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Technology observers argue that the internet, though distributed and pretty much anchoring processes in the increasingly globalized world, did less to bring true freedom for the end users. Yes, processes were eased but with the internet, it fed giants.
Drawing free data from billions of users, publishers were left exposed, exploited and funny enough, yearning for more. The blockchain seeks to break this “original sin”, and through content, ownership and control will be reverted back to the generator.
In the economy token effected by blockchain, there is privacy, control and pride. The content world is here, and the U Network is yet another option from where readers, content platforms and authors, searching to transform content to assets can find reprieve.
What is the U Network?
Simply put, the U Network inverts the way content processing/rating is traditionally done, building this global but decentralized content platform driven and rewarding the community. There is a shift from centralization to decentralization, where truly gifted authors have a platform to publish high quality content in a field that has been leveled, and fluff automatically weeded out.
In the platform, quality and participation is rewarded. By migrating traditional evaluation processes to the blockchain where storage is decentralized and secure, there is trusted notarization, efficient distribution, seamless publication and immediate valuation.
Combined, the U Network is where content is converted into digital assets creating a revitalized market place for content. In turn, this brings about better optimization of the internet of value, complete autonomy and well, efficiency that is only unique to blockchain.
Prediction Market Mechanism a Game Changer
In their path towards building a true internet of value for their content creators, several user generated content platforms will be built on top of the platform. The objective here is to introduce a market mechanism for easily solving problems related to distribution, centralization or quality of content.
The prediction market mechanism is core. Through this, the community is part of the process. Node operators are rewarded for their contribution and content generators are equally rewarded for what they bring on board. Meanwhile, users earn for predicting content that will possibly trend because of the quality in them.
The dApp Platform
Additionally, the U-Network is optimized for dApps. Advantageous in that the network is public with low latency and most importantly free, users can build dApps with a one-click token release function.
Because of this, users can build their special asset portfolios on different platforms. Beneath the UGC platform-which is the creative layer, the U-Network boast of a smart contract UVM built on top of the blockchain with decentralized storage.
Behind the scene is a dedicated team with a background in media, distributed systems, advertising, content creation and marketing, live-streaming as well as blockchain and finance. Already, the U Network has offices in the Silicon Valley and in Beijing though it was founded at Singapore.
Generally, the overarching objective is to rollout a thriving global content ecosystem where publishers can convert their expressions into assets in an immutable blockchain.
Then there is Peter Qin, a co-founder and head of business development. His previous experiences were at USC and SEU. Other team members are Qiujie Shi, Jie Yang, Chris Guan and six others.
Then there is Yi Lu, the co-founder and Project Lead. Notably, he was a software engineer at Lyft. His other stints were at UMass Amherst, Zoosk and Cisco.
Similarly, Paul Li is the co-founder and head of strategy. Before this, he was the Marketing advisor for Moxtra.
Advising the team are David Bailey, their content advisor. Bailey is the CEO of BTC Media, Bitcoin Magazine, The Distributed Ledger as well as a board member of the Po.et Foundation.
Yanbo Li has invested in the project and doubles up as the Technical Advisor. He is the Founder of NKN but co-founded Onchain with previous experiences at Qualcomm, Nokia Siemens Networks and Motorola.
Haobo Ma is the U-Network’s Blockchain Advisor. Other noteworthy advisors include Wei Guo and Xiahong Lin.
Towards their goal, the U-Network has split their development into three main stages: Ustart, Uchange, and Unlimited. The first two phases are complete, and the team is now working on the last and final stage.
To recap, the project was founded at the beginning of 2018 crypto winter as the UGC Foundation established in Singapore. Later in February 2018, the UGC Network renamed U Network and conducted their first airdrop in the same month. However it wasn’t until May when the first dApp was tested and the first UCCIP1.0 program announced.
In August, the U Network Test net went live and three months later, the U Network announced the successful deployment of smart contracts compatible with EVM and release of UVM.
Towards the end of Nov, the Mainnet UStart officially launched, announced its Genesis block where the TPS exceeded 2,000. In December, they deployed one-click smart contract function on their blockchain.
This year, they plan to build the U-Network ecosystem and import dApps into U Network platforms after a successful dApp beta version was released in May.
Ambitious, the U-Network is working closely with several partners. There is NN which describes itself as the “Network Infra for Decentralized Internet”, Quarkchain, a popular platform that is scalable, incorporating Sharding technology ahead of Ethereum, Mixin, a P2P transactional network for digital assets as well as the SWFT Platform, a blockchain network currently easing payments while enabling instant cross chain swaps.
