My TL;DR: An asset digitization blockchain that tracks product authenticity and ownership via the OWP (Ownership Protocol), using a Proof of Storage consensus algorithm and physical storage devices that act as nodes in the network.

Digitizing an asset on the blockchain means creating a unique string of data, that is irrevocably linked to a physical asset, and linking that string of data to a token. The ownership of the token proves the ownership of the physical device. Ulabs wants to throw its hat in the ring, alongside other blockchain projects aiming to digitize assets, using the Proof of Storage algorithm for reaching blockchain consensus.

The project proposes the use of Ubbey Boxes, which are network attached storage devices that also act as nodes in the blockchain. The available space on the storage devices can be used as personal cloud, with the remaining free space being monetizable by running the Proof of Storage consensus and therefore earning owners rewards in YOU tokens.

What I like:

Proof of Storage is an efficient consensus mechanism, which is fast and eco-friendly

Hardware mining – the Ubbey box acts like the equivalent of an Antminer

Ubbey boxes in the same price range as regular NAS devices, which might end up making profit

What I dislike:

The OWP protocol and asset digitization mechanisms are not described in detail (too early?)

Integration with IPFS comes at a very late stage in the roadmap, instead of out of the box

Data storage assumptions about increasing cost of cloud storage

Only 40% tokens sold for 40.000 ETH

The idea of having a Proof of Storage based network secured with physical boxes that eventually pay for themselves is a very good one. However, the project’s focus seems to be on asset digitization and authenticity tracking rather than storage, yet it is marketed as a storage project. The cap is large, team and advisors don’t stand out, product and main-net are still far into the future. There are faster ROIs out there. I will avoid the Ulabs ICO.

http://ulabs.technology/