An Overview of the Platform

Decentralization, crytocurrency, blockchain…all terms that probably cause more confusion than clarity. Well, let’s cause some more confusion in your life and attempt to break down our platform Vuuple (in simple terms).

Data Storage

Individuals and companies will always be in need of evermore data storage. Worldwide data storage demand is expected to reach 48,000 exabytes by 2020. To put this astronomical number in context, 1 exabyte = 1,000,000,000 gigabytes. Not only does this incredibly large demand put a strain on data storage supply, but it also provides a significant security concern. Businesses of all sizes place their trust in storage farms or their own databases, of which provide a very low-level potential of protection. Although some storage farms or internal databases do utilize outdated encryption protocols or careless storage management practices, most engage in fairly positive practices that a novice customer or employee would be deem sufficient. The very nature of these servers…the centrality of the entire process, however, leads to costly risks. Facebook, Ticketfly, Panera, Under Armour, and countless others have had data breaches in 2018 alone where millions of users’ information has been exposed. One stolen data record costs an organization an average of $150. The cause of these data breaches is the fact the data is centralized in one location. When hackers decrypt a storage farm’s or database’s encryption code, they have access to all files within that server. If the process were decentralized, meaning all data were split (and encrypted) and distributed among several severs, hacking would not be an issue. Even if one shard (a split piece of data) was successfully decrypted, the hacker would have no way to find the other pieces. Vuuple implements this process to provide a more secure method to data storage than traditional practices.

The Network

Vuuple is a decentralized, cloud storage application that operates on the Quorum blockchain. Users on the platform are split into two categories: lenders and renters. Lenders are users who lend the Vuuple platform their unused data storage space through a downloadable software. Renters are users who rent storage space through Vuuple and use the platform as a medium to split and encrypt data on others’ devices. Vuuple acts as the liaison between renters and lenders. The platform allows renters to find trustworthy lenders for secure data storage and recall. When a user lends Vuuple their data storage space, the platform integrates that storage into a network with other lenders. Vuuple then ranks the lenders based on several criteria. When renters purchase data storage, their files are split, encrypted, and uploaded onto the drives of the most reliable lenders on the network. Vuuple pays lenders per GB/Month for hosting data and renters pay Vuuple per GB/Month of data stored.

Token Model

Our token model utilizes an internal utility token (ERC-20 Token). The internal utility token (VUUPLE) will only be bought and sold on the platform for a fixed price of:

1.00 VUUPLE = USD $1.00

VUUPLE will be divisible, meaning users will be able to own a fraction of the token (2.10 VUUPLE for example). Renters will be able to buy the token on the platform for the purchase of data storage and redeem the token for fiat currency at the fixed exchange price in the instance that the token was not used. Lenders will be able to redeem the token in the same manner on the platform to receive fiat currency payment for hosting data. There will be no ICO for VUUPLE and the token will not be sold outside the platform.

Lenders’ Payment

The Vuuple network cannot function securely without the contribution of data storage space from users. For this reason, Vuuple will pay lenders in VUUPLE per GB/Month for data storage space.

Once a lending account is created, a user will download the Vuuple software program that enables lenders to select the amount of available data storage per month they wish to allocate to the network. After the lender selects the amount of data storage for allocation, they will be engaged in a smart contract with Vuuple. Each contract must be renewed every month by the lender and once a user agrees to the terms, they cannot exit the agreement OR regain access to the allocated data storage until the contract expires. Each lender will gain access to a Vuuple wallet on the platform. We will use the smart contracts to credit lenders’ Vuuple wallets at the end of a given month. Lenders can redeem their VUUPLE for fiat currency on the platform (1 VUUPLE = $1.00).

Key Notes for Lenders

• All lenders must adhere to our Proof of Reputation protocol.
• Lenders are prioritized in the network based on this schema.
• Lenders will not receive payment unless data is actually hosted on their device.

Renters’ Price

Once a renter registers on the Vuuple platform, they will be able to purchase storage space and upload files onto the Vuuple network. Each piece of data uploaded will be split and encrypted among lenders’ devices. Renters will be consisted of individual renters and company renters.

Individual Renters are users who will only be allotted: 5 GB/Month or less of monthly data storage. Individual renters will be allowed to send and share files among other renters within the network. This is an aspect we call social data storage.

