UPLEXA: THE IOT CRYPTOCURRENCY FOR E-COMMERCE
Ever since the invention of blockchain technology and the first cryptocurrency by an individual with the pseudonym ‘Satoshi Nakamoto’, the market of cryptocurrencies have experienced significant growth, reaching an all-time high of over 800 billion dollars (800 000 000 000 USD). However, during the last cryptocurrency markets exponential growth (bull run), popular blockchains like Bitcoin and Ethereum witnessed significant network congestion, resulting in slower transaction processing and higher transaction fees. Cryptocurrency mining has also become a major cause for concern with the increased rate of energy consumption and heat generation which helps foster global warming.
The Internet of Things (IoT) is one of the new advancements in the world of technology. As more smart devices are being created with the ability to share data in real-time across the internet, a new world of possibilities that was only before imagined can now be a reality. Real-time sharing of data across platforms and devices have now become reality. The usefulness of blockchain technology in IoT cannot be overly emphasized, providing a trustless, immutable solution for the recording of real-time interactions without the need for a regulatory third party.
UPLEXA is a blockchain platform that harnesses the power of IoT which has been developed to serve a solution to the transactional limitations of existing blockchain platforms by combining the power of IoT and blockchain technology in bringing about anonymous transactions. UPLEXA has been designed as a peer-to-peer (p2p) payment system which offers fast transaction processing and a near zero congestion model (NZCM) which ensures that the network has a high throughput by utilizing the powerful hash rate of IoT devices.
UPLEXA employs a modified version of the Cryptonight algorithm in order to facilitate IoT device mining and ensure mining profitability while keeping transactions secure and anonymous. Mining can be carried out using only a percentage of the memory of various IoT devices like smartphones, computers (laptops and desktops), smart household appliances like televisions and refrigerators, servers and much more. By making the native cryptocurrency of the UPLEXA blockchain UPX mineable by IoT devices, UPLEXA solves a major a challenge within the blockchain space which is the high energy consumption rate of mining rigs and also creates a more stable network as more devices will be available on the network for the transaction confirmation.
Near-Zero Congestion Model: The Near-Zero Congestion Model (NZCM): This model consists of the NZCM API and how the UPLEXA blockchain processes transactions using IoT; both on-chain and off-chain. One of the major reasons for the network congestion during the last bullish market was the congestion of popular blockchain networks by micro-transactions. UPLEXA in a bid to curbing congestion, scales up the fees for the processing of micro-transactions, with a minimum transaction limit of 1 UPX. UPLEXA has been developed with a major focus on anonymous payments for goods which may be obtained via e-commerce platforms and payment for services.
The NZCM API will also make it possible for off-chain transactions to be effected, reducing the number of on-chain transactions, thereby, reducing significantly, network congestion and transaction fees.
Anonymous Payments: As the cases of data breaches continue to increase and personal information continues to be accessed by unauthorized parties, an anonymous payment solution is a necessity. UPLEXA has been designed for secure and anonymous payment services for e-commerce, making it easy to make purchases using uPlexa.
E-Commerce Platform: The E-commerce platform is a major part of the uPlexa ecosystem. The e-commerce platform will make it easy for e-commerce stores to be easily created and store owners are exempted from paying fees until they become profitable! Hence, making it easy for individuals to operate their own e-commerce stores at no loss at all. The profit threshold for payment of monthly store fees three times the store fee which is 29USD for basic stores. The uPlexa e-commerce platform will support numerous cryptocurrencies, alongside the native cryptocurrency of uPlexa UPX.
UPX is already trading on exchanges GRAVIEX and STEX with more development currently underway. More details can easily be found using any of the following links:
Use any of the following links to find out more about UPLEXA or to join the community:
WEBSITE: https://uplexa.com/
WHITEPAPER: https://uplexa.com/content/uPlexa-Whitepaper-EN.pdf
TELEGRAM: https://t.me/uplexaOfficial
TWITTER: https://twitter.com/uPlexaCoin
GITHUB: https://github.com/uPlexa
AUTHOR: KARLDARK
EMAIL: [email protected]
UPLEXA WALLET: UPX1e4f9uqUgfzfkctLRJXMouMTW9CAMSSNcobaMK3LsXxpNzqeAk32WzTJvKcuzPL9ZujH357yAzadc6T5yh8EE9PT5D4hJaM