Token and Fund Distribution
Sugar (UUU) was the ERC-20 compliant utility token that facilitated crowdfunding. In total, there were 10 billion UUU tokens. However, 60 percent, as per publicly available information, were set aside for public investors. Initially, the team planned to set 40 percent fro investors.
During the crowd sale, each token sold at 0.00290 USD (0.000005 ETH).
Per the original scheduling, the UUU token distribution was as follows:
- 40 percent to be issued to investors
- 8 percent to early investors and advisors
- 20 percent to the founding team
- 32 percent to community development
Upon a successful raise, the team planned to use these funds as follows:
- 30 percent for research and development
- 30 percent in marketing and operations
- 20 percent in building the community and strengthening their U-Network ecosystem
- 10 percent to cater for legal counsel and any other risk
- 10 percent for other miscellaneous activities
With the crowd funding carried at the depth of the bear market, the UUU token is performing exemplary. Relative to other tokens, the token is up an impressive x8.6 against ETH, x3.14 against USD and x2.98 against BTC.
Behind this is a liquid market with a daily trading volume of $4,580,265 and a market cap of $63,775,190 at the time of press. In the last day, the token is up 15.1 percent in USD terms to $0.00911. The U-Network to BTC ratio is 1057474.98.
Supporting exchanges are Bitbox, HADAX, HitBTC, IDEX, Huobi Global and COINX.Pro.
Short-Term Price Catalysts
As technology evolve and expectations increase, standards are inevitably raised. The U-Network is strategically positioned to tap into this need. A platform that incorporates the need of ordinary authors, content platforms and readers, there is an opportunity for everyone to participate and get paid for their effort. The Sugar token, UUU, is therefore a gateway for investors. In their bid to benefit from the future, several U-Network development as partnership and on-chain enhancements would pave the way for prices to edge higher, unabated.
Top of this is the possibility of pairing with USDT at Huobi. To highlight how significant this is, Tether (USDT) has a market cap of over $4.2 billion. Consequently, it is a preferred stablecoin listed by most liquid exchanges. Depending on the platform, the coin can be a token-recently launched at the Tron platform, or a coin if issued directly from the Tether Treasury. Given the increasing volumes of UUU as aforementioned, pairing with the world’s most liquid coin would contribute to the overall success of UUU as benefiting investors.
Secondly, UUU is listed at Huobi Korea. Their availability in one of the most cryptocurrency-receptive market is a huge boost for the project. Investors are guaranteed of liquidity and with the future gradually gravitating to a user-focused world, participants and coin holders will be on the direct path as the bullish tide sweeps the token to new highs. But the founder’s sights are not in South Korea alone. There are solid plans to rebuild and strengthen the U-Network community in China. Already, the plan has been activated and the response was immediate. UUU prices soared, rallying x10 but could add more once they satisfactorily penetrate the South Korea’s content market.
Supplementing this is the interest of exchanges to list the coin. Although most of UUU trading is from Huobi Global and HADAX, where the UUU pairs against ETH and BTC are dominant, the availability at Huobi Korea and other exchanges as BitBox, IDEX, HitBTC and others are perfect for the token’s liquidity. Given the demand and the ease of acquiring the asset thanks to these exchanges, the better prices will respond.
Add this to their buyback program and the UUU’s market cap can significantly improve. Given, consecutive rounds of UUU buying would spur demand and with it prices will readjust higher as the market cap increase. Depending on how aggressive they are, a break into the top-50 is a possibility.
Long-term Price Catalyst
Exchange listings and their buyback programs will prop the coin in the short term. However, for the true hodlers to register above average ROI, then price would anchor on the U Network development. The first two phases are complete and developers are now active, working at the third and final phase, Unlimited. In H2 2019, the U-Network plans to build 10 offline city nodes as they plan to reach more countries.
Additionally, they will create a content fund in the same period, the first of its kind. The focus here is to foster development of the U Network ecosystem. To that end, they will also fuse their blockchain with the IPFS, effectively decentralizing storage. Overly, this is a feat that is a huge leap forward. In their drive, the mainnet is ready. Already, there are four ecological products that are ready and investors from all over the world are interested in helping U-Network achieve their vision and mission.
While they plan to list at major centralized exchanges, increase the number of products and partners–Turst Dice being the latest, what’s interesting is their proposal to Binance. Submitting and requesting for a listing at Binance DEX following the completion of the UUU token bridge tool, UUU is well positioned to tap from the increasing interest from coin holders to shift from CEXs to DEXs, of which Binance DEX is a standout.
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Ever tried decentralized exchange with high liquidity? #DeFi