UDAP Proposed a new Protocol — Singular – UDAP – Medium
UDAP Proposed a new Protocol — Singular
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:
- It represents an unique being that has its own life cycle.
- It possesses properties that describe the represented thing.
- 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.
- 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:
- It supports safe token transfers and swaps.
- It supports direct purchasing of a singular with cryto-currencies.
- It supports decentralized trading.
- It is compatible with existing protocols such as ERC20 and ERC721.
- The token should work with state channel mechanisms, which is very important for scalable applications.
- Dealing with single asset token is intuitive.
- The API must be clean, simple without ambiguity.
- There should be strong type safety.
- Wallet API should be made very simple.
The following diagram shows how the ownership can chain multiple contracts together to form an ownership chain:
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:
For more information please contact — [email protected]