U-Network is one of the most promising blockchains in the space, with the project having a long list of investors and high profile figures supporting the project.
The project itself boasts an amazing team with a lot of experience and knowledge, not to mention the army of community members supporting where ever they can. I sat down with a key community member and contributor in Nick from the U-NewsHq.
I asked Nick how he got into the U-Network project and what excites him the most, so lets get straight into it.
Q/1 – When did you first hear about the U-Network, and what drew you to it?
I first got interested in crypto at the end of 2017 during the height of the bull market, this is when I initially learnt and bought my 1st UUU bag on the back of some CryptoTwitter chat. After doing a bit of digging, I liked the premise of the project and how the project offered a better way to reward content creators for their work. As well as reward people who help promote good content through the upvote mechanism – now known as ULike.
Andy – Definitely agree Nick, when I first heard of the U-Network the promise of fairer rewards distribution for content creators it really got my interested as well. I think I bought my first bag of UUU in February 2018.
Moving into the next question now,
Q/2 – What do you think are the main benefits of the U-Network?
The premise of how it could change the lives of content creators through the upvote mechanism and through consumers investing in the creators works. I believe this is the main benefit of the project and through Upbet and ULike content creators writers and potentially artists who host their works off site, can earn and engage with their readers and viewers now.
Andy – Upbet is an amazing application, I have used it before in the past to upload some of my pervious work before launching my site.
Q/3 – The UPBet platform built on the U-Network is really interesting, what do you personally think are the main benefits of the platform?
Upbet has 5 main functions for its users and U Network:
1/ Staking—users can stake their UUU for up to 600 days and receive a staking reward for doing so – this is like a term deposit, however the return reduces the closer the remaining term reduces to 0. The benefit however is that in doing this circulating supply in effect reduces and can prevent nervous hands from selling on a whim when the market turns south.
2/ Market Making—By far the most visible, and besides staking, often used part of Upbet. Users ask a question that has a determinable result in a set timeframe i.e. Will Bitcoin be worth $7000 USD on 1 April 2020. These markets can then be voted upon by players to either agree or disagree with the question. Once the correct answer is determined, the winning players receive funds from the losing pot, less a percentage for admin costs, proportionately to the amount they voted in the winning pot. Players that vote in markets also get a voting bonus on their daily staking rewards.
3/ Article Publishing—An addition to Upbet late 2019 was the ability to publish articles without needing to create a market. This has work well in addition to the ULike function being integrated in. Upbet Articles are I have published U News Articles every month since its been added.
4/ ULike – The integration of ULike – The Upvote protocol from the white paper, occurred late 2019. This has allowed the first footsteps for content creators and consumers to be rewardedfairly for writing, promoting and upvoting (ULiking) content in the U-Network Ecosystem.
5/ Community Self Governance -This is very recent an initiative of U Network to allow community members to put forward their ideas for review of U Network Core Team. Once community proposals are agreed on in principle, an Upbet Market is created in battle modewith the Proposal Maker staking a reward, typically 1000 UUU, in exchange for other users to consider the proposal and vote if they agree to it.Thus far we have had 3 proposals get to a stage of being voted on with 2 passing the Upbet vote. Community Self Governance will no doubt have tweaks coming to it as it progresses and evolves in due course.
Andy – Thanks for this Nick, you’ve really summed up the benefits of the U-Network. There are a more behind the scenes the platforms that people don’t see. I implore the readers to check out the Upbet platform and all the features that are available.
Q/4 – Aside’s the Upbet platform what other applications excite you on the U-Network?
I really believe that UGot is a forgotten Dapp of U Networks that as a community we hear nothing about now. They project partnered withBlockboost but dropped off the radar soon after.
I believe UGot campaigns could really help drive more interest towards Upbetand U Network market campaigns if utilised effectively. We also wait in anticipation for what the new English product that Yi hinted at in the March 2020 AMA. I have my hopes for what it could be, but will wait and see. Yekewas also an interesting idea, but I think they have placed this on the back burner for now while team focuses on other areas.
Andy – Personally I’ve never heard of UGot, I must do some digging, thanks for pointing it out.
You’re a talented writer for the U-News HQ could you tell us a bit about your background in writing and what’s coming from U-News HQ?
Thanks, appreciate the compliment from an esteemed writer in yourself. In reality U News came from a community discussion that another community member, Trevor (AKA dr_t_123), was having about how as a community we could help promote U Network with exploring and expanding news that was coming out from the Core Team.
I had taken part in the UGot test bounty program in 2018 to some good reviews for what I wrote and figured why not have a go at writing these monthlies catch-ups. These evolved into U News monthly reviews as a way to brand these pieces together, with the later sub brand The Sugar Rush coming to provide a quick snapshot for what the talk/events had happened in the previous 7 days.
In terms of what is coming in the short term, hopefully the March U News as is running late! But honestly where U News and its content heads in the future is very dependent to the news that comes out of the U Network Core Team. The recently accepted Proposal 001 -Monthly Reports should help with this immensely so I can offer an outsider’s perspective.
A couple of things I can say though is that, 1. I’ll continue to post U News onUpbet as believe strongly in utilising U Networks Ecology to further promote U Network as a project and 2. I will continue to chronical the past of U Network, offer a perspective on the present and provide mine and the community’s opinions and feedback to improve the future of the U Network project.
Andy – Your knowledge of the U-Network is unparalleled and the contribution you’ve made to the project are great, you have really went above and beyond to help promote and represent the project.
I’ve enjoyed talking to you and learning about what excites you about the project, I really hope we can talk againin the future when the U-Network has gathered pace and entered the top 100 projects.
I really hope you’ve enjoyed this chat I’ve had with Nick from the U-News HQ.
Till the next time,