year. Anton’s wealth of experience gained over 28 years in the industry is proving key to unlocking the game changing potential for this relatively niche business to become the nimble, specialist enabler for IoT ambitions for businesses in Africa.

Colin Hall

Founder, Learning to Lead

After qualifying as an attorney, Colin spent 20 years with South African Breweries, departing as a main board director. Colin was appointed to the Wooltru Group board from its inception, becoming its chief executive officer in 1988 and its executive chairman in 1996. Colin ran the Wooltru leadership courses for many years, and when the Group unbundled in 2001, he resigned to dedicate himself full-time to the teaching of the art of leadership, which he defines as the art of “maximizing human energy.” The original Wooltru leadership program has since evolved into a program called “Learning to Lead”. Colin now spends most of his time facilitating workshops that aim to liberate the human spirit and that assists in creating new and vibrant corporate and community cultures.


Dudley Baylis

Dudley Baylis, a former commodities trader, wishes to disclose that after a period as a gambler, he has dedicated his life to supporting people with gambling addictions.  He has been clean for more than 16 years.

Douglas Reed

Douglas Reed, founder and former CEO of Vox Telecom Ltd, wishes to disclose that he was issued an administrative fine of ZAR 2 million in 2008 by South Africa’s Directorate of Market abuse (DMa) because of an instruction he issued to the company’s broker ‘to purchase the company’s CfD’s to maintain the market share price of Vox in times of weakness’. The penalty was imposed by agreement and the DMa took several mitigating circumstances into account, including that Doug co-operated fully with the Financial Services Board.


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