Welcome to Upland

Chapter 5:

UPX – Upland’s digital currency

In this chapter you will learn how the economy around UPX, Upland’s in-game currency, functions and how you can buy UPX with fiat money and crypto currencies.

Topics Covered

  • Introduction to UPX
  • UPX Money Pools
  • How to buy UPX
  • Partnership with Tilia Pay

Introduction to UPX

Upland is a game that has set the goal to simulate a virtual economy similar to the one that we know from real-life. The currency that is used in Upland is called UPX (pronounced UP-EX). UPX is designed as a stable currency equalling a fixed exchange rate to the US Dollar. The exchange rate is set to 1:1000, meaning for one USD you will be able to purchase approx. 1000 UPX.

As any currency in the real world UPX are needed to purchase products and services in the game. These can be properties, visitor fees or flights and many more features are yet to come.

In the early phase of Upland the UPX economy will be managed in a centralistic approach by the Upland Team under the supervision of the founder and economy expert Dirk Lueth. In the future it should become a decentralized economy controlled by the players, though more research is needed before such a major change will be done (e.g. amount of UPX cash flow, overall supply, inflation rate, etc.).

UPX Money Pools

The game is designed to facilitate daily interactions between players which therefore lead to an exchange of UPX. In detailed terms, Upland’s monetary policy makes use of two money pools, an Upland Pool and a Community Pool which will be briefly explained below.

Upland Pool

This money pool is used for exchanging US Dollars and crypto currencies for UPX. 50 billion UPX (50,000,000,000 UPX) have been initially minted into the Upland Pool for this purpose. Considering the exchange rate of 1:1000 it represents a total value of 50 Mio. USD. Money inflow into this pool is used to finance the operations of the company behind the game called Uplandme, inc.

Community Pool

The second money pool determines money inflows and outflows related to activities inside the game. Similar to the Upland pool, 50 billion UPX have been initially minted for the community pool. Examples for UPX streams flowing into the community pool are UPX from the first purchase of a property, fees from property trading via the marketplace and fees for flights between cities. There are also UPX outflows leaving the community pool, e.g. earnings for the ownership of properties (rent), rewards for completing a collection, treasure hunts and promotional activities.

Blockchain powered Transparency

The main advantages of blockchain technology are transparency and security. However, it is not guaranteed that a company is reliable just because they are using a blockchain to support their activities. In the case of Upland, the development team has been very transparent so far which indicates that they take transparency seriously.

If you would like to take a look at the current value of both money pools you can do so by checking the EOS blockchain:

General overview: https://bloks.io/tokens/UPX-eos-upxtokenacct

Upland pool: https://bloks.io/account/playuplandme

Community pool: https://bloks.io/account/communityupx

How to buy UPX

First of all, it is important to state that UPX is not a tradable cryptocurrency outside the game itself. You cannot buy or sell UPX on any crypto exchange. There is a coin called Uplexa which is abbreviated UPX but is in no way connected to Upland’s UPX currency. The reasons behind UPX not being tradable on exchanges is that the current regulations in the US do not allow US based companies to offer tradable currencies without having the necessary licenses which may take a couple of years to be granted. Uplandme, inc., the company behind Upland, is located in Mountain View, California (USA) and has to be compliant with governmental regulations. However, the founders are thinking about making UPX tradable on exchanges if the situation changes and regulations would allow such coin listing.

Buying UPX can be done quickly and easily either via fiat money (US Dollars) or via crypto currencies. Fiat money is another term to describe money that is issued by a government and not backed by any commodity such as gold. A crypto currency is a digitally created currency powered by cryptographic processes, most often within a decentralized network.

Buy UPX with Fiat Money (US Dollars)

Purchasing UPX in exchange of US Dollars can be done via credit card and the well-known payment provider PayPal. In order to do this, click on the “GET UPX” button located in the top right of user interface. This will open the UPX store where you can choose between a variety of UPX amounts, starting with 5,000 UPX for $4.99 up to 10,000,000 UPX for $9,999. The purchasing limits may vary depending on the device you use (e.g. mobile app or browser version). Select your desired amount of UPX and then click on “PAY WITH PAYPAL” in the bottom of the next menu. This will open a new window and redirect you to the official PayPal website.

Important note: If your currency is not US Dollars, you have to pay fees for exchanging to US Dollars. These fees are taken by the payment service provider and not by the Upland team. To keep the fees low it is recommended to use the browser version as the mobile app stores might charge additional fees on top. You should also compare the exchange fees between credit card payment and your bank account to find out which method is the cheapest.

Buy UPX with Cryptocurrencies

To buy UPX with a cryptocurrency you have to use the browser version of Upland. Crypto payments are currently not supported within the app. The chosen service provider for cryptocurrencies is called Utrust and accepts the following payments: Bitcoin (BTC), Ethereum (ETH), Utrust Token (UTK), Tether (USDT) and Dash (DASH).

In Upland you need to go to the UPX store via the “GET UPX” button in the top right of the user interface and then click on “PAY WITH CRYPTO” at the bottom of the menu. A new window should take you to the Utrust website where you have to follow the instructions.

Partnership with Tilia Pay

In May 2020 Upland announced a partnership with Tilia Pay, a financial services provider for video games and virtual worlds. Tilia Pay is compliant with current US regulations and is a product of Tilia Inc., a daughter company of Linden Lab. Linden Lab is a San Francisco based company that created the virtual world “Second Life” back in 2003. According to an article by VentureBeat, Second Life users cashed out more than 65 Mio. USD via Tilia Pay in 2019. This reflects that it is a reliable partnership and ready to execute lots of transactions.

In regards to Upland, Tilia Pay will give players the possibility to sell NFTs for fiat money. This will be a complete game-changer as players could actually extract money out of the game. 

Useful Resources

Upland Money Pools overview on the EOS blockchain: https://bloks.io/tokens/UPX-eos-upxtokenacct

Tilia Partnership article on VentureBeat: https://venturebeat.com/2020/05/21/uplandme-blockchain-game-will-use-linden-labs-tilia-for-virtual-property-transactions/

Tilia Pay Official Website: https://www.tilia-inc.com/

 

Side note:

In case there are unknown terms in this article, please take a look at the glossary, which will be updated regularly. If you have any questions, feel free to message me on Discord.

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