OjuT is a digital currency that describes itself as “the travel coin”. Find out how it works today in our review.
What Is OjuT?
OjuT, found online at OjuT.io, is a digital currency that aims to reduce the financial problems of international travel. The OjuT whitepaper mentions problems like exchange rates and the risks of walking around with a lot of cash.
OjuT wants to solve these problems by creating a fast, easy, and convenient digital currency. Here’s how the company’s whitepaper describes the value of the token:
“Wherever you go around the whole world, OjuT Coin can provide your optimum solution – transparent prices for quality products and services covering your every need, making the travel coin a dream come true: exchange rate issues and handling fees won’t bother you again.”
The OjuT ecosystem includes an app (wallet) you can use to pay securely around the world. With that in mind, let’s take a closer look at how OjuT works.
What Problems Does OjuT Seek To Solve?
OjuT believes that modern international travel comes with a range of financial issues, including everything from fluctuating exchange rates to finding ATMs in foreign countries. OjuT aims to solve all of these problems with a convenient digital token that can be spent from any mobile device.
Some of the problems OjuT seeks to solve include:
- Travelers waste time and energy comparing exchange rates at different places
- ATMs are costly can charge high service fees
- Walking around with large sums of money in a foreign country isn’t ideal
- Users are forced to pay excessive exchange fees or purchase money at unfavorable rates
- Travelers need to wait in long lines at banks and ATMs
- The international money transfer process is difficult, slow, and complex
- Travelers have limited protection if they get attacked or robbed
OjuT aims to solve all of these issues with a digital currency.
OjuT emphasizes all of the following features:
- No service charges during shopping
- Convenient mobile payment process (pay from your mobile app / wallet)
- All funds are stored in a personal account on the blockchain
- Access OjuT anywhere you have electricity
- Account cannot be hacked or altered
- Save money shopping with the OjuT wallet (avoid high exchange rates and expensive service charges)
Because of all of these features, OjuT believes it’s a superior alternative to credit cards, cash, and online money transfers.
How Does OjuT Work?
OjuT plans to build its own blockchain, wallet, and mining application. The platform will be built with quantum-resistant cryptography invented by the OjuT development team.
OjuT’s blockchain has not yet been released. However, the developers claim to have created “a sophisticated yet extremely fast blockchain technology” based on proof of stake. All transactions on the blockchain can be completed in seconds, if not minutes, which enables instant micropayments around the world.
The mobile app, the OjuT wallet, will also allow users to mine. Every phone and PC on the OjuT network is a mining machine. It seems like OjuT will allow you to stay OjuT tokens using the mobile app, which makes mining easier for the average user (there’s no need to install expensive equipment).
Meanwhile, OjuT’s quantum-resistant system was reportedly created by developer Wu Di, who spent 6 months inventing a quantum-resistant cryptography called IVN. That system will be used to encrypt the OjuT network.
Who’s Behind OjuT?
OjuT’s development is led by the Oju Hospitality Group, an existing hotel network located in Phuket, Thailand. The company’s sub-brand, Oju Blue, owns or manages 105 properties with 300+ rooms across Phuket. The name OjuT comes from “Oju Tokens”.
To increase the circulation and value of OjuT, Oju Hospitality Group will build a series of niche hotels and resorts, including “Oju Gold – The World’s First Cryptocurrency Hotel”. That hotel is designed from the ground up for cryptocurrency users.
The company announced its project on December 12. At a press event, Wu Di, founder of Oju Hospitality Group, described Oju Tokens as being “backed with real tangible real estate assets, making this ICO the only real deal in real life.”
Wu Di is described in the OjuT whitepaper as “a well-known computer game master”. He established the property rental company in November 2012. The idea for a digital currency was formed in November 2016.
The OjuT ICO
The OjuT ICO began on December 8, although most press releases announcing the launch of the ICO appear to have been sent on December 12.
In any case, you can participate in the ICO by visiting Oju.io. As of December 13, the price of each OjuT is around $1.25, although the price is scheduled to increase throughout the ICO.
There’s a total supply of 1,250,000,000 OjuT coins. Of those tokens, 40% are dedicated to the ICO, with the remainder going to rewards (29%), team (10%), angel investors (10%), a pre-ICO (8%), PR (1%), and advisors and partners (2%).
The ICO is split into 4 rounds, with 10% of tokens being distributed in each round. The tokens are priced at $1.25 during the first round, rising to $2, then $3, then $4 by the later rounds.
Oju Hospitality Group announced the launch of a digital token called OjuT in December 2017. That token aims to become the leading digital currency among travelers. To spur adoption of the currency, the developers plan to launch a network of hotels that accept OjuT as payment. The company already operates a network of vacation rentals in Phuket, Thailand.
The whitepaper has very little information about the OjuT blockchain, the app, or the ecosystem. The company frequently mentions plans for “world domination” of their currency, but they don’t go into much detail about how they plan to achieve that, or why their currency is superior to altcoins.
Right now, it’s unclear if the OjuT blockchain has been developed, or if it will be developed in the near future.
To learn more about Oju Tokens and the ongoing ICO, visit online today at Oju.io.