United Emirates Decentralized Coin ($UEDC): Legit or Scam? Doing your due diligence

United Emirates Decentralized Coin has pumped 1,302.35% on coinmarketcap.com
As at the time of writing, UEDC occupies the 1st position on the top gainers section on coin market cap. The fact it pumped that high and occupies the first position in the last 24 hours has given me enough motivation to do a review.

If you are new to this website or my writing, I usually start my token reviews by listing out the things I checked, as regards the token I’m reviewing. These things are usually,

The Website

The White paper

The Liquidity pool

The Market Cap

The Developers of the token

What people are saying about the token on the various websites.

But before I do that, let me tell you a little story about this token.

United Emirates Decentralized Coin ($UEDC)

United Emirates Decentralized Coin ($UEDC) was launched this year. According to information from coinmarketcap,  

“It is an open source, peer-to- peer, Anonymous Cryptocurrency created on the Excellent Binance Smart Chain based carefully developed by Industry experts based in the Middle East. The total supply is just 20M making it a huge potential for astronomical increase in price value making investors tons of profits trading and holding UEC. United Emirate Decentralized Coin (UEDC) is the first Arab Decentralized cryptocurrency to be developed in the Middle east based on the binance blockchain”

I have to tell you that I’m not satisfied with this, because, I found two things were stated in the above description, that are not exactly true.

  • United Emirate Decentralized Coin ($UEDC) claims to be the first Arab Decentralized Cryptocurrency to be developed in the middle east. This is flatly false. In 2017 or there about, a coin surfaced online, it called it self United Emirate Coin (UEC). Although this UEC token is not listed on coin market cap, it also claims to be the first, peer to peer, decentralized, developed by industry ‘expert’. Both coin look like twins, they sort of share the same feature asides the blockchain they were built. While UEDC was built on the binance blockchain, UEC was built on the ethereum blockchain.
  • $UEDC claims to be based in the United Arab Emirate UAE. Yet, there’s no prove of such anywhere on the internet. Their location is anonymous.

These are big signs that this token is perhaps a scam. But, I’m not going to jump into any conclusion yet.

With that out of the way, let’s Go!

Website

The website is an okay looking one, for me. I have seen better websites though. I noticed the United Emirates Decentralized Coin website share the same logo with the United Emirate Coin. The only difference is in the color.

The UEDC logo. Source: medium
The UEC logo. Source. Unitedemiratecoin.net

You can tell they are basically the same thing.

The coin is listed on xt.com and it is also available on pancakeswap. Before you get excited, Xt.com is not
yet a top centralized exchange or trading trading platform, Xt.com however listed UEDC 5 months ago.

Asides that, words on their website doesn’t really thrill you. It was just bland. So, I moved to their white paper.


Here’s another review you will like. Elonomics: Legit or Scam? Do your due diligence.


White Paper

As boring as the website is, it could be the most exciting thing about this project. Reading  the white paper was a total waste of time and energy.

The only ‘unique’ thing about this project is the 20m total supply, and even that was obviously copied from United Emirate Coin (UEC). Again, reading the white paper felt like watching a cow eat grass. The coin has no utility, it’s just a meme coin disguising as another bitcoin for the middle east. The creators or copiers are hoping the 20m total supply will make people invest in the project. There are better meme coins out there people.

On the road map, which is perhaps the only ‘reasonable’ thing on the white paper, they had these things listed.

1.  a launch of UEDC to UEC exchange platform in the third quarter of this year

2 And promotion of massive adoption UEDC for the third quarter of this year

3. Partnership with E-commerce website is scheduled for the 4 quarter of this year

The exchange platform hasn’t been launched, as far as I know. And they failed to explain their relationship with United Emirate Coin UEC, even as they UEC mentioned on their road map. The Promotion and massive adoption of the token, hasn’t been achieved. We are almost  in the middle of the 4th quarter of the year. Partnership with E-commerce website hasn’t been announced.

I however like the fact that’s there’s a big disclaimer at the end of the white paper. it reads like this

“Crypto currencies are very high-risk investments. The team will do its best to bring this project to limelight and make it a force to reckon with, but everyone needs to understand that it is a full community-owned project and there are risks associated with that. Should you choose to invest, you must fully understand these factors and variables. We believe that the crypto currency community should understand.”

Liquidity Pool and Market Cap

The liquidity pool of UEDC sits at a scam level  $16,066.  With a total number of 65 %  unlocked  under 9 different contracts. This coin is primed for a rug pull, even poocoin kind of warns you against dealing with the coin, as they ask you check the coin’s liquidity, in red.

The market cap is slightly over $8 million+ and growing. This is an okay market cap. This means that people are ignorantly still investing in this coin.

The token  has about 5,380 holders. Which is impressive and horrifying at the same time. These folks are mostly going to lose their investment.

Developers behind UEDC

Developers of UEDC  have chosen to be anonymous. Even when they said they are ‘industry experts’.  This isn’t a shock to me.  The token is an obvious scam waiting to happen. The people behind it wouldn’t want to reveal who they are.

What people are saying about the token.

On the Bsc scanner website, people from five months knew that its a scam. It is still a scam, and will always be a scam coin.

On  youtube, many new investors are ignorant about the token. Nothing much has been done about the token, on youtube. I think that’s why people are falling for it.

Conclusion

UEDC is apparently a scam coin. It is the twin of another scam coin called UEC. They do not have a plan or an achievable objective. 

Okay, that’s me done, for this one. If you enjoy my writing, engage with me. Comment and tell me what you think.

P.S This is not a financial advice.

2 Comments

  1. Honestly u rescue me bcs now am about to jump into this project but I do one thing ” before I look into this token let me make some research said in my mind ” this is exactly what happened to me thanks you so much pls can I get your group via either telegram or WhatsApp group

1 Trackback / Pingback

  1. Scientia Coin Review : Legit or Scam? - knowledgegapexpert

Comments are closed.