What’s ugChain?

ugChain is an ecosystem consisting of a series of decentralized applications, and its core is a decentralized account system (DAS) based on blockchain technology. The system has built-in exclusive token UG Token (UGT), which simultaneously has the equity attribute and monetary attribute. The DAS is a decentralized account system featuring user autonomy built on the Ethereum, providing hassle-free user experience in information authorization across service providers — by only requiring user to provide the signature with his/her private key, rather than traditional experience to register and log in with password under each centralized service provider. This architecture enables user to save his/her account by himself/herself without depending on storage of the centralized service provider. ugChain first entered the gaming industry and teamed up with 360, Hoolai and other China domestic famous game operators to design a gaming ecosystem solution with the application scenarios including game distribution channel, game account trading, game payment, virtual commodity purchase, E-gaming, league holding, crowdfunding, community and other areas. The ugChain Community is a user autonomy organization, where community members holding the UGT vote decide material affairs of the community, the UGT shares represent voting right, and the UGT holders exercise the supreme power of the community through voting.

What ‘s ugChain ecosystem?

the Ecosystem of ugChain

1 The decentralized game account system is superior to the traditional channel:The blockchain technology can realize open, equitable community autonomy of the decentralized organization, with the help of open, transparent Intelligent Contract. The autonomous operation of the DAS organization can replace intermediate links, particularly game account system, of the traditional game distribution process. The DAS is based on the Ethereum. Traditional channels save all account information of users in the centralized server. Instead, the DAS saves all information in the blockchain network and is distributed at fully equitable blockchain nodes worldwide, thereby ensuring system security and eliminating authoritative nodes.

When applied to the game distribution channel, game account, props and other virtual asset transaction scenarios, the ugChain can resolve a series of problems, including high cost with game distribution channel, long time of traditional game account and prop transaction processing, lack of mutual confidence between seller and buyer, and high risk in transaction. At the same time, the decentralization feature of the Ethereum and the automatic performance of the Intelligent Contract can enhance the openness, fairness and equality of electronic gaming events and allow more players to participate in events without concern

2Realization of decentralized game account system:A unique token is created on the chain to serve as the identifier of the game asset, and the asset is registered under an address on the chain. As long as the user has the private key, he can prove the attribution of the asset, use the asset, sign to prove the ownership and use other functionalities such as game logon and asset transfer.

3 Game registration on the chain:A game carrier can register a game on the chain and become a member of the ugChain Community. The community will decide the onboarding of a game by voting. If a game is successfully registered, it can be published on the UG platform or recorded by other community members in their own channels for promotion. To obtain users through the ugChain channel, the game carrier will only need to pay a very low cost and save a lot of money compared to the traditional channel.

4Safe account transaction:Under the traditional transaction mode, transactions between players will processed by the third-party service provider, who will confirm the game asset of the seller, connect the accounts of both the seller and the buyer to transfer the account and fund, and collect a fee. This centralized transaction mode is vulnerable to fraud against the platform, from buyer or seller. The game asset transaction industry is now growing quickly, but the centralized transaction mode has hindered the industry development due to fraud risk, long transaction time and other disadvantages.

Traditional Transaction Process

ugChain Transaction Process

5 Game prepayment and prop purchase:The user can perform game prepayment, prop purchase and other operations with the ugChain platform. The prepayment, other processes involving token payment and transfer of game asset will be performed through the Intelligent Contract. The prop trading will be supported with the asset endorsement from the game carrier. The asset is transferred based on the contract through the chain. The contract performance will simultaneously realize the income sharing to the channel operator, and everybody can become the channel operator.

6Game distribution — Promotion and profit sharing by all people:After obtaining the consent, every game can be onboarded to the ugChain as an open platform and become a community member. Once onboarded, the game can be distributed through the distribution center provided by the UG service provider. Any participant holding a UG account can use the service provided by the platform to create an independent channel and build his/her own promotion and profit sharing system. The ugChain will provide multiple contract solutions so that active participants in the game community can onboard games they want as the channel provider, maintain their user base and obtain corresponding profit distribution when users perform download, prepayment and other operations.

7Electronic sports:Any player can organize competitive games on the chain at any time, and the chain supports 1V1, large league and other modes. Anybody can organize, participate in and initiate the competition of various games on the platform, and participants can build a decentralized electronic gaming platform for all without resorting to any third-party institution.

8True community comments:Only true players registered with the chain can publish messages signed with private keys to the ugChain Community to assure comments are authentic.

What’s the advanges of ugChain?

In 2016, ugChain received a joint investment from Legend Capital, Sequoia Capital, Zero2IPO Venture and Cyberagent.

So far, ugChain has gained more than 500 large and medium game carriers in China (the lineup still keeps growing). At present, ugChain cooperates with these carriers through traditional channels and will directly migrate to the ugChain channel after product launch.

ECG, an electronic game carrier, has joined the ugChain family in advance; The 360 mobile game aid and other traditional channels have been firstly onboarded to the blockchain wallet of ugChain, while other counterparties will follow.

ugChain maintains good relations with upstream and downstream game companies under Tencent and Alibaba.

ugChain has smooth financing channels, and the founders have entered into cross-industry cooperation and gained rich experience. Major founders have successfully started their own business in the Internet industry and worked as senior executives in the financial investment industry.

As well, ugChain has attracted senior executives from domestic large game companies and multinational corporations to join.

Who’s behind ugChain?

The UG team has assembled excellent talents from several areas, including blockchain, cryptology, virtual currency community, Internet information security, finance and gaming service.

Wu Binghua

Founder of ugChain and a veteran in the Internet industry. In 2005, he founded a website called “I want treasure”, which specializes in entertainment, game and electronic commerce, and was finally acquired by a business group after seed, angel and round A investments. In 2012, he started engaging in financial investment and tutored several companies wanting to launch the IPO in the entire process. In 2013, he started watching Bitcoin and blockchain industry. In March 2015, he founded the ugChain team and was dedicated to the application of blockchain technology.

William

Founder of ugChain, with master’s degree conferred by Peking University, He takes charge of the team operations as Managing Vice President. He once worked at Hoolai as a senior executive, and at SABA (a NASDAQ-listed company) China Service Center as the Director and Vice President. In 2012, he entered the blockchain industry and started researching the application of blockchain to the gaming industry. In 2015, he jointly founded the ugChain to formally promote the landing of the application scenarios for blockchain in the gaming industry

Zhou Kui

A partner to Sequoia Capital China. In 1989, he graduated from Wuhan University of Technology with a bachelor’s degree in science. In 2000, he graduated with a master’s degree in electric automation from Tsinghua University. As a partner of Sequoia Capital China, he joined Sequoia Capital in 2005. As the Senior Vice President, he takes charge of SinoCom investments, Skyinfo, Kaitone and PonymediaWorksoft at the VC firm.

Ni Zhengdong

Founder, chairman and CEO of Zero2IPO Group. Over the past decade, he has led his team to build Zero2IPO Group into the most influential service institution relating to venture capital and private equity service in China. He is reputed as the “person possessing the most comprehensive information in China’s venture capital market” and also praised as “one of the young representatives in China’s venture capital circle”.

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