The blockchain is set to be the most important innovation of the 21st century.
With Bitcoin and Ethereum, individuals can finally have digital currencies that are not only capable of replacing traditional money, but also utilize the benefits of the blockchain in many programs and applications.
There are, however, several problems with current blockchains.
Bitcoin and Ethereum both suffered massive delays in transaction times during peak periods, with Bitcoin famously splitting its coin after a bleak timeline where transactions would take more than several days to process.
While Ethereum fared better during blockchain congestions, it still has the issue of high transaction costs like Bitcoin which goes against the very nature of cryptocurrencies to be a means of making payments with low fees.
With all of these problems, what would be the best course of action to resolve this situation?
Universa is set to introduce a revolutionary blockchain technology to solve the issues mentioned above.
Universa is designed to improve on Bitcoin and Ethereum’s technologies by improving on their weaknesses as well as pushing for adoption by businesses in addition to improving smart contracts and the tokenization process.
Blockchains today work in tandem with cryptocurrencies but Universa wants to change that by making the blockchain more accessible and practical to the public.
The platform will support the tokenization of anything such as passports, taxi fares, gym memberships, or even your house keys!
Aside from making smart contracts work even quicker (and smarter) in Universa, the platform wants to get rid of mining which wastes a lot of energy to process transactions.
Like Ethereum, the Universa platform also works similarly in a sense that other cryptocurrencies can be built on the Universa blockchain without any problems.
If the introduction of Bitcoin to the world is akin to the discovery of gold, then Universa can be referred to as the introduction of paper money to the market.
Traditional blockchains work by recording everything that happens (transactions, etc.) on a trustless ledger. Universa improves on that by increasing the speed and usability of the blockchain with a protocol that is tiny in size, but heavy on logic.
As Universa is aimed towards business adoption, it would be risky to rely on untrusted nodes from the public which is the current standard with blockchains.
Instead, nodes in the Universa platform are owned and operated by trusted partners who must be licensed and authorized by the Universa Corporation. These partners are trained and verified to ensure that they deliver the best performance for the nodes in the platform.
A significant change introduced in Universa is the lack of mining. Mining is the process of adding and verifying transactions on the blockchain but this process consumes gigawatts of power per hour which is incredibly energy inefficient.
Instead of mining, all nodes in the Universa blockchain are incentivized via transaction fees as rewards for their participation in the validation and execution of Universa’s smart contracts.
Since mining is unnecessary in Universa, the amount of work placed on systems on the platform is reduced only to mission-critical data handling and contract executions which do not require powerful or expensive hardware to run.
Sensitive business data is also valued very highly in Universa as it is encrypted and regulated by strict organizational security practices (ISO 27001, 27002); these benefits enterprises greatly as they will be able to trust the blockchain with sensitive and private business processes.
1.Universa introduces a new technology to current blockchain practices
Universa is not designed to be a cryptocurrency but instead a more polished system for executing smart contracts on the blockchain.
As mentioned earlier, the Universa platform does not need mining to process transactions which results in faster transaction speeds and lower costs while still maintaining the same level of trust and reliability in current blockchains.
2.Universa processes transactions extremely fast
Removing the mining process from the blockchain allows transactions in Universa to be processed 1000x faster than transactions on the Bitcoin blockchain.
Instead, Universa’s blockchain protocol is powered by the advanced logical implementation of smart contracts.
This innovation makes it possible for up to 20,000 transactions per seconds (TPS) to happen on Universa’s network nodes.
3.You don’t have to worry about paying expensive fees
When the network in Bitcoin is congested, transactions become expensively quickly which makes no sense economically to users. For instance, users were paying up to $5 in fees for transactions worth a few cents during the 2017 Bitcoin network congestion.
Since Universa can process up to 20,000 TPS, users do not have to worry about expensive fees as the network is extremely unlikely to get congested.
4.Even smarter smart contracts
Smart contracts are improved tremendously in Universa which makes it suitable for businesses of any size. They are also improved usability-wise to allow businesses to use smart contracts in just about any situation.
Some example use cases include:
- Creating unified smart keys for gyms, spas, or hotel. Universa’s smart contracts can create a unified blockchain-based system for businesses where facilities such as lockers, spas or fitness cards, and even vending machines purchases. This would increase efficiency within the premises of the business while reducing operational costs because of integrating everything into one system.
- Integrating with IoT. Universa’s smart contracts allow purchased items to be associated automatically with the consumer. The platform also enables smart objects to work together as well as providing a simple mechanism for managing rights of different users.
- Improving the logistics industry. Processes in logistics can be improved with Universa by implementing things such as smart RFID seals to improve delivery tracking or by integrating smart contracts with QR codes to automatically execute processes when the code is scanned.
Universa will launch a token sale for the UTN token, an Ethereum ERC-20 token on the 28th of October.
The exchange rate of the token sale will be 0.01 USD = 1 UTN with a minimum purchase amount of $10.
There is not set target funding but the UTN token sale will have a maximum funding limit of $99 million which is equivalent to 9.9 billion UTN.
To participate in the token sale or learn more about the project, click here to head over to Universa’s homepage.