About Ultiledger (ULT)
Ultiledger (ULT) Finance first emerged due to economic development, mainly to facilitate economic activities through financial intermediaries. Financial activities date back to 2000 BC in the Babylonian Temple and in the 6th century BC when the Greek temples provided custodial and interest-bearing mortgage services. Later, in ancient Greece and during the Roman Empire, there existed lenders and commercial institutions similar to banks. Modern banks rose from the currency exchange industry and the goldsmith industry in Europe.
Ultiledger (ULT) The oldest bank was the Bank of Venice (1580). In 1694, the first joint-stock bank, the Bank of England, was founded in the United Kingdom, establishing the most common form of organization for the modern financial industry. At the end of the 19th century and the beginning of the 20th century, the major capitalist countries entered the stage of monopoly capitalism. The credit-centered banking monopoly and industrial monopoly capital infiltrated each other to form financial capital which control the lifeline of the capitalist economics.
Ultiledger (ULT) With the rapid development of the social economy, the modern financial industry has developed into a system of diverse financial institutions. It covers banking, insurance, trust, securities and leasing industries, with the banking industry taking the dominant role. In order to better serve complex economic behaviors, modern finance has innovatively developed financial products and related derivatives. The development and popularization of computer technology has made possible in recent years the emergence of Internet finance, such as online crowdfunding, online lending, online settlement, consumer finance, data currency, etc.
Ultiledger (ULT) Storage Key Points
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Economic Philosophy of Ultiledger
Ultiledger (ULT) main architecture of Ultiledger consist of three main components — the main chain, the subchain, and the storage architecture. has built a verifiable, secure and reliable high performance blockchain architecture with a unified underlying protocol. The design logic is based on strict design principles and philosophy foundations. The system design follows the principle of dialectical thinking to find suitable technical solutions for the actual contradiction
Ultiledger follows the following four principles to build a self-financial blockchain system. Cornerstone of trust: Trust is the cornerstone of the blockchain. The purpose of system design is to build a trusted system. Community governance: The main feature of the blockchain. It is the substantial support for establishing credibility. Practicality: All technologies must be considered for the actual application of the service. Experimental and unstable approaches should be abandoned. Openness: Openness is a necessary condition for the success of blockchains. Openness means equality, open source code, and generalization of infrastructure
Ecosystem of Ultiledger
Ultiledger (ULT) design philosophy is to use profit incentive mechanism to construct a fast, low cost, efficient, safe and reliable public blockchain ecosystem which satisfies large-scale daily business needs. These requirements include, but are not limited to, trading and clearance of various types of assets, as well as redundant storage of information. At the same time, in order to protect the autonomy right of the participants in the ecosystem, Ultiledger adopts the multi-chain architecture design principle of main chain plus parallel subchains, which provides the subchain ecosystem with an independent operating system of asset transactions, clearance and storage. This mechanism not only significantly reduce the systemic risk, but will further improve systemic efficiency
Based on the above design concept, the Ultiledger ecosystem consist of three parts: the main chain, the subchain and the open distributed storage (ODS). It is an open economic ecosystem based on the contradictory dislocation mechanism and the core rules of the unified underlying protocol and consensus mechanism. Components of the three modules each perform its specific functions, yet collaborate with each other and verify each other to constitute a complete guarantee of trust and value maintenance mechanism
Ultiledger (ULT) uses a multi-chain architecture with a main chain plus parallel subchains. As the core of the system, the main chain is designed with the minimum data volume, calculation amount and network bandwidth requirement, to provide the underlying protocol, ledger, main chain trust, smart contract and value system. It has the highest level of verification right which comes from all participating nodes and the federated Byzantine consensus mechanism
The main chain design uses a Proof-of-Asset (PoA) mechanism for asset anchoring. PoA, as its name implies, is a mechanism designed to let users prove that they have a certain amount of cryptocurrency control. It is mainly implemented through the wallet’s private key signature, the hardware wallet’s private master key and its relevant information, or third-party credibility system. As the core for main chain to identify users owning a digital asset, PoA mechanism will bring a more liquid, secure and market-active distributed trading platform to Ultiledger ecosystem, enabling the real control that the holders have on their digital asset
Value Exchange Protocol（VEP）
Ultiledger (ULT) ecosystem connects a large number of enterprise groups, and a large number of assets are mapped to Ultiledger, but the assets can only be reflected in the flow of assets. Therefore, in order to achieve efficient and safe circulation of assets, Ultiledger has designed an efficient value exchange protocol. (Value Exchange Protocol, VEP
The value exchange layer is designed to enforce states of local transactions on subchain can be updated and monitored globally in real-time in the entire blockchain range, so that to prevent double-spending. In the system, the value exchange layer runs in the node computer on the main chain in the form of a memory data management program or an in-memory database, and cooperates with the main blockchain presenting state monitoring globally for the subchain transaction. Value exchange layer is designed as a GPU in-memory database, on the one hand basically do not take the node’s ordinary resources to ensure that the main chain operates efficiency; on the other hand GPU in-memory database data processing capabilities is far more than the computer main processor, it can greatly improve the value exchange layer’s operating efficiency, so that state updates and query operations for a small batch of records can be implemented in a few milliseconds