BTCU Ultimatum blockchain tech product update On The Ongoing Testing And Improvements
The BTC Ultimatum (BTCU) team would like to inform the public that the ongoing blockchain audit and cryptographic assessment of the Blockchain Application and its Source Code have been positive. This indicates that the fork date scheduled for Friday, 5th February 2021 remains unchanged. Being a blockchain that combines and expands the functionality of the crypto community’s accomplishments for mass adoption, the team is being circumspect in the final implementations of the technology.
BTC Ultimatum (BTCU) is a next-gen blockchain based on Bitcoin fork. Developed to solve Bitcoin’s excessive energy consumption associated with mining, scalability and transaction anonymity while maintaining all of its useful characteristics. This entails the creation of a new mining algorithm — UPoS (Ultimatum PoS)-, provision of smart contract, implementation of atomic swaps and integration of Ethereum virtual machine (EVM). As blockchain developers, they believe insufficient development and integration of key aspects of blockchain technologies is the missing piece on the issue of mass adoption.
The integration of Ethereum virtual machine (EVM) in the BTCU blockchain will facilitate the implementation of smart contracts on the famous Solidity, which provides enormous opportunities for project tokenization or DeFi implementation. This will allow developers to implement their projects efficiently on the BTCU network and also transfer already ones. Similarly, implementing atomic swap technology natively to the blockchain protocol will allow parties to exchange cryptocurrencies between the BTCU blockchain and other blockchains without intermediaries. This will increase security by doing away with the need to use centralized systems when one wants to exchange one cryptocurrency for another and expand the global possibilities of the technology.
Although Proof of Work (PoW) in Bitcoin guarantees network security, the use of scarce resources such as specialized hardware and electricity makes it inefficient from a resource standpoint. As it compels miners to continuously deploy more resources for mining which makes the process expensive and ecologically unsustainable. This has resulted in efforts to develop similar consensus protocols that are much less resource-intensive like Proof of Stake (PoS).
New consensus algorithms are needed to overcome this barrier and return decentralization as the founding principle of blockchain networks. Therefore, the BTC Ultimatum (BTCU) blockchain combines Leased Proof of Stake (LPoS) with Proof of Authority (PoA) in a new mining algorithm called UPoS (Ultimatum PoS). Leased Proof-of-Stake (LPoS) will enable everyday users without technical expertise to help secure the BTCU network, leasing their BTCU to full nodes without losing control of their coins. This will, in turn, guarantee low fees since there is no need to compensate miners with block rewards for high electricity costs and the use of expensive hardware. The combination of these two algorithms ensures a democratic form of control, improved scalability and low network (energy) maintenance cost.
Like Ethereum, the Bitcoin Ultimatum blockchain supports smart contracts as one of the primary functions for implementing transactions and creating DApp applications. It incorporates a large number of practical applications developed to positively impact all sectors of our everyday activities. Ranging from Loan Tokenization to Rights Management, Supply chain and document flow to Cross-border Payments, and easy access to Patients Medical Records in the health sector.
In manufacturing (i.e. loan tokenization), it will drastically reduce the time, costs and complexity entailed in innovation — the conversion of debts into debentures — by automating key processes and reducing the risk of counterfeiting through blockchain-powered smart contracts.
Accordingly, BTCU will offer fast and honest proof of authorship for literary and artistic works when it comes to right management, through a time-stamped record of work posted to the blockchain. This essentially eliminates uncertainty in the event of a copyright dispute.
Several of the current problems in the media landscape are connected to privacy, royalty payments and piracy of intellectual property. According to studies, the digitization of media has prevented copyright violation of content distributions. Blockchain technology can give the industry the much-needed improvements when it comes to piracy, data rights and payments.
For instance, its ability to prevent digital assets such as mp3 files from existing in multiple places. It can also serve as a platform to share and distribute contents while preserving ownership, making piracy virtually impossible through a transparent ledger system. Additionally, blockchain can maintain data integrity, allowing advertising agencies to target the right customers, and musicians to receive proper royalties for original works.
For Fintech, it offers fast-efficient cross-border payments, cutting the time for global transfers from days to just seconds. The use of BTCU blockchain system also enables greater transparency and the opportunity for banks to securely manage customer data. If transactions on the Bitcoin blockchain takes days during peak loads, the BTCU network will facilitate instant cross-border payments, reducing the time for global transfers to seconds.
The Oil and Gas sector has been witnessing a series of unsystematic peer-to-peer resource supply interaction between suppliers and manufacturers, logistics operators, quality controllers and other participants.
The BTCU blockchain will facilitate the creation of a single information environment for interaction between all participants and the automation of documents as well as exchange processes. Data recorded to the blockchain is timestamped, which means each participant in the supply process has a complete history of transactions sorted chronologically and can be sure that other participants see the exact information. This data is stored in a decentralized system and verified on each blockchain node — i.e. by each participant of the supply process. That will guarantee a single version of «truth» for all participants, faster and easier document flow, and access to an effective dispute resolution tool. Furthermore, the automation of supply processes will help to minimize errors in business
activities.
Blockchains like the BTCU’s have the potential to cover millions of hours of paperwork every year, hold public officials accountable through smart contracts and provide transparency by recording public records of all activities. Blockchain-based voting could improve civic commitment by providing high levels of security and incorruptibility that can allow voting to be done on mobile devices.
To sum it up, BTCU is an entire modern product that has been developed from scratch by carefully considering the limitations and outstanding characteristics of the two most popular cryptocurrencies. That is why the technology underlying it is better than others for mass adoption and has all the prospects of becoming truly global.
For more information, please contact us on support@btcu.io or visit the btcu website at https://btcu.io/
