NEW YORK, April 17, 2019 (Newswire.com) - 2018 was a year that saw an outbreak of new public blockchain projects, with many different chains launching main-nets. Marketing-driven slogans, such as “blockchain 3.0," or even the extreme "Ethereum killer," were commonplace for a period of time. After the initial hype of some projects, many public chains soon fell into silence. In fact, it is common for some projects to pack their bags and head home, considering it a “job well done” after launching their main-net.
Few public chain projects are concerned with actual application adoption and the expansion of their ecosystem, which is an essential component of creating a useful blockchain infrastructure that serves the real economy. Ultrain, which hopes to promote the early arrival of programmable business society, is among the few projects with adoption.
In the first quarter of 2019, China's largest streetwear e-commerce platform YOHO! established a secondary trading platform for sneakers called UFO. The platform employs blockchain technology to maintain authentic information throughout the C2C sneaker trading service. Ultrain’s substantive cooperation with YOHO! is an eye-catching event for the industry, representing a significant step forward for the industry.
Ultrain's partnerships are not limited to YOHO! but include companies such as:
1. In the first quarter of this year, Unitopia, Electric Soul Blockchain Laboratory’s blockchain development wing announced that it is investing millions of yuan to purchase a dedicated sidechain service from Ultrain’s commercial network. This sidechain will supply blockchain computing power to its gaming platform.
2. A privately owned, green energy company using blockchain and Internet of Things technology to create a low-cost mutual trust to allow carbon credit creation and exchanges.
In the highly competitive public chain landscape, how does Ultrain differentiate itself?
Innovative Technology Solution
In business, the ability to efficiently solve problems at a low cost is a key factor in determining whether a new technology should be adopted. Ultrain's problem-solving capacity has the following factors:
1. High performance and efficiency
Through the innovative RPoS consensus mechanism, 1 percent of nodes in the network are randomly selected to participate in the consensus, which results in a significant improvement in TPS, while remaining highly decentralized. In addition, Ultrain optimizes the development of smart contracts based on TypeScript, making development very fast and convenient.
As Rui Guo, Ultrain’s founder, said: “The initial value of Ultrain is a well-established underlying infrastructure technology. The goal of the Ultrain team is to build a reliable, efficient, easy-to-use infrastructure that truly promotes blockchain applications.”
2. Cost management, more acceptable pricing
Ultrain is dedicated to providing trusted computing services to enterprises, building a shared economy based on trusted computing power. When a company purchases a trusted computing service, Ultrain assigns the resources from computing nodes in the network to provide trusted computing to the client. Ultrain’s sidechain architecture significantly reduces transaction costs, with the final transfer cost being only 1/20 of Ethereum, which is suitable for large-scale commercial applications.
3. Solved privacy concerns for commercial companies
For business applications, not only are performance and cost required, but privacy is also critical. Due to the transparent nature of blockchain data, anyone can normally view the information on the chain. However, for sensitive information, ultimate transparency is not desirable. Ultrain’s zero-knowledge proof tool can provide identity proofs without leaking private information, which not only provides a solution for information privacy but also greatly increases computing speed.
4. Customized blockchain business solutions and services for enterprises
More and more enterprises have shown interest in the blockchain industry, as space matures. However, due to the wide variety of application scenarios and technical requirements, providing customized services that meet the professional demand of enterprise clients is crucial. As Guo, Ultrain’s CEO, said: “We are creating a one-stop service for clients that fulfill clients at any level of understanding”.
The Dream Team
One of the reasons for Ultrain’s commercial success is a world class team. Ultrain’s CEO, Guo Rui, as the former technical director at Alibaba, has a deep understanding of the pain points facing enterprises and the significance of digitization in enterprise empowerment. Co-founder and CSO, Liao Zhiyu, has a rich background in finance and has extensive experience in corporate operations, accelerating Ultrain’s commercial promotions, publicity and community building. Li Ning, co-founder and CTO, has more than 11 years of experience in the internet industry and was the technical leader of Alipay's blockchain team. His understanding of blockchain’s underlying architecture is profound. Under his leadership, Ultrain’s technology team has provided excellent solutions and maintained the stable operation and development of the Ultrain chain.
In addition to the three founders, other core members also have glamorous resumes. Ultrain’s chief architect, Shen Yufeng, was a senior technical expert at Alibaba and a core architect at Google; his chief cryptographer, Wang Husen, has served as an expert at Ant Finance’s cloud computing division.
Ultrain's experienced architects and cryptographers optimized the overall technical architecture and encryption algorithms to create a chain suitable for commercial applications. Coupled with Ultrain’s ecosystem development department, there is a compelling case for widespread cooperation with enterprises.
Quality Commercial Ecosystem
When the underlying public chain technology’s performance is guaranteed, the commercial value of a project depends to a large extent on the health of the business ecosystem and the scale of cooperation, which is why Ultrain has focused on business development involving multiple industries.
In the e-commerce industry, Ultrain partnered with the largest domestic streetwear e-commerce trading platform – YOHO! – to link product and trading information to provably authenticate goods.
In the field of gaming, Ultrain’s cooperation with the publicly listed gaming company Electric Soul to create decentralized board games, which solved the long-standing problem of fairness in digital games.
Through the above examples, it is not difficult to find that Ultrain effectively solves trust problems in different application scenarios. Ultrain’s efficient, low-cost and widely implemented trusted computation is the framework of a new way of doing business. We expect many more large-scale commercial applications to come.
Ultrain provides commercial solutions to well-known enterprises in both the domestic and international markets, with commercial applications emerging in various industries, serving as validation of Ultrain’s technology and team.
The launch of the main network on April 15 is a significant milestone for Ultrain, which will result in more business partners for the emerging company. This is significant for the ecosystem’s growth, increasing the commercial value of the underlying public chain. We look forward to subsequent adoption and development from this blockchain 3.0 project, as a leader in a new field.
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