Vol 1, Issue 5
UNews — The Roadmap, The Price Roller Coaster, Community Expansion, Upbet and More…
This my friends, is my third attempt at writing UNews for this month. The original was similar to this published edition, another was fudtastical and then there is this one. A middle ground, to acknowledge what has happened and celebrate the achievements of the past month. In the last month there has been much news coming out of the U Network camp, token price has gone up and down and Upbet had a crazy market. With so much we can discuss lets jump in and see where we land.
Roadmap Update
On 25 July Ken You published the updated road map for Q3 and Q4 of 2019 with some ambitious goals to hit. At least one of these goals now look like it will be unobtainable — notably the goal to be a Top 50 Token/Coin (Coin dependent on token swap) by Market Capitalization by end of 2019. That said U Network have a way of surprising people. It would mean getting back to our all time high and then another 2x in USD value. If we consider this goal as now (very) optimistic at best, the U Network team have chosen well to focus on project aspects not price related. With a good focus on expanding community, releasing the beta and launching Yeke product and adding liquidity by listing on more exchanges.
An interesting development on this new road map is the addition of a “Like Button” Plug In release and Upbet New Version release. The Like Button will be a great addition to the U Network suite of products. UNews are interested to find out how that product will work as there has been speculation and discussion about it in the community previously. Likewise the Upbet New Version release is interesting, lets speculate on that shortly however.
How will the next 5 months play out? The team has been very faithful to their plans and goals in the past and see no reason to doubt them now. Drop a comment below if you want to share your thoughts and check the link above for more details.
South Korea adds a new market to the mix
After the success of the U Network roadshow’s in Ningbo and Huobi Club Shenzhen, U Network took their first steps to expand into the South Korean market by starting the South Korea Telegram group and launching UUU/BTC and UUU/ETH pairs on Huobi Korea.
Though the telegram chat has now got over 600 members, a lack of dedicated admin to answer questions has stifled its growth. U Network Official admin Trevor has droped in from time to time to answer some questions, however the language barrier gets in the way. UNews does congratulate Telegram user Dekayed1 for stepping up and answering questions as the appear however in the interim.
Do you speak and write Korean? Are you passionate about U Network’s future and development in South Korea? UNews believes the team are looking to add someone to develop this market. Reach out to Ken You for more details.
The Price Roller Coaster
I think we can all agree that UUU has been on a hell of a ride in the past 3 months. From obscurity with a Market Cap of less than $3 Million USD to now, hovering around the $60 Million USD mark consistently (and in the Top 100). In the past 2 weeks however, we found ourselves back at a level many invested in the project thought we may have finally broken away from.
Though the team are looking into what has happened and re-evaluating their expectation of top 50 as advised in Bi-Weekly Report 32, the general community consensus is that we found ourselves in a feedback loop, where a whale or whales started to sell, causing a wave of panic sellers, the start of what seemed to be coordinated a FUD campaign causing more panic sellers and hence the feedback loop continued until a point where price stabilized. As a long term U Network supporter, I was not concerned mainly because my first interest in holding my UUU tokens and have my personal thoughts regarding where I think the project is heading and the price is could attain in the future.
If nothing else, the recent price roller coaster we have been on should be a learning experience, especially for those new to cryptocurrency generally. Making sure you are comfortably with your risks and investment strategy, taking profits and recouping capital when it is available and not buying into speculative/unfounded FUD that is easily and quickly spread by the masses. As Ken has stated “ the relevant progress of U Network must be based on the information released by the official channel”. U Network have always been transparent in their actions and have little reason to doubt what they are up to now and in the foreseeable future.
Upbet
Upbet is a product that brings joy to those that are winning, it rewards people for staking their tokens and allows anyone to become a content creator and be rewarded if the conditions are met. Whats new in the last month?
Upbet Adds Ethereum (again)
Last edition of UNews we advised that Yi Lu had advised of a update coming to Upbet. We speculated a raft of wide ranging changes that might occur based on community feedback. The update however, whilst good in premise was a little lackluster. That said the re-addition of Ethereum to Upbet is a good choice. It allows players to deposit ETH into the platform and play with it accordingly. Why is this good? A lower minimum bet. While UUU has been climbing, ETH has been rather stagnate and this represents that the minimum bet on Upbet of 1000 UUU is about $8.30 USD and 0.005 ETH is around $1.17 USD. Want to have a smaller wager and learn about Upbet? I would suggest you use ETH.
The Crazy Markets
Another positive aspect from the last month is the use of Upbet in at least some markets. The most positive example of this is that created by Pawaloudi will Bitcoin hit over $15,000 USD by 31 July? By far the biggest value market we have seen thus far on Upbet. By creating this market, Pawaloudi should receive 23,638 UUU for his efforts of being a content creator. This is a unique point of difference that Upbet has over many of its competitors in which the content creator gets no reward.
If your not sure about how Upbet works including the way rewards are calculated your can find a link to the community FAQ here.
What can we suggest for the New Upbet Version
To be clear, UNews has zero details about what may come in the new version of Upbet as yet (we will work on it), as it is already great product at its core. That said, below are 3 more suggestions that the community have for the Upbet team about how the product can be improved. These have been put forward by various community members in the past month and would be beneficial along with other suggestions already outlined in previous versions on UNews. Nonetheless we look forward to the new design and version of Upbet scheduled for Q4.
- Add an FAQ page. The first thing a prospective Upbet wants to find out it how the product works, the steps involved in creating and placing a bet and how to stake. They do not want to sign up before getting all the info.
- Incentivise Early Voters. As amazing as the market above was, 90% of the No voting took place in the last day or 2. Why will people vote early to ‘bet on beliefs’ when they can wait til last minute? Other platforms have a weighting metric that tiers based on how long the vote has remaining, why can’t Upbet do similar?
- Shorten the time for Withdrawals. UNews understands why the delay is there currently: in part to prevent bad actors and the other is the safety of players funds. However as Chris mentioned on Telegram on 5 August every delay costs the player opportunity to trade and take profit in a positive market. Withdrawal delays also present a barrier to attracting new players to Upbet if they can not receive their funds in a timely manner. Keep the withdraw fee high if need be to prevent bad actors, however a solution should be found even as rudimentary as a confirmation of withdrawal link/code being sent to the players linked email address.
What are your suggestions to improve Upbet? Let us know in the comments section below.
U Network Buy Back
On 15 July, U Network announced an updated price for the Stage 1 Buy Back of $0.008-$0.01 USD, up from the initial price of $0.004-$0.005 USD. On 17 July, the team announced taht the Stage 1 Buy Back had taken place at $0.0083 USD buying back 5.4 Million UUU.
On 22 July, U Network announced the goal price for Stage 2 of Buy Back of $0.01-$0.017 USD.
New Partnerships/Announcements in past month
See below links to information about new partnerships/Announcements in the last month!
Paywall Feature for your Content
Trust Dice
Binance DEX Proposal — Vote Today!
Second Roadshow Meetup
If you want to find out more about U Network, also see the official channels below:
Follow on Twitter, Reddit, Facebook and Medium to keep informed
Join the discussions on Telegram, Discord and WeChat — WeChat ID: UGC-Network.
Discover the code at Github and the vision at the Website
Play and Win at Upbet and add value to the community at UBuild.
I am community member of U Network and follow their official channels. All opinions in this piece are my own and may not reflect that of U Network.
If you want to follow me, I am active on Twitter @tennisnick1 and @UNewsHQ. You can also find me on the U Network official Telegram and Discord channels with the tennisnick1 handle. Donations to UNews can be made following this link.
