Sharing Economy usually describes economic activities that are peer-to-peer based, which enables resources optimization through an effective use of excessive capacity. The world is evidently moving towards a sharing economy model illustrated by the rise of many peer-to-peer ecosystem in many industries such as ride-hailing and home-stays. At the same time, the advent of smart hardware is rapidly enabling the adoption of various sharing economy ecosystem. Together with the rise of blockchain technology and cryptocurrency in recent years, a model to support and fund a sharing economy ecosystem by the community has emerged. One of the examples are the hardware storage devices that support cryptocurrency “mining” and they are getting mature and increasingly popular. Some of these hardware ecosystems have reward their community supporters tremendously, giving them up to 20 times return of their initial contribution. This lead us to the creation of Ubbey. So exactly what is Ubbey? And how does Ubbey stand out among competition?
In short, Ubbey is the first decentralized cloud ecosystem using blockchain technology.
In 2003, Linden Lab created a virtual world where people could lead a totally different life — Second Life. In here, you could eat, make friends, travel, and trade, making a second choice for your own living. A decade later, this immensely popular game inspires the creation of Universal Lab.
In 2016, our founder Keda Che had a chance to meet and discuss with the founder of Second Life, Philip Rosedale. Philip Rosedale proposed a challenge: the VR technology provides human beings the possibility to create a complete virtual world as described in the movie “Matrix”, but is it possible we can transfer the ownership of something between the real world and the virtual world. Inspired by this idea, Universal labs dedicates to bring this idea to life.
The Ubbey Network
Ubbey Network is a decentralized network powered by Ubbey Box and the Ownership Protocol (OWP), which enables ownership exchange of digital & physical assets in peer-to-peer way. Once an asset has been registered, it could be transferred directly from one IP to the other on Ubbey Network almost instantly, just like transferring your Bitcoin.
Ubbey Box’s Advantage
Ubbey Box is a hardware device designed by Universal Labs. It can be used as a personal cloud storage for individuals or enterprises. It provides user with massive amount of secure data storage space, with 1TB or 2TB options available in the first version. It allows users to backup or store at one place and access the file from anywhere and anytime. Users can connect Ubbey Box with different devices including but not limited to media players, gaming consoles and smart TVs. With the arrival of Internet of Things, Ubbey box can also connect with various smart devices in future. Ubbey Box is also a full node for the Ubbey network, which means it acts like a “miner” in Bitcoin network. The Ubbey network block creator will be randomly selected from Ubbey box nodes based on Proof of Storage consensus algorithm. Users can mine YOU token through sharing their personal storage space, and be rewarded with YOU token as an incentive to power and secure the network.
Ubbey’s UBBEY Token Usage
The application of distributed storage technique enables sharing of digital data on Ubbey network, where spare storage space can be fully utilized. Through peer-to-peer sharing of digital assets, a user could use or download other users’ digital assets by using Ubbey token, which can be earned through mining with Ubbey Box. At the same time, a decentralized application (DApp) can be built on top of the Ubbey network. The UBBEY token is used to pay for the usage of DApps. For example, we can create a DApps that link the virtual world and the real world, which allows the ownership to be transferred between the two realms.
Universal Labs also committed to buy-back and burn the UBBEY token with the revenue generated from the sales of Ubbey Box.
The Ownership Protocol (OWP)
OWP is a decentralized public ownership registry that not only records the ownership of digital asset such as token but also tangible physical asset such as house and land. OWP solves the replicability and double-spending problems of digital asset ownership, bringing the authentic and un-tampered ownership record to life.