UNIVERSA — Faster Transactions Smarter Contracts Fully Customizable Blockchain
WHAY IS UNIVERSA ?
Universa is a new generation blockchain protocol, which has every potential to become a significant landmark in the development of a blockchain industry. Alexander Borodich, a creator of Universa platform, explains why this can happen in the nearest future. “ 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,” he says.
Universa Platform is powered by the Universa Network — a swarm of Universa Core clients running on nodes composing the Universa Blockchain, and supporting the Universa Secure Signed Document Service (codenamed “Notary Cloud”). The Blockchain is only responsible for enforcing the validity of the state of transactions, while Notary Cloud acts as a verifiable warehouse for signatures of the original contracts
For example, if a contract is executed that defines a “token” asset and distributes 1 token to each of
10,000 parties, only the hash-of-the-state of the final balances would be stored and saved onto the full
blockchain (about 90 bytes), rather than a full accounting of all ten-thousand transactions and the balances of
all user accounts, as is the case in Bitcoin or Ethereum; therefore, any future node connecting to the network
would then benefit from over 99.99% size reduction in synchronizing this particular execution from blockchain,
and it need only to retain the short hash of the current state at this block height to verify it. Furthermore, since
the hashes from each contract are summarized into the master Universa chain via directed acyclical graph
(DAG), rather than a naive synchronously-ordered blockchain, it’s possible for asynchronous actions from
different contracts and replays to occur out-of-order and still yield the same final hashes of global state.
Five Key Advantages of Universa over Bitcoin and Ethereum
- Universa is a pioneer of the new generation blockchain
Universa has originally been developed not as a cryptocurrency, but as a protocol creating and operating chains of smart contracts. Therefore, Universa platform does not depend on mining, which results both in high speed and low cost of procession operations, in terms of the resources required.
- Universa is 1000 times faster than user familiar Bitcoin
Universa nodes do not require mining and are responsible for verifying the transactions and smart contracts that customers submit onto the network. Waiving mining opened a way to increase network performance by hundreds of times. The Universa blockchain structure is based on the language of smart contracts, developed from scratch. The well-thought-out logical structure and language hierarchy made it possible to reach the speed of 10,000 transactions per second on the network nodes.
- Universa transactions are 100 times heaper than those in Bitcoin
Today, it deems absolutely unreasonable to charge $3,85 for a few cents worth microtransaction. Yet, on the Bitcoin platform, this price is a current money transfer fee, which accounts for the speculative nature of Bitcoin exchange rate, and its high volatility. The smart contacts system on Universa platform allowed to decrease such fees by hundreds of times.
- 4. Universa offers an entirely new smart contract system
Various smart contract chains can be created on Universa platform. These smart contracts can be implemented in almost all business fields. Universa smart contracts can be applied to programming both intracompany applications and public ones. For example:
- Vehicle smart key
- Fitness and SPA pass card
- IoT — smart home elements working together
- Payments at parking lots or gas stations
- Logistics, cargo tracking
How Can Universa Benefit Your Business
The Universa blockchain is a cooperative ledger of state changes, performed by licensed and trusted nodes, and is capable of handling thousands or tens-of-thousands of transactions per second(±20,000TPS, http://access.universa.io). It achieves this by performing contract executions on-client and verifying their output by 90% consensus algorithm in the creation of each new block. The blockchain doesn’t need to store a full history of all transactions, as these can be kept in the side-chains by each actor responsible for executing them. Anything that would usually be stored in a blockchain on another platform — transaction records, contract sources, and digital signatures — can be later verified for authenticity in the associated Notary Cloud service, which is responsible for handling assets and their digital signatures, but is separate and distinct from the blockchain (which increases transaction speed and synchronization times).
Proof Of State
The Universa Nodes primary function is to execute contracts and verify state. Rather than relying on archaic mining techniques that burn clock cycles for no reason, in Universa, permission to create new blocks comes from participation as a licensed node. Therefore, rather than waiting for a new block to be mined, a state change can occur at any time, verified by a trusted actor, and often approved by consensus in less than ten milliseconds even at scale. Each separate contract maintains its own chain of state, so a contract can perform actions asynchronously without blocking or affecting other contracts, and the combined changes of state collectively form a directed acyclical graph (“DAG”) that makes up the blockchain itself.
