PRESS RELEASE: SAN FRANCISCO–(BUSINESS WIRE)–January 25, 2018–
UGC Network, a decentralized social publishing network and a content value prediction platform, was launched on January 22, 2018 in San Francisco. To solve the problem of too much low-quality information, UGC Network helps users to price the content by creating a prediction market. In UGC Network, after the price is set by free markets, contributors of the high-quality content could earn money for their work, including users who created and discovered the content as well.
The price of the content will be valued from upvotes and downvotes. Users have the option to upvote until they think the number of upvotes reflects the actual value of the content. The cost of up-voting translates to the increase in the price of the content.
Unlike other decentralized platform, such as Steemit, there are two key features of UGC Network.
Each vote costs tokens. People need to either pay for tokens or finish certain tasks to get points for upvotes. Tasks include referring friends to register or sharing articles in social networks to get page views, and etc. To prevent malicious spam sign-ups and web-bot attacks, the points cannot be converted to tokens, which are liquid and tradable.
People could earn rewards by voting on good content early. Sharing a similar mechanism with Yours.org, the payment of each vote goes to earlier voters and the creator. In this case, upvoter has the chance to win or lose money.
UGC Network calls the process of content evaluation and value prediction “Proof of Foresight”. The underpinning principle behind this is that users assign tokens to content authors according to their judgment of the content, and assign tokens to early up-voters to encourage people discovering good content.
The blockchain behind the UGC Network has the property of supporting micropayments and smart contracts. According to their website, the UGC Blockchain Network can support 3000 transactions with a verification time between 3 to 6 seconds.
U Community will be the first app built on UGC Network. U Community is trying to build a blockchain content community with valuable content on the topic of cryptocurrency.
Tokens in UGC Network are the value carrier of the network. With limited total supply, tokens are incentives for content creators, explorers, and moderators.
Blockchain technology is heralding a world of new possibilities. UGC Network is trying to improve the quality of content on the Internet by introducing monetary rewards.
UGC Network will mainly target on the Chinese Market, and aim to improve the decentralized UGC ecosystems.
To learn more, please visit http://ugc.network/
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