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What Is Universa Blockchain?
Universa Blockchain is the platform and the protocol intended for decentralized storage of the trust/validity for modifiable smart contracts, focused on real-world businesses and digitizing/tokenizing the business processes with minimum interference to the established existing infrastructure. Each smart contract in Universa is a Ricardian-style contract, a structured document that can store the static data (both invariant and modifiable), as well as a set of permissions, roles, references to other documents, and requirements needed to edit the stored data. This allows for easy digitizing and “tokenizing” a wide spectrum of various documents, from regular fungible assets (currencies/fungible tokens/commodities) to non-fungible entities (“square meters” of land of different class, real estate, unique items and objects of art) or any other complex documents – including but not limited the role-access-based DAO management controlling issuance of these documents.
To prevent the Sybil attacks possible in permission-less blockchains, the Universa Blockchain uses the permissioned approach to nodes, requiring a license for node ownerships and doing the liberal but mandatory real-world verification of the node owners, preventing unsolicited collection of the network control power by one party (or related parties). The consensus mechanism is Proof-of-Authority, and the network uses the BFT-safe algorithms raising the limits of attack from “51% of the network” typical for other blockchains to “90% + 1” for positive consensus.
These features, as well as off-chain storage of smart contract data and “immediate consistency” of network-stored data (compared to typical “eventual consistency” of many other blockchains), all of that backed by 25,000+ TPS capable network, and the transaction fees programmatically bound to be as low as €0.01 in most basic scenarios, make Universa Blockchain a good option for not just the “financial transactions” or “money/asset transfer” but for digitizing the document workflow and business processes in real world.