Ether Universe First App Revealed, May Impact Exchange Markets

In the past few weeks, the Ether Universe project gained much attention among blockchain enthusiasts. Also, a few days ago, media reports were seen when their community members hit 150k. The community size grew to 180k+ rapidly, leaving the majority of blockchain projects behind, among the projects started in one year.

Ether Universe the project initially marketed itself as a universal infrastructure around the concept of “cross-chain”, which has been believed to make a blast in 2018.

Although messages were flooding all the time, it was hard to miss the “rumors” in their community saying that the team was about to develop a sub-project in order to put the infrastructure into the first worthy use case.

We contacted the team in pursuit of a statement. The spokesperson, in reply, confirmed the message and revealed some information of the sub-project. The app, serving as a sub-project or side-project, will mostly look like a wallet app. It was no surprise, since the team spent a lot of paragraphs in their white paper to discuss on asset liquidity over blockchain.

According to screenshots of the source code and documentation of their work-in-progress which we are not authorized to reveal at present, a lot of functionalities which are strongly tied to distinct features provided by the Ether Universe network are being intensively developed, although there is a lot of space for UI improvements.

For now, here are the details we confirmed:

  • The wallet app features synchronous two-way token exchanging, which shall be implemented with the improved smart contract model in Ether Universe.
  • Cryptocurrencies which are not compatible with Ethereum may get case-specific support hence Bitcoin can be supported — like some other wallet apps.
  • A user will be able to transfer EOS tokens to the receipt while spending ETH tokens, or vice versa. The ETH tokens in possession by the user shall be converted to EOS tokens by active traders on Ether Universe network at best available rates. More cryptocurrencies shall be on the list upon release.

However, the feasibility of the following prosprctive features remains to be validated:

  • The transaction verification time (including network delay) shall be shorter than over Ethereum network.
  • The transaction fee shall be cheaper than over Ethereum network.
  •  Bitcoin will be included in the auto-conversion system as well.

Also, we gathered some information of the creators of the project. Speaking of the composition, in comparison with the majority of the top projects in terms of popularity, the number of algorithm specialists in the team may be proven to be insufficient, but more people may join.

Interpretations were made in spite of the complexity of the project. The project presents several innovative features, e.g. BpWG voting model, smart dynamic rebalancing, and subchaining. However, the challenge ahead remains unclear.

The demand of token exchanging has already been well satisfied by exchange markets, although they are centralized and are vulnerable to cyber attacks; people have a tension of regulatory risks in their minds greater than ever before; Ethereum network has become the de facto infrastructure for cryptocurrency affairs without limitation to ICO fundraising. The technology illustrated by Ether Universe may change the status quo, however, he team’s prospect and ability remain to be tested.