In a blockchain-meets-media classic, one company is making sure content is properly prioritized and monetized.
According to Lu, the solution which U-Network proffers is two-pronged. First, it addresses the problem of content monetization—ensuring that content creators are fairly compensated for their content. Secondly, the network addresses the problem of content overload—authenticating relevant content and limiting redundant information.
To earn cryptocurrency from the system, Lu explains that content creators post their content on the network and get upvotes. These upvotes determine the reward received by a content creator.
The network uses a prediction model, where users are rewarded for predicting popular posts, making it easier to discover high-quality content and allowing all users to be part of content moderation and governance decisions.
Lu said that the network was developing decentralized apps (DApps) that will serve the community while also encouraging developers to deploy their DApps on the network. He explained that traditional apps can easily be integrated into their protocol making them decentralized. He disclosed that U-Network is in talks with partners in this regard. Lu explained:
“We are trying to partner up with an existing online content community—we are talking to some potential partners–so it is actually very easy for them to integrate with our protocols so they, kind of, transform of their traditional app to dapp just integration with our protocols”
Last month, U-Network announced a buy-back of some of its UUU tokens citing that it needed the tokens to satisfy growing strategic partnerships and interest in its tokens, without having to alter the current token distribution. The network explained that “the demand for UUU tokens has exceeded [their] current designated holdings [40% of a maximum 10 billion tokens].
Yu is also a co-founder at SV Insight, the tech firm bridging the innovation gap between Silicon Valley and China. He explained how the company has been promoting blockchain in the tech space since 2015. One of those efforts is hosting Blockchain Connect Conference which had its second installment in California in June.