Universal Labs: ICO Review

What is Universal Labs?

Since its inception nearly 10 years ago, cloud storage has given about 1 million users a functional model that helps them access, store, and share data across the internet.

Universal Labs ICOIf we look more intently, we’ll notice that cloud storage services let customers store their data in a different point of generation and allows remote access between a multitude of different devices. In an industry perspective, we’ve noticed that cloud technology has gained an exponential growth in the past ten years. Users can store their data in public or private cloud storage services.

Universal Labs created a new blockchain platform called Ubbey. It uses a native OWP protocol which is used to enable peer-to-peer transactions. In addition to creating asset transfers between the network participants, Ubbey helps users transfer their alt currency holdings and physical assets such as cars, real estate, and other luxury products.

Aspects

Here are some important aspects that Universal Labs uses for their project:

Development Environment: Universal Labs has an open source network that can be used to create dApps within its platform. The application will use the OWP protocol and will have the ability to connect real-world assets with virtual data.

Digital Data Ownership: Blockchain enthusiasts know the difficulties of deciding ownership when using assets and digital platforms. But, through internal algorithmic modules, Ubbey helps streamline the exchange process, which makes complex transactions simple for all parties involved.

Hardware: Ulabs provides a cloud-computing app called the Ubbey Box. This device is used as a storage medium for individuals and large-scale enterprises. In fact, it provides the following things for users:

  • Large storage space.
  • Ability to store or backup files that can be remotely accessed.
  • Connect company servers with outside devices such as gaming consoles, smart TVs, and media players.

Token Metrics

  • Website: View
  • Whitepaper: View
  • Fundraising Goal: 6,000 ETH (Soft Cap) – 40,000 ETH (Hard Cap)
  • Total Tokens:4,000,000,000 (For Sale) – 10,000,000,000 (Total)
  • Sold Tokens: 19,000

Bounty0x profile: @jeremycole

Positives
  • Reliable: Based on the website, Ubbey’s network block creator uses nodes that have a Proof of Storage algorithm. This makes it easier for users to keep their data stored without having it accessed by third-party hackers or other unauthorized users.
  • Fast: Using the P2P model, owning physical and digital assets can be transferred from one IP to another one within seconds.
  • Transparency: Like most blockchain services, Universal Labs uses a decentralized network that’s powered by an Ownership Protocol and Ubbey Box. This results in transactions taking place in an accurate and transparent manner.

Negatives
  • Lack of Working Product: We want to see Universal Labs create a working product of this project to increase its credibility across other platforms.
  • Security Concerns: How will Universal Labs protect their cloud storage network in the event that their data is lost?

Universal Labs
3.9

Summary

Cloud storage and blockchain technology make a dynamic duo. And Universal Lab’s project plans to use both to help users to be rewarded for storing their data and important files on their platform. If this project is successful, we can see a lot of issues within the cloud storage industry (slow transferring speeds, data breaches, etc.). So we’ll have to stay tuned to see what happens!

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Adam Cole has been a crypto enthusiast for years. First getting involved in Bitcoin mining in late 2010, he has now diversified his portfolio and dug deeper into the alternative coins of the space. As new and exciting ideas arise in cryptocurrency, Jeremy is always looking for the next big thing and a coin which not only appreciates in value but also has a steady increase in use and demand. Jeremy has seen the rise of coins such as Ethereum and by studying the technical and fundamental side of ETH, he has learnt how to find similar coins that are likely to have a bright future.

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