Ultrain ICO Review - Quarkchain Killer?

primecrypto (45)in #ico • 6 years ago

Ultrain is a smart contract and cloud computing platform with several value-added features. It also aims to have very high transaction speeds of up to 20,000 tps.

The blockchain will use a new random trusted consensus framework. This allows the network to use only 1% of computing power to mint new coins, freeing up the remaining 99% to be used by applications.

Ultrain will provide numerous services to businesses. These include computing power for AI, network management, high performance trust computation, user friendly smart contracts and blockchain IoT services.

The ecosystem consists of three parts. A technology layers includes integrated services based on the blockchain, AI and IoT. The horizontal services layer will consist of the organizations that provide decentralised business services.

Finally, the vertical application layer will consist of all the DApps providing services to end users.

Various onchain components will be built on the chain to aid DApps developers, including identity authentication, a credit system, prediction markets, zero knowledge proof and asset mapping.

Sidechains with customised characteristic will be created to serve specific industries. Potential sidechains and use cases that are identified include gaming, healthcare data, fan economies, the sharing economy, logistics and sports.

Strength and Opportunities

Ultrain has identified specific uses cases for the network. In addition, unlike most projects with IoT applications, Ultrain brings other services to the chain, including user friendly smart contracts and computing power.

The code is written in JavaScript, which is far more widely used than solidity and other applications.

The team is strong and has background experience in blockchain, AI, cloud computing, IoT and security, all of which is relevant to the project.

The roadmap is relatively short when compared to similar projects, and the public testnet will be available in September.

Ultrain has a strong, well connected investor base, and already has 15 hub advisors building partnerships with key organizations around the world.

Ultrain was awarded “The Rising Star of Blockchain 2018” at the China-US Entrepreneur and Investment Summit.

Weaknesses and Threats

This project is entering the most competitive area of the blockchain industry. While Ultrain tries to differentiate itself, ultimately it is a smart contract platform, and is therefore up against Ethereum, EOS, NEO, Waves and others. While the rewards for the winners will be large, there will be very few winners.

Ultrain may be spreading itself too thin by attempting to address too many industries. This may help it gain critical mass (positive), it may be spreading itself too thin (negative).

No mention is made of the chain being interoperable with other chains. This means the project will be at risk if interoperable networks become the standard.

The project has not yet managed to attract a strong following. The Telegram channel has 7,800 members and the Twitter page has 1,500 followers only. It’s possible the WeChat group has more followers.

The valuation is high considering the project has a long way to go and the market is already competitive.