Blockchain technology is actively developing, developers are trying to solve the problems of previous projects, bringing the entire technology to a new level. The above fully characterizes the project of Alexander Borodich, a famous venture investor. Alexander became the founder of the Universe blockchain, which is a platform with a built-in decentralized notary cloud that certifies every transaction.
The breakthrough of the project is that it solves the problem of transaction speed. Universe allows you to process tens of times more transactions per second than Ethereum. And thousands of times more than Bitcoin. The Universa ICO was very successful and attracted the interest of many investors, including government agencies from different countries. The project is deservedly called a new generation blockchain.
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Universe Differences
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1 Universe differences
2 Universe Wallet
3 History of creation
4 Purchase and storage of tokens
5 Scandal around the platform
6 Development prospects 6.1 Video: Universa blockchain, interview with the founder
6.2 Video: general description of the blockchain project and ICO Universa
Universe smart contracts take the form of separate blocks, each of which is certified. The block has an encrypted and unencrypted component to provide different access. Each block has its own ID number, which is used when confirming contracts.
Participants who have access to the contract can conduct transactions and confirm their results. The main operations here are transfers of assets between users, open and closed voting, dividend payments, etc.
The platform provides participants with the following resources:
- technology;
- basis for conducting an ICO;
- cryptocurrency wallet;
- secure messenger;
- additional applications for the platform;
- data storage in the form of a cloud;
- decentralized system management.
The platform is faster and cheaper than its predecessors; the available resources allow it to process up to 20,000 transactions per second. The global payment system Visa, the speed of which is considered to be the standard, has a speed of 24,000 transactions. Achieving results close to a global giant means making a serious breakthrough in technology.
The difference is the fact that tokens represent a cryptocurrency asset of the platform and are used for internal payments; they cannot be “mine.”
The technological differences of the new generation platform are as follows. Traditional blockchain platforms keep a complete record of transactions. In Universe, actions are recorded differently. There is no common transaction history; information is stored in a separate chain, which significantly increases the speed of processing transactions.
Miners take part in standard blockchain projects, and anyone can become one if they have the necessary equipment and resources. In Universe, all network nodes are licensed and managed by platform partners who receive a commission for each transaction.
Partners have a minimum of 1 million tokens, equipment and resources that meet the requirements. In addition, new partners appear only if they have a free license.
The process of working with contracts is as follows. The contract is approved by the owner and the participants in the process. Participants may have different levels of access to contract information. Smart contracts themselves are scripts that are executed according to a condition. The script can perform any action when predetermined conditions occur. An example would be the purchase of securities when the rate declines to a previously determined level.
The developers predict a great future for the development of technology in the real estate sector, or rather the registration of ownership of objects. It is in this area that technology can solve the issue of excessive paperwork, which creates problems in the timing and implementation procedure.
All changes to smart contracts are approved by date, which meets legal requirements and makes Universe practically applicable in this area.
At the same time, smart contracts are interconnected and confirm each other. Their authenticity is checked and confirmed by a notary cloud. The cloud is a repository for signing initial contracts and is moved outside the blockchain to increase the speed of transaction processing.
Another special feature of the Universe is that not only currency, but also any objects of value (gift card, document, etc.) can be used as tokens.
Universa as a fast blockchain
Blockchain speed is one pillar of the key blockchain trilemma: in a blockchain, you must find the right balance between scalability, decentralization, and security.
For the Universa blockchain, high performance has never been an issue. As you probably already read in the introduction, the Universa blockchain is based on the principles of contract verification instead of code execution - this is one of the main reasons why speed is not an issue for Universa.
At the moment, Universa Blockchain can process about 25,000 transactions per second. In fact, for Universa it is just a number, and not some kind of unique and inimitable feature. But, with such trump cards under your belt, you can find many interesting use cases that are not available to blockchains with lower speeds. To verify the performance, you can look at a real benchmark.
But what makes the Universa network so fast compared to Bitcoin and Ethereum?
First of all, Bitcoin's architecture is completely different. Bitcoin is intended to be used as a currency, that is, primarily to solve the problem of “transfer of value.” In this case, BTC is like the real new “hard money” intended to replace fiat currencies. but hard money requires that real effort be spent on creating it (in the case of cryptocurrencies, mining). For example, historically, fiat currencies have been linked to gold, which is also difficult to mine and refine. With the Proof-of-Work (PoW) protocol, Bitcoin obviously serves a different purpose compared to the Universa Blockchain.
