I love a good moonshot. A fellow Redditor asked me today what I thought about the UltraSafe Project. I hadn’t heard about it yet and I liked the name. It almost sounds like a crypto-wallet company, no? (There is another coin called Ultra token out there, but let’s not digress.) Its price-point is extremely affordable, it has a decent Twitter following with just under 10k followers. No recent tweets though. Okay, it’s an official moonshot with the potential Crypto Coin Mentor purchase to follow. (I haven’t pulled the trigger yet)
Reading through the whitepaper, I stumbled back to the homepage of the project where I noticed the images of the “company” prominently there. I was struck by that, but I also couldn’t click on anyone, nor is there any last name associated with their first names… I suppose this is okay, but why can’t they link to their social media accounts or even a group one? I suppose I must join the Telegram group. Alright, I won’t judge. Remind me to join yet another Telegram group. I did join their Reddit sub–there is a lively and timely discussion there, with about 4500 members. I did find a reference to Dave Haggard, who is the CEO–so he’s real. At least according to this Forbes article where he is mentioned.
The article doesn’t mention any project details, but that’s understandable. The question is how did Dave Haggard, get interviewed by Forbes?
Okay, back to the whitepaper. It’s short, five pages. I’ve uploaded it here so it won’t go away, even if the UltraSafe site does:
The first thing to note. It’s a fork of SAFEMOON. I got that info by watching the video (I’ll include it below). What that means is that it uses the same code that SAFEMOON does except for a couple of changes that the current development team has performed. I have looked at both of the codebases side-by-side. The interesting thing is that the UltraSafe contract is only about 40 lines of code less than SAFEMOON. Which is consistent with the video statement about the contract. But what is Matt doing? Matt is the software engineer on the project–I’ll have to dig more.
A Redditor posted that UltraSafe is “unruggable” because of the differences it has with SAFEMOON but I’ll leave that to your better judgement and interpretation. I am going to put both codebases in a single repo and check the differences. I’ll post that later as well. From a quick glance it doesn’t look like there is much difference between them… This is normal for these types of coins IMO, better to use tested and open source code. But, how are updates being done? Why don’t they have a link to their code on their website?
The other feature is this, taken from the webpage:
“Buy and hold UltraSafe to reap the rewards of its frictionless yield protocol, earning passive income and enjoying price appreciation as the community-driven hype achieves dynamic milestones!”
Here is part of the overview from CoinMarketCap
“ULTRASAFE charges an 8% fee on each transaction: one half (4%) is redistributed among holders, and the other half (4%) is added into liquidity. From piggy banks to interplanetary vaults, tear through progressive security-related milestones and join the newest community-driven frictionless yield protocol on the Binance Smart Chain.”
I have not verified that this is actually happening but we can probably assume that the contract is working as programmed–it seems to be getting traded.
Here are the GitHub repositories that hold the code:
On Github: https://github.com/virgincoin/Ultrasafe.sol/blob/main/Ultrasafe.sol (I’m not sure that this is Matt’s Repo)
On the Binance Smart Chain https://bscscan.com/address/0x0b3f42481c228f70756dbfa0309d3ddc2a5e0f6a#code
The UltraSafe code is written in Solidity, the language of smart contracts for the Ethereum blockchain. It passed all of solidity.finance tests for a DeFi smart contract like this. That’s legit.
I got into the Certik assessment for UltraSafe, it looks good. Nothing to raise an eyebrow at–a little shout out to Certik for doing manual reviews of code btw.
The bottom line
Does the project have a significant social media presence or marketing?
Yes–but, the hiatus on Twitter is concerning. I haven’t done a lot of deep digging there but I will before I buy. The Redditors say that the ceo and others on the project are “doxxed”, but that’s just hearsay at this point. You’d think they’d want to keep the flow of info going.
Are the top ten holders holding more than 50% of the token?
Nope. That’s confirmed here. It looks pretty good in regards to decentralization. 42k hodlers at the time of writing.
Does the project have liquidity?
It’s looking pretty good. You can trade it Ledger Bank Exchange or on PancakeSwap. This is a token that lives on the Binance Smart Chain, not the Ethereum Chain. So it’s a little different to acquire if you haven’t worked with BSC tokens.
Can you trust the project?
On paper, this project looks solid. What I mean is that there obviously is something behind this project, a real startup? Maybe. I think it might be something to keep your eye on, but I’m going to have to dig some more before I toss some BNB at it.
Invest wisely, my friends. This obviously isn’t financial advice–and I’m not hodling ULTRA just yet.