Universal Labs: what you need to know!

In this article I want to provide you with a brief overview of the most important things that you need to know about the Universal Labs project. So without further ado, let’s have a look at what this project is all about.

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Universal Labs (ULabs) is a blockchain project, that is determined to build the world’s first decentralised cloud storage network. According to their website, ULabs will provide decentralised global cloud storage for affordable prices; saving up to 90% compared to current industry standard options, such as: iCloud, Amazon Web Services and DropBox. Unlike these public cloud solutions, storing your data using ULabs ensures that all your information is secure and private. Your files are encrypted and distributed across Ulab’s decentralised network and only you have access to your stored data and files. In addition, Ulabs also allows users to share spare store space with other users in the network in return for YOU coins, which are ULabs own cryptocurrency.

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The Ubbey box is an external hardware device (developed by ULabs) that can be described as a personal cloud storage box that let’s you store and access data securely and with lightning-speed, anytime and anywhere you want to. In essence, the Ubbey box operates as a full node/connection point within the Ubbey Network. This means that owning a Ubbey Box makes you automatically part of the Ubbey Network. In addition to storing your own data, the Ubbey Box can also be used to mine YOU Coins, simply by sharing your storage space with the Ubbey network.
Data storage using the Ubbey box is powered by ULabs’own native Ownership Protocol (OWP). OWP is a public decentralized ownership ledger, that allows for the storage and registration of both digital (e.g. tokens, intellectual property) and physical assets (e.g. real estate, land) in a secure and immutable manner, such that it can’t be hacked or tampered with.

Here is a link to Ulabs’ introduction video, which provides some additional information regarding the Ubbey box:

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The team behind universal labs is strong and seems to be very balanced. Keda Che, the founder of Universal Labs, has already founded several companies within the blockchain industry. The team also has a presence in the scientific department, with Dr. Ryan Yuan, who has earned his accolades in the field of machine learning. Furthermore, the team is stacked with blockchain developers, which is a must for every company that wishes to build its own blockchain-based technology. Below is an overview of the team’s most prominent members.

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ULabs successfully completed its ICO in May 2018 and raised a total amount of 19,000,000 USD. In total 10,000,000,000 YOU tokens were minted and during the ICO 4,000,000,000 YOU tokens (40%) were sold at a price of 0.0095 USD per YOU token. Initially, the YOU token will be an ERC-20 token that you will need to swap for ULabs’ native YOU token once their Mainnet goes live. Below you can find an overview of the token allocation and how the proceeds of the ICO will be used.

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Universal Labs is an interesting project that is determined to change the cloud storage industry by developing a global decentralized cloud storage ecosystem. The team appears to be talented and experienced enough to make this project a success. Considering that their ICO was sold-out very quickly there appears to be a lot of interest from investors to back the Universal Labs project and the development of the UbbeyBox. In that regard, I am very keen to see how the YOU token will perform when it hits the exchanges. Although the project looks promising and it sits nicely on my “projects-to-closely-follow” list, please keep in mind that this is just my own opinion and not financial advice. Always be cautious and critical and never invest in projects without doing your own due diligence.