UET (full name: Useless Ethereum Token) is a standard ERC20 token that users can trade and hold. In essence, users hand over money to someone on the network and receive utterly useless tokens in return. UET is real, with 100% transparency, and it does not bring value to investors, thus there are no expectations of returns. No returns mean few investors; few investors mean few trades; few trades mean no congestion on the Ethereum network, and no disheartening posts about people losing their life savings.

Project Founders

The Useless Ethereum Token has not disclosed its founders or founding team. TVB tried to find clues about the founder from the contributors to the source code but ultimately failed. The open-source code for Useless Ethereum Token can be found at: https://github.com/uetoken/uetoken.github.io

The Useless Ethereum Token appears to be a joke, yet it still managed to raise funds. Although its current total market capitalization is less than $58,000, its total market capitalization once reached as high as $681,574.

It seems that the Useless Ethereum Token was an interesting project initiated by a programmer.

Project Contributions

There is a one in 256 chance per block to mint reward tokens.
When purchasing UET, the smart contract retrieves the coin type, number, and timestamp hash of the current block. If the first byte of the hash is 0x00, then that block will become a reward block. During a reward block, the smart contract calculates the number of bits set in the second byte of the hash and uses this number as the reward multiplier.
In addition to the base distribution, every purchase of at least 0.01 ETH worth of UET will receive an additional 100 UET per ether, multiplied by the bonus multiplier, in addition to the base distribution. This means that contributors have the opportunity to receive nine times the total number of tokens they expected!