U Network: Building The Ultimate Decentralized Content Ecosystem [Interview]
With very few blockchain projects set to change the landscape for content producers, U Network stands out for a couple of reasons. They are here to transform content into assets by building a decentralized ecosystem. U Network’s goal is to create a truly free market for content. How is it done? We discuss it here!
In fact, we got in touch with Ken You — the marketing manager of U Network — to learn all about the U Network. In this interview, Ken discusses the ecosystem of U Network, its UUU token, the current challenges, and the future plans.
Here is the entire interview:
1. Can you explain U Network in simple language?
U Network is a decentralized content asset storage, notarization, distribution, publishing and valuation network based on the blockchain.
It allows every individual to transform their own digital content into assets within the U Network ecosystem. This, in turn, constructs a revitalized financial market for content; leading to the redistribution and optimization of the Internet value, owner autonomy and efficiency of the token economy.
With this, I believe we are leading the way towards a truly free market for content. The image below explains how, through the U Network, UGC platforms can benefit content creators and their audiences.
2. What is so exciting about U Network that
everyone should know about?
I believe what everyone should know is that U Network’s ecosystem new product Upbet was launched recently, which gives users an application scenario for our UUU tokens. Within the first 2 weeks, over 90 million UUU tokens were pledged into Upbet.
Besides Upbet, U Network’s other product U Got successfully became IOTEX’s node — to help attract quality users. U Network also has a product based on Chinese community, ChongDongShequ, providing the best learning platform of blockchain technology content to developers.
I believe that U Network is one of the few blockchain projects which have both Chinese and English products, which actually implements token application.
Besides these, we are trying to build a global decentralized content ecosystem, which is still at a very early stage. if you are interested in content, blockchain, or Web 3.0, join our community and build the future of content industry together with us!
3. Where is the U Network (UUU) token used for?
What are its advantages?
Currently the application scenarios of UUU are:
Pledge UUU in mainnet wallet to get free GAS for UUU transfers and smart contract deployment
Use UUU for voting to participate in on-chain governance
Ecosystem products, such as on Upbet, where you can pledge UUU to get UUU rewards, and you can vote for different content forecasting activities to win more UUUs
As the ecosystem expands and more products are introduced, the application scenarios of UUU will continue to grow.
4. What led to the foundation of U Network?
U Network’s core team is from SV Insight.
SV Insight was founded in 2015 and started as a tech media property bridging China and Silicon Valley. As an early adopter of Ethereum, SV Insight understood the value of a strong developer community and has proudly incubated or supported Celer Network, Certik, IoTeX and NKN to support that vision.
Partnered with BitMain, Huobi, OK Capital, NEO, Ontology, Qtum and Mixin Network, SV Insight maintains strong working relationships to expand the blockchain ecosystem for global adoption. It furthers this objective by hosting The Blockchain Connect Conference, one of the largest blockchain conferences in Bay Area.
SV Insight now is a full-service media property, focused on 3 business modules: media, industrial research, and tech events. It aims to provide the best service to its over 4 million subscribers over the entire network and other partners within the ecosystem.
After working for years in the content industry and blockchain industry, SV Insight discovered that it is hard to discover quality content, centralized content platforms do not provide fair incentives to content creators, and users do not actually own content.
SV Insight realized that these problems could be solved by blockchain technology, so it formed the strategic partnership with U Network to tackle challenges in the content industry.
Currently there are 3 products based on U Network: U Got, Chongdong, and Upbet.
Upbet is just one project within the U Network ecosystem, its current focus is on content forecasting market.
In China, U Network already has Chongdong, a blockchain technology content learning platform for the Chinese developer community. However, overseas communities need to have a product. Based on the team's understanding of overseas communities, launching the Upbet content forecasting can help us develop products quickly, understand overseas users better, and lay the foundation for the next content platform.
5. What barriers of entry have you identified during the process of launching U Network?
The growth of the U Network ecosystem will require more developers, so how to find the product market fit for developers and how to help developers on the U Network find the product market fit for users is the most difficult.
In other words, how to attract developers, how to help developers based on U Network to develop products to attract users is currently the most difficult process.
6. Can you please tell us about your background and your team?
I am now responsible for the U Network's marketing and community building. Previously, I was mainly responsible for the investment and financing of startup projects in Silicon Valley investment institutions and incubators, and created some content related to the Silicon Valley venture capital circle. In 2015, I met the co-founder of U Network in Silicon Valley.
After seeing the potential of blockchain in the content industry in 2017, I was deeply attracted to the vision of the U Network project that “content as asset”, and was honoured to join the U Network team in January 2018 to help build U Network’s early community.
The background of U Network team ranges from new media, advertising, distributed systems, live video streaming, content storage, content marketing, blockchain, finance and more.
Here are our core team members:
7. How do you perceive blockchain technology?
Where do you think it is it heading in the next five years?
First of all, the cryptocurrency brought by blockchain technology will be more valuable in the future. I agree with U Network Project Lead Yi Lu's view on cryptocurrency:
“There are 195 countries in the world today, and around 180 currencies that are used, but we could never find 180 competent teams to do currency issuance in the earth. There is no major currency competition in most countries. Instead, they are in the race of printing more money. There is no such thing of "Survival of the fittest" when it comes to currency.That why I believe that digital currency is important. I believe that there will be some super-sovereign digital currencies, and they will first arrive in small countries. A currency could compete with others, and we will move to a virtuous cycle instead of a vicious cycle.”
Blockchain technology must be complemented by other technologies to maximize its potential in the future. For example, the combination with AI, 5G and other technologies are currently under discussion.
For U Network which is based on blockchain, in the next five years of technology development, along with other projects, it will have great opportunities to participate in the construction of a new generation of decentralized network Web3.0, even rewriting the entire Web2.0 and becoming the leader of the Web 3.0 era.
8. Great. Would love to know about partnerships?
All our current investors and partners are listed on our official website here. We form partnerships based on multiple dimensions of technology, market, community, etc. to ensure the prosperity of the U Network ecosystem and expand the U Network global decentralized content ecosystem.
For example, with our partner NKN, there is a lot of cooperation in the decentralized network technology; with our partner Mixin Network and the exchanges, after the U Network swaps tokens, they will support the UUU trading pairs, which will be beneficial to the tokens issued based on the U Network in the future.
We have also formed a number of partnerships which have not yet been publicly announced. Please look forward to our future announcements!
9. What is your most important strategy right now?
There are many ways to attract users from a marketing perspective, the core of it lies in building a content product based on the U Network ecosystem which is loved by users.
10. What is that one biggest challenge U Network is facing and solving right now?
The biggest challenge is to reduce the threshold for users to use blockchain products, and to create a product based on the needs and likes of U Network's thousands of users.
10. What is your expansion strategy?
Our official website has the Roadmap for 2019. In 2019 Q1, we completed U Network’s new website, launched mainnet UChange and alpha version of product Upbet.
In Q2 and Q3 of 2019, besides launching the beta version of Upbet and mainnet Unlimited, we plan to increase publicity of U Network and enter the Korean market.
From the perspective of UUU, 2019 Q1 we implemented the application scenario for UUU, and the next step is to make UUU applications more frequent. The essence of it is always focuses on creating a content product based on U Network ecosystem which is loved by users.