Yurix, found online at Yurix.io, aims to transform the world of video sharing using a digital token. Here’s our review.
What Is Yurix?
Yurix is an open-source project that aims to innovative the video sharing industry using a unique staking-style consensus system called “proof of view”, or POV.
A token sale for Yurix’s YRX tokens is taking place from March 3 to April 3, 2018.
The goal of Yurix is to create a more efficient and convenient means of advertising. All advertisement views will be rewarded using Yurix tokens. Users will interact with the network through a mobile app and the Yurix wallet.
Ultimately, Yurix isn’t well explained online. The company doesn’t appear to have begun developing any of its products, platforms, or mobile apps. Instead, the first thing listed on the company roadmap is the token sale. The team won’t start developing the platform until Q3 and Q4 2018. The team also refuses to disclose their identity or location. All of these point to the fact that Yurix is probably an ICO scam – but let’s take a closer look at how it works.
How Does Yurix Video Ads/Sharing Proof Of View Work?
Yurix will consist of three core products and services, including:
Yurix’s mobile app is described as a “convenient logging application” that offers “compliance and transparency for Yurix users.”
Use your Yurix wallet to store YRX tokens.
Online Video Platform:
The Yurix online video platform will allow you to view videos and advertisements.
As mentioned above, there’s limited information about these products available online. The company’s first goal is to launch an ICO. Once they’ve raised money through the ICO, they plan to start developing the product. In fact, Yurix doesn’t even plan to start development until Q3 2018 – with the token sale and token listings scheduled for Q1 and Q2 2018.
It’s unusual for a company to launch an ICO before they have any products in place. Yurix is mostly focused on convincing investors that the ICO is a good investment opportunity – the website and whitepaper spend very little time explaining how Yurix offers any type of value.
Some of the vaguely mentioned benefits of the Yurix platform include “permanent data storage”, “effective advertising” and “diverse distribution.”
Basically, Yurix plans to put a bunch of money into a fund. Then, when users view advertisements, they’ll get paid from that fund. It’s unclear how Yurix plans to cater to advertisers or why anyone would pay to post ads on the platform. As with everything about the project, it’s poorly explained.
Yurix YRX ICO Details
Yurix is selling YRX tokens. There’s a total supply of 34,361,590 YRX tokens, wit 23 million tokens sold during the token sale.
Tokens are being sold at an initial price of $0.30 apiece, rising to $1 per YRX by the end of the token sale.
The Yurix ICO is scheduled for March 3 to April 3, 2018.
The ICO comes with a six level referral system. You can earn huge commissions by referring other people to the platform. You’ll earn 8% on level 1, for example, dropping to 0.2% on level 6.
You can participate in the Yurix ICO using bitcoin or Ethereum.
Of the remaining tokens, 15% are going to the developer and team, 10% for research and development, 10% for bounties and contributors, and 65% for the pre-ICO and ICO.
The primary role of YRX tokens is to pay users in exchange for watching ads. You’ll receive a proportional share of 90% of the ad revenue collected by the platform – although all payments appear to be completed in YRX tokens.
Who’s Behind Yurix?
Yurix has many of the red flags we associate with an ICO scam. Yet another red flag is the lack of team information: Yurix doesn’t post any team information online. The company refuses to disclose any information about its team, its location, or the company’s industry experience.
Yurix claims they avoid disclosing team information because the government is out to get them:
“Competition and governments these days will do almost anything to hinder the growth of a groundbreaking platform that deviates from the norm of government and corporate control, regardless of the advantages to the common man.”
What does that even mean? I’m not sure. But clearly, Yurix believes its platform is so revolutionary that governments worldwide will sabotage the project if they disclose team information. Right. In reality, when companies refuse to disclose team information, it’s typically because they’re running an ICO scam and plan to disappear shortly after the ICO is complete.
Yurix gives us no reason to believe it’s a legitimate project. In fact, all signs point to this project being a scam. The company refuses to disclose team information. The whitepaper and website do a poor job of explaining how the platform works or how it plans to disrupt advertising. And, to make things worse, Yurix has no platform available to the public: the company doesn’t even plan to start developing their platform until months after the ICO is complete. All of these things point to the fact that Yurix is probably an ICO scam and not a legitimate company. At best, it’s a bad investment with no real product. At worst, it’s an ICO scam.
To learn more about Yurix and decide for yourself, visit online at Yurix.io.