The first linearly scalable, self-governing payment network
The ULC Project is building a peer-to-peer payment network that incorporates sharding and auto-scaling to provide high throughput, low latency, and immediate finality while maintaining the highest level of decentralization and security.
The supporting technology that allows for these features is our original Unblocked Consensus Algorithm, which is based on Proof-of-Quorum, in combination with our Unblocked Sharded Ledger system, which is a distributed ledger that addresses the problems of linear scaling and state sharding as the network grows.
During the development phase of the ULC network, we will be issuing an ERC-20 token (Unblocked Ledger Token) that will be given to developers who complete bounties for the project. To incentivize the development of the ULC network software, a max supply of 1,000,000,000 (one billion) Unblocked Ledger Tokens (ULT) will be created in an ERC-20 contract. The tokens will only be distributed as bounties to help create and launch the ULC peer-to-peer network software. Unissued tokens will be burned upon release of the main network.
If you are a Node.js, Go, or Haskell developer and you are willing to contribute to our project for tokens, click here!
All other bounties are listed on the Issues page of the project's GitHub repo here:
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Simulation and study of consensus algorithms started.
Specifications for Unblocked Consensus Algorithm completed.
Specifications for Unblocked Sharded Ledger completed.
Small-scale testing of the Unblocked Consensus Algorithm was carried out.
Legal opinion on the project funding model was obtained.
The website and whitepaper were developed.
The Unblocked Ledger project was officially launched.
The core team will be expanded with more developers.
Large-scale testing of the Unblocked Consensus algorithm will be carried out.
The ULC node software will be developed.
The mobile and web wallet software will be developed.
We plan to file defensive provisional patents to protect the technology developed in this project.
The test network should be up for public testing during this time.
The mobile and web wallets will be available for use with the test network.
The ULC network explorer will be released for testing.
The main network should be up and ready for use.
Our first official ULC airdrop will take place.
The ability to perform cross-chain atomic swaps with other coins that support this feature will be added.
Support for trustless, off-chain transactions, similar to the lightning network, will be added.
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.
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.
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.
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 is successfully completed.
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.
In some ways 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 of maximum decentralization with many nodes able to join the network and low resource requirements for the nodes.
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.
Unlike most crypto projects, the development of ULC will be incentivized by the project distributing its own token for bounties instead of an ICO. That is, we will be rewarding contributors with ULT tokens. Bounties for specific tasks will be coming soon.
If you are excited about the project and interested in becoming a developer, don't hesitate to apply!