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What is the purpose of the ULC Project?
- The ULC Project aims to build and showcase a linearly scalable, self-governing, truly decentralized payment network with its own coin called ULC. The software built to showcase this payment network provides a platform that can be reused to build other networks for enterprise or public use.
Does this project have a token?
- Yes, we are distributing an ERC-20 token on the Ethereum network called Unblocked Ledger Token (ULT). The token can later be transferred to the network developed by this project.
What is the difference between ULT and ULC?
- ULT are ERC-20 tokens on the Ethereum blockchain, while ULC are coins on the peer-to-peer network created by this project. Once the software for this project is complete and the main net launched, ULT can be transferred to the network and become ULC.
Why is there no ICO?
- Instead of selling our tokens for other tokens (like Bitcoin or Ethereum) and using that to pay the developers, we are directly giving our tokens as gratuity to developers for helping to create the ULC software. We are also giving our tokens for completing bounties or providing other services to the project. The tokens will gain value based on the efforts of those who contributed to the project and the contributors will be the first to realize the gains of their efforts. This better aligns the incentives to ensure the project being successfully completed.
How can I obtain tokens?
- There are several ways. If you are a developer you should fill out the Join form and request to join the development team and earn tokens that way. We also post bounties from time to time and you can earn tokens by completing them. We will have a faucet in the future, so signup to be notified about it. You can contact the developers and buy tokens directly from them. You can also check your favorite exchange to see if they have chosen to list our token.
Is this project similar to EOS?
- In some way it is similar to EOS since we are both building platform software and are distributing a token that can later be transferred to the network developed by the project. However, our network is technically very different in many ways. One key difference is our goal to be maximally decentralized with many nodes able to join the network and low resource requirements for the nodes.
Is the ULC project open source?
- Not during development. Once the project is completed, the source code will be made available under a Creative Commons BY-NC-SA license with a restriction on commercial use. After 10 years, it will be available under a Creative Commons BY license with no restrictions. Anyone interested in reviewing the code during development, may do so with a NDA which expires after the code is released.
What is Proof-of-Quorum?
- Proof-of-Quorum is a type of consensus algorithm which provides a provable receipt for every accepted transaction. It is more energy efficient than POW and does not require staking coins like POS.
What is sharding?
- The network of nodes is divided into groups called shards and different transactions are processed by different shards. This allows multiple transactions to be processed in parallel up to the number of shards.
What is state sharding?
- The state data stored by the network is distributed among the shards so that each node in the network does not need to store the complete state.
Why does ULC not use a blockchain?
- Grouping transactions into blocks has many inherent disadvantages. Processing each transaction individually provides the highest possible throughput and lowest latency. The disadvantages of blockchains include:
- Throughput limit. The transaction throughput rate becomes limited by the average time between blocks and the maximum allowed size of the block. Adding more computers to the network does not help to increase the throughput; rather it has the negative effect of increasing the network bandwidth consumed by each transaction.
- Node Bias. A single node (the one which produces the block) gets to decide which transactions will be in the block. That node can be biased and choose not to include some transactions or even create blocks with no transactions other than its own.
- Transaction order. The transactions in a block are not necessarily in the order in which they were received by the network. Also older transactions may still be pending while newer transactions are processed. Some applications such as exchanges or games, require transactions to be processed in the order they were received.