To ensure that the Blockchain network is sustainable, it has to see several updates and innovations and that is what Universa is all about. Universa is potentially a new generation blockchain protocol, which has every potential to become a significant landmark in the development of the blockchain industry. Alexander Borodich, a well-known authority on crypto investments and a creator of the 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.”
This may all sound super advanced but in its most basic form, Universa is a fast production ready blockchain with advanced smart contracts that makes carrying out transactions over the Blockchain network super-fast and super-easy. This has been the key solution that businesses look forward to as they make the transition to blockchain technology; as well as data security and network reliability. Universa works by simplifying the transition process, which it does by storing confidential information only where it will actually be used, verifying transactions as a separate service and ensuring that all incoming data is 100% exact. By using Universa, any supplier or market based company can offer their services through Universa and execute payment transactions in any type of token or fiat currencies. The Universa smart contracts platform can be applied to programming both intracompany and public applications.
It is a well-known fact that In order for a new platform to be widely used, it should offer brand new functionality. Well, in Universa's case it offers access to large amounts of processed transactions; up to 20.000 per second. To put this in perspective, Universa is 666 times faster than Ethereum and 1000 times faster than Bitcoin. Universa is also based on a simple protocol which it uses in creating its own applications and has a high data transfer rate. The team behind Universa project aims to digitalize the entire paper workflow by utilizing blockchain technology and a decentralized system of smart contracts targeting the real economy sector. Currently, Universa digital asset is clocked at 60 times faster than Ethereum, not to mention Bitcoin, which allows for Universa's extensive use.
To achieve the goals of building a radical new system, Universa's developers had to completely abandon the concept of traditional mining. This way the primary distribution of tokens would be placed through the ICO and website registration bonus. The developers also added paid transactions to the protocol. This is to ensure that the tokens are always in demand on the market and are constantly growing in price with the popularity of the platform, meaning that every transaction will be charged with a small fee in UTN. It is estimated that Universa transactions will be 100 times cheaper than Bitcoin transactions.
- The system features high speed transactions, potentially 1000x faster than Bitcoin and low fixed fees, about 100x cheaper. This will attract more people to this new platform.
- Universa was developed by an experienced team that successfully allocated funds for both development and promotion of the project to help more people to get to know about Universa.
- The Directed Acyclical Graph, on which Universa is based, is a proven technology, used by other big companies, such as IOTA and RaiBlocks.
- Smart contract chains can be created on Universa platform. These smart contracts can be implemented in almost all business fields. These contracts can be applied to programming both intracompany applications and public ones.
Essentially, Universa is an infrastructural project, which will potentially serve as the bedrock for more future projects that wish to put their tokens and functionality on a revolutionary type of platform. It is expected that Universa, due to their difference in approaching the blockchain design, will be an attractive option for such projects that need fast throughputs, instant state changes, crowdsourcing appeal and high transactions per second.