Interview | Behind SA cryptocurrency start-up Project Ubu - TechCentral

Interview | Behind SA cryptocurrency start-up Project Ubu

Steve Sidley and Justin McCarthy

In this episode of the TechCentral podcast, Duncan McLeod chats to two of the directors behind Project Ubu, a South African start-up that’s working to combine the idea of a universal basic income (but separate from government-led initiatives) with a blockchain-housed cryptocurrency.

In the podcast, Project Ubu chief technology officer Steve Sidley (formerly CTO at Altech) and marketing director Justin McCarthy explain how the concept will work in practice.

“Its purpose is to apportion value to all humans, whether economically active or not, so that those trapped in poverty are provided access to the economy where they can create wealth,” the company explains.

It was established as a “mechanism to enable the free-market redistribution of inefficient resources with the objective being to promote growth-enabling economic access to billions of excluded people”.

The idea is to create a cryptocurrency that “unlocks dormant, inefficiently allocated and unrealised resources to create commercial and social value”.

Founded by Bridge Capital director Dudley Baylis, the project has attracted several heavy hitters, including McCarthy, Sidley and former Vox Telecom CEO Douglas Reed.

The advisory board includes former Wooltru CEO Colin Hall.

In the podcast, Sidley and McCarthy talk about how the system will work and who will benefit. It’s a fascinating idea. Its backers think it could change the world. This is a podcast you most certainly do not want to miss!

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  • herman

    Most “cryptocurrencies” that promise to help poor communities with scant details are scams. Onecoin and GCCH to name a few.

  • Fred Johnson

    The concept is great but am confused about the supply & demand with non used ones being cancelled if not used and those tokens held by investors? Are they completely separate entities and how will the market value of the investors one through supply and demand relate to the 10% extra given away?
    Our Team is in various parts of the Crytocurrency business with investments giving passive returns,
    holding and marketing good currencies and a marriage of technologies that has huge potential to be a global used currency.