cryptowedding: UDAP

The real essence of blockchain and cryptocurrency is to distribute decision-making powers from central authorities and big powerhouses through decentralization. One of the more interesting features of cryptocurrency is that it can't be controlled by any middlemen or authorities. On platforms like Bitcoin network where the framework is peer to peer, the transfer of real value does not require the contribution of any central power, since exchanges are approved by a distributed set of miners that exist on the system. Sadly the concept of decentralization which exists as the basis of cryptocurrency has not been completely adopted in cryptocurrency exchanges. Majority of popular exchanges with massive trading volumes are designed on centralized framework rather than on decentralized framework.

While blockchain technology has been remarkable for business and administration because of the level of transparency and security, it is still up to cryptocurrency exchanges and their clients to protect important information and assets

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UDAP, a Unіvеrѕаl Dесеntrаlіzеd Aѕѕеt Plаtfоrm, іѕ a blосkсhаіn mіddlеwаrе thаt provides Restful APIs аnd аn 'Asset Wallet' for application dеvеlореrѕ to сrеаtе powerful blockchain bаѕеd аррlісаtіоnѕ wіthоut writing any smart contracts. It'ѕ a 'layer two' ѕоlutіоn tо non-fungible аѕѕеtѕ tо ѕіmрlіfу аnd ассеlеrаtе blockchain application development.

As Satoshi Nakamoto writes, they are needed to enable “electronic transactions without relying on trust.” A complete, immutable public record of transactions is not a design goal in cryptocurrencies (Nakamoto, 2008). Nakamoto wrote that “To accomplish this without a trusted party, transactions must be publicly announced.” (Dai, 1998). Blockchain promises to solve this problem. The technology at the heart of bitcoin and other virtual currencies, blockchain is an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way.

The ledger itself can also be programmed to trigger transactions automatically. Bitcoin is one of the best samples but has some disadvantages. Those are Turing incompleteness, value blindness and verification time. Turing incompleteness is simply the inability to use the while and for statements. The bitcoin also has a script, but it is equipped with an OPCODE that can execute only a simple command.

OVERVIEW OF UDAP

UDAP, a Universal Decentralized Asset Platform, is a blockchain middleware that provides Restful APIs and an ‘Asset Wallet’ for application developers to create powerful blockchain-based applications without writing any smart contracts. It’s a ‘layer two’ solution to non-fungible assets to simplify and accelerate blockchain application development.

UDAP is a blockchain-based asset protocol that sits between applications and public blockchains to provide Restful APIs and an “Asset Wallet” for application developers to create powerful blockchain-based applications without writing any smart contracts.

In what we call an “Asset Oriented Programming” model, app developers take advantage of the traditional Internet application architecture and use UDAP as a layer of asset tokenization, transaction notarization and contract adjudication in case of dispute.

UDAP Middleware Core Services

Token Services

The service helps applications to quickly tokenize in-app assets, such as tickets, IP rights, certificates, and game assets. It also helps the application to create in-app currencies.

Technically UDAP provides multiple modules to speed up app development

Token service, to manage the full life-cycle of asset-backed crypto-tokens. Applications can immediately register token-based assets on a chain and offer a built-in marketplace to their customers.

State channels service, to allow applications to conduct transactions mostly offline and secured by public blockchains, such as Ethereum.

Data obfuscation service, to hide the ownership of assets, using Ring Signature technology.

Secure content distribution for digital content assets, using Proxy Re-Encryption technology.

Exchange service, for decentralized asset trading, including app-currencies and asset tokens.

Universal wallet for a versatile mobile user interface to deal with any token-backed assets that UDAP has helped to maintain.

State Channels Service

The service implements state channel technology to help the application to properly partition their application logic between on-chain and off-chain, to achieve the best of off-chain efficiency and on-chain persistence. This is critical to minimizing the cost and providing the best possible user experience.

The solution offered – “Why UÐAP is so important?

The idea here is to solve the problems by adopting and using state channel technology.

For example, the issue of scalability can be tackled because the technology treats blockchain as the dispute adjudication platform that normally is involved in the minute-by-minute operations, but only plays its role when contracts need to be executed and very important assets need to be protected.

By leveraging state channel, transactions can run remotely off blockchain and with this arrangement cost is drastically cut down.

In addressing the concerns often raised regarding privacy, UDAP gives users the technology to control the visibility of their assets.

Finally, as it concerns the degree of responsiveness, the platform by leveraging state channels would enable blockchain supported applications to provide the best possible UX in addition to a number of special features of decentralized ledgers.

