Andriy Saranenko, CTO of BTCU discusses the Significance of the project
Hello everyone, and thank you for your attention. My name is Andriy Saranenko, Chief Technology Officer (CTO) of BTC Ultimatum (BTCU). Before I begin this post, please let me tell you about myself. I am a top tier manager with over three (3) years’ experience in Blockchain and IT development, including product launch and technical support. My expertise spans software development planning and management.
What is BTCU?
BTC Ultimatum (BTCU) is a next-gen blockchain developed by the Prof-it blockchain team to address the fundamental drawbacks of the Bitcoin network. It is an evolutionary change to the network’s enormous energy consumption associated with mining, scalability and transaction anonymity.
The solution we have offered involves creating a new energy-efficient mining algorithm called UPoS (Ultimatum PoS), based on LPoS combined with PoA. Where LPoS is for mining and PoA for validating transactions. Provision of smart contract, implementation of atomic swaps and integration of the Ethereum Virtual Machine (EVM)
Combining the Bitcoin concept with Ethereum capabilities, BTCU provides a decentralized ecosystem for developers to build decentralized applications (Dapps) like DeFi using Solidity on the Ethereum Virtual Machine (EVM) as well as the transfer of existing ones. Similarly, atomic swap technology will introduce interoperability between BTCU and different chains. This will enhance security, data exchange, and ultimately more powerful applications and services that will further the development of the BTCU ecosystem.
We developed the BTCU transaction anonymity by using Zerocoin protocol, which makes it a privacy-enhanced cryptocurrency. To conduct anonymous transactions, we have implemented the zBTCU mechanism to convert BTCU to zBTCU (anonymous coin), in order to allow users to make anonymous transactions on the BTCU network without any third-party applications.
The technology incorporates a number of practical applications to impact every sector of the economic, business and social processes. Stretching from loan tokenization, rights management, supply chain & document flow to cross-border payments, and easy access to patient medical records in the health sector.
The Prof-it team have developed a blockchain that stands out in terms of applicability across multiple industries, including payments, supply chain, retail, and more. Additionally, it provides superior technology by addressing scalability, privacy and security in blockchain systems that usher in a new matrix in solving the long-standing issues of the cryptocurrency community.