Ubbey is an all new blockchain platform that has been developed by Ulabs. It makes use of a native OWP protocol that has been designed to enable peer-to-peer exchange. In addition to facilitating asset transfers between network participants, Ubbey also allows for ownership transfer of alt currency holdings along with other physical assets such as real estate, cars and luxury products.
Universal Labs Features
Development Environment: The network is completely open-source based and can be used for constructing various DApps. These applications can make employ the OWP protocol and as a result of this will have the capacity to connect virtual data with real world assets.
Usability: The platform makes use of a universal protocol that is compatible with a wide array of digital assets.
Digital Data Ownership: Many blockchain enthusiasts already know that it is quite difficult to assign ownership of data when using digital platforms and assets. However, through the use of its internal algorithmic modules, Ubbey is able to streamline the entire exchange process, making such complex transactions easy for all of the involved parties.
Security: Ubbey provides users with a technology that helps them differentiate between original and counterfeit products.
Other Aspects Of Universal Labs
Transparency:
As with all high quality blockchain services, Ubbey makes use of a decentralized network that is powered by Ubbey Box and the Ownership Protocol (OWP). This allows for transactions to take place in a completely transparent manner.
Fast:
Owing to its use of a P2P model, ownership exchange of digital and physical assets can be done directly from one IP to another within a matter of seconds.
Hardware:
Ulabs is offering customers with a cloud-computing product called the Ubbey Box. This hardware device can be used as a personal cloud storage medium for individuals as well as large scale enterprises. To be more specific, we can see that it provides users with:
Large amounts of storage space.
Option to backup or store files which can then be accessed remotely.
Ability to connect with company servers from devices such as media players, gaming consoles and smart TVs.
Reliable:
According to the website, the Ubbey network block creator makes use of nodes that are based on a specialized Proof of Storage consensus algorithm. in Their Home, Similar Products Include Apple TV Boxes, Chrome Sticks, Etc. Adding a Piece of Hardware Also Brings a Few Potential Problems Such as Hardware Failure and the Closed Source Nature of the Product. Your Data Can Still Be Accessed If Your Ubbey Box Fails, so You Aren’t Completely Reliant.
Universal Labs was created to solve a series of shortcomings presented by incumbent infrastructures:
▪ Digital data ownership: It is hard to assign ownership on data. It is even harder to claim, enforce and monetize that ownership.
▪ Universal solution: Lack of a universal protocol for the transaction of digital assets.
▪ Verification of physical assets: Difficulty for the average consumer to differentiate original products from counterfeit ones (e.g. Luxury handbags, luxury watches, fine arts, wines, etc.)
▪ Limitations of current cloud model: Inability of the current cloud service model to service
exponentially increasing throughput. This goes on top of the aforementioned costs of setting
up personal cloud systems and the risks of data loss due to device failure.
Universal Labs solution: The Ubbey Network
The Ubbey network is a decentralized network powered by Ubbey Box and the Ownership Protocol (OWP), which enables ownership exchange of digital & physical assets in a peer-to-peer way. Once an asset has been registered, it could be transferred directly from one IP to another on the Ubbey Network almost instantly, just like transferring files over peer-to-peer protocols.
The Ubbey Box Advantage
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. 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.
The Token You Coin
computations carried out on the Ubbey network is subject to fees to prevent network abuse and to ensure the integrity of the consensus algorithm. The fees required for the transactions are specified in units of yo. You is used to pay the fees for all computations in the Ubbey network, including creating contracts, executing contracts, and conducting privacy-preserving ownership exchange on the OWP.
The specific amount of yo required for each computation depends on the type of the computation and the amount of system resources required to execute it. YOU coins are used to purchase the yo used to conduct computations, so the yo price is quoted in the number of YOU coins. The yo price will fluctuate
based on the amount of transactions on the network and the amount of system resources that are available.
YOU coins can also be used as the payment for sharing storage. Since we create a decentralized
storage service, we will let all Ubbey network nodes to share profits from the decentralized storage service. In short, YOU coins are used for the payment of:
• Creation and execution of smart contracts
• Exchange of digital asset ownership
• Storage of data
• Retrieval & recovery of data
The Proof-of-Storage consensus protocol reward users who provide storage capacity to the network with YOU coins.
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