What is Universa (UTN)?
Universa (UTN) is the new generation blockchain platform for businesses adoption, released first in August 2017 by the Russian- Lithuanian team. The revolutionary platform aims to solve some of the main issues currently facing the Bitcoin and Ethereum network. Universa focuses on tokenization and contractual agreements. Tokens created on Universa do not just represent digital currencies, but any asset on the blockchain: such as passports, vouchers, boarding passes, membership cards and so on.
Universa solves the scalability and speed issues of other blockchain structures by creating and maintaining a directed graph of the verifiable hashes of the output of all actions. Instead of stacking blocks in a single ledger, each change in a contract is applied as a separate contract C-chain to the previous chain. The outcome is vectorized and hashed- this way only a signed signature of each side chain gets updated as the new status of the old chain. Still, each side chain keeps its own history, and any node with the history of changes can re-run the transactions and verify the outcome.
Nodes in the Universa system are licensed and authorized, specifically trained and audited, and guarantee availability speed and security. Nodes are rewarded from the transaction fees in validating and executing contracts. The Universa cloud takes care of data handling and contract execution. Sensitive business data is stored encrypted, so enterprises can fully trust their data on Universa’s blockchain. The Universa chain can handle 20.000 TPS and approves with a 90% consensus mechanism. Universa introduces scripts in smart contracts that contain the programmable logic of significant complexity. This creates safer and smarter contracts on the blockchain.
Their UTN coin is 1000 times faster, 100x cheaper than Bitcoin with fixed transaction cost and no scalability issues. During the ICO they have sold UTNP ERC 20 based tokens, and users are to convert them to UTN tokens on the main net.
This creates a network, which is fast, with smart functions, client-friendly and low in costs.
Partnerships and Beta Products Since ICO End
Since the end of the ICO on 27th November 2017, have had a lot going on. They are frequent guests at conferences, have built partnerships, and perfected their product.
- Mainnet launched in April
- Exchange of UTNP tokens to UTN
- Updates to the Uniclient, Node, WebClient
- 3 use cases: Company Register at liberland.ltd, DRM and Notary at attesta.co, trust and reputation platform on socialscore.co
- According to their 100-day plan they will be launching shortly:
- Universa Chatle- a messenger for assets and smart contracts
- Universa Wallet launch
- UxChange- Universa public exchange
Conferences, Partnerships and Negotiations:
- By the beginning of August 2 big new contracts signed, and 167 potential clients in the sales pipeline
- Attended 13 big conferences and other high-level meetings in 14 countries
- Negotiation with Micron on joint development of RFID tags with Universa verification
- Aeroclub- discussion to launch a solution to control airline tickets
- Launched Territory of innovations at the Eastern Economic Forum
ICO Results, Info, News
The ICO took place from 27th October 2017 till 27th November 2017, raising a total of 28.8 million USD, selling the tokens for $0.01USD. The token is Ethereum based in ERC-20 format, and they are exchanging at this moment for the Universa based UTN utility token.
Tokens are traded on Bitfinex, Ethfinex, CobinHood, LiveCoin, Coinbene.
Although the value of the token can be seen declining, currently at 0.004876, this can be due to the exchange to UTN. The main net has been also launched recently, so with growing use cases, Universa can grow in value.
Community Around Universa
- Telegram: 5.7K Members;
- Twitter: 11.4K Members;
- Facebook: 39.4K People Follow It.
- Reddit: 400 Subscribers;
- Youtube: 1.3 Followers.
In recent news we can see:
- 100-day report on 5th August and 100-day plan
- Coinspeaker marking Universa as one of the blockchain companies as surviving technology
- Video of the discussion of cooperation between Universa and the Republic of Udmurt
- Solving problems of our current economy: Universa on CoinSpeaker
The most obvious competition of Universa is the wide variety of blockchain development platforms:
- Ethereum– most common development platform for dApps, well-known scalability issues
- Bitcoin– first blockchain application, expensive mining, scalability issues
- Waves– decentralized exchange, wallet, low transaction fees
- Nem– ease of use via any programming language, deep customization, a wide variety of API gateways
- Hyperledger– primarily for developing enterprise blockchain, open source blockchains, and related tools
- NEO– blockchain development project from China with a huge community
- Komodo– development platform and dApp launch platform, with highly effective crypto exchange
- And many more…
Although there is a huge competition in the market of development platforms, there is a rising interest from companies to apply blockchain. Each of these technologies have fundamental differences; their long-term success will depend on their ability to build solutions to real user problems and to form strong collaborations.
The leadership team of Universa consists of 4 main figures:
The most significant and very public figure is the CEO Alexander Borodich. He has been a long-time investor in blockchain ventures as Shapeshift, Unocoin, and BitAccess. He is a founder of the #1 crowd investing platform in Russia. He is also the director of the blockchain education program at the Plekhanov University of Economics.
Clearly, Borodich brings a lot of valuable business connections to Universa and drives the company’s success through his public figure. He was invited to several conferences as keynote speaker and establishes connections throughout the Eastern Economy.
The team consists of 37 other team members. To see all of them, visit their website!
- Effective, safe, working product +2
- Powerful CEO +2
- Focus on the huge Russian and Eastern market +2
- Limited use cases so far -0.5
- Staggering token value -0.5
- Huge competitive scene -1
Considerations About What We Have Seen
The platform of Universa perfectly targets the current pain points of blockchain in the business world– such as security, backfiring smart contracts, and slow transaction speed with high costs.
Further than the product, what is truly remarkable is the work of Mr. Borodich– bringing extensive experience from the startup world, he seems to be well-connected, and maximizing his social influence for the success of Universa. Wisely, their main target is their home base in Russia, and neighboring markets, where they know business needs, and can leverage on the value of being a local company and service.
Their development team is busy pushing out development and improving the main net, API services, the client and so on. The service has been live for 6 months, and at this moment 3 use cases have been made public. This might not seem like a lot, but with frequent business sales discussion more might be coming in the pipeline.
The token value has been staggering since it hit the exchanges, the listed UTNP token has also been exchanged to the native UTN token of the network. According to Universa, the UTNP token will be kept for trading purposes, and the decline might mark staggering belief in the platform’s success.
There is a wide-array of blockchain platforms out there, with bigger-smaller differences, open source or not, faster, safer, more flexible and so on. I do believe, however, that Universa offers a great service for blockchain within business use and is in a great position to spread blockchain use in Russian and the Eastern markets.
- Website: https://universa.io/
- Telegram: https://t.me/universa
- Twitter: https://twitter.com/universa_news?lang=en
- Facebook: https://www.facebook.com/Universablockchain/
- Reddit: https://www.reddit.com/r/universa/
- LinkedIn: https://www.linkedin.com/company/universa-blockchain/
- Youtube: https://www.youtube.com/channel/UCUdPzjLF3LabSdETU_QI8yg
By Barbora Juhaszova