$UCOIL: From internal strife to newfound purpose

UCO Network
2 min readMar 29, 2024

In the fast-paced world of cryptocurrency, stories of triumph and turmoil unfold with lightning speed. This is the story of how UCO Network has weathered storms and emerged stronger. Below is an overview of the journey of $UCOIL, presented with transparency and clarity.

Background:

Founded with a vision to revolutionize waste management, UCO Network embarked on the development of an end-to-end UCO platform. However, internal disagreements among founders emerged around April 2023, leading to diverging values and strategies.

Amidst these disagreements, the team had already launched a token and was actively seeking investors. Unfortunately, unilateral actions by one of the founders disrupted trust and liquidity, resulting in turmoil for the token.

The token address is a Gnosis Safe wallet, accessible to both founders. The Safe was kept — for transparency’s sake — but $UCOIL was discontinued.

The majority of token holders were contacted directly by the remaining founder and chose to remain within the community, demonstrating their comprehension of the situation, empathy, and, above all, their support for UCO Network’s vision.

The team, which never sold any of their token allocation, expanded to focus on developing products while the founder focused on raising capital. With a steadfast focus on product development, they remained resolute: let’s build.

Moving Forward:

With a united team focused on product development and a broader vision to revolutionize the energy sector, plans for a token swap to $BNRG, backed by KYC, are underway. This initiative aims to provide redemption for token holders and reaffirm the commitment to transparency and community engagement.

UCO’s journey it’s about resilience, growth, and community. With the development phase nearing completion and deployment on the horizon, UCO Network is poised to embark on a new chapter of its journey, fortified by the lessons learned and the support of its community. UCO Network, besides all adversities, is just getting started.

Resources:

Please verify the information provided by accessing the following links:
- Token Address: 0x549044000a94870ab7c5017cd8fB0AEfa9239a13
- Contract Address: Etherscan
- Coinmarketcap profile: UCOIL to USD
- Form for token swap

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UCO Network

UCO Network — Add value to your Used Cooking Oil. Trust, Transparency and Traceability like never before.