What is the Universal Labs ICO?

Universal Labs aims to disrupt the cloud storage industry - the project offers cheap cloud storage solutions through the Ubbey Box product which also enables mining of a native system cryptocurrency and is powered by blockchain technology. User files are encrypted based on the IPFS protocol and securely stored so that nobody else can access them through a designed aimed to improve on the lax security of public cloud storage systems. The project promises no downtime due to the blockchain system, granting users instant access to their files at a rate 90% lower than current competing cloud storage services. Universal Labs will also allow people to earn money by sharing their excess storage space with other users in the ecosystem.

How does Universal Labs work?

The project is creating Ubey Network, a decentralized data and digital asset storage ecosystem based on blockchain technology and the Ownership Protocol (OWP) which enables digital asset exchange on a peer-to-peer basis. The* Ubbey Box *is the key to the ecosystem, acting as a full node. The box can have between 1TB to 2TB of storage as well as granting access to cloud storage, and can connect to phones, computers, gaming consoles, smart TVs, and in the future will be able to connect to IoT devices as well. The native cryptocurrency called YOU coins can be mined by running the node box or by selling excess storage space to other users, and the native cryptocurrency can then be used for in-system services or exchanged for fiat currency as the user prefers. The private cloud system is distinct from public cloud systems where users do not need to install any domestic hardware - the box enables far greater security than public cloud systems because only permissioned devices within close proximity can connect. All network computations are subject to fees which are specified in units called Yo, which is what’s used to pay fees for smart contract creation, execution, and asset exchange. YOU tokens are used to purchase yo to pay the fees, much like gas on the Ethereum network.

Why is Universal Labs unique?

Universal Labs is unique in that it aims to disrupt cloud storage by introducing a decentralized, private, blockchain-based solution with native cryptocurrency to handle all internal processes and with a unique piece of hardware manufactured by the company itself which only allows local permissioned devices to connect, greatly reducing the risk of hacking while reducing costs significantly as well and enabling users to actually earn money by participating. The projcet also seeks to improve upon first generation cryptocurrency networks that now suffer major scaling issues by focusing on a storage-solution network from the outset allowing users to share storage space as needed.

Who makes up the team behind Carry Protocol?

Keda Che is the Founder and a serial blockchain entrepreneur founding blockchain startups Ownership Technology and YQTC, ranked among the top 16 blockchain startup in China in 2012.

Sammy Mehra is the Co-Founder and a full-stack engineer with years of blockchain development experience and a Bachelor’s in Computer Science from Harvard. Mehra co-founded Ownership Technology and has worked as an engineer for LinkedIn, Hubpot, and Atlassian.

Dr. Ryan Yuan is the project’s Chief Scientist, a machine learning scientist who has worked at Microsoft and Adobe. Dr. Yuan has a PhD in Physics and an MA in Electrical Engineering from Stanford University.

Vence Zhou is the Lead Blockchain Engineer, and a full-stack developer who graduated from Tsinghua University and worked at Tencent as a system architect.

More details about the Carry Protocol ICO

The Carry Protocol token sale starts in July, with the pre-sale finished in June. There are 10 billion tokens in total and 40% will be sold in the ICO. The tokens are called YOU and are ERC-20 compliant. Each token will be sold for US$0.0046. The hard cap is US$40 million and there is no soft cap. Users will donate Ethereum via Ethereum wallets. The date of the crowdsale is unreleased. The minimum deposit is 1 ETH (US$ 52) and there is no maximum

This ICO is not available to citizens of the US or China

Token distribution:

  • 40% for ICO

  • 20% for foundation

  • 20% for mining

  • 15% for team

  • 5% for partnerships and advisors

Projected use of contributions:

  • 40% R&D

  • 20% business partnerships

  • 20% operational development

  • 10% marketing for Ubbey Box

  • 10% hardware development

It is unknown how soon after close of ICO participants can receive their YOU tokens or whether unsold tokens will be burned.