Uptrennd ($1UP) is a decentralised social network. With the rise in social media networks, privacy risk and user data concerns are gradually increasing. At present, every user on the internet wants to be safe while using these applications. Centralized social media platforms like Facebook and Twitter have failed to provide their users with secure and reliable systems that protect their data. Hence platforms like Uptrennd are emerging as an alternative.
Background
Jeff Kirdeikis, the Founder of Uptrennd laid the foundation for the platform in January 2019. He poised it as “the next evolution of social media“. Kirdeikis is a cryptocurrency enthusiast who owns the world’s largest crypto Facebook group Cryptocurrency Investing. He is also the host of The Bitcoin & Crypto Podcast.
Back in 2017, as tech giants Facebook, Google and Twitter had banned cryptocurrency-based advertisements, decentralized social media platforms such as Steemit, Weku, D.Live etc rose to prominence. However, those platforms were also embroiled in their own controversies. For example, Steemit was taken over by Tron (which itself was highly controversial amongst Steemit users) and caused members to invoke a soft fork to reduce Steemit and Tron’s voting power. However, the soft fork failed and users accused Tron and 3 popular cryptocurrency exchanges for gaming the outcome.
Jeff and his team recognized this rising concern and was witness to this drama which tore the community apart. And thus, Uptrennd was created to overcome issues currently plaguing all those other decentralised platforms. Uptrennd distinguishes itself from everything else by being “community first”, as quoted by Kirdeikis himself.
To this day, Uptrennd is a standard web 2.0 website that didn’t go through any seed funding or any initial coin offering (ICO).
What is Uptrennd?
Uptrennd is an incentive-based social media platform that offers earning opportunities to its users for creating quality and original content. The platform is designed with a modern touch to support four fundamental factors :
- Freedom of speech
- Data Security
- Equality of opportunity
- Fair distribution of wealth
Additionally, Uptrennd plans to invest 80% of all generated revenue back into the platform to create a trusted and profitable social economy. On the whole, Uptrennd’s introduction truly signifies the start of a new era in the social media industry, one that incentivizes its users above all.
It has designed amazing gamification features with a levelling up system. This allows users to increase their rewards from their upvoted content submissions & comments as they level up their account with the native “1Up” token.
What is 1UP Token?
1UP is an ERC-20 token that functions as the native asset on the Uptrennd platform. 1UP token follows the core upvoting system, which is more commonly referred to as points.
These points can be earned by doing all sorts of activities like posting, commenting, viewing posts, etc. And, users can exchange them for 1UP tokens. At present, one point is worth one 1UP token.
It is worth noting that the value of 1 upvote will not always be worth 1 token. In the future, the value may increase to 100+ points to earn one token. Thus, the platform provides value to early holders and adopters. Furthermore, it ensures that the 1UP token economy is infinitely scalable.
1UP Tokenomics
Overall, 1,000,000,000 tokens were pre-mined and kept securely in cold storage. The tokens will be taken only when users withdraw them from their points earned on the platform. Moreover, the network has pledged to make 1UP a deflationary token.
Uptrennd burns 30% of points used by active members of the platform to level up each month. 30% of each point is burnt from the total supply that is used to boost, level up, or make on-site purchases. For instance, if 10 million points are used, the platform burns 3 million tokens.
This means that 1UP will become increasingly more scarce with each month passing, like any deflationary asset.
In addition, the platform is also distributing an extra 20% of the invested amount to the community growth fund. At present, there are nearly 900 million tokens in Uptrennd’s cold-storage and about 100 million tokens in the circulating supply.
The token is currently available on exchanges like Uniswap, P2PB2B, Altilly, Idex, and more.
How Does Uptrennd Let Users Earn Points?
Apart from content creation and interaction, users can also earn points on Uptrennd using the following ways:
- Receiving an upvote on your comment or post
- Earning by Sharing – you can earn 50% of the points when you Repost.
- Collecting donations from active members of the platform.
- Daily Activity Bonus (requires at least 10 visits per day)
- Monthly and Weekly contests
- Inviting new users onto the platform
- Exchanging tokens for points.
Basically, when a single upvote in Uptrennd is sold, it is worth $0.05. However, the company explains that in the event that a token exceeds $0.05 on exchanges, then the price of the points will increase as well. According to the website, the main objective of the platform is “maintaining a 10% premium to incentivize purchases on exchanges for liquidity.”
Moreover, the company also claimed that “if the price drops below that $0.05 limit, the value will not change, this is termed as [the] floor price.”
Use Cases of 1UP Token
The platform provides multiple ways for users to use their earned points.
- Users can use the tokens to level up their accounts. For each additional level-up, the platform provides access to increase the reward earned for each upvoted post or comment.
- One can easily boost their own post for a specific number of views with 1UP tokens.
- Users can purchase banner advertisements on the platform with 1UP tokens. Furthermore, 80% of advertisement earnings are given back to the community.
- Users can donate tokens to others as tips. In addition, one can use it as a bounty for accomplishing particular tasks announced by the user.
- Users can sell their 1Up tokens on a third-party exchange for fiat or any other cryptocurrency.
- The platform also plans to allow users to utilize their 1UP tokens to unlock user-created exclusive communities that are based on subscription.
Uptrend – Future Implementation
According to Jeff, Uptrend is now entering the decentralised finance (DeFi) space with multiple implementations and partnerships. The DeFi features will include
- Fixed APY Staking
- Liquidity Mining
- Staking rewards based on network activity
Apart from DeFi, it is making big moves in other areas like Android and iOS mobile apps, raising capital, and Direct FIAT onramp to 1UP tokens. The platform is also looking forward to listing 1UP tokens on top exchanges.
Conclusion
Uptrennd has now become one of the world’s most-engaged decentralized social media platforms. It has provided an opportunity for entrepreneurs, writers, hobbyists, and other part-time workers to monetize their skills and passion.
With all its innovative use cases, it appears that the platform is trying to become the next big thing among all decentralized social media networks. Overall, it has the ability to bring increased visibility & engagements to its user’s content by providing incentives via cryptocurrency rewards.
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