30s Summary

Chloe Phung, co-CEO of U2U, discussed the company’s efforts to facilitate the transition from Web2 to Web3 for businesses and startups. U2U, supported by KuCoin Ventures and others, targets key areas with their EVM-compatible layer-1 platform which includes projects such as U2DPN, a decentralized VPN built on subnet technology. U2U’s layer-1 supports high transaction volumes and, with sharding, can reach 72,000 transactions per second. The company also uses a unique consensus protocol, Helios, for added security. U2U recently launched their first round of public node sales, and reserved a significant number of U2U tokens to reward node operators.

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Chloe Phung, co-CEO of innovative network U2U, recently sat down for some chit-chat about their experience with projects like Filecoin. She explained that she first spotted these efforts back in 2017 and she really got serious about them two years back. Chloe mentioned how many businesses that have been around for a while, as well as some fresher startups, are trying to make the leap from Web2 to Web3. But she knows it’s not easy — it takes more than just a couple of guys with laptops to make it work. They need people to want and use the products and services they’re building, whether that’s a VPN, a graphics processing unit (GPU), or a storage solution.

U2U Network, which has the support of big names like KuCoin Ventures, Chain Capital, JDI and IDG Blockchain, is working to target several key areas. They’ve got this EVM-compatible layer-1 platform that’s built to support DePIN, and a bunch of projects are lined up to take advantage of it. Look out especially for U2DPN and a GPU-focused project: these are the main projects on the U2U chain.

U2DPN is a decentralized VPN (virtual private network) built using U2U’s advanced subnet technology. It tackles some of the biggest issues that businesses face with traditional VPNs nowadays. While old-school VPNs do offer advanced features, they also tend to have security holes, higher costs, and the risk of exposing personal data because they depend on centralized servers and non-genuine IP addresses. U2DPN want to address these issues by providing a secure and cost-effective solution that’s spread across a peer-to-peer network focused on user privacy.

After just one month of being launched, U2DPN has attracted over 60,000 users from more than 70 countries. According to Chloe, they may not be the first to build a decentralized VPN, but they’re certainly the first to put VPN on mobile phones.

Chloe spent some time talking about the various components of the U2U Network’s technology. She seemed particularly proud of their layer-1, which boasts an impressive Direct Acyclic Graph. It also supports high volumes of micro-transactions, making it ideal for situations that demand heavy transaction throughput. With sharding, the network has been able to reach 72,000 transactions per second (TPS) during testing and is aiming for a whopping 500,000 TPS! Additionally, their transaction finality time can be as low as 350 milliseconds.

Chloe also brought up the U2U Network’s consensus protocol, Helios. It adds four layers of protection to the U2U chain. Since DAG systems can be less secure than traditional blockchain systems, Helios helps U2U maintain both decentralization and security whilst also providing high scalability.

The U2U Network also offers a way for node users to share resources in a peer-to-peer model similar to platforms like Uber. A U2U subnet is essentially a group of cryptographic computers that work together and maintain the same consensus and security as the main network. The network uses a unique OVM (subnet virtual machine) to allow code written in different languages to run securely. This makes U2U a great fit for DePIN applications.

On October 24, 2024, U2U Network launched their first round of public node sales. All 1000 available slots were snatched up within 5 hours, getting the attention of personalities and media across Asia and beyond.

To reward those who operate nodes, the U2U network has set aside a hefty number of U2U tokens. They want to make sure that their network remains decentralized, stable, and capable of hosting the DePIN sector. Their nodes help them build a resilient infrastructure that can support apps permanently.

Chloe wrapped up by acknowledging the competition from established Web2 giants like AWS and Google. She clarified that the idea behind DePIN is to democratize access to powerful resources and lower development costs for startups, which will ultimately benefit consumers.

Finally, she discussed the challenges of being a female founder in the Web3 space. Despite only 8% of tech leadership roles in Asia being held by women, Chloe showed optimism and asserted her belief in leveraging female strengths for the future of Web3 startups.

Source: Cointelegraph