UDAP Proposed a new Protocol — Singular – UDAP – Medium

UDAP Proposed a new Protocol — Singular

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The Singular Asset Account Model

The Singular asset model implements a concept:

One thing == One smart contract

Singular proposes to assign a unique blockchain account to each “thing” in the world. Such an account meets the following criteria:

  1. It represents an unique being that has its own life cycle.
  2. It possesses properties that describe the represented thing.
  3. Everything must have an owner. It must be owned eventually and effectively by a definitive real person or an organizational entity; The owner can control the life cycle of this asset account and trade this identity for other identities or currencies.
  4. It’s autonomous by itself in terms of behavior. It has built-in intelligence for dealing with other intelligent contracts. Conceptually it’s similar to the Software Agents described in many literatures.

The Singular project is a natural development in the spirit of some of the earlier blockchain proponents who had envisioned what blockchain with smart contracts would achieve.

Singular is a framework for “Tokenizing Everything”. It defines how a thing is tokenized and how it deals with ownerships and tradings in a decentralized way.

Goals of Singular

In UDAP we are proposing a new account model specifically to represent a single unique asset in a very expressive way. We want to achieve the following goals when designing the model:

  1. It supports safe token transfers and swaps.
  2. It supports direct purchasing of a singular with cryto-currencies.
  3. It supports decentralized trading.
  4. It is compatible with existing protocols such as ERC20 and ERC721.
  5. The token should work with state channel mechanisms, which is very important for scalable applications.
  6. Dealing with single asset token is intuitive.
  7. The API must be clean, simple without ambiguity.
  8. There should be strong type safety.
  9. Wallet API should be made very simple.

The following diagram shows how the ownership can chain multiple contracts together to form an ownership chain:

Summary

UDAP has the vision that

every single thing in the world should have a unique account on the blockchain.

Learn more details, to join UDAP with:

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For more information please contact — [email protected]

Hayden P.

A blockchain and cryptocurrency enthusiast

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