Bitcoin is the settlement layer for the BTC currency, so this "hard work" in the form of mining is necessary for the currency to have value. But a network with thousands of nodes will take some time for any new block to propagate across it. During this time, most nodes will try to mine the block, even if it is no longer relevant. To find some balance between a currency that has value for people and having nodes mining conflicting blocks, the Bitcoin algorithm deliberately slows down block generation to 1 block every 10 minutes. This is why the main Bitcoin network can only process ≈7 transactions per second (although Bitcoin does have sidechains to improve speed). Due to the Proof-of-Work mechanism, the network is required to waste hashrate, and slow down the network (up to one block every 10 minutes, as in the case of Bitcoin) in order to be able to generate blocks with currency worth anything.
The Universa blockchain is a distributed infrastructure for a completely different use case. For this use case, "practical efficiency is more important than hard work . Proof of work is not required for this. The UTN token does not need to be mined, so no artificial complexity is required to create it. That's why Universa has a Proof-of-Authority mechanism.
Universe Wallet
The Universe web client is based on the crypto-cloud, which provides wallet functionality. To register, you must first register in the system as a client. For these purposes, you need to register on the official website of the wallet. During the process, the system offers to generate a private key of 2048 or 4096 bits. A long key provides a higher degree of security, but transactions with such a key will also cost more.
After generation, the private key is downloaded automatically.
Attention! The private key must be kept exclusively by the owner and cannot be restored if lost!
At this point, registration is considered complete. Login is carried out by downloading a private key file or nickname and password, which are set in the settings.
The wallet is activated after paying at least 60 transactions. Tokens can be purchased on the exchange. An example of an exchange with Universe tokens is Cobinhood.
The initial package consists of 60 or 200 transactions, the choice is up to the user. Upon activation, an address is provided where you need to transfer tokens for payment. After the transaction is completed, the wallet is activated.
In addition to the cloud client, the Universa company announced the imminent release of the Universa HODL hardware wallet for storing cryptocurrency assets. The wallet can store various currencies and ERC-20 tokens. The device connects to a smartphone via Bluetooth and has a display for checking and confirming operations.
Universe is tailored for real business projects and uses an Android-based protocol, which simplifies interaction with users.
Basic proposals for business have already been formed, ready for implementation:
- payments in major systems and currencies (hotels, travel, purchases, etc.);
- freight logistics;
- Banking services;
- filling out registers.
This also includes organizing the collection of votes.
Universa platform
The need to improve blockchain stems from a number of challenges that many digital projects face. The main highlight is the low scaling of the network, and the increasing cost of transaction fees, energy consumption and anonymity are also emphasized.
The Universa development is designed to solve these problems and simplify access to digital technologies for business structures and other areas. In this direction, the project is focused on solving the following tasks:
- simple interface for creating smart contracts and applications;
- high level of network throughput and data processing;
- low cost of commissions with no additional costs.
Universa's proposed benefits are realized through sidechain technology. Each of them functions independently of each other; only the hashing of the accompanying blocks is stored on the main blockchain.
This mechanism allows you to distribute the load on the network; according to the developers, the Universa platform is capable of processing about 20 thousand transactions per second. Thanks to this, the speed of data processing increases and the associated costs are reduced.
A distinctive feature of Universa is also the system of nodes. The network is built on reliable and licensed nodes, which are authorized and tested for reliability and responsibility. Their work is regulated and programmed, which also has a positive effect on the speed of data transfer and confirmation of new blocks.
Universa nodes provide notarization of all side chains through their own signatures. At the same time, mechanisms are provided to protect against fraud on the part of such nodes.
History of creation
At the end of 2020, an ICO of Universe was organized. As a result, funds were raised in the amount of $28.8 million for 3.3 billion tokens. The remainder was distributed among team members, partners and Universe funds.
The total amount required to implement all the ideas of the project is $99 million, but even in this case the project is developing. In addition, the beginning of the year allowed Universe to conclude a number of cooperation agreements, giving rise to the project.
Universe's capitalization at the beginning of 2020 was $250 million.
Discussions are ongoing about the integration of Universe and ApexFree to build a system of transparent instant payments, support typical business processes, and settlements between financial institutions.
The Novotrans company is discussing the possibility of using Universe to digitize its fleet in order to optimize accounting and use of resources. The agreement between the partners was announced in February 2018.
In January, an agreement was concluded with Ernst & Xong on cooperation in the field of blockchain to introduce products for the economy and public administration. Also in January, an agreement was concluded with the Shanghai Institute of Commercial Development to organize a training program on blockchain technology.
In February, the first project of a crypto wallet for storing and using HODL Universa was presented.
The author of the project is committed to 5-7 years of development of the project, as a result of which Universe will become one of the five leading international cryptocurrency projects. In less than a year of operation, tens of millions of crypto wallets have already been opened, which the developers consider a successful start and are confident that their goals are achievable.
