Applications of Some Advanced Technologies on UENC
Probably you have an idea about what UENC is all about but we want to go a little more in-depth as to the technologies being used. Being a scalable public blockchain network that permits its users to communicate with other blockchains, UENC is an extraordinarily decentralized blockchain network.
UENC uses cross-chain technology and on this network, users can perform lots of operations. Some of these operations include storage of encrypted assets, exchanges, cross-chain transfers together with the blockchain network infrastructure that aids to build and run complete decentralized applications.
So what are some of the outstanding technologies that UENC as a public blockchain is using? A DPOW consensus algorithm was developed by the technical team independently and it was based on the DHT Mesh network and Cross-Parallel Storage (CPS) technology to develop an efficient node combination structure. These technologies are very effective and useful for tokenization of traditional businesses, cross-chain asset interaction, and DAPP Development.
What advantage does UENC’s DPOW Consensus Algorithm have over other algorithms?
In comparison with the common POW algorithm, the DPOW consensus algorithm that UENC independently developed does not have any complex and competitive calculations. The node itself has no participation whatsoever with the calculation competition, which eliminates a significant amount of computer-power wastage.
This is also different from POS, whereby the amount of currency a user is holding determines the extent of power the user wields. Moreover, the UENC network does not take for granted the participation and contribution of all its users. It is also very unlikely for centralization and oligopoly to happen.
In the same vein, there is a different way with how transaction verification is being done on the UENC network. So the question now is, how is transaction verification being done on the UENC network? It is quite obvious that the UENC network has adopted the DPOW consensus algorithm. The network selects at random trusted nodes for verification of transaction and signature for short, medium, and long-distance broadcasting.
What are UENC’s plans for development with these new technologies?
To assure you that UENC has great plans for some outstanding developments, it has reached a cooperation agreement with many renowned domestic information security companies. Furthermore, it has jointly created a blockchain technology research institute with university research organizations.
With much reliance on the scientific research ability of some university research institutions and the technical strength of popular information security companies, UENC plans to invest funds and human resources heavily in the research of the underlying technology of the blockchain. All these will promote the innovation and development of the underlying technology of the blockchain, and also drastically accelerate the development of blockchain technology for application launches in a variety of business scenarios.
You might be wondering which exchanges you can trade UENC on. The fact is that at the moment, there are about three of them. UENC has launched on the HBTC, WBF, and ZG exchanges. The UENC network also charges its transaction fees differently and they are much better than some of the conventional ways that you are aware of. There are two types of transaction fees on UENC: byte packing fees and transaction broadcasting fees.
Apart from having a different way of charging its transaction fees, UENC has its wallet and some amazing features that you should know about.
Wallet for UENC (Fastoken)
Fastoken is the name for the wallet of UENC. It can be used for not just transferring and receiving funds but also for storing UENC as well as connecting and managing mining machine addresses. There are many functions to be developed and upgraded for the sake of the wallet users.
When you compare Fastoken with many other wallets, it has some amazing benefits that you should know about. There are majorly two advantages or benefits which include:
1. The user keeps the Private key information for the account.
2. Users can freely choose stable nodes for transaction broadcasting.
So what happens if you lose the private key for your Fastoken wallet with the coins in it? Is it possible to retrieve the coins? Absolutely not! Just like every other wallet in blockchain, you can not afford to lose your private key. That is a big loss for everyone as there is no saving of the private key anywhere at all unlike centralized financial institutions who can still use a backend service to get through.
Fastoken is a decentralized wallet and as such, if you lose your private key, you will not be able to sign in to your account again. It implies that when you create the wallet address and the exclusive wallet private key and recovery phrase appear, ensure you save it. You can write down the private key and recovery phrase. Please keep it in a safe place to prevent losing your UENC tokens.