Upfiring Project Review

About

Intro

In another edition of our project reviews, we decided to have a look at Upfiring.

So what is the deal with Upfiring? In this review, we will dig deep into this project and give you all the answers. We took an in-depth look by examining the project, its team, tokenomics, and community.

 

If you wish to skip to the summary to see the matrix score and rating, click here.

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Overview

Launched in October 2017, Upfiring is an incentivised P2P file-sharing desktop application for Windows, MacOS, and Linux that encrypts and distributes files between peers over a decentralised network.

The Upfiring (UFR) token utility allows users to earn UFR by seeding files. The movement of UFR and files on the network is mediated by smart contracts, allowing for trustless exchanges.

Considering that users have been sharing torrents for decades for free, it is reasonable to ask why would users suddenly would start paying to share this data. The largest and most well-known file sharing platform, BitTorrent, has more than 100 million active users worldwide and was acquired by the Tron network in 2018.

One of the most appealing elements of the Upfiring project is that it has only one other competitor in the crypto space, which is the BitTorrent platform.

How do the two platforms differ?

Adoption

BitTorrent has over 100m users and established brand identity. Upfiring is less than several years old and has struggled to capture any of the market share outside of its core user base.

Payment

The BitTorrent platform can be used without the need for holding or buying BitTorrent (BTT) tokens. For hosters, there is the possibility to earn BTT tokens by uploading files. Alternatively, files in the Upfiring network cannot be downloaded without a UFR token. This has the disadvantage that the Upfiring service cannot be used by anyone without buying or holding UFR.

Smart Contracts

Upfiring uses smart contracts on the Ethereum network to distribute the tokens to the file hosts while BitTorrent uses “state channels” via the Tron network. State channels allow the transfer of tokens between two parties.

 

About Summary
✅ POSITIVE ⛔ WEAKNESS 📝 IMPROVEMENT
Working platform Usage of platform linked to UFR token Increase adoption
Only one direct competitor Much smaller adoption than Bittorrent Increase brand awareness
Robust network ETH network can become clogged

Tokenomics

Token info
SYMBOL UFR
GENESIS BLOCK OCT 2017
BLOCK EXPLORER EXPLORER
CONSENSUS ERC-20
CIRCULATING SUPPLY 24,000,000 UFR
MAX TOKEN SUPPLY 24,000,000 UFR
% MAX SUPPLY MINTED 100%

 

Financials
MARKET CAP $5,280,000 USD
VOLUME (AVG 30 DAY) $220,086 USD
PRICE $0.22
VOL TO NETWORK 4.1%
AVG PRICE 30 DAY $0.14 USD
TRADING PAIRS BTC, ETH + USD

 

Token Summary
✅ POSITIVE ⛔ WEAKNESS 📝 IMPROVEMENT
Low total supply Development funds not labelled Label dev funds
Token utility on platform UFR token mandatory when sharing files
UFR distributed among 10k+ holders

Team

Experience
  • The project is founded and led by Tyler Fallon.
  • We can recommend that more team info is added on the website as it is not clear how many other team members there are working on the project.
  • Development for Upfiring is consistent and the platform was launched in 2018. Since then the team has been working to update and improve the platform.
  • Tyler has a strong development background in crypto as seen in his LinkedIn profile.
  • We could not also find any company information for Upfiring and its registration.

Company and Funding

  • The Upfiring project was founded in October 2017 and funding for the project was raised via an initial coin offering.
  • Over $250,000 was raised in total and the unsold tokens were burned
  • There are currently no annual financial reports to detail expenditure and revenues.

 

Team Summary
✅ POSITIVE ⛔ WEAKNESS 📝 IMPROVEMENT
Public CEO Lack of info re: other team members Add team info to website and LinkedIn
Consistent development No public company info Add company info
Working product with userbase No info on costs and revenues Produce annual financial report

Code

Audit
  • For this review, we did not conduct a code review on the project.
Code Summary
✅ POSITIVE ⛔ WEAKNESS 📝 IMPROVEMENT
N/A N/A N/A

Community

Engagement

The majority of the Upfiring community involvement and engagement takes place on Telegram. There is a small but active community, with the project founder active in the chat on a daily basis.

Announcements are made in the Telegram channel along with regular publications on Medium. The Medium channel, in particular, provides a lot of detailed content about the project including the most recent update.

 

Community Summary
✅ POSITIVE ⛔ WEAKNESS 📝 IMPROVEMENT
Active engagement with community Sub 5000 follower base Increase social media following
Regular communication Discord channel seems abandoned Focus on one communication channel
Growing community Website not multilingual Add more languages to website

Technical analysis

Chart


Chart Analysis

The chart for Upfiring is one the most promising elements of the project overall as the upside in market cap is huge compared to its previous cycle and when comparing the price of the BitTorrent, the only other competitor in this space.

Most notably the recent trading volume hit levels not seen since its ATH back in Jan 2018. Clean breakouts above the 35-40c are keen areas of interest on the upside.

Price Summary
✅ POSITIVE ⛔ WEAKNESS 📝 IMPROVEMENT
Huge room for price growth Price not reflective of development Increase brand awareness
Various trading pairs including USD
Just over 10% of supply on exchanges
Uniswap market added liquidity and volume
10x from current price is still lower than previous ATH
Huge recent volume spike

Summary

Conclusion

In summary, the Upfiring project scored an outstanding 84/100 based on our scoring matrix, and we rate the project at an A+ rating. The team have consistently developed the platform for 3 years and there is only currently one other competitor in the space.

We feel that there is much more room for growth for Upfiring, both in terms of adoption and market cap.

ABOUT USE CASE
✅✅✅
COMPETITION
✅✅✅✅
ADOPTION
✅✅✅
FEATURES
✅✅✅✅
ROADMAP
✅✅✅✅
TEAM PUBLIC
✅✅✅
EXPERIENCE
✅✅✅
DEVELOPMENT
✅✅✅✅
PARTNERSHIPS
✅✅✅
FINANCES
✅✅✅
COMMUNITY COMMUNICATION
✅✅✅✅
FOLLOWERS
✅✅✅
GOVERNANCE
✅✅✅
ENGAGEMENT
✅✅✅
WEBSITE
✅✅
TOKENOMICS DISTRIBUTION
✅✅✅✅
EXPLORER
✅✅✅
EMISSIONS
✅✅✅✅
UTILITY
✅✅✅
ENTRY
✅✅✅
PRICE EXCHANGES
✅✅✅✅
LIQUIDITY
✅✅✅
PAIRINGS
✅✅✅✅
T.A
✅✅✅✅
DATA
✅✅✅

 

Breakdown

Disclaimer
  • This is a community review on behalf of the Upfiring project.
  • This review is intended for educational purposes only and SHOULD NOT be considered by you as financial advice. 
  • Before investing in any project, we recommend you do your research + consult a registered financial adviser.
  • All information listed is accurate at the time of publishing in September 2020.

 

Methodology
  • We used a combined rating score out of 100 for this review, covering all the listed metrics for project reviews.
  • Each section is rated out of 20 and comprises of 5 metrics we analyse
  • Each metric is rated out of 4, including a potential bonus point in every metric. 
  • Our rating and grading framework is available here.