Doing Storage Better
Universal labs is a new blockchain company making a decentralized cloud storage network very similar to Dropbox or Google drive but with one main difference: it is decentralized and is running on a blockchain. The Ubbey Box and the Ubbey cloud storage network are the components they are using to create a place where you can not only store all of your files but also have top-notch privacy. You’ll also have complete control of those files, even if they are not stored on your computer.
Connecting to the Ubbey Network
The Ubbey Box is a hard drive with either one or two terabytes of storage that connects to the Ubbey network. The Ubbey Box has three purposes:
- A full node to the ubbey network.
- Mine YOU coins.
- A remote hard drive where you can place files to retrieve at a later date from anywhere on the internet.
The remote hard drive works like this: If Jan wants to store a photo on her computer but want s access from another computer, she can use the Ubbey Box to make that happen. Using the Ubbey app on her phone, she puts the photo in the Ubbey Box; to get that file back, all she has to do is to connect to the Ubbey network and get her file from the network. Now, this is where the other uses of the Ubbey Box comes in because this is where the Ubbey Cloud Storage Network has to come into play.
Creating a Storage Marketplace
Let’s go back to our dear friend Jan for a second. Jan has the Ubbey box, and she has some old computers lying around that she is not using. Now she wants to make some money off of the extra storage on those computers’ hard drives and on her Ubbey Box. She connects those hard drives to the Ubbey Box; then she opens the Ubbey app on her phone. A message will pop up, asking her if she would like to put that extra storage on the Ubbey storage network, and once she says “Yes,” she is now making her storage available to other people.
These people pay Jan for this storage in YOU tokens for this storage. Both parties win because Jan makes money off of storage she wasn’t using, and buyers get a less expensive place to store their files. From the buyer’s point of view, the Ubbey Box gives them more storage at a lower price than Dropbox or Google Drive, they retain control over their files, and they can increase the amount of storage at any time by buying some YOU tokens. Once they set up the Box and connect it to their phone and the Ubbey network, they can send out their file to the network. This simple process meets their need for simple access storage.
How does Ubbey Do It?
Before it is sent to the network the Ubbey Box cuts the file in a lot of little pieces and encrypts them. It then sends all of these little pieces out of the network and pays the nodes of the network, other ubbey boxes, and users, that take the pieces. All files that people put in their Ubbey Boxes do this, and all Ubbey Boxes take in pieces of files from the rest of the network. However, only people who put more files on the network than they can store, have to pay a fee. This way, all of the files are still available, even if you lose your Box and all of them are completely secure because no one person has your whole file. Even if they were able to piece together your complete file, then they would have to decrypt it, which is practically impossible.
Outrunning The Competition
Ubbey has some very serious competition in the decentralized cloud storage business. Sia is Ubbey’s biggest competitor, another on-blockchain storage market where people sell off their unused storage. The big difference between Sia and Ubbey is that in Sia, there is no free option of just storing it all over the network because the only thing you can do on the Sia network is pay for more storage. Storj is the next biggest competitor, and it offers a place where people sell off their unused storage space. The major difference here in Storj is that a central company is completely running the storage market on it and is also fixing the prices at one and one-half cents per gigabyte a month. These are all some really big and already relatively successful blockchain companies that do a lot of what Ubbey is trying to do, but Ubbey is beating both of them. They are ahead of Storj because of how decentralized it will be and because of it having a completely free market on its storage. Sia is being left behind because you must pay to have the same level of retrievability and encryption that is free with Ubbey.
The Lowdown on Ubbey
In conclusion, Ubbey has a very effective network and a new product to store your files on. They have some serious competition, but they have taken different blockchain technology and added them together to make a wonderful new product that solves problems that their competitors haven’t addressed.