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Currency Details

Unified Digital Currency or UDC, is a new digital currency, focused on becoming the global exchange medium, by facilitating international commerce, attaining ubiquitous adoption in local commerce and creating a new digital ecosystem that goes beyond the financial aspect.

UDC differs in a number of points with relation to other cryptocurrencies. For starters, it uses 2 separate chains to operate, a Ledger chain that focuses on the currency and monetary operations, and, a Network Management Blockchain (NMB) which deals with the network itself and its participants (network organization/participants registry/Slots allocations/public keys registry/DAS and DAO registry/...) and thus provides a completely open and transparent currency.
Another big difference is in the network's architecture, it is multi-layered and essentially decentralized and distributed at all levels. It isn't forked on any existing currency and, as such, uses an original code base and protocols. And, although the worker node of the network (Validating Node) is still in development, it's nearing completion (refer to the Progress section).

UDC also has a central bank, called WorldBank, which has to responsibility and authority of:
  • Issue and remove currency from circulation[1]
  • Guarantee exchanges and maintain UDC's fiat reserves
  • Oversee the attribution of all Slots and their category (official, reserved, premium, normal)
  • Create UDC's community and cooperate with it to maintain the Validating Node and vet all incorporated third-party services
  • Act as an intermediary to resolve and litigate complains for end-users and participants
On the other hand, the WorldBank does not have the power to perform some other actions such as:
  • sign transactions without the proper private key
  • execute transactions externally or bypassing the network (everything goes through the network)
  • modify Ledgers or Network Management Blocks (they are permanent and created exclusively by the network)
  • access any account it doesn't own
  • submit transactions without sufficient funds
  • control, own or allocate undisclosed nodes/accounts/services/... (everything is transparent and disclosed through the NMB)

UDC itself is pegged to the 10 most prominent fiat currencies, each selected for their relative importance computed using public formulas and official data, greatly reducing its value volatility. Since the value is pegged to those currencies, it has an extrinsic value and is backed, at all times, by an equivalent amount of fiat reserves.
  • United States Dollar (USD)
  • Euro (EUR)
  • Japanese Yen (JPY)
  • Pound Sterling (GBP)
  • Swiss Franc (CHF)
  • Australian Dollar (AUD)
  • Hong Kong Dollar (HKD)
  • Canadian Dollar (CAD)
  • Singapore Dollar (SGD)
  • Chinese Yuan Renminbi (CNY)
UDC Currencies Distribution

It is also organized differently, purposively made simpler to enable greater adoption for the average person. Addresses are substituted with short, 10-character long, account numbers (3 letters + 7 numbers). They are still cryptographically protected, as each is uniquely linked to an unchangeable ECDSA key pair. Accounts are in turn regrouped into Slots of 1 million accounts, represented by the 4-character prefix (3 letters + 1st number). These Slots will be managed by independent third-parties (Managing Entity), who can activate new accounts, define and receive all transaction fees and through which the transactions are submitted. This allows organizations to become their own payments providers and offer services to their costumers without any intermediary. In exchange, Managing Entities have to operate nodes, thus help the growth and diversification of the network. Any other organizations or individuals can also operate worker nodes, although, this network functionality is designed to be abstracted from the end-user and therefore not required.
In its current specification, the network can use up to 175.760 millions accounts, regrouped into 175.760 Slots. Certain Slots are managed directly by the WorldBank, the official Slots (UDC0-UDC9, DAO0-DAO9 and DAS0-DAS9), while others, are currently reserved, pending institutional opportunities (GOV0-GOV9 and all country codes as defined in the ISO 3166-1 alpha-3).

Finally, similarly to some other cryptocurrencies, UDC supports multiple forms of monetary transfers, smart contracts and event-based triggers through different standard transactions, Distributed Automatic Services (DAS) and Decentralized Autonomous Organizations (DAO).

[1] It is a fully transparent process since it is accomplished through normal transactions, exclusively involving the official account UDC000000


News & Documentation

You can read the latest news and announcements directly from our website, this post or any of our social media feeds.
Any other documents or specifications relevant to UDC are also accessible directly through our documentation page.

  • UDC: A Digital Currency for Unifying Global Commerce - whitepaper


Features

  • The monetary unit is called Uni and is composed of a sub-unit, unicent, related with the ratio 1:100
  • Value pegged to the 10 most prominent fiat currencies and backed constantly by equal reserves
  • Central bank with the authority of issuing currency (transparently and openly), removing (owned) currency from circulation and guaranteeing exchanges
  • Decentralized and distributed network with a multi-layer architecture
  • Short alphanumeric accounts, cryptographically protected by unique ECDSA key pairs (prime-based curves, 256bits+ key length)
  • Slots organizing ranges of 1 million accounts, which are managed by independent third-parties (Managing Entity)
  • Transaction fees defined independently by the Managing Entities, DAO or DAS
  • Supports several types of pre-defined transactions
  • Supports smart contracts and automatically triggered transaction through DAO and DAS
  • Transactions registered and published near real-time
  • Ledger chain governing the currency and providing periodically a complete overview of its state
  • Network Management Blockchain to independently, and openly, manage and organize the network and its participants


Specifications

  • No premine or ICO
  • Monetary supply: proportional to its reserves
  • No mining, PoS or PoW
  • Self-correcting network mechanisms
  • Transaction execution[2]: near real-time
  • Ledger duration[2]: 1 hour
  • Network Management Entry execution[3]: immediate
  • Network Management Block duration: 30 minutes

[2] Unlike other cryptocurrencies, with UDC, transactions don't require additional confirmations when validated and published by the network, and so, they are permanently confirmed even before its Ledger is closed and published. For further explanations please refer to the whitepaper.
[3] Network Management Entries follow different validation processes than transactions and are immediately validated and applied by all nodes.


Roadmap

2nd Half 2016:
  • Further increase UDC's online presence and public awareness.
  • Requests for investments and partnerships for UDC's general development.

1st Half 2017:
  • Complete the first operational version of the Validating Node.
  • Complete WorldBank's infrastructure.
  • Launch UDC's Public Key Infrastructure.
  • Publish the detailed network's communication protocols and standard for the creation of DAOs and DASs.
  • Candidacy proceedings for Slots allocations and, DAOs and DASs proposals.
  • Construction of the final Genesis Ledger and Genesis Network Management Block.

2nd Half 2017:
  • Launch of UDC and its network.
  • Integration of the Managing Entites, DAOs and DASs.
  • Search for local and worldwide currency exchanges partnerships.
  • Begin incentives for UDC ecosystem development and local adoption.


Progress

Network Consensus Protocols: completed
Network Communication Protocols and messages formats: completed
Validating Node: almost completed (c++, ~12.5k lines)
  • Communications: 100%
  • Multi-format keys support: 95%
  • Transactions support: 100%
  • DAS modularization: 90%
  • DAO modularization: 90%
  • Ledger support: 100%
  • NMB support: 100%
  • Network synchronization: 90%
WorldBank's functionalities: half-way there
  • Signing Node: 90%
  • private API (for its users):60%
  • public API: 20%
  • public Data Tracker: 80%
  • final website: 10%
  • official developers' community: 0%
UDC Public key Infrastructure: incomplete, definitive root and intermediate CA certificates will only be created near UDC's launch
  • Structure/Specification/Organization: 100%
  • Certification APIs/Services: 10%
  • CAs certificates: 0%
  • PKI servers: 0%


Team

Founder



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Offline UDC

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 I've published a long overdue post exposing the main differences between Unified Digital Currency and fiat currencies.

It's available directly at UDC's website: https://www.udc.world/news/differences-fiat-currencies/

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