Cryptocurrency & Blockchain Business

Ubbey Network – Revolutionizing Cloud Storage By Universal Labs

Designed to be the world’s first decentralized cloud ecosystem built on blockchain technology, the Ubbey Network by Universal Labs offers a much needed disruption to digital storage.

Problem Statement

Cloud storage makes it possible to store data securely, away from the point of origin while also facilitating access from any cloud-connected device. But as demand for such storage services rises, so do the problems associated with the traditional model. High costs, unauthorized data use by centralized cloud service providers, the possibility of data loss, hacking and government eavesdropping are just some of the bottlenecks associated with public cloud storage. While personal cloud storage averts some of these challenges, prices are much higher, setup is complex and in case of device failure, could lead to complete data loss.

Ubbey’s Solution

The Ubbey Network refers to a decentralized network which is powered by the Ownership Protocol (OWP) and Ubbey Box. It allows for the storage and peer-to-peer exchange of digitized physical assets.

  • Ubbey Box

At the heart of the Ubbey Network is Ubbey Box, a multipurpose hardware device from Universal Labs. Its primary role is to provide cloud storage for individuals as well as organizations on its decentralized framework. Available in options of 1TB and 2TB, it offers users the opportunity to back up their files securely. They can then access them from virtually any location.

Furthermore, the device acts as a network node and can perform mining services. Block creators or miners are selected through a random process using the network’s Proof-of-Storage algorithm. By sharing their personal storage space on the network, users get YOU tokens as rewards, incentivizing them to secure and power the ecosystem. In addition to its own storage capacity, the device connects all the unused storage space surrounding you and shares it on the network to increase profit potential.

Tokens earned in the process can be used to pay for access to decentralized applications (DApps) within the network. Additionally, they can be used to lease extra storage space as and when need arises. YOU coins are also used to facilitate the exchange of digital assets and file sharing between network users. Even in the absence of the Ubbey Box, files and digital assets stored on the decentralized cloud are still secure and can be accessed through a smartphone or PC.

Built on a decentralized system, the Ubbey Network offers security from malicious attacks as it would be next to impossible for hackers to compromise every individual node on the system. Another highlight is the simplicity of the device which allows both experts and novice crypto enthusiasts to use it with ease.

  • The Ownership Protocol

Ownership transactions rely on digital identity to allow interaction between digital network users. At present, however, disjointed traditional identity systems have led to the existence of digital clones. To this end, Universal Lab plans to create a single universal blockchain identity system to support ownership transactions.

Project Team

Universal Labs founder Keda Che is a serial entrepreneur in the blockchain industry. With a Master’s degree in Software Development and Information Systems from Harvard University, he has been involved in a number of startup projects. He has also been a consultant for Fortune 500 companies such as Baidu and Alibaba. His very first blockchain startup was Ownership Technology, established in 2015.

Sammy Mehra, the co-founder, is a software engineer with a Bachelor’s degree in Computer Science from Harvard University. He previously worked in LinkedIn and Hubspot as a full stack engineer and has co-founded a blockchain project (Ownership Technology) with Keda Che.

Final Thoughts

Through its Ubbey Network, Universal Labs seeks to address a real world problem. Among the things that inspire confidence in the project is the strong and experienced team behind it and the fact that it already has an MVP in the market. It seems set to offer a timely disruption to current cloud storage approaches while creating passive income in the process.

If you would like to be always updated about Ubbey Network, join its Telegram group or follow its Twitter account. 

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