Very few ICO have generated more hype and prerelease demand than Universa, the new block-chain project that is aimed to improve on the current infrastructure that is provided by either the Bitcoin or the Etheruem. It will give easy to product smart contracts system. In practice Universa will attempt to become more than just an ecosystem for cryptocurrency payments and tokens. This crypto-currency promises to provide a next generation blockchain platform that uses contract execution technology and a distributed ledger. These improvements are intended to promote the widespread use of technology in all sectors of a society
The PR states: “Where traditional blockchains transact primarily in currencies, Universa is designed to
support token representation of everything from passports to boarding passes, bus tickets or taxi fares; they can be gift cards, vouchers, or gym membership cards. You might make a token representing your title deed, or just the keys to the house. (Whitepaper)”
The platform aims to “implement the most common entity in every business process: a set of referenced contacts, signed and stamped documents, without any of the numerous drawbacks found in other bitcoin-style token-based solutions.”
The developers of Unversa has described the platform as a thin protocol opposed to the fat client that is already being offered by other cryptocurrencies. Every change of contract is recorded in a separate ledger called c-chain while existing protocol stacks block on a single ledger hampering the efficiency.
The platform of Universa will help business create applications based on a better and efficient blockchain. Eventually it will reduce transactions costs, increase transaction speeds and maintain liquidity over the network. It will serve as a new gateway for services that will include electronic documents supported by smart contracts. This protocol promises a platform which will be reliable and reduce transaction costs. The success of this platform will trigger an entire community of block-chain developers as it can be used as a groundwork to develop better technology.