Universa offers users the cheapest, fastest and most secure way to create smart contracts and applications based on its blockchain.
Alexander Borodich, the creator of the Universa blockchain platform, made public their intention to attract over $100 million during the upcoming ICO when participating at the Crypto Bazar forum.
According to the company’s press-release, Universa’s team claim that the platform is expected to become a competitor to such financially successful projects as Tezos ($230 million) and EOS ($200 million). Moreover, according to Mr. Borodich, the creation of Universa can be compared to the revolution in trade, connected with the advent of paper money, or even to the introduction of the Internet.
As a blockchain platform, Universa differs much from its competitors.
First of all, the Universa’s unique feature is a thin protocol and a fat client, unlike fat protocol used by Ethereum.
Seconly, each market player will be able to provide their own local service within Universa independently, as well as have the possibility to use any tokens or currencies they wish to perform payment transactions.
Also, Universa does not act as a cryptocurrency provider. It provides a blockchain technology and interface to enable its users to create smart contracts and applications based on the Universa blockchain.
The team behind Universa sees Blockchains as broken ones. They reason their point of view operating with following assertions:
- Bitcoin and Ethereum blockchains are slow and expensive;
- Cost of transactions is high;
- Speed of transactions is low;
- Bloat is huge;
- Non-zero knowledge wallets for each transaction are required.
In contrast, Universa, according to its white paper, offers:
- Simple protocol for creating apps and blockchains;
- Enormously low cost of transactions (transactions in Universa are expected to be ten times cheaper and do not depend on mining);
- High speed of transactions (Universa’s speed accounts for 10,000 transactions per second, while Etherium for 15, and Bitcoin – from three to six);
- Absence of bloat problem;
- Liquidity and smart contracts on Blockchain.
“The dependence of blockchain on mining process and its high expenses resembles the dependence of gold coins on the price of gold,” said Mr. Borodich. “Universa offers an easy and cheap way to produce smart contracts or smart banknotes – sort of a capsule with an emitter’s payment obligation.”
Universa Blockchain can be used during ownership transfer, or act as an electronic key and verifier when signing a contract. Universa’s developers claim that the platform will be not only faster, but also safer than Bitcoin, due to its cryptoprotection system. All the transactions will be carried out without creation of wallet, thus each participant will be able store the documents in the form of a capsule anywhere, copying them to any storage device and sending it everyhow via the network. Universa is also to create special protected communication system for the deals’ discussion.
To make it more clear, lets use an example of applying Universa in the cargo delivery business given by Mr. Borodich : “The label on the RFID system (the method of automatic object identification, which uses radio signals to read or write data) equipped “smart seals” is recognized by the terminal, and the user receives the cargo description, as well as any necessary details. To accomplish this, one only needs a Smartphone with a Universa blockchain mobile node.”
The start of the Universa’s ICO will be announced in the near future.