Polina is an undergraduate student at Belarusian State Economic University (BSEU) where she is studying at the faculty of International Business Communication for a degree specializing in Intercultural Communication. In her spare time she enjoys drawing, music and travelling.
Designed to replace paper documents and streamline business workflow, the new blockchain platform offers some major benefits if compared to ethereum and bitcoin.
Universa, a next-generation blockchain cryptoprotocol created by VentureClub founder and technology investor Alexander Borodich, has launched a pre-ICO on Monday.
Borodich, who compares the creation of Universa to the introduction of Internet, has recently announced the company’s intention to raise more than $100 million during the upcoming ICO.
Unlike bitcoin and ethereum blockchains, Universa is much faster, cheaper, and safer platform, allowing users to create smart contracts and apps via its system.
- Universa offers a next-generation blockchain technology.
Universa was initially designed as a distributed system for running smart contracts, not as a digital currency provider. Unlike other blockchains, the platform doesn’t depend on mining process, what significantly reduces the cost of transactions and accelerates their speed. Meantime, the consensus algorithm, which requires the consent of 91% of nodes, offers the same level of trust as the existing protocols and totally eliminates the risk of fraud.
- Universa is much faster than bitcoin blockchain.
All transactions and smart contracts submitted onto the network are authorized by Universa nodes. The absence of mining, as well as its architecture with a highly developed language of smart contracts has tremendously increased the performance of the system. Universa is now capable of making 10,000 transactions per second, while ethereum can handle 15, and bitcoin – up to 6.
- Transaction cost in Universais much lower than in bitcoin.
The platform’s key difference from bitcoin and ethreum is that it allows users to conduct more transactions at a cheaper price. Bitcoin, meantime, is not suitable for making microtransactions because of the higher fees. It is unreasonable for a business to spend $3,5 for a small transaction that is processed within ten minutes.
- There is a wide range of use cases for Universa smart contracts in real business.
Smart contracts in the Universa protocol can be used for developing all types of apps that can be applied in transportation, IoT, smart home, hotel, gas stations and other areas. The technology associates the acquired item with the customer and can be used as an electronic key. The system enables smart items to work together and offers a tool for managing users’ rights without Internet.
In a smart home, for instance, it associates home with its owner and visitors, allowing users to manage their rights and hand those rights to other users. Customers can use their smartphones as a transmitter at parking lots or gas stations. When nearing gates, a user gets an inquiry to a phone connected to the Internet, the phone checks the coordinates, and then verifies the payment.
- Universa is real “smart money”.
While bitcoin blockchain is limited by wallets and ethereum smart contracts operate with a limited set of metadata, Universa allows to create and send any of the existing currencies, including new ones, via its smart contracts.
The platform can benefit services that accept input electronic documents, such as electronic money, intellectual property, obligations, excises, bids on auctions, id or electronic passports. It creates standard output documents based on the provisions of smart contracts.
With Universa, it will be much cheaper to move to e-commerce. Users will be able to easily purchase electronic goods from individuals, offer loans, trade securities and other financial assets. By using the platform, legal entities will be able to work with tenders, customs declarations, auctions, and transaction passports.
Blockchain apps and smart contracts on the Universa platform can be used to easily automatize almost any operations and processes.