We believe asking the right questions is key to high quality content generation, so Q&A is part of UGC （User Generated Content).

In order to answer community member’s questions regarding U Network and related aspects, we are going to select relevant questions for team members to answer, co-founders would participate in these Q&A as well. We would also select outstanding questions from U Network related platforms.

For each selected question, we would find relevant team member to answer the question and post to U Network’s Medium account Q&A series; we would also reward the question bearer with UUU tokens. These questions might also become future material on our official website and other platforms.

You also can submit your questions here:

https://goo.gl/forms/oHqXLk5YzfIxe0XQ2

Below are the 4 questions we have selected from our Chinese community for the first round of Q&A

Question#1

Blockchain project operation is normally lead by foundation or companies and funded by crowdfunding. Since there is always a risk for projects to fail and the usage of funds is not transparent, investors might lose their money. How is the project team held accountable? Where does funding of UUU come from? How is the usage monitored?

Yi Lu: This is a very sharp question. UUU project operation is also lead by the foundation and its private sale was funded by venture capitals. If the project does not do well, these investors would lose their money, so we disclose project information strictly according to the regulations of the foundation. We have 33 investors, with whom we have regular communication.

We also have regular open conversations with the UUU enthusiasts. A common reason for project failure is running out of funds. That is why we have long-term planning for the project and continuously work on the promotion and development of the project to ensure more users start using our products. Someone once said that blockchain project is a lifelong duty: if a project fail, the record would stay with us forever.

Question#2

Blockchain enthusiasts’ early discussion talked about killer app in the blockchain space. What’s your view on this? What criteria do you think are essential for a killer app? Does UUU plan to become a killer app? What kind of preparations have you done for this?

Yi Lu: Bitcoin itself was the first killer app for blockchain. This was similar to Email in the .com era. Email transfers information while bitcoin transfers value. ERC20 or token itself is also a killer app for blockchain. To become a killer app, I feel 2 criteria must be fulfilled:

First of all, it should be a purely online product of the virtual world with low entry barrier.

Secondly, it should have a wide user base: most people should be able to use the product.

Judging from this, content is demanded by the general public and content itself is a purely online product, so I think content industry or U Network itself does have the potential to become such a killer app. We also strive to become such an app.

We did lots of preparation for this: attract more user through good content, use our own mechanism to select quality content and reward the content creators accordingly. We want to reform content industry and move from the free era to value era through our hard work.

Ken You: On top of what Yi Lu said, I would like to add that besides U Network’s public chain technology and economic model making itself a killer app, any Dapp building on top of U Network ecosystem has the potential to be the next killer app. It sounds incredible that a killer app can create several other killer apps.

I recommend an article written by community member Neutrino, which briefly described U Network’s big picture in the future.

Question#3

During this stage of blockchain development, most participants would invest to a certain extend. What’s your opinion regarding investment in blockchain? Any advice for general investors?

Yi Lu: I suggest investors to be more rational in terms of blockchain investment. Personally, I prefer long-term investment: study projects which you believe in, understand the basics and start investing. Short-term investment has much higher risk.

Right now, a lot of projects in China only focus on price management and marketing, causing their value to be highly inflated as compared to their real worth. This phenomenon is prevalent, so I recommend you to invest long-term in projects that have true potential instead of investing short-term in risky projects.

Question#4

Ecosystem is the most valuable part of public chains. NEO and EOS have started working on ecosystem construction before their Main net launch. Has U Network started or plan to start working on LABS or rewards fund？

Yi Lu: We have set aside sufficient rewards fund to build our content ecosystem and we plan to do it through our first Dapp U赞. We will accumulate users through U赞 and create value for other products.

As our first product, U赞 would provide example for other content communities and help them integrate better with blockchain technology.

U赞 aims to create a content ecosystem where quality content gets discovered and rewarded accordingly. Through its demonstration, other content community could learn to reform content market with blockchain technology.

We would also provide well rounded support through funding, development tool and channeling of users and investors to other content communities.