Hello Everyone,
I'm back with one more ICO investment.
Next month is full of new ICO’s. After the “pause” due to Bitcoin fork there are some projects being release, and this one caught my attention…
So, what is Upfiring?
Upfiring is a revolutionary peer-to-peer (P2P) file sharing decentralized application running on top of the Ethereum blockchain.
Using the Ethereum ecosystem as its platform this enables smart contracts to mediate the file sharing and transfer, being a fully-decentralized content exchange.
There are some competitors mainly in file storage but what is the biggest advantage of Upfiring? It pays dividends to the users who share (seeders) in the form of Upfiring tokens.
How does the file sharing process happen?
Someone share a file to the network, this gets encrypted. Some other user that is interested in that content make a request by sending some UFR tokens. Ethereum Smart Contract mediate the transaction and carry on with the transfer, decrypting the file and sending it to the destination.
This encryption process ensures that the file is only available in the Upfiring plataform, making sure that the users are appropriately compensated for seeding.
This concept resembles the old P2P clients that we are used to such as Utorrent, Vuze, etc. But this has some technological advantages due to running on top of a decentralized network and rewarding the most trusted seeders with cryptocurrency. Everyone that has been an active torrent user knows that the worst thing is getting nothing in return for our seeds.
This video from the Upfiring team summarize what is the concept.
In their roadmap they plan to release a, early version of the desktop app in Q4 of this year, being the aim for the full version Q2 2018.
Team say that they plan to add this token to several exchanges, being at this point working towards to get it listed on Bittrex, Liqui and Binance. Being an ERC20 Token will be listed in EtherDelta as well.
Upfiring ICO will run until October 31st and the price is set at 1ETH : 10000UFR, what set the price of one UFR around $0.02.
This is an Ethereum based token, so you will need a ERC20 compatible wallet, such as MyEtherWallet.
In HERE you can see how to contribute to this ICO.
There is currently a Twitter, Facebook and Reddit bounty running. See more at BITCOINTALK.
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