Company Renters are users with large amounts of data that need to be stored securely. They will be allotted: 10 GB/Month or more of data storage. Company renters will be able to share data with each other via the platform in the same functionality as individual renters.

Key Notes for Renters:

• If a renter does not use all the allocated amount of storage (i.e. uses 10 GB not 12 GB), they will not be charged for the data storage not used.
• A company renter will be charged for a minimum of 10 GB, regardless of the amount actually used.
• Individual renters will be charged a maximum of 5 GB.
• After the monthly contract expires, a renter can choose to renew the contract, begin a new contract with more or less storage space, or leave the Vuuple network.
• If a renter leaves the network, they will be able to recall the data stored and download it on a local drive.

Advantages over Competitors

There are common issues across all decentralized storage platforms that we hope and plan to remedy. These issues include:

• No GUI- Almost all competitors do not use a graphic user interface, meaning all files must be uploaded to (and checked on) the network using programming languages. Not only is this tedious and time consuming, but it places a burden on both the lenders and the renters. A great number of potential users are already eliminated just from the difficulty of using the platform.
• Negotiated Contracts- Almost all competitors use negotiations between lenders and renters to determine the storage price. Once again, not only is this time consuming, but it can create a “lenders’ monopoly”, where few users own a majority of servers and substantially increase the cost of storage.
• Lenders Must Submit Proofs- Most decentralized, file storing platforms require lenders to physically submit proofs of data. If a lender misses a certain number of proofs, they will not be paid. Although this ensures proper data storage, it places a burden on lenders to learn the methods of submitting proofs.
• No Clear Business Model- There is little transparency in regard to revenue producing models among decentralized applications. Users and investors must be specified on the ways in which revenue will be earned and user growth will be achieved.
• No Social Aspect to Data Storage- None of Vuuple’s competitors combine the enjoyable aspects of social media with data storage.

Vuuple plans to solve these issues. Our main focus is providing an engaging interface that everyone, coder or not, can use adequately. We are also dedicated to reducing the amount of time required of a user in the process of renting or lending storage space. In addition to the focus on the users, we want the individuals holding the VPL2 token to feel secure with their investment in the platform. For these reasons, the Vuuple platform will provide the following:

• A GUI for both Lenders and Renters- A graphic user interface will be provided to all users to ensure feasibility in purchasing storage and uploading data (for renters) and lending data storage (for lenders).
• Set Contract Prices- All lenders and renters will follow the contract prices set by Vuuple. This is to ensure time wasting and renter monopolies do not occur. In addition, Vuuple will provide its users with wallets that automatically dispense or expense VUUPLE based on the determined smart contracts.
• Automatic Submission of Proofs- The lenders’ downloadable, GUI software will automatically submit proofs of data 7 times per 24 hours to ensure proper data storage. Lenders will not have to submit proofs themselves.
• An Outline of the Business Model- An outline of the Vuuple business model will be provided in the white paper and the website. The model will discuss several factors including; storage pricing, predicted user growth, predicted storage growth, and predicted revenue.
• A Social Aspect of Data Storage- Vuuple renters will be allowed to follow one another. Once a user accepts a follow request by another user, all uploaded files can be shared and commented upon between the two users.

Our Progress

We are working diligently to build our MVP (the basic structure of the backend of network and platform) and include as many of the factors as possible that were mentioned in this article. The process was started only a few months ago, but we a proceeding very quickly. The completion of the MVP is absolutely crucial, which is the reason of its prioritization. A significant issue with most blockchain startups is the rush to build a community base and release a token without even a foundation of the code needed to complete the project. When tokens are released, and startups gain funding, they soon realize that what they previously deemed feasible is impossible. We will not release any tokens or launch any version of the platform until we have securely built the foundation of our network. This is to ensure that our users will not be harmed. In the coming weeks we will begin developing the Vuuple website to explain the basic functionality of the platform and provide updates. Our white paper is almost finished; we will most likely publish it when we finish the website.

Right now you can follow Vuuple on Medium, Reddit, or Telegram for updates and questions.

Vuuple is a decentralized, cloud storage application that operates on the Quorum blockchain. The team plans to launch the platform in 2019.