Frequently asked questions

Gift or Gold International Fungible Token is a digital certificate of gold ownership.  

GIFT represents a stable token, each unit of which is backed 1:1 by physical gold that meets the LBMA Gold standard of 999.5 purity. Each token corresponds to 0.001g of physical gold. As of the documentation date in October 2021, this equates to 0.049 Euro cents per token. 

Our gold reserves are perpetually maintained to match or surpass the total amount of GIFT tokens in circulation, ensuring 100% backing by gold. TUIC stands ready to facilitate the conversion of digital assets into physical gold. Owners of GIFT tokens have the freedom to exchange their digital assets for physical gold bars at any time, subject to the minimum quantity requirements for purchases (which is 10g). 

–Anyone can start with as little as 5 cents – it’s available, accessible, and affordable for everyone. 
 
–Ownership of an asset that has historically grown by an average of 500% per year over 20 years. 
 
–Token alternative that is tied to the value of the commodity market, and it’s insured and audited every month. 
 
–Make cross-border trades, buy goods, and access services with millions of merchants worldwide. This means instant transaction compared to 3rd party remittances that can take up to 3 days to transfer your funds. 
 
–An option as a savings plan and protect your wealth, and from fiat money inflation. 
 
–Earn interest on your gold holdings.

There are two options you can use to purchase GIFT as of this time. For now, visit https://buygift.utribe.app using with MetaMask or connected web3 wallet.  

UTribe Wallet is available on both iOS App and Google Play Stores.

As a crypto holder it is your sole responsibility to keep your private key and/or seed phrases from any wallet/account securely stored. We can’t help you if you lose these keys and don’t have access anymore to your wallet. You are your own bank. Th UTribe Wallet has a secure web3auth multi party computation approach. This means you can restore your funds with a combination of 2 out of 3 factors (this can be adjusted on the web3auth platform. 
The 3 factors are: 

• web3 auth platform servers that are integrated with our wallet 
• your social account login/email 
• your device where you registered with the wallet 

Adjustments and private key backups can be made in the wallet or directly on your web3auth account, https://app.openlogin.com directly. 

How to Send GIFT on Utribe Wallet.  

1.Access the Sending Feature 

• Open the Utribe app. 
• Look for and click on the “send” icon. 

2. Select GIFT

• From the available options, select “GIFT.” This selection will take you to the Send GIFT interface. 

3.Specify Recipient Wallet Address 

• Paste the wallet address of the recipient to whom you want to send GIFT tokens. 

4.Enter the Amount 

• Enter the amount of GIFT tokens you wish to send. 

5.Initiate the Transfer 

• Click “proceed” to initiate the transfer. 

6.Confirm Transfer Details 

• Review the transfer details to ensure they are correct. Verify the recipient’s wallet address and the amount you’re sending. 

7.Finalize the Transfer 

• If all details are accurate, click “SEND” to complete the transfer. 

How to Receive GIFT on the Utribe Wallet 

1.Access Your Wallet 

• On the Utribe Wallet main page, click on “GIFT|ERC20.” 

2.Copy Your Wallet Address 

• Your wallet address will be displayed on this page. Click to copy it to your clipboard. 

3.Share Your Wallet Address with the Sender 

• Provide your wallet address to the sender from whom you’re expecting GIFT tokens. 

Note: Ensure that the sender is sending GIFT tokens that are compatible with the Ethereum network to the wallet address you provided. 

Once the sender initiates the transfer, the GIFT tokens will be credited to your Utribe Wallet automatically.  

Explain the steps involved in conducting transactions with GIFT. 

Not yet?

Clarify the cost associated with sending, receiving, or trading GIFT tokens. 

We charge basic Transaction Fees on circulating GIFT Tokens at a rate of 1.618% per transaction. This fee applies to both Tokens purchases and transactions with reduced fees for larger transactions. Larger transactions will have a discounted lower transaction fee. 

** initial pricing, this can be adjusted by Ubuntu Global Holdings general assemblies and later governed by the Ubuntu Tribe community. 

How Gift is redeemable  

When a customer opts to redeem their Tokens for physical Gold, the customer must register for a redemption process. This procedure entails establishing the details for delivery, transportation, insurance, and token burn agreement. 

The Tokens to be redeemed are sent to a distinct redemption account on Fireblocks and are either burnt or reallocated with physical gold. As an added convenience, Utribe will progressively introduce pickup locations for direct redemption to physical gold.  

The Shipping to the customer is coordinated by our supplier, Sequoyah, through trusted channels such as Brinks and FedEx, bolstered by insurance coverage from Lloyds. 

Physical Redemption Units 

I am because we are.  (We need to add details???)

Discuss the regulatory status of GIFT and its adherence to legal requirements.

Provide instructions on recovering or resetting a forgotten wallet password. 

Share contact information or support channels for users seeking assistance. 

Yes. 

Detail the steps involved in converting GIFT tokens into physical gold.

Offer insights into the future direction and enhancements planned for GIFT.