In a mad rush to acquire a pie for crypto assets, today there are 1600 crypto+ currencies/tokens issued and are traded on crypto exchanges but it is important to note that only handful of them have use cases built for the real world. The recent bear market ini 2018 has certainly cleared the froth from this space with some of the recently created projects close to dying and only the promising upcoming projects with solid use cases will earn trust vote from future investors. Ubbey is one such scalable P2P network, which is decentralized and will help in trading both physical and virtual assets.
We have witnessed exponential rise in use of public cloud computing since past decade and giants such as Microsoft, Google, Amazon rule the space with solutions such as Onedrive, Google Drive, AWS etc. However, there are some cons as these solutions become expensive as the space requirements increase and hovering concerns on data privacy. Moreover, the centralized providers are prone to hacking attacks. To overcome these problems, private or personal clouds were thought as an alternative but they are difficult to set up, maintain and come with higher upfront cost. ULabs has come up with a unique blockchain powered solution for this and proposes to build a decentralized network powered by Ubbey Box and Ownership Protocol (OWP).
Image Source: Ulabs Official Website
Ubbey Box will be a hardware device designed for both personal and enterprise use and can act as node on Ubbey Network. It will be a gateway to decentralized world and will be able to connect to smart devices including media players, game consoles etc. Bitcoin and Ethereum blockchains have their own scaling issues, leading to the need of new generation blockchain, one which will be be built considering the real world applications in mind. Currently used protocols such as PoW, PoS, DPos, BFT each have their own intrinsic problems and as a result a newly Proof of Storage consensus algorithm is envisaged. It also plans to solve the digital identity management through OWP and by creating Universal Blockchain ID system by collaborating with third parties. Any asset registered on OWP protocol can be immediately transferred between two unique IDs.
Image Source: Ulabs Official Website
YOU coins will be used for all transactions in Ubbey Network ecosystem and are not limited to creation and execution of smart contracts, exchange of digital asset ownership, Storage of data, Retrieval recovery of data, usage of dApps on Ubbey network etc. Based on Proof of Storage mechanism, users will be incentivized through YOU tokens for sharing their personal storage space to the network. By using this new generation system built on IPFS protocol, only users will have access to their own files with 100% privacy.
The Ubbey Pre-Sale was successfully concluded 5 days in advance of scheduled end date. The Token sale hard cap is fixed at 40,000 ETH and total tokens for public sale are 4 billion tokens I.e. 40% of the total created 10 billlion tokens. Rest of the tokens are kept for team, advisors, mining, bounty and company partnerships reserve. The tentative proceeds allocation plan in different collection scenarios is detailed out as below. The prototype of first version of Ubbey box (prices start from $199.00 and is available in 1Tb/2Tb versions) was created in Feb-2018 and the first box along with Mobile App is planned for shipment in Jun-2018. Universal Labs was founded by experts educated out of Harvard and Stanford universities and boasts of solid team backing this unique project.
Image Source: ULabs Website
Further details on this promising project can be checked at the following links:
Official Website: https://ulabs.tech
Project Whitepaper: https://ulabs.tech/images/Universal-Labs-WhitePaper.pdf
Project Telegram: https://t.me/universallabs
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This article was created in exchange for a potential token reward through Bounty0x, which may be granted on acceptance of this article.
** This should not be treated as explicit financial, trading or otherwise investment advice. Please do your own detailed research before final investing.**