CSP DAO Project Review: Unique
Unique Network Blockchain is an extension within the Polka Dot ecosystem that aims at establishing new foundations and standards for NFT based platforms. Unique Chain is developed in order to motivate the developers in the NFT domain for developing more unique and innovative ideas while providing them with the ease similar to that of Ethereum. The core components of the platforms are
- NFT Pallet
- Ink! Smart Contracts
- EVM/Ethereum Smart Contracts
NFT Pallet serves the same purpose as an ERC721, which is a standard for the formation of Non Fungible Tokens. It provides a base for creating, collecting, minting tokens, managing their ownership, and much more. The smart contracts functionality is included to handle any application logic that is unknown at the time of chain design.
The Unique Network includes multiple authorization levels, economic models that enable freemium application marketing, miscellaneous administration options, advanced spam protection, contract ownership, and option to pay gas through NFTs. With added Application Layer Protocol it is aiming to surround a broad range NFT based application development. With its App Promotion Program, it is motivating developers and token holders to join the Unique Network. Through this program they would get multiple incentives that could serve as a main growth factor for their new softwares, e.g the payment of a whole year’s gas fee by the Unique Network itself.
The network right now runs on Proof of Authority but aims at shifting to Polkadot in future. It is again a great thing to know that the CEO of the project, Alexander Mitrovich, addressed the Polkadot Decoded event on May 19–20, 2021. It is great to see such engaging and motivated teams in the domain.
Privacy and Ownership
From Collection Management to Spam protection and ownership management, Unique Chain offers a panoramic hallmark for the privacy needs and usability options. Ownership is one of the core and most important features to any NFT. It refers to exclusive rights and control of an entity over a property or thing. The Unique Network protocol allows creating this link between unique items (NFTs) and the owner address, and also allows to transfer the rights to another owner.
In order to preserve the decentralized and trustless operation of NFTs, the smart contract functionality is included in the Unique chain so that application developers can implement their custom logic while exercising their user’s ownership rights over NFTs on the same blockchain.
Other than their specific efforts at ensuring the privacy an =d ownership of the NFTs, Unique Chain is going one step ahead by introducing multiple layers of spam protection. Several techniques have been applied to ensure the security of the network and transactions. The Network applies rate limits to sponsored transactions to NFT token, that is it can only be transferred one time per an interval of time. With smart contracts however, this becomes a little more challenging thus a second layer of protection was added by the team which they term as Whitelist, which would ensure that the transaction is being made within authenticated users.
Unique Token is the native token of the Unique Network. The network and tokens are initially governed by PoA consensus until it becomes Kusama and/or Polkadot parachain. After which they will be shifting to Relay chain consensus, as every Polkadot parachain does. The token is used for several purposes including
- Transaction rate limiting and DDoS protection in form of transaction fees
- Network Services
- Smart contracts storage rent
- Advanced features of the network
- In-app payments through payable smart contract methods
- App promotion program
- Paid Rate Limits
Other than Unique Token as a usable entity, Unique Chain is also becoming a pioneer for making payments possible through NFTs. This is one of the really exciting features about the project as it is introducing diversity in the payment method.
The Substrapunks was a game welcomed by the crypto community and it gained much popularity over a small period of time. The 10,000 NFT characters were all claimed in a few days and shortly after peer-to-peer trading began for valuable assets such as ETH and KSM. A quick decision to build an on-chain marketplace PoC was made to facilitate safe trading, explore the possible dApp architectures, experiment with miscellaneous types of loads, and discover and overcome possible problems in a developer-friendly environment.
The marketplace was launched in November 2020 and functions continuously since then. As of March 2021, the total amount of sales reached over 3200 KSM (1,300,000 USD) with the average NFT sales price of approximately 2.22 KSM, and last week average price of 5.09 KSM which calculates to market capitalization of SubstraPunks of roughly 20,000,000 USD.
Roadmap and RnD
The team is motivated to bring about a change in the NFT world and is trying day and night to bring about revolutions. Their future roadmaps and concepts seem amazing with some very interesting features we might see in the future.
Some of the future concepts include addition of a NFT Marketplace, Advanced Spam Protection, Interoperability of the network with Ethereum, Enabling NFT Exchanges and auctions.
Talking of team, the founder and CEO himself was a part of Luxoft. He has over 20 years of experience in the IT field and knows well the ups and down of how to run successful platforms. Another notable member would be the leader of the technical team — the CTO. The company has a very well deserved CTO with over 10 years of experience.
Rest of the team as well is experienced in the respective departments with 5+ years of experiences, it could thus be said that the project is in excellent hands.
Other than having an amazing team, the Unique Chain were lucky enough to have some of the best advising services to take the project to the heights of success. From having a full support from the Outlier Ventures; which is a huge name in the industry since 2013 to having enlightenments from Sebastian (SandBox), Kyle (Master Ventures/PAID) and Marcin (NEufund), the project has got the best advisory services one can bet for.
The Polka Dot Decoded Event
Unique Network is proud to announce that CEO Alexander Mitrovich was among the speakers of the biggest Polkadot event of the year. Polkadot Decoded 2021 also featured 40 other top global innovators and decision makers providing insights on the biggest topics in the Polkadot ecosystem and the broader blockchain space. The event was a hotspot for topics ranging from parachains to NFTs, DeFi, IoT, identity, privacy etc. This event was the 2nd edition of the ‘Polkadot Decoded’, having concluded its first edition last year with a huge success.
Official Telegram: https://unique.network/
Official GitHub: https://github.com/usetech-llc
Official Website: https://unique.network/
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