UNIVERSA Blockchain Protocol for Business
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 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 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.
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.
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
It will be possible to implement all of the above mentioned and many other ways of Universa smart contracts applications, in the nearest future.
The Universa platform significantly simplifies the transaction processes in the field of e-commerce. It will make it possible to accept payments in any currency in automated mode in any currency in automatic mode and formalize the transaction document with a smart contract on the spot. Along with everything else, Universa will simplify the process of applying for loans in the Internet, electronic currency exchange, and filling in customs declarations to a great extent.
There is no doubt that Universa will soon become one of the key blockchain platforms and will be widely present in different business spheres. Alexander Borodich is very open about his ambitious plan to attract at least $ 100 million during ICO. Today, Borodich, the former Mail.ru Group top manager, is the most active venture investor in Russia and the founder of Venture Club crowd investment platform.
Each smart contract comes in a heavily protected, packed representation, the capsule, signed by at least one party (the owner) and optionally by any number of other parties; the capsule contains an unencrypted public, and optionally an encrypted private part, with multiple-key access. For example, the contract owner may not have access to the encrypted part, and several other parties may independently have access.
Each capsule has a unique ID, by which the notary cloud can confirm and revoke its approval of the respective contract. A capsule approved by the notary cloud contains a smart contract, valid for all purposes declared in its public part.
A party that has the necessary rights (e.g. keys) to perform one or more valid actions under the respective contract can perform those and validate the results, e.g., transfer some e-currency from one owner to another, vote with a public or privileged share, receive dividends, or do virtually anything else.
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