Universa: New Successor to Bitcoin and Ethereum is here
A Univers Platfrom creator explains why Universa is right on time and will go beyond Bitcoina and Ethereum blockchain platform. In his words:
Today, the dependence of blockchain on highly costly mining process resembles the dependence of gold coins on the price of gold. Instead, we suggest new cheap and easy way of creating smart contracts, which can act as cash substitutes, in a somewhat original way. If the invention of a bitcoin can be compared to the discovery of gold, then Universa is a new stage, symbolizing the arrival of paper money to the market of mutual settlements.
This aptly explains the need of a new blockchain technlology which can address some of the common issues with the currently available technologies, like-
- Bitcoin and Ethereum blockchains are slow and expensive
- Cost of transactions is high (and getting higher)
- Speed of transactions is low
- Bloat is huge (and getting bigger everyday)
- Non-zero knowledge wallets for each transaction are required
- Smart contracts are not very smart
Universa Platform is a new generation of blockchain technology. It uses a contract execution machine and distributed state ledger designed to improve on Bitcoin and Ethereum technologies by delivering improvements that are imperative for business adoption, with an emphasis on tokenization and contractual agreements.
In comparison to traditional blockchains transacts which functions primarily in currencies, Universa is designed to support token representation of everything from passports to boarding passes, bus tickets or taxi fares; they can be gift cards, vouchers, or gym membership cards. You might make a token representing your title deed, or just the keys to the house. Thus enables it to adopted in daily life instances.
Universa improves speed and usability by maintaining an directed graph of the verifiable hashes of the output of all actions (“tiny protocol, fat logic”). In other words, instead of stacking blocks to make a single full ledger, each set of changes to a contract is applied by the clients in a separate contract chain (“C-Chains”) to the previous state, and the outcome is vectorized and hashed — only a signed signature of the state of each side-chain gets updated as the new status of the blockchain, discarding the old state and storing the new one.
Universa does not rely on untrusted actors from the general public. Nodes in the Universa system are owned and operated by our partners; they must be licensed and authorized by Universa Corporation. They are trusted, trained, and audited; they provide guarantees of availability, speed, and security. Rather than mining for incentive — a wasteful activity which needlessly consumes gigawatts of power across the globe every hour yielding nothing — instead all nodes are rewarded via transaction fees for their participation in the validation and execution of contracts.
How Universa works?:
Universa is a protocol for the operation of a decentralized data network and the safe implementation of processes within this network. In fact, the service provided by Universa is the ability to use personal smart contracts within the framework of a developed protocol for performing a variety of different types of operation.
The Universa architecture gives a decentralized solution for the verification of every operation on the network — an algorithm of 90% consensus.
One of the main concepts of the Universa protocol is the nodes of the network. A swarm of Universa Core nodes actually form a blockchain and also support the Universa Secure Signed Document Service (“Notary Cloud”). The blockchain is only responsible for enforcing the validity of the state of transactions, while the Notary Cloud acts as a verifiable warehouse for signatures of the original contracts.
Nodes are also responsible for communication with the front-end client, since the client connects to the last known nodes and receives information about other active nodes and the size of the quorum for confirming the operation when working in the network.
Smart Contracts: One of the principal features of Universa smart contracts is the ability to output them offline, up to needing to transfer data to the network. Thus, the contract can be saved to removable media and launched on any computer that has access to the network.
Verdict: The Univers project looks promising and it has all the ingredients to be a successor to Etherem and Bitcoin platfroms. We suggest you to seriously consider the project for investment.
For more information please visit:
Bitcointalk ANN: https://bitcointalk.org/index.php?topic=2137898.0
Ethereum Address: 0x9Fe1c07A4B2ee2842eEe679AE719bb23eD341C18