U Network’s testnet went live yesterday, along with its public blockchain browser and wallet. The platform is focused on rewarding content creators and moderators with its native UUU token in the same vein as Steemit and Minds. It also intends to eliminate spam and monetize the production of popular content.
The platform faced controversy in July when Coindesk reported that it had “run out” of tokens during its airdrop. U Network has since responded to the Coindesk report and is likely hoping that the testnet launch will be an opportunity to leave the controversies behind.
Testnet Is Now Live
Users can now access the U Network testnet via the platform’s web interface. The testnet isn’t meant for widespread use or real content, but it is meant to attract interested technical users and gain feedback from them:
“During this period, U Network team encourages all blockchain enthusiasts to participate in the testing and provide valuable opinions. Your support would be instrumental in the continuous perfection and enrichment of our technical content.”
At the moment, U Network’s ledger, P2P features, consensus protocol, and storage system are all functioning. Over the past few weeks, the team has been testing transaction rates, writing developer documentation, and fixing bugs.
The team has also been testing an early dApp, posting the first content on the platform, and completing the distribution of token rewards.
No More Bad Publicity
The testnet launch comes a few months after U Network received bad, but apparently incorrect, press coverage. The platform gained infamy for reportedly being the first project to run out of tokens during an ICO.
U Network clarified that this was not the case:
[We stated that] the demand for UUU tokens has exceeded our current designated holdings…[the] CoinDesk reporter misunderstood our statement and thought we have ran out of our UUU token reserve.
U Network did, however, initiate a multi-billion dollar buy back of UUU tokens from exchanges. This involved putting 35% of all UUU tokens into a lock-up that will be dispensed over 3 years. Although this seems like bad planning at first glance, it is not so different from typical coin burns.
Many doubted that U Network would survive the controversy—Coindesk’s original headline read “What’s Next Is Anyone’s Guess,” and users were unhappy with U Network’s slow initiation of the buyback—but U Network seems to have recovered.
U Network has since been reaching out in terms of marketing, and has been making appearances at blockchain shows and other events to promote the project. The U Talk community, a blockchain meetup group targeted at China’s blockchain audience, has also been created.
It seems that U Network’s trial-by-fire has not slowed it down. If all goes according to plan, the mainnet will be released this November.
Unhashed.com is author of this content, TheBitcoinNews.com is is not responsible for the content of external sites.
Our Social Networks: Facebook Instagram Pinterest Reddit Telegram Twitter Youtube
