Upfire — BSC’s & ETH’s File-Sharing Platform
UPR launch, free seeding, Binance Smart Chain, ETH payments, staking, governance, and expansion of the team
Flashback to early 2020: When Ethlend realized they had more than just a lending platform, they initiated a rebrand. They had realized that their product wasn’t just about lending, it was something much bigger- a bank. Rather than targeting a small niche like lending, Ethlend decided to transition to Aave and take on the entire banking industry with a decentralized alternative. That rebrand mirrors what Upfire intends to do- target the entire torrenting ecosystem and augment it by adding ETH-based rewards for seeders, while still retaining the benefits of the old system.
What is Upfire?
Upfire is an innovative rebrand and expansion on Upfiring that will completely change the dynamics and usability of the existing Upfiring application. Upfire will be an entirely new product that seeks to serve as an upgraded version of traditional torrenting that incorporates blockchain, rather than a replacement for the current system. This will give users the option to torrent on both normally, but add advanced blockchain aspects to the process that will allow content creators to profit from their own work directly.
We are completely redesigning the application to function seemlessly irregardless of the any network’s transaction fees. Let’s dive into the rebrand and look at what is being developed.
Binance Smart Chain
Upfire will first launch on Binance Smart Chain with a bridge from ETH to BSC for UPR. This will serve as the initial breeding grounds for use of the dapp, and allow for files to be transacted with an extremely low transaction fee. Binance Smart Chain is incredibly easy to use and directly models itself after ETH, so the onboarding process for users will be simple.
Upfire — Features
Upfire will be an open-source dapp, and all development can be tracked on Github here: https://github.com/UpfiringHQ/Upfire. Development is already underway, and we are a few weeks away from moving forward with the transition and release.
Here is what’s coming packaged into the initial launch of the dapp:
Modeled after the traditional BitTorrent protocol, Upfire’s free seeding will be a quick and easy way to onboard new users. Free seeding mean the dapp has no barrier to entry, since anyone can download and start seeding files to support the community and grow the content-base.
Paid Seeding & BNB/ETH Payments
One of the biggest changes from Upfiring to Upfire is the method of currency used within the dapp’s ecosystem. Rather than using an ERC20 token, Upfire will utilize BNB/ETH as its primary method of fueling the paid seeding aspect of the dapp. This will create an economy centered around ETH, which is a huge change from requiring all users to buy a token (UFR) on Uniswap as with the old protocol.
Staking will be one of the most important drivers that will encourage long-term holding of the UPR token in the dapp. Users will be able to load their wallets into the dapp and stake their UPR on the wallets tab. Every time a transaction in the dapp occurs, 5% of the ETH will go to the UPR staker’s pool. Each user who is staking UPR will split the ETH in the pool based on the proportion of UPR they own relative to the entire pool.
We will implement liquidity mining on Unicrypt on a much larger scale in order to ensure there is sufficient liquidity on Uniswap for the UPR token.
The dapp will include a fully-functional BNB wallet that will be capable of storing BNB and a bridged-version of the UPR token.
There are several features on the Upfire Roadmap that will be prioritized following the launch of the dapp:
ETH Network Integration
We plan to integrate ETH into the dapp and offer solutions for using both networks. Paid files will either be released on the ETH network or BSC network, and users can switch their network and purchase files on that network.
xDai- Layer 2 integration
When ETH is integrated into the dapp, we will implement it on xDai in order to deal with the high network fees. On xDai, transaction fees will be fractions of a penny, allowing for users to transact freely on the network.
In the future, the Upfire project will be 100% decentralized, with the existing team serving as just another contributor to the project. Full information on the Upfire Governance System will be released in its own post.
The Upfire Decentralized Treasury will have control over a supply of UPR tokens, with a set issuance each year, chosen by token holders and voters. More information is below.
Total Supply: 1,000,000,000 UPR
Swap amount: 1 UFR — -> 10 UPR
We will be having a token swap, UFR → UPR, upon the launch of Upfire this week. UPR will be a utility and governance token, used to give users full control over the Upfire platform.
The UPR Decentralized Treasury
Upon implementation of the treasury, a large portion of the non-swap UPR will be transferred into the treasury smart contract. The treasury will then set a yearly emission rate for the UPR token. UPR holders will then be able to take full control over the project by creating and voting on proposals regarding the expenditure of UPR and the overall direction of the project. Because Upfire is open source, users can choose to hire more developers if they feel development speed or progress needs to be increased. They can also create marketing events and gain funding for them if needed via the treasury.
Upfire (UPR) Tokenomics
Total Supply: 1,000,000,000 UPR
User swap tokens: 240,000,000 UPR
Development: 200,000,000 UPR (To fund the continuous development of Upfire)
Liquidity Incentives: 100,000,000 (Used to boost liquidity on Uniswap and other decentralized exchanges via Unicrypt)
Marketing, Airdrops, Growth: 200,000,000 UPR
Exchange Listings, OTCs: 260,000,000 UPR