The Rise Of Dapps & The New Decentralised Future Powered By Our Ownership Protocol (OWP)

Universal Labs
May 23, 2018 · 4 min read

We all probably have heard of blockchain and cryptocurrencies like Bitcoin and Ethereum but what are Dapps and how do they contribute to the future of decentralisation?

Just imagine allowing your computer and spare hard drives to be utilised by people all over the internet and getting paid for it! Or you making money while surfing the net, monetising 100% of your own attention (without splitting it with a platform).

Sounds too good to be true? Not really.

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Dapps seek to change the world as we know it but first, what classifies an application to be a Dapp?

The concept of decentralised apps (Dapps) is simple, they have to fulfil these 4 conditions:

  • Be Open Source & Autonomous Managed: It should have its code base open to scrutiny and have any changes decided by the majority of its users.
  • Stores Its Data Via The Blockchain: All records and data of the app are to be stored on a decentralised blockchain network to avoid consolidation at any one source.
  • Provide Incentives: Issuing cryptocurrencies (a store of value) or cryptographic tokens to validators of the blockchain.
  • Cryptographic Tokens Generated via A Protocol: Also known as an algorithm to show a proof of value.

Due to these 4 conditions and its automatic smart contracts execution capability(performing credible transactions without third parties), Dapps have the potential to replace many business models that currently operates under a centralised leadership — in Dapps, not even the developers can hold a single central influence over the platform or its users.

The Utility Of Dapps Are Near Endless

CryptoKitties — Virtual Pets Game Powered By Blockchain

A rather interesting and novel application of Dapps is the existence of CryptoKitties whose popularity saw a congestion of the entire Ethereum network and a virtual cat being sold for over US$110,000 worth of ETH.

While CryptoKitties is mainly just a game of leisure, it shows the implementation of Dapps, each cat is unique and owned by the user. Its identity is validated through the blockchain network and its transaction value is determined by the market demand.

What makes it standout from other virtual pet games like Neopets is that the developers of CryptoKitties have no centralised control over your cats. They can’t delete them, confiscate them or ban you from participating.

Maybe you want a more serious Dapp to convince you of the technology?

Enter OmiseGo — A Decentralised Open Payment Platform & Exchange.

Exceeding $1 billion in valuation, OmiseGo aims to revolutionise the financial industry by becoming a massively-scalable exchange, liquidity provider mechanism and a clearing house all without having any risk of centralisation.

With their upcoming OmiseGo white-label Wallet SDK, users will be able to freely exchange cryptocurrency, real-world dollars, card payments, gift cards and credit payments for other digital assets on the OmiseGO decentralised exchange.

With existing industries waiting to be disrupted and business opportunities waiting to be decentralised, innovators and entrepreneurs are creating Dapps and the hunt for a suitable platform and protocol has begun.

Introducing The OWP — A Dapp Protocol

At Ulabs, we designed the OWP protocol to not only facilitate the exchange of ownership of digital assets such as data, images and tokens, but also for the ownership exchange of physical assets such as land, cars and luxury products.

Dapps that are built on top of the OWP protocol will gain the ability to connect the virtual world with the real world, allowing ownership to be transferred between the two worlds.

Imagine a scenario where you can securely and privately sell your car for tokens and immediately buy a luxury watch and a motorbike on the network. With our OWP protocol, that can become a very viable reality.

Fuelling The OWP Protocol & Network With You Coin

To ensure all computations carried out are sound and the integrity of the consensus algorithm, You Coins are used to carry out transaction and computations in the network that includes creating contracts, executing contracts and conducting privacy-preserving ownership exchange.

So whether you are looking to create a Dapp to allow the private exchange of physical assets between users or creating a decentralised virtual world where the user retains full control, the OWP Protocol will help turn your dream into a reality.

Driving Adoption Of The OWP Through Personal Cloud Hardware

The strength of the OWP lies not only in its utility, but the strategy to its adoption and reach to both the developer community and user base.

At Ulabs, we created the Ubbey Box which functions as a personal cloud that is a full node in the Ubbey Network powered by the OWP protocol. This personal cloud solution not only allows users to store their data privately, it grants them access to the Ubbey Network, a blockchain powered ecosystem where data storage can be rented or bought freely within the community, allowing renters to earn You Coins which can be used to pay for the services of Dapps built upon the OWP protocol.

As more Ubbey Boxes are used and spread around, this will grow the user base of the Ubbey network and make the OWP attractive for developers — an existing pool of users ready to validate their Dapps and customers to monetise their blockchain solutions.

To learn more about the OWP Protocol, you can download our white paper here: The OWP Protocol Whitepaper.

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