NEW YORK, NY / ACCESSWIRE / April 8, 2019 / The world's leading one-stop financial services platform, BitForex, announced their new Turbo optimization platform. BitForex Turbo aims to offer high-quality industry projects by curating blockchain projects with strong values, innovative or pivotal tech, and high potential from, around the globe.
Currently, BitForex, Huobi, and Binance are the only exchanges to offer such programs. In the past year, a large number of ICO projects with no value have been born, which has greatly impacted the confidence of the overall industry and triggered the arbitrary trampling of the market values. Huobi Prime and Binance Launchpad offer the same features as BitForex Turbo. Through careful curation, efforts such as BitForex Turbo can help cut down on industry chaos and negative energy, giving investors confidence and a better way to identify strong potential projects in an over-saturated market.
As a world leader in cryptocurrency exchanges, The first project BitForex is launching through their Turbo initiative will inevitably receive a lot of attention, so it's worth getting familiar with the project. What exactly is UND? What is the problem it solves? What is its core technical architecture and team composition?
Understanding the capital background of UND.
In the second half of 2018, Unification obtained investment and incubation from renowned overseas investment firms Yellow Captial and Gems Captial. Yellow Captial is founded by Alexis Sirkia - former 50% partner at GSR, the famous market making firm behind XRP.
Yellow has taken on UND and is aiming to replicate the XRP success story. In terms of the mainsteam media – they hope UND will causally be referred to as "Bitcoin for Enterprises"
UND's core technical teams are from the world's top companies and have many years of experience in implementing European and American related projects. CEO Neyma Jahan, CPO Maziar Sadri, and CTO Paul Hodgson have worked together for over 10 years on many successful tech products. Previously, team member Mazi Sadri was product manager at Yahoo with over 500 Million users under his watch – a position directly under Brad Garlinghouse, founder of Ripple.
On March 29th, UND CEO Neyma Jahan accepted an exclusive interview with Ian Balina, a well-known digital currency analyst in the United States. Ian Balina is not only the top representative of the US crypto industry, but also the consultant of Nucleus Vision and Pareto Network, as well as the founder of Peer Hustle. In this interview, UND CEO reveals that UND will be the first project of the BitForex Turbo program. So even prior to its selection for BitForex Turbo, UND is a project that has gained a lot of attention on its own merits already.
UND, also known as Unification, according to its official website, will build a blockchain ecosystem that crosses the public and private chains to enhance data standardization and interoperability between enterprise technology stacks.
John Wolpert, former head of IBM blockchain, mentioned at the 2018 Consensus Conference, "I hope that after one year, most people will think that this type of private network or public network is ridiculous." With the continuous development and advancement of blockchain technology, the boundary between the public and private chains is gradually becoming blurred. This is not only a favorable progress in technical performance and cost-effectiveness, but also lays a foundation for building a more practical network overall. UND is not the first project to propose to build such a value network ecosystem.
How is it different from other projects?
From a technical viewpoint, UND is divided into two main components: Mainchain and WRKChain.
The Mainchain is primarily responsible for recording transactions and completing transactions, which is not much different from the common public chains we already have. The task of the UND main chain is to record every transaction that is sent to the main chain and time stamp, while maintaining the balance of the UND and ensuring the transfer transactions between UND users. The UND main chain does not support native smart contracts and is deployed on the project side. This ensures the streamlining and efficiency of the main chain.
WRKChain can be seen as a substitute for DAPPs. It has the DAPP function, developers can build any smart contract and choose their own consensus mechanism. Thanks to the balance of the UND main chain, there's no need to worry about transaction costs and transaction speeds being affected. Compared to developing DAPPs, WRKChain costs are easier to control. In addition, WRKChain can be used in the same way as other chains in the UND value network to expand a broader application scenario.
When we consider whether a blockchain project can be successful, we will study the governance mechanism of the project. The survival and reproduction of any living organism is inseparable from its adaptation to the environment. When the environment is constantly developing and changing, the adaptability to change is particularly important. Therefore, for the research of blockchain projects, the governance mechanism is undoubtedly a highly important issue. It is imperative that the project can show good extensibility through correct incentives.
UND uses distributed equity governance, which is similar to most current systems. The UND main chain will hold elections every 72 hours, with the top 96 nodes in the UND number, and will receive a medal valid for 72 hours. In order to encourage more organizations to participate in the construction of the value network, UND's US technical team set the verification threshold as a simple AWS cloud system setting environment.
During the 72-hour period, the 96 certifier nodes can verify the network, issue block rewards, and “tax”. The taxation standard set by UND is: the verifier performs about 4 verification attempts per minute; if the attempt is successful, the node generates the block according to the graded reward plan, and collects according to the standard of 1 UND / 1 WRKChain / 1 attempt. 100% "network tax". This incentive mechanism is a governance mechanism similar to EOS. Low thresholds and strong incentives will certainly provide a good foundation for the continuation of the development of the UND project.
In conclusion
The UND project is the first project of the BitForex Turbo optimization platform. Its own project value provides a new creative idea for building a blockchain value network. It has laid a good foundation for development with the support of world-renowned investment institutions and top technical teams. In addition, the technical bottom layer and governance mechanism of UND make for a more sustainable development ecosystem.
SOURCE: BitForex