Of all the ICO’s coming up in the next month (and there are a lot – according to www.icoalert.com), Upfiring has caught our attention. The application seeks to create a decentralized file-sharing environment and incentivize the process using Upfire (UFR), its ERC20-compliant token.
Its protocol is simple. A seeder, or someone who wants to share a file or torrent, offers their file to the network. The file is then encrypted. Any other user who wants to download that file can do so by sending some UFR to the seeder (approximately $0.01-$0.10 worth, depending on the file size).
The transaction is carried out through a smart contract – the file is decrypted and sent to the downloader, and the UFR tokens are sent to the seeder. This means anyone will be able to earn UFR by seeding their files. Because UFR will be traded with currencies like Bitcoin and Ethereum on exchanges, anyone can increase their crypto-stack by their seeding files in the Upfiring app.
For those interested in snagging some UFR, the ICO launch date is October 3rd at 12 PM EST. The ICO price is set at 1 ETH per 10,000 UFR. For more information, check our Upfiring’s website and community pages.