When all is said and done you buy this coin on a crypto exchange and all of their Terms and Services apply. I have read the Terms for MintPal and Bittrex and nowhere does it imply this virtual currency is 'backed' by a commodity.
It doesn't say in the Microsoft terms and condition that MS Points are backed in US dollars but the company has faithfully made it so.
All the URO Protocol is declaring is that they will accept 1 URO for 1 ton of Urea. If you try and send URO to another company they may or won't honor it. It's not hard to figure out, this is a NEW business idea and people seem to not only want to shit on the company but shit on the whole concept of crypto commodities. You all sound worse than the Bitcoin fudders who call BTC a silly token.