ULTRAIN: Blockchain Platform for the Digital Society
Today, there are three technologies at the core of information technology: artificial intelligence, blockchain and Internet of Things. Artificial intelligence makes sense of data to draw valuable insights that inform business decisions. Blockchain is the trust component in the trinity, replacing traditional business contracts and agreements with smart contracts and restoring data integrity. And finally, Internet of Things is the hardware appendage of the smart economy, automating value transfer between devices and the users and devices themselves.
Arguably the youngest of the three, the adoption of blockchain technology is intertwined with its technical development progress. In order to appreciate the long-term success of cryptocurrency, we have to appreciate the hard work that has seen blockchain infrastructure evolve from peer-to-peer currencies to industrial product-ready applications. The common roadblocks faced in the development and application of the blockchain technology are:
📌Throughput- how many transactions per second can be supported
📌Inhibited smart contract performance- current smart contracts are limited in terms of lines of code, short execution time and execution sequence. They also cannot infer which can be very useful in an AI environment.
📌decentralization- public blockchains are more transparent that permissioned blockchains
Ultrain is a Chinese blockchain project, launched on Ethereum, whose vision is to create a robust, secure, decentralized blockchain computing cloud platform that can be able to support large scale business and industrial applications. Developers are able to harness the Ultrain ecosystem which comprises the cloud supercomputer, AI reinforcement platform and blockchain-based Value IoT to develop the next generation decentralized applications for the digital society.
Ultrain’s core design is meant to improve its performance as a blockchain platform and also offer a robust and flexible business ecosystem for the launch of dApps. Artificial intelligence and value IoT protocols are embedded to create an end-to-end ecosystem for product development.
Today, Bitcoin is the most secure and most decentralized computer network to date. The cost of this however, is slow transaction times and a lot of wasted computing power.
Ultrain has developed innovative consensus mechanisms to create an equally secure blockchain as the traditional ones, with 1000 times performance improvement and only 1% of the computing power needed.
R-Pos Common Consensus
Ultrain utilizes a hybrid consensus model combination POS(better throughput and block confirmation time, computational resources not wasted) + VRF(random proposer) + BFT consensus.
Large scale POS and quick consensus are somewhat contradictory. VRF built on top to randomly sample potential block producers.
Once a small number is selected, another algorithm layer is built on top to enable reaching quicker consensus.
Other similar blockchains are Dfinity, Algorand.
✅Completely decentralized, no hierarchy between nodes. In addition, the low barrier to entry for devices acting as nodes increases the decentralization of the Ultrain architecture.
✅Upward scalable- can support more than 1 million nodes and performance can grow with horizontal expansion of the network.
✅Multi-terminal — in addition to nodes offering heavy computing, simple devices like smart phones can also plug in to the network to offer additional computing power.
✅High-performance computing- This is achieved through a tiered blockchain platform consisting of two chains: the main chain and side chains.
Bootstraps the security of the entire system, and offers secondary confirmation of the side chains calculation
Requires a high Transaction per Second(TPS), but can support longer confirmation times
Side chains offer the running environments for dApps launched on Ultrain.
Unlike the main chain, the side chain require shorter faster confirmation times but not high TPS performance.
The overall performance is organized through smart scheduling of computational resources that creates:
· Better ROI for miners
· Cost-effective for developers
This is effective as a cost-sharing measure unlike the Ethereum standard which reduces the earnings by miners because the transaction fee is shared by a lot of nodes, and developers have to foot a larger cost.
Robin Framework for smart contracts
A robust, developer-friendly smart contract framework operating on Typescript allowing developers an opportunity to create smart contract in a limitless environment. There are no limitations on code length and more complex smart contracts(cross consensus and multi-layered) can be written. This makes it suitable to support complex business applications.
Ultrain proposes a flexible dual token system.
To be able to access the computing power and run smart contracts on the Ultrain network, dApps have to part with a fee that is payable in UGas tokens
Each dApp can be able to issue their tokens with unique business model, and unique consensus mechanisms(POW, POS, DPOS etc) according to the UToken standard, the standard for dApps issuing tokens for their own ecosystems.
Unlike Ethereum, the most popular platform today, Ultrain affords developers flexibility to token issuance that can be customized depending on preference and utility.
Multi-tiered into technical consensus, business consensus and network governance based on democratic voting
To support diversity in opinion, that leads to software forks, the Ultrain network has enabled governance through democratic voting.
Business consensus/Mutually Confirmed Consensus Building Mechanism
Utilizes the positive effects of the negative capability of differing parties.
Common/relatable decisions are made open, encouraging both to embrace more possibilities. Useful concepts can be shared between the parties freely for revision and reuse. This can allow useful construction of the ecosystem to proceed
Network governance is implemented to effect the technical and business consensus with more weight placed on changes that encourage ecosystem growth. Smart contracts enable the deployment of reached decisions.
The voting is done autocratically by the AI governance model with UGas used for the voting process.To incentivize responsible voting behavior, a reward and punishment system is established that maintains a credit reputation for each voting account. Malpractices lead to lower credit reputation ratings.
The computing power on the Ultrain network is used to run the in-house developed reinforcement learning training and operation platform. This can be used to inform the web dapps that can be deployed on the Ultrain network siphoning much of the traffic that is now the reserve of usual suspects like Amazon, Google, Facebook and so on.
In addition, developers can be able to deploy their own AI models that can infer with the reinforcement learning platform.
The Ultrain AI platform is more trustworthy, because it is run on chain, it cannot be tampered with. In addition, the public is incentivized to provide data for machine learning, creating a repository of well-informed AI models. Reinforcement learning is carried out autonomously trained by the data contributed by the network users.
Blockchain Value IoT
Value transmission between interconnected IoT devices is reinforced through blockchain’s self-governance and self-organization. Compatibility of new devices is encoded at the firmware level to ease the integration of as many IoT devices, enabling them to enjoy a trustless, blockchain value framework.
Universal requirements for dApps will be created onchain to enable a functional easy-to-work with base layer. These are repositories of commonly used application components that are recurrent in various applications. Examples of shared requirements include: identity authentication, credit system, asset mapping, zero-knowledge proof and prediction markets. Developers can develop more cross-application utilities on the main chain to improve the quality of the development ecosystem.
Ultrain is built on Ethereum but will migrate to their own blockchain in April 2019.
Ultrain’s ambitious project is not too far off for individuals interested in the project.
Current statistics for Ultrain’s network in testnet conditions are:
✅10s confirmation time
These numbers easily make Ultrain one of the best performing blockchains today.
The internal test network was launched in March 2018 and the public beta network at the end of June. In September Ultrain will launch the first working enterprise cloud based on blockchain technology ahead of the mainnet launch in April 2019.
Ultrain has sold 10% of its tokens to private investors such as DraperDragon, Sky9 Capital, FBG Capital, Ceyuan Venture, 8 Decimal Capital, ANMI, NGC Capital, Arrington XPR Capital, CPC Capital, Noris Capital and many more, raising $20 million.
50% of tokens will be dedicated to mining.
Ultrain has an all-star team that brings the best in technical pedigree and business acumen. Some of the team members have previously worked in Alibaba including the Co-founder and CEO Ray Guo and Co-founder and CTO William Li. The Chief Architect, Yushen Feng has experience having worked in development of Google Chrome OS, and tinkering with blockchain technology since 2013.
For more information on Ultrain, follow the following important links: