Introduction to the Universa Blockchain

From this moment, we’ll provide weekly articles about Universa. From explainers and updates about (business) developments to blogs and community contests. If you want to participate and spread the word, contact @starnold (on Telegram) and see how you could take part in this movement. You can also join our Telegram public chats: English and Russian.

Universa

It has been more than two years since the Universa crowdfunding where $28 million was collected. Since then, a lot of things where developed, of which a lot of them might not be clear and understandable. From the testnet, the mainnet (launched on April 12th 2018) to U8, uBots, UMI and Parsec. There are a lot of components of the Universa Blockchain, which have been developed and are still in development.Not even speaking about use cases, pilots and signed MoA’s and NDA’s. With so many things going on in such a disruptive and innovative industry, it may be hard to keep an eye on all the developments. That’s where Universa today comes in.

Universa today is a platform for a low-level introduction to all that Universa has to offer. Would you like to have some clarifications regarding specific developments, feel free to discuss it with @starnold or @vkovrigin via Telegram.

How does the mainnet work and what is the Crypto Cloud? What can be done with neutrino (micro)payments? The following months you’ll be able to read more about this.

Universa Blockchain

To introduce Universa, it’s good to have a good starting point. The Universa Blockchain is completely different than Bitcoin or Ethereum.

Bitcoin (BTC) is meant as a monetary currency, a peer-to-peer cash system. Ethereum (ETH) is a blockchain for decentralized apps which can be run. Its token is the gas for the network.The Universa Blockchain is also a network for decentralized applications. But it has a completely different approach: it does not run applications, but the blockchain only verifies the particular state of each contract. Where BTC is a currency and ETH is the gas for the network, UTN is different. The Universa TokeN (UTN, or the ERC-20 placeholder – UTNP) is neither designed as a currency nor as gas for the network.

Gas for transactions in Universa are called U (some special units). These can be purchased with UTN and its price is stable: €0,01. This is immensely good for companies, enterprises and governments since it ensures them the costs of using the network. A rising or falling token price does not affect their budget planning.

More interesting is the network itself. The Universa Blockchain is swarm of Directed Acyclic Graphs (DAG), which means it does not have a linear block structure like Bitcoin or Ethereum. Each (traditionally called a) block in the DAG will be verified by the nodes. Each contract has its own DAG. You may see the Universa Blockchain as a universe of DAG’s.

Smart Blockchain

In Universa each transaction is a new smart contract, which is sometimes also called a ‘smart document’. The nodes of the Universa Blockchain only verify the state of these contracts. Once a transaction is finished and done, the state of the original contract changes.

A transaction sounds like a payment with a specific currency. But it can also be a contract that changes ownership or it might be parameters in digital processes that are being executed. A transaction can be much more than only a payment.

If the state of a contract become approved, we call this a revision of the original contract. After this transaction, the ‘old’ contract is not valid anymore, and since it’s not usable it will be considered as revoked. After 15 days, this unusable contract will be ‘forgotten’ by the network and it becomes ‘undefined’.These revisions of the contract are verified by the nodes (and, if everything turns out to be valid) added to the DAG.

Above is just a basic introduction to the Universa Blockchain to show the significant differences compared to e.g. Bitcoin and Ethereum.

The starting point of these series of posts might be a bit unclear. But it’s important to understand the differences between Universa and other existing projects/protocols. It has several unique features which are unique, logically, because of the architecture of the protocol.

Unique features

To understand these fairly unique features and characteristics we have to take a deeper dive into the protocol. In the upcoming series of posts we will elaborate all of them, including:

  • What makes the Universa Blockchain such fast? (revision, PoA, no VM)
  • What makes the Universa Blockchain such cheap? (units, quantitation)
  • What makes the Universa Blockchain such secure? (HashID, capsule smart contracts)
  • What makes the Universa blockchain unique? (compared with PoW, no VM, Turing Completeness, easy to use)
  • Inside the Universa Directed Acyclic Graph
  • Inside the Universa ‘super secure’ smart contracts
  • Inside the Universa Ecosystem (MyDocuments, UniChat, UniPayments, UniID, Daocracy)
  • Universa and its possibilities for B2B (smart factories, tokenizing)
  • Universa and its possibilities for B2G (smart money/cities/govs)
  • Universa and its possibilities for CBDC’s (UDC, interbank settlements, KISS)
  • The Universa Blockchain and Artificial Intelligence (on-chain data, neural networks, verifing instead of executing in practice)
  • The Universa Blockchain and Decentralized Applications (UBots, verification, Ricardian contract, definition/state/transactional)
  • The Universa Blockchain and Parsec (‘decentralization’ and ‘security’)
  • The Universa Blockchain and … (more about infrastructure)
  • … and many more topics.

Stay tuned!

Original

Help translating this post to German French Dutch Italian Spanish Croatian Russian. Contact @starnold to participate!

Related posts

DigitalSugar.io launch in DMCC: inner details

amyodov

Universa Mythbusting. Part 2 – tokens, explained

amyodov

Universa Mythbusting. Part 1 – ICO, TGE, what’s the difference?

amyodov

Identity of Universa (and Ricardian) Smart Contracts

Arnold

Inside a Universa Smart Contract

Arnold

Inside the Universa DAG

Arnold

Asymmetric cryptography in the Universa Blockchain

Arnold

Alexander meets Amsterdam 2020

Arnold

The Digital Migration: Why Universa is the Rail Blazer

kobina

Universa Blockchain use case: tokenized sugar with DMCC and Al Khaleej

Arnold

Leave a Comment