What is UR?

UR is a decentralized cryptographic information, application, and contract platform and a coin of the same name. The UR coin will be fairly distributed to all humans on Earth via the "UR Airdrop," with each human receiving 2,000 UR initially and additional amounts as described below. Based on the project design, 90% of all UR ever created will be distributed to UR users, and our goal is that every person on the planet receive UR within 30 months of launch.

UR is intended to be a secure, useful world currency, and its design addresses the money supply and distribution flaws that have prevented existing cryptocurrencies from becoming truly useful currencies for the whole of humanity.

Historically, cryptocurrencies have been only distributed to small numbers of miners, coin creators (pre-mines), and investors (ICOs). These faulty distribution schemes have severely stunted the adoption of cryptocurrencies. UR solves this problem through a distribution model that provides free cryptocurrency to every human and incentivizes every member of the community to actively spread the word to all in his or her social network.

UR also addresses the inflation and deflation problems that plague other monetary systems. (For an overview of why inflation and deflation are both bad for a monetary system, see http://www.forbes.com/sites/pascalemmanuelgobry/2013/04/05/krugman-baby-sitting-co-op-bitcoin.)

Because UR is only created when a new economic actor—a human who proves his or her identity—joins the community, the money supply of UR grows in lockstep with the size of the UR economy, preventing runaway inflation. After the entire world population has received UR, UR’s money supply will then grow predictably at the global annual birth rate of 1.9%. Finally, the UR Future Fund (UFF) also helps curb inflation through a measured, transparent, and predictable release of 50% of all UR in existence to its users in a democratically informed distribution geared to undergird the currency’s security, integrity, and usefulness.

Furthermore, UR solves the deflation problem by replacing a fixed money supply cap (such as that of Bitcoin) with a moving cap based on the user population and worldwide population growth.

Note that, although a full-scale deflationary trap is avoided by the design of UR, during the initial few years after launch, there will be a varying, but generally increasing, quantity of goods and services being transacted in UR. We expect this to lead to some volitility and UR deflation before the price level stabilizes.