When the internet was first created, who could have thought that it would end up as a lifestyle facilitator for many people? From instant messaging, music, videos and practically everything we do, all at our fingertips. It took quite a long time for the internet to reach where it currently is at the moment. However, new technologies, such as blockchain seem to be moving at the speed of light in creating products and services that will soon turn blockchain into a lifestyle facilitator. Blockchain will allow you to privately and safely send a message to your loved ones, share media such as holidays pictures and videos as well as transfer money at a minimum cost. Parents will even be able to give their children pocket-money via blockchain technology. How, you may ask. One blockchain project leading this revolution seamlessly is UltraNote Coin.
So, what is UltraNote?
UltraNote is a secure and privacy centered open source digital asset, which is accessible to all. It allows people take control of their finances and their private life. With UltraNote customers hold sole responsibility for their funds and their accounts and transactions are kept private and away from prying eyes. We know we have many of those, but with their peer-to-peer encryption technology, UltraNote has you covered. It mainly uses zero-knowledge proofs to guarantee transaction validity without revealing any sensitive information about them. The transactions done on this platform are private, untraceable and anonymous.
Why would one want to use UltraNote?
UltraNote is a complete solution for payments, messaging, file transfer and day-to-day financial needs. It lets anyone, anywhere at any time perform border-less fund transfers, send instant messages and deposit coins for interest. Moreover, currently, there are no proven confidential platforms for individuals and high profile organisations to send messages or transfer files with such levels of privacy as XUN. Using UltraNote, individuals and organisations that deal with confidential client information, can enhance their level of privacy and also cut friction costs immensely. That said, UltraNote can be utilized for private use, not only that, but it could also be a strategic tool for startups and mature companies.
- Security and Privacy: Due to the fact that the platform is built on cryptographic technology, there is guaranteed privacy. This enables private and seamless communication and asset transfers on the blockchain.
- Liquidity: As mass adoption grows, UltraNote will allow for liquidity without altering asset value. The tokens will also be protected from hyperinflation due to UltraNote being a decentralised digital asset.
- Usability and Utility: In regards to transactions, only the wallet addresses are used. That means, no IP address, no names and no identity will be traced to the wallet. The platform is truly anonymous and untraceable.
- Capital Appreciation: Due to the fact that UltraNote is adapting to a growing amount of daily transactions and fixed deposit facility paying annual interest, it is bound to develop a capital appreciation ecosystem. It also has an inverted supply curve, meaning more stable prices than other coins that have jig-saw price points. Since the supply will gradually meet the demand, UltraNote will always have affordable prices that are immune to hyperinflation.
- Proof of Holding & Deposit for Interest: In their pursuit to encourage mass adoption and help people increase their net worth, UltraNote has a bank-like fixed deposit feature. This allows users to get an interest rate of 3%.
- Convertibility: XUN coins are tradable on recognised cryptocurrency exchanges thus, it is possible to trade them into other coins or fiat currency. As the industry keeps moving towards mass adoption, UltraNote is also working on merchant partnerships for example IAME and check-coin.com, so UltraNote holders will be able to pay for their bills, goods and services directly from their wallets. The team also intends to build a cool feature of contactless payment via UltraNote mobile wallet on iOS and Android.
What is the technology behind UltraNote?
UltraNote relies on CryptoNote. Cryptonote technology allows for the creation of anonymous egalitarian cryptocurrencies.
Moreover, the UltraNote blockchain is a distributed ledger that creates, distributes, facilitates storage and executes exchange of cryptographic assets (XUN) using its wallets. XUN is the cryptocurrency. The blockchain is at the core of the digital asset, which facilitates the financial and communication solutions offered by the platform. In order to keep books balances, all the transactions are kept on the blockchain but the transaction details are anonymous. An exciting feature is the self destruct message feature, which ensures that the message transaction hash is completely destroyed and non-existent on the blockchain.
The technology has an optimized bitcoin version at the core. The is an enabler for a decentralized open source digital asset. The benefit of this is that, blockchain enthusiasts can continuously contribute to the development of the platform and suggest new ideas.
What are the platform’s exciting features?
The platform offers its users enhanced security, increased scalability of 400+ TPS which grows with mass-adoption, larger acceptance, efficiency and ultimate privacy. Moreover, it offers a peer-to-peer encrypted messaging with IPFS Encrypted File Transfer Service, Bank like facility that lets users deposit for interest of 3% per year and integrated CPU Wallet Mining. With this platform, users can transfer multimedia data such as videos, voice notes and documents without a third party involvement. Talk about privacy at a very high level.
UltraNote took the NO-ICO route, why?
Unlike other coins, UltraNote has not and will never be partaking in an ICO. This is to ensure that UltraNote is available to everyone and also have an organic growth. There will be no ICO because the team wants to ensure that everyone has a fair and equal chance in accumulating the XUN coins without any initial financial investment. This is one opportunity that anyone should not miss.
Any challenges that the company has overcome?
At the moment, the team is working on an algorithm to make UltraNote stronger and to tackle the Application-specific integrated circuit (ASIC) mining problem that is affecting all Cryptonote coins. Recently, Bitman, the ASIC miner manufacturer, released a miner for Cryptonotes but the project is against ASIC. Its is perceived that ASIC mining in itself is not a bad thing but it simply does not match the XUN philosophy of 1 coin for everyone. ASIC mining first of all is not affordable to everyone and thus takes the honest mining opportunity away from smaller miners which UltraNote dearly cares about. Thus, this new algo will allow them to be stronger and better decentralized for small miners. This also allows for better wealth distribution.
To end this article on a good note, if you wish to receive some XUN coins to try and test the wallet and its cool features; download the relevant wallet on https://ultranote.org/ and post your XUN wallet in the comment section. A few coins will be airdropped to your wallet. You do not want to miss this chance!