Idea and Token
Ubbey Box is a hardware device designed by Universal Labs. It can be used as a personal cloud storage for individuals and 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. The price starts at $199.
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 (ERC20-based) token through sharing their personal storage space and be rewarded with YOU token as an incentive to power and secure the network.
Keda Che (Founder), Founded a top ranked blockchain company in China. Harvard graduate.
Sammy Mehra (Co-Founder), Co-founded a blockchain start-up funded by son of Tim Draper. Harvard graduate.
Dr. Ryan Yuan (Chief Scientist), Worked in Microsoft and Adobe previously as a machine learning scientist. Stanford graduate.
The Universal Labs team has created an interesting product that corresponds to the concept of “working” things. In addition to direct use (data storage), Ubbey Box allows its owner to earn money for leasing surplus space.
Strong points of the project include a competent team of authors and advisors, a serious technological content, an existing MVP, open source code, and the simplicity of the product format of “a single button” – turn it on and it works.
We do not often see Whitepapers worked with such depth and thoroughness. A huge amount of work has been done, which inspires deep respect.
In his interview, Keda Che calls Ubbey the killer of Dropbox and other popular providers. Sounds really ambitious! But we have to disagree with Keda. These are different consumers with completely different motives. In our opinion, Ubbey Box is an excellent business niche for those who understand their point. In any case, we wish the guys success and a successful ICO!
Universal Labs ICO datesexport to calend
What is the Universal Labs ICO?
Universal Labs aims to disrupt the cloud storage industry – the project offers cheap cloud storage solutions through the Ubbey Box product which also enables mining of a native system cryptocurrency and is powered by blockchain technology. User files are encrypted based on the IPFS protocol and securely stored so that nobody else can access them through a designed aimed to improve on the lax security of public cloud storage systems. The project promises no downtime due to the blockchain system, granting users instant access to their files at a rate 90% lower than current competing cloud storage services. Universal Labs will also allow people to earn money by sharing their excess storage space with other users in the ecosystem.
How does Universal Labs work?
The project is creating Ubey Network, a decentralized data and digital asset storage ecosystem based on blockchain technology and the Ownership Protocol (OWP) which enables digital asset exchange on a peer-to-peer basis. The* Ubbey Box *is the key to the ecosystem, acting as a full node. The box can have between 1TB to 2TB of storage as well as granting access to cloud storage, and can connect to phones, computers, gaming consoles, smart TVs, and in the future will be able to connect to IoT devices as well. The native cryptocurrency called YOU coins can be mined by running the node box or by selling excess storage space to other users, and the native cryptocurrency can then be used for in-system services or exchanged for fiat currency as the user prefers. The private cloud system is distinct from public cloud systems where users do not need to install any domestic hardware – the box enables far greater security than public cloud systems because only permissioned devices within close proximity can connect. All network computations are subject to fees which are specified in units called Yo, which is what’s used to pay fees for smart contract creation, execution, and asset exchange. YOU tokens are used to purchase yo to pay the fees, much like gas on the Ethereum network.
Why is Universal Labs unique?
Universal Labs is unique in that it aims to disrupt cloud storage by introducing a decentralized, private, blockchain-based solution with native cryptocurrency to handle all internal processes and with a unique piece of hardware manufactured by the company itself which only allows local permissioned devices to connect, greatly reducing the risk of hacking while reducing costs significantly as well and enabling users to actually earn money by participating. The projcet also seeks to improve upon first generation cryptocurrency networks that now suffer major scaling issues by focusing on a storage-solution network from the outset allowing users to share storage space as needed.