Overview: Upfiring (UFR) the Smart Contract Powered Decentralized File-Sharing Dapp
Upfiring aims to offer the first incentive-driven file sharing site where users can make money simply by sharing their files with others.
Users earn cryptocurrency in the form of Upfiring tokens (UFR) by seeding files. The movement of UFR and files on the network is mediated by smart contracts, allowing for trustless exchanges.
They aim to be an alternative to the traditional torrent applications
Upfiring ran an ICO where they raised around 258k in Oct 2017
Usage and Tokens
The movement of files across the network requires UFR. When a seeder uploads a file and seeds it on the network, they set a custom UFR requirement for that file.
When a user downloads that file from the seeder, the user must fulfill the smart contract’s UFR requirement in order to download the file and compensate the seeder for offering that file to the network.
If a seeder sets the price too high, other users may decide to seed at a more reasonable price – creating a competitive marketplace that keeps the cost of files down. The platform tries to encourage free movement of UFR between users.
The Upfiring v1.0.28 app is live and operational but it could be considered a beta version.
This includes actual use case for UFR files where users already earn and spend the tokens for files so overall the application is already operational.
The official dapp release supposed to go live on 6th of February together with new website. This will be also followed by new roadmap and documentation.
I feel like the team needs to focus on attracting users nad making the app more accessible.
Availability and price
UFR is listed on smaller exchanges only:
YoBit (40% of volume), COSS (38%), STEX (9%), RightBTC (6%), CoinExchange (4%) – however volume is very low with total of around 26k in 24 hours
Bircoin is the most popular pairing but also paired with ETH, no other alternatives
Current price as of 31st of January is around $0.15 with UFR being ranked on 470th place in terms of the market capitalisation and market cap of around $3M.
19.5M of tokens out of 24M of tokens are currently in circulation so some extra will be introduced
Current valuation: $0.15
Mcap position: 470th
UFR has lost significant amount of value since the January last year but it has been outperforming both Bitcoin and Ethereum and actually doing very well for an altcoin. The ATH is $2.86.
The team is mostly anonymous and small however this is due to the fact that project involves file-sharing, which could mean legal implications. The founder is public however.
The biggest competiton is TRON project Atlas and their Bittorrent token called BTT – this is a huge competition since Bittorrent already has millions of users.
The biggest difference is that BitTorrent’s system, including using a BTT-aware client – will be optional. Upfiring’s will be mandatory.
Buying UFR is tto really needed since you can try to earning your first tokens by simply seeding the files.
This is where we have to distinguish the actual project from the token. The project by itself is a perfect use case for crypto and also blockchain.
However the valuation of the token is hard to do since the token is functional and used to fulfill smart contract conditions. Even the team stated it is not meant to be treated as investment.
Keep in mind though that if the project gets popular then it would be reasonable to assume that the demand for tokens would increase.
On top of that remember that the mcap is super low and the tokens are not listed on bigger exchanges which always decreases the value.