Hello there, reader. Today I'm continuing with my series of articles on UFO, the series that make its debut in this very publication in russian language. Today's article provides a different perspective on UFO, a deep dive into its roots. Talks of the future and the present are not enough without the understanding of fundamentals. Let me tell you.
Following the best practicies
Bitcoin is considered to be the best cryptocurrency. From the technical standpoint, it is capable of performing any functions that thousands of other cryptocurrencies claim to have. Nothing comes close to it: it is secure, decentralized, has a solid technological base, and has a team of the most prolific specialists of the cryptocurrency community working on it. Almost any cryptocurrency that deviates from the path set by Bitcoin is doomed to fail, because such projects are either mostly centralized, or fraudulent, or simply not eligible to be called cryptocurrencies. Any update to Bitcoin is also ported to UFO.
There is no premining (pre-launch allocation of coins to the project founders), no pumps, no shady business — just open source and transparency.
We know that cryptocurrencies are the future, with absolute certainty. Soon, paper money and banks (as we know them) will become part of the history. Those people who didn't take an interest in cryptocurrencies will fall behind in the upcoming era.
One ought to know how to use Bitcoin. But learning it is not easy. It is expensive to buy and the transaction fees are high. There is a lot of additional stuff built around it, added on, plugged in, and piled on top. Now, most people can't handle downloading of full Bitcoin Core node, because it would take too much of their disk space. Given the average download speed and heavy load that blockchain puts on the PC, it might take a full week to get it working. During which the desktop will be almost inoperable.
Luckily you can use UFO. Make a test buy of 1,000 coins for a dollar, download and synchronize UFOCore in 40 minutes, figure out how to secure wallet.dat, how to encrypt your wallet, how to record and restore it from SEED phases, how to send UFO to exchanges or to your friends, and how to check the transaction status in explorer.
The UFO transaction fees are so low - you can make thousands of transactions before you spend a single UFO. Young and tech-savvy folks know all this stuff. In opposite, try explaining this to elder people: how long it takes to download Bitcoin Core and how much bitcoin can be bought with $1, considering transaction fees are up to $5. See how they react. UFO is a much cheaper alternative for learning.
UFO is Bitcoin's little brother in every way you can think of. If you want to learn how to use cryptocurrencies, there is nothing better than UFO. Join our dedicated Telegram chat, where we teach all beginners, regardless of their experience level.
The Principle of Tomorrow
The Bitcoin's blockchain is designed in such a way that you can literally invent any application of it, without leaving your garage. But users don't want just anything, they usually want specific and simple things. Noone likes the idea of obtaining the degree in cryptocurrencies to use it.
At UFO, we develop and implement new technologies that can be useful in the future. UFO was listed in Edge - one of the first mobile wallets back when it just started. UFO was among the first to create a Telegram bot for exchanging cryptocurrencies into fiat. UFO was one of the first to implement and test the cross-blockchain exchange technology based on atomic swaps.
UFO has no investors, no shares, and no executives. At the moment, the project is supported by a team of volunteers. The team keeps development going and funds all the required activities. You wouldn't believe how much time and money it takes to maintain and update the existing blockchain, communications and new development.
Nevertheless UFO project is an open-source project. It is open for a decentralized development. At any moment, anyone can start working on it, regardless of the wishes of current developers.
The road ahead
Now you know what the UFO project has been all recent years (seven of them, no less) and what it strives to be. But the project must have a long-term goal as well, it must go beyond just teaching others. The cryptocurrency market in general is rife with issues even now, and more will arise in future. UFO is headed to resolve some of them. Let me tell you where UFO is targeting in the upcoming years.
The issue with stablecoins
The market of today has need of swift and cheap transactions for stablecoins. Stablecoin – is a non-volatile cryptocurrency — the analogs of the fiat dollar or euro. It is pegged to their exchange rates, and can transfer equivalent of fiat values via blockchain, directly between exchanges and users with no intermediaries.
Bitcoin blockchain is a perfect fit for this. No one else would do it better. But the problem is that it has very high transaction fees. Ethereum blockchain is already choking, with its transfer fee having reached $12 and cheap transactions times stretching to weeks. And since UFO is Bitcoin to some extent, UFO blockchain with its incredibly low transaction fees and high transaction speed fits the purposes of stablecoins carrier much better than majority of other blockchains.
The issue with micropayments
Almost every modern blockchain involves transaction fees, especially the top 10 cryptocurrencies. Imagine a situation where you need to top up your phone or send your kid few dollars for a school lunch. Ethereum and Bitcoin would charge you from $10 to $50 (depending on the network load), while UFO would charge you few cents for a series of transactions.
In theory, Bitcoin has a lightning network that is designed to solve this issue, but it has been in development for years with no full release in sight. Though UFO is potentially compatible with the lightning network technology - it won’t be needed for a long time yet. Current UFO's transfer fees essentially allow to do same things without complicating the existing blockchain.
In fact, we have a bitcoin clone, but we keep it updated from the very beginning (January 2014). Most of the competitors that emerged in 2014–2018 simply sucked in the customers' money and vanished. Some still remain, but are in shambles. People are still holding them but projects don’t get any active development, or there is no development at all. Let’s take a look at Litecoin — it’s been treated as second most popular cryptocurrency on the market for a long time. It has value even now and is traded at all exchanges, but most of newcomers don’t even know about it. That currency was designed specifically to allow cheap transactions, but its current fees are hardly low. The market has no need for Litecoin any more, yet it persists.
UFO is an easy and convenient way to learn how to use cryptocurrencies, keep your money in your own bank, make transactions, learn how to back up and restore your funds from those backups. The team never asks anyone to buy millions of dollars' worth of UFOs. We don't buy a lot of ads or press releases, and we don't fake trading volumes. We invite you to join the community and give UFO a try. In most cases, we are willing to provide users with few coins. Getting UFO to new exchanges or into new wallets is not about the money, but about attracting new people, people who want to learn something or have something new to contribute. With that in mind, we try to grow in new directions, develop solutions to market problems, and prepare for the future.
There was Isaac Newton - a most influential scientist of all time. He said “If I have seen further, it is by standing upon the shoulders of giants”. This quote fits UFO very well, because of using well-tested profound technologies and applying them at next levels.
We are a small team, with a small friendly community. There are people among us who have been into the development of cryptocurrencies since 2010. We've met many of the giants on whose shoulders we now stand, and that is what allows us to see further ahead.