- Nodes, which together produce Universa Notary Cloud and Universa C-Chains Ledger
- Clients — For PC, Mac, Android and iOS
- Additional services, like Universa crypto-cloud, and side entities, which will provide services via Universa
In general, a Smart Contract in Universa is just executable script data stored in tree structures. It stores any information in the “key-value” format; each key is represented as a globally unique address, and a value can be fixed values, binary executable logic, dynamically executing scripts, or even references to other trees, addresses, and so on, allowing virtually any structure of complex nesting representations.
Scripts in Smart Contracts in Universa are Turing-complete; put simply, that means that scripts can execute other scripts, and contain programmable logic of significant complexity. In some cases, the appropriate logic to perform a certain action and/or management can be too complicated to be expressed as a set of configuration properties — For example, you might want to associate a share with some external data, e.g, the US dollar exchange rate or a set of stock indices that will allow the share to be sold only under certain circumstances. While it’s almost impossible to include provisions for every possible scenario of this kind in the contract specifications, this could easily be achieved by an executable script stored within a contract. The script is a signed, non-changeable part of the contract that can perform any complex and intelligent logic to check complex conditions, enabling certain triggers and perform further respective actions as need
So, in whole, a tree of smart contracts creates a Smart Contract Chain. It represents a set of smart contracts that reference and confirm each other. A C-Chain represents a real-world set of related documents. Features of each new C-chain are defined by their first, brand-new smart contract. But, once again, the blockchain does not store the contracts themselves, just their current status, the body of the contract is stored in other entities, for example — your flash card, or a crypto-cloud. That also means that you can facilitate your smart contracts accounting by any infrastructure, via Amazon servers or in-house hardware, and since its execution is still signed by you and verified by the node accepting the state of the transaction, its results will still be trusted by all actors in the Universa platform.
Smart contracts could include ownership of a real-world object, such as an intellectual property (IP) item included as an attachment, or a contract to purchase some property (usually, another smart contract). Any files can be added inside a contract themselves, or as a signed-verified link (which prevents changing of the file) for large files. Universa client will check the link’s correspondence when executing the SmartContract and after the Notary Cloud will certify the contract and provide a time stamp for it. Maximum size of a contract is 1 GB.
One more important feature of Universa smart contracts is Time Stamp. When a user client has sent the state of a contract to a Universa node, the last one to check and verify that state stores the time when it happened. Since the Notary Cloud executes it within a second, it is possible to understand the exact moment when the contract was verified or rejected by Universa, supporting legal usage of the Universa SmartContracts.
Sometimes you need to have the ability to prove an old status of a smart contract; in case you need to reference a state of a contract at a given point in time, you can create a “marker”. This is a special small smart contract, which proves and stores an old state of a needed contract for 2 years.
The Universa ecosystem is funded by “UTN” tokens, a cryptocurrency asset that is itself represented as a Universa SmartContract. Each UTN is subdivisible to 18 decimal places, allowing for granular trades. For the sake of convenience and everyday use, nicknames exist for fractional UTN tokens as follows :
Pre-Sale and Token Generation Event
Tokens will be initially distributed in 2 stages, schedule below. During the TGE, an Ethereum “ERC20” token will be generated as a placeholder and distributed to participants, so that placeholder tokens can be traded on open exchanges before the Universa blockchain goes live. Participants can choose either to claim their placeholder tokens immediately via distribution to an Ethereum wallet, or to wait to claim their rewards until after the Universa platform is operational. Tokens will be generated and distributed on the main blockchain at the launch of the Universa Platform. Participants from the TGE and Pre-Sale who did not claim placeholder ERC20 “UTN-P” tokens will be distributed their reward UTN directly; the tokens will sit in a “Placeholder Redemption” account, and holders UTN-P will be able to redeem them in exchange for UTN
Ford Further Information, You Can Click :
- Website : UNIVERSA.IO
- Facebook : https://www.facebook.com/Universablockchain/
- Telegram : https://t.me/Uplatform
- WhitePapper : https://universa.io/files/Universa-Whitepaper-v1.0e.pdf
- Twitter : https://twitter.com/Universa_News
- Reddit : https://www.reddit.com/user/Universa_Blockchain/
- ANN Thread : https://bitcointalk.org/index.php?topic=2137898.0
Created By : kiki33
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