UP

What is UP?

UP stands for Utopic Points, which is the credits of user’s contribution to the Utopic ecosystem.

UP measures the effort and contributions made by users in the Utopic ecosystem. Effort refers to the core actions and activities that users engage in on Utopic, such as reading, posting, voting, commenting, sharing, referring, and more. This is similar to user contribution credits, which serve as an internal representation of user activity.

Note that UP is not transactional due to its unlimited supply nature. Its main uses are:

  1. Determining the level of users, as it reflects user contribution.
  2. Automatically redeeming to UTOP to earn UTOP for users on the date it is mined. After redeeming, UP will not disappear, but will become part of the historical UP. The exchange rate between UP and UTOP fluctuates every day, as the daily UTOP supply is fixed but the daily total UP mined by users is random, depending on all user activities that day.

How to earn UP efficiently?

The most effective way to earn UP is by contributing to the ecosystem through meaningful actions, as that is what UP rewards for.

  1. One of the best ways is to create content by answering questions and posting articles that the community is interested in. This way, you can obtain initial UP rewards for producing high-quality content, and users' reading and actions can mine more UP for you. For example, if a user reads your content for 1 minute, both they and you can get 1 UP. If 1000 users read your content for 5 minutes, that is 5000 UP for you from that single piece of content.
  2. Refer new users. The new user will receive a sign-up bonus and you can get a referral bonus.
  3. If you are not a creator, reading, commenting, and sharing any content to your social network can be effective as well. Since anyone, external user who reads the link you share and signs up will mine UP for them and you, even if you are not the author.
  4. Sign in frequently, as signing in will also earn you UP.

UTOP Token

What is UTOP?

UTOP is the decentralized utility token of Utopic. Its role is similar to fiat money in our society, serving as the external symbol of supply in the financial rewards system. It will be controlled by open-source smart contracts and be self-runnable.

Specifically, a fixed amount of UTOP will be released every day to serve as supply, and it will decay each year. For each day, all active users will receive UPs according to their own activities and other users' activities on their content data. These UPs represent the total demand, and the exchange rate between UP and UTOP is determined by these two factors.

For more details, you can read into Utopic Whitepaper.