uPlexa is the first digital currency designed around complete IoT ubiquity. The underlying core functionality of this project, is to provide an incentive to IoT users to mint coins (smart phones, smart TVs, kitchen appliances, vehicles, etc). By focusing on IoT devices, this will allow the uPlexa network to become one of the most decentralised digital currencies. However, that’s far from where this project ends.
On top of uPlexa’s ever-efficient algorithm to boost IoT hashing power, uPlexa also focuses on three major components, as any important cryptocurrency should:
- Speed & Weight. uPlexa’s blockchain is the smallest of all current cryptonote blockchains, and will continue to scale as a small blockchain by using bulletproof. However, uPlexa has not compromised on transaction time to make this happen, like many other cryptonote forks. If uPlexa was to have had as many total transactions and blocks found as Monero, it’s blockchain size would be <6Gb rather than Monero’s current blockchain size of 65Gb.
- Security. uPlexa focuses on code and feedback with utmost focus on security. While the team audits the code for bugs and security flaws like any other software should, the team also ensures to bring security patches out with a rapid response. An example of this is when a user was abusing a network difficulty vulnerability during the uPlexa beta mine. A user had reported it, and the problem was solved within 24 hours by using an entirely different difficulty algorithm (LWMA).
- Use case and adoption. Technology is surely one of THE most important aspects to blockchain. However, what’s the point of any given digital currency if it’s used more as a speculative investment rather than its actual purpose? This is, yet another reason why uPlexa stands apart from the many others. The team focuses on marketing strategies that will help bring functional adoption to their cryptocurrency, rather than the typical hyped-up investment speculation. If a cryptocurrency is consistently being used by its use-case, it will thrive in both bullish and bearish markets.
What are the use cases of uPlexa?
We’ve already talked about the decentralised IoT mining aspect, but we’ve yet to talk about how the currency itself will or should be traded. The fact that uPlexa is the most lightweight anonymous blockchain, means that it could be adopted for purely anonymous payments itself. However, the uPlexa team are also introducing three other methods of adoption: NZCM API, eCommerce, and global community support.
The NZCM API is described in the Whitepaper as an off-chain means to offering credits and bonuses to website or app users. This is done by allowing webmasters and developers to incorporate the uPlexa NZCM API into their projects, and asking their users to consent to mining uPlexa in-rewards for on-site credits & bonuses. We’ve seen similar ideas with uPlexa’s partner, CryptoLoot, however — not on this scale. Not only is uPlexa more efficient to mine than Monero on lower-end devices, but this directly allows the blockchain to require less transactions as anybody could potentially setup their own form of NZCM API.
The uPlexa team has also been working on an eCommerce platform, fully supportive of cryptocurrencies. With uPlexa’s eCommerce system, shop owners will be able to anonymously receive digital payments, as-well as opt out of KYC by the platform itself. Other fantastic features regarding this platform, is a per-container based system. The per-container based system allows each website to exist within it’s own environment, resulting in strong security, and excellent data practice. The platform will also have several additional features that almost every store SHOULD have. These features typically cost additional prices with other eCommerce platforms (such as Shopify), or simply do not support these features whatsoever. All of which, will be provided by uPlexa’s eCommerce system, with an entry cost even cheaper than Shopify’s.
The uPlexa team is also working on branching out to each and every community and demographic. This is approached via cultural understanding and adequate documentation and support in various languages. uPlexa aims at being a global digital currency, and there’s no better way to get there than a global understanding.
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