A storm has hit the investment market which we are not going to recover from. Crypto investment is that storm. With strict capital controls in place by most countries to control the flow of money and charge high taxes, cryptocurrency gained usage in circumventing capital controls and taxes, leading to an increase in demand. Cryptocurrency has been able to present an easy to use digital alternative to fiat currencies. Offering frictionless transactions and inflation control, investors have been prudent enough to add these currencies in their diversified portfolios as an asset, as the size of the market does not represent a systemic risk. Cryptocurrency employs the use of cryptography that assures high-security processes and verifies transactions personal to each user. Hence, counterfeiting and anonymous transactions are impossible to achieve.
While this revolution is gaining wide acceptance, UDAP, a blockchain abstraction layer that can signiﬁcantly reduce the cost of building asset oriented applications, both in the development time and runtime has arrived.
"Tokenization payments are one of the most secure technologies used to prevent credit card fraud in the industry today. Originated in 2001 from TrustCommerce, this algorithm makes customer data unidentifiable and untraceable, making it impossible for anybody to misuse sensitive information. You may be wondering how payment tokenization works, and why it’s so effective in the prevention of fraud today.
Tokenizing data is the process of replacing sensitive information with algorithmically generated numbers called tokens. A tokenizer adds an extra layer of security for the customer and the merchant, because the series of randomly-generated numbers can be processed as payment information without the real sequence being exposed. The actual banking number is held safely elsewhere in a token vault. So in credit card tokenization, a customer’s primary account number is disguised as random tokens, preventing hackers from duplicating information onto another card.
After the sequence is tokenized, the relationship between the real numbers and the tokens are stored in a vault. This vault is often protected via encryption, so security in storing credit card information in databases is maximized."
With that being said, the UDAP platform is a blockchain based asset protocol that borders between applications and public blockchains to ensure Restful APIs and an Asset Wallet for those involved in developing applications to be able to design blockchain applications capable of doing without the need for writing smart contracts.
But before we go any further, please check out this video presentation to get even more acquainted
Now that I have your attention, let’s get right to it.
What exactly is UÐAP?
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 a "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
The service helps applications to quickly tokenize in-app assets, such as tickets, IP rights, certificates, and game assets. It also helps 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 chain and offer 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 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 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.
Almost all of the well-known first-generation blockchain systems have hard limits on the number of transactions. Bitcoin limits the maximum block size, Ethereum limits the total amount of gas in a block, as examples.
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 assts.
Finally, as it concerns the degree of responsiveness, the platform by leveraging state channels would enable blockchain supported applications to provide 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 Channes that are guided to the applications that deal with non-fungible assets.
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 ownerships 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
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
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.
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 wide range of assets.
It provides a programmable UI for third-party applications to develop a complete user experience
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.
About The 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.
The UPX Token
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 - UPX
Platform - Ethereum
Type - ERC20
PreICO price 1 UPX = 0.0164 USD
Price in ICO - 0.0083 USD
Tokens for sale - 4,000,000,000
Distribution of Tokens
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.
Meet The Amazing Team
Be a part of this incredible project. Download the whitepaper for the full scoop.
Till next time…
For more information, please visit:
ANN Thread: https://bitcointalk.org/index.php?topic=5069084
My Bitcointalk Profile: https://bitcointalk.org/index.php?action=profile;u=2487106
Disclaimer: This article was published in terms of the bounty campaign. I am not a project team member or its representative but a supporter of this incredible project.