UDAP – Tokenize Everything
Tokenization payments are one of the most secure technologies used to prevent credit card fraud in the industry today. Originated in 2001 from TrustCommerce, this algorithm makes customer data unidentifiable and untraceable, making it impossible for anybody to misuse sensitive information. You may be wondering how payment tokenization works, and why it’s so effective in the prevention of fraud today.
Tokenizing data is the process of replacing sensitive information with algorithmically generated numbers called tokens. A tokenizer adds an extra layer of security for the customer and the merchant, because the series of randomly-generated numbers can be processed as payment information without the real sequence being exposed. The actual banking number is held safely elsewhere in a token vault. So in credit card tokenization, a customer’s primary account number is disguised as random tokens, preventing hackers from duplicating information onto another card.
UDAP, a Universal Decentralized Asset Platform, is a blockchain middleware that provides Restful APIs and an ‘Asset Wallet’ for application developers to create powerful blockchain based applications without writing any smart contracts. It’s a ‘layer two’ solution to non-fungible assets to simplify and accelerate blockchain application development.
UDAP is a blockchain-based asset protocol that sits between applications and public blockchains to provide Restful APIs and an “Asset Wallet” for application developers to create powerful blockchain based applications without writing any smart contracts.
In what we call a “Asset Oriented Programming” model, app developers take advantage of the traditional Internet application architecture and use UDAP as a layer of asset tokenization, transaction notarization and contract adjudication in case of dispute.
Technically UDAP provides multiple modules to speed up app development, such as:
- Token service, to manage the full life-cycle of asset-backed crypto-tokens. Applications can immediately register token-based assets on chain and offer built-in marketplace to their customers.
- State channels service, to allow applications to conduct transactions mostly offline and secured by public blockchains, such as Ethereum.
- Data obfuscation service, to hide the ownership of assets, using Ring Signature technology.
- Secure content distribution for digital content assets, using Proxy Re-Encryption technology.
- Exchange service, for decentralized asset trading, including app-currencies and asset tokens.
- Universal wallet for versatile mobile user interface to deal with any token-backed assets that UDAP has helped to maintain
UDAP, is a blockchain abstraction layer that can significantly reduce the cost of building asset-oriented applications, both in the development time and run time. It includes the followings :
UDAP Middleware Core Services
- Token Service
The service helps applications to quickly tokenize in-app assets, such as tickets, IP rights, certificates, and game assets. It also helps an application to create in-app currencies.
Technically UDAP provides multiple modules to speed up app development
Token service, to manage the full life-cycle of asset-backed crypto-tokens. Applications can immediately register token-based assets on chain and offer built-in marketplace to their customers.
- State Channels Service
The service implements state channel technology to help the application to properly partition their application logic between on-chain and off-chain, to achieve the best of off-chain efficiency and on-chain persistence. This is critical to minimizing the cost and providing the best possible user experience.
The idea here is to solve the problems by adopting and using state channel technology.
For example the issue of scalability can be tackled because the technology treats blockchain as the dispute adjudication platform that normally is involved in the minute-by-minute operations, but only plays its role when contracts need to be executed and very important assets need to be protected.
By leveraging state channel, transactions can run remotely off blockchain and with this arrangement cost is drastically cut down.
In addressing the concerns often raised regarding privacy, UDAP gives users the technology to control the visibility of their assets.
Finally, as it concerns the degree of responsiveness, the platform by leveraging state channels would enable blockchain supported applications to provide best possible UX in addition to a number of special features of decentralized ledgers.
It should be noted that UDAP does not in any way represent a generic State Channel framework. It is rather an implementation of State Channels that are guided to the applications that deal with non-fungible assets.
Core Concepts of UDAP
- NO.1 Protocol – Singular
Singular is a new asset account model, it defines how a thing is tokenized and how it deals with ownerships and trading in a decentralized way. The Singular asset model implements a concept: One thing = One smart contract
The Singular project is a natural development in the spirit of some of the earlier blockchain proponents who had envisioned what blockchain with smart contracts would achieve.
- NO.2 Middleware – UDAP
The fundamental concept of the Internet of Asset Protocol is to build a “Thick Protocol + Thin Application”.
Application developers only need to have sufficient knowledge and understand their business logic and user experience, Therefore, the application is thinner and easier. A thick protocol based on UDAP middleware helps them to accelerate the blockchain development, to secure the transactions, and to reduce the development costs.
- NO.3 Asset Wallet
Harvest Wallet is an Asset Wallet that supports ERC20, ERC721, and Singular types tokens. It provides individual users with great convenience and a unified interface to tokenize, manage and publish their own tokens, various fungible and non-fungible assets, and third-party applications can plug-in the wallet too.
Mint, manage and publish tokens
Support third-party apps that generate wide range of assets.
It provides a programmable UI for third-party applications to develop a complete user experience
- NO.4 Applications
UMedia is a marketplace for collectible music and other forms of digital media assets on your mobile phone, it included some complicated blockchain programming modules like all different token services, marketplace, Proxy Re-Encryption, State Channel, Singular. UMedia is to demonstrate the technical capabilities of UDAP. It’s so easy to make a Dapp by UDAP. Developers can use UDAP’s middleware to transfer their normal business into token-based business just like UMedia does.
More different Dapp coming powered by UDAP, such as Ticketing, Social, Education, Gaming, Health, Supply Chain Finance, Data Center, Technical Community, Travel, E-Commerce, Library and so on.
UDAP Foundation issues the UDAP token (also known as UPX token). UPX tokens are used to make deposits required to become a UDAP service consumer. Transaction fees, gas payments (i.e. smart contract execution fees) and persistent storage payments are also usually collected in UPX tokens.
UPX tokens are implemented using the Ethereum ERC20 standard. The Total Supply is 10,000,000,000.UPX tokens can be acquired in the following ways: Token Distribution Event (TDE) Purchase of UPX tokens from secondary markets, such as cryptocurrency or token exchanges Airdrop (this method is intended as a means of popularizing the UDAP).
- Token – UPX
- Platform – Ethereum
- Type – ERC20
- PreICO price 1 UPX = 0.0164 USD
- Price in ICO – 0.0083 USD
- Tokens for sale – 4,000,000,000
- Distributed in ICO – 40%
Distribution of Tokens
- Project kickoff
- Research completed
- Coding started
- Core team built up
- UDAP FOUNDATION launched
- UDAP concept completed
- Expand eco-system and community
- Technical white papers released
- Started coding Proof-of-Concept prototypes and demos
- UDAP Minimum Viable Product(MVP) deployed and released
- Singular Smart Contract Framework released
- State channel modules completed
- Harvest Asset Wallet (MVP) released
- First app – UMedia (MVP) released
- UDAP middleware V0.4 released
- Singular Framework 0.5 release
- Harvest Asset Wallet beta release
- UMedia officially launched
- Community Support Program launched
- UDAP mainnet infrastructure V0.5 release
- More business partner’s application released
- UDAP mainnet deployed
- C2C Asset Marketplace released
- More community projects kicked off
- UDAP Middleware V1.0 operated
- C2C Asset Marketplace operated
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