Predicting the further development of the blockchain market, the author of the project is ready for increasing competition, which will be accompanied by the active development of technology.
Russian Universa Blockchain will launch projects in China
Universa Blockchain of Alexander Borodich signed partnership agreements with the State Blockchain Association of Hong Kong and Shanghai Business School, within the framework of which Universa will open its blockchain academy in Shanghai and Russia. Both signings took place as part of the Global Blockchain Summit-2018 in Sochi.
Universa's partnership with the Hong Kong Blockchain Association involves the creation of an innovative platform for the exchange of distributed digital ledger technologies, the creation of a research and development laboratory to launch joint projects in Hong Kong and the Shanghai Economic Zone (the cities of Shanghai, Chanxing, Hangzhou, Huzhou, Suzhou, Jiaxing with a total population of about 45 million people).
Another agreement signed during the summit was dedicated to the education and training of specialists in the field of distributed registry technology. The Universa Blockchain Academy will be created within the framework of The Belt and Road Blockchain Cooperation Education Alliance, headquartered in Shanghai, with the support of the Shanghai government and the Shanghai Institute of Commercial Development to train programmers and train personnel in the implementation of blockchain technology. The teachers will be experts in the field of digital data, cryptography and blockchain from the Russian Federation and China.
“Our partnership with our colleagues from China will generally focus on the implementation and development of blockchain. Distributed ledger technology will continue to develop successfully in the global market, regardless of the volatility of cryptocurrencies. But the industry still lacks personnel. Training at the Academy will be focused on young graduate students, entrepreneurs and businessmen, final year students at universities in Shanghai and its suburbs. This training is acceleration to blockchain centers in Hong Kong with further employment in companies in mainland China,” said Alexander Borodich, founder of the Universa blockchain.
Universa is a new generation industrial blockchain, created primarily to support the real sector of the economy, including concluding contracts, providing services, managing property rights and issuing national or corporate cryptocurrencies.
Platform advantages:
- Possibility of carrying out 22,000 transactions per second (For comparison: Ethereum has 15, and Bitcoin has 3-6 transactions per second);
- Extremely low transaction cost (tens of times cheaper than Ethereum);
- Simple API for integration with existing business processes;
- A wide range of possible applications - from electronic access keys (when the smartphone will be the key to the hotel door) to direct payments between banks;
- It does not have its own cryptocurrency, but provides technology for decentralized management of the issuance and acceptance of any crypto-protected documents and ready-made services for working with them.
https://www7.universa.io
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Purchasing and storing tokens
The purchase of platform tokens was carried out during the ICO, after which tokens can only be purchased on exchanges.
A crypto wallet is being developed to store tokens.
Tokens issued during the ICO process can be stored in any ERC-20-enabled wallet. These tokens can be exchanged for new VTNs released in Q1 2020 along with the platform launch at a 1:1 exchange rate. VTN can be stored in the Universe wallet and other large wallets with which active negotiations are underway.
Scandal around the platform
The successful project has already become the subject of a scandal. The author of the project filed a lawsuit against his former employee, accusing him of damaging his business reputation.
The fact is that Arthur Lipatov posted a post on his Facebook account about the loss of faith in the project. After the publication of the post, the Universe token fell in price by 20%. The fall continued further, synchronizing with the overall market decline. The author of the project filed a lawsuit in order to obtain a public apology and compensation for losses of 1 million rubles.
The situation is complicated by the fact that the former employee accuses the employer of refusing to pay the promised bonus, and A. Borodich claims that the employee did not complete the probationary period and was not officially employed, and therefore has no right to make claims. The developer's showdown had a negative impact on the value of the token, although this was the first trial in the cryptocurrency market, which in itself is a milestone in the development of the sphere.
Development prospects
Only time will tell the results of the platform, while only assumptions are being made, but they are based solely on subjective opinion. Many investors believe in the success of the project and invest assets in its development. The opposite policy is devoted to traditional blockchain platforms. Opponents of Universe consider the project to be a hoax and a hyped startup that has no real prospects compared to the main market players.
Info. The argument against the new project is the fact of the constant modernization of Bitcoin and Ethereum, which will not simply give up market share.
The situation is complicated by the large number of unsuccessful startups that were unable to launch a working product for their own reasons, but managed to undermine public confidence in new revolutionary ideas. The author provides support for the project, but not everyone trusts famous businessmen, looking for a catch in such a brilliant biography.
Since the launch of the project, controversy surrounding its fate has not ceased; they argue on forums, in reviews and comments on the topic. However, one cannot ignore the fact that Universe has taken a step forward within the technology, giving impetus to the development of the market and the introduction of blockchain projects into real areas of the economy.