It should be noted that UDAP does not in any way represent a generic State Channel framework. It is rather an implementation of State Channels that are guided to the applications that deal with non-fungible assets.

Before we take a step forward into shedding some light on the UPX Token, let’s take a little detour into The Core Concepts of UÐAP:

The Core Concepts

NO.1 Protocol – Singular

Singular is a new asset account model, it defines how a thing is tokenized and how it deals with ownership and trading in a decentralized way. The Singular asset model implements a concept: One thing = One smart contract

The Singular project is a natural development in the spirit of some of the earlier blockchain proponents who had envisioned what blockchain with smart contracts would achieve.

NO.2 Middleware – UDAP

The fundamental concept of the Internet of Asset Protocol is to build a “Thick Protocol + Thin Application”.

Application developers only need to have sufficient knowledge and understand their business logic and user experience, Therefore, the application is thinner and easier. A thick protocol based on UDAP middleware helps them to accelerate the blockchain development, to secure the transactions, and to reduce the development costs.

UDAP Middleware Core Services

Token Service

The service helps applications to quickly tokenize in-app assets, such as tickets, IP rights, certificates, and game assets. It also helps an application to create in-app currencies.

State Channels Service

NO.3 Asset Wallet

Harvest Wallet is an Asset Wallet that supports ERC20, ERC721, and Singular types tokens. It provides individual users with great convenience and a unified interface to tokenize, manage and publish their own tokens, various fungible and non-fungible assets, and third-party applications can plug-in the wallet too.

Mint, manage and publish tokens

Support third-party apps that generate a wide range of assets.

It provides a programmable UI for third-party applications to develop a complete user experience

NO.4 Applications

UMedia is a marketplace for collectible music and other forms of digital media assets on your mobile phone, it included some complicated blockchain programming modules like all different token services, marketplace, Proxy Re-Encryption, State Channel, Singular. UMedia is to demonstrate the technical capabilities of UDAP. It’s so easy to make a Dapp by UDAP. Developers can use UDAP’s middleware to transfer their normal business into token-based business just like UMedia does.

More different Dapp coming powered by UDAP, such as Ticketing, Social, Education, Gaming, Health, Supply Chain Finance, Data Center, Technical Community, Travel, E-Commerce, Library and so on.

Now that you have an idea of how it all goes down, I know you are surging to participate already. Check out the details below! I am sure it will help!

UPX Token

UDAP Foundation issues the UDAP token (also known as UPX token). UPX tokens are used to make deposits required to become a UDAP service consumer. Transaction fees, gas payments (i.e. smart contract execution fees) and persistent storage payments are also usually collected in UPX tokens.

UPX tokens are implemented using the Ethereum ERC20 standard. The Total Supply is 10,000,000,000.UPX tokens can be acquired in the following ways: Token Distribution Event (TDE) Purchase of UPX tokens from secondary markets, such as cryptocurrency or token exchanges Airdrop (this method is intended as a means of popularizing the UDAP).

Token Details

Token – UPX

Platform – Ethereum

Type – ERC20

Pre ICO price 1 UPX = 0.0164 USD

Price in ICO – 0.0083 USD

Tokens for sale – 4,000,000,000

Distribution of Tokens

ROADMAP

2017 Q2 – PROJECT KICKOFF.

Q4 2017 – RESEARCH COMPLETED, Coding started, Core Team built up.

Q1 2018 – UDAP FOUNDATION LAUNCHED, Technical white papers released, Started coding Proof-of-Concept prototypes and demos.

Q2 2018 – UDAP CONCEPT COMPLETED, Expand eco-system and community.

Q3 2018 – UDAP MINIMUM VIABLE PRODUCT(MPV) DEPLOYED AND RELEASED, State channel modules complete, Harvest Asset Wallet (MVP) released, First app – UMedia (MVP) released.

Q4 2018 – UDAP MIDDLEWARE V0.4 RELEASED, Harvest Asset Wallet & UMedia officially released.

Q2 2019 – UDAP MAINNET INFRASTRUCTURE V0.5 BUILT AND SHARED, More business partner’s application released.

Q4 2019 – UDAP MAINNET DEPLOYED, C2C Asset Marketplace released, More community projects kicked off

Q1 2020 – UDAP MIDDLEWARE V1.0 OPERATED, C2C Asset Marketplace operated.

NOTE: This article is just a guide to prospective clients, investors and every person scorching for a slice of this amazing project,