Remember when the internet became mainstream? The days when AltaVista, Ask Jeeves and Lycos were the big search engines. The search engine of choice for everyone on internet. I remember those days and remember thinking no one can take on the huge search engine conglomerates, they were much too big now for any company to muscle in and take them on. However I, like others was very wrong. Along came Google, with their savvy tech experts. Developers who were able to see the short-comings of AltaVista, Ask Jeeves and Lycos. They scrutinized these short-comings and didn’t accept them as “well that’s the way it is”. Instead they realized that if they could find the solutions to these problems, they could take on the giants and win. That’s exactly what they did and today AltaVista, Ask Jeeves and Lycos are long forgotten.
Flash forward to today, people are wowed by Bitcoin and Ethereum, both are innovators and giants in their field. They have done amazing things and most, like those in the internet era, think no company can move them from their position. But what if there is a company scrutinizing their short-comings? What if they know that if they can find a solution to the weaknesses they can build a competitor, one that is stronger, one that will take-over?
Has that company finally arrived? Universa headed by Alexander Borodich who is a Blockchain educational director at Plekhanov Russian University of Economics, a patent holder of social media trust ranks and the CEO of Russia’s number one crowdfunding platform, has together with his team, looked at the weaknesses of Bitcoin and Ethereum and built a newer, stronger and better competitor. One that over comes the short comings and takes blockchain to not only a whole new level but to true mainstream usability.
Universa has identified Bitcoin and Ethereum’s weaknesses:
- The speed of transactions
- High transaction costs
- Not so smart contracts
Alexander and his team have tackled these problems head on and what they have created in Universa should have the big guns very worried:
- Universa can perform 20,000 transactions per second. That’s 1000 times faster than Bitcoin
- The Universa digital asset is 60 times faster than Ethereum, so what takes Ethereum 120 seconds takes Universa 2 seconds
- Smart real-time contracts
- 10x cheaper transaction fees
So how does Universa achieve this?
Universa have identified that mining is a cause of high fees and bloat, slowing down transactions and hindering micro-transactions and real-time transactions taking place.
In order to overcome this Universa does not use the mining protocol. Instead they have achieved super low fees and increased transaction speed by using a distributed consensus model through network nodes. The consensus in Universa is the consent of 91% of the network nodes. This allows cheaper and faster transactions without risking security.
Being cheaper, smarter and faster allows Universa which is primarily a platform for the execution of smart contracts an opportunity to cater for many business needs, especially those needing micro-transactions or real time contract and payment execution or both, such as; parking payment, smart keys for cars and delivery tracking to name but a few. All these and much more is possible due to the speed and micro costs of transactions upon the Universa platform.
Universa has also caught the attention of John Mcafee, the anti-virus mogul. At a time when 3rd party anti-virus software was pretty much unheard of and everyone relied on windows anti-virus software, John Mcafee saw the weaknesses and created his own anti-virus product, which resulted in the uptake and mainstream acceptance of 3rd party anti virus software. So John isn’t a stranger to taking on those who seem unshakeable. John is now an adviser to Universa and so impressed is he with their product that he has opted to build his coin Mcafee coin on their platform.