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      "title": "Ultrain Panel | How Does Blockchain Work with Music Industry?",
      "body": "27th of June, the founder of Musical.ly Louis Yang and the co-founder of Ultrain Emma Liao had an online panel in Ultrain community to discuss How Does Blockchain Work with Music Industry?\n\n![1_UEQOoJGbtrhSEBLd0e_twA.jpeg](https://cdn.steemitimages.com/DQmYEtkevMsgFb7SoBdPTk2gabAXztYBSKkcWGwgjJMZKGi/1_UEQOoJGbtrhSEBLd0e_twA.jpeg)\n\nGuest Speaker:\n\nLouis Yang, founder and CEO of Musical.ly, prior product director of eBao Tech, entrepreneur. Prior Co-founder of ScrumCN. Musical.ly is a popular App that’s favored by the global teenage community, it went online on year 2014 April. Musical.ly also attracted main stream entertainment celebrity, as well as cultivating their own celebrity, who gathered millions of fans, Musical.ly has already over one billion of active online users, the first Chinese Internet product that has successfully penetrated the oversea market. It was the Top 10 app on app store, and top 30 on Google Play list. As of 10th November of 2017, ByteDance Technology bought Musical.ly short-video social community for 1 billion dollar, to incorporate it with Douyin（Tik Tok）.\n\nEmma Liao: Co-founder of Ultrain. With over 10 years experiences of investment, investment bank, and enterprise operation, expert in cross-border M&A, overseas cooperation, and IoT industry, and benefits from extraordinary international and domestic connections and resources.\n\nQuestion 1: Start of Musical.ly\nEmma: Welcome Louis, and thank you for participating in our discussion regarding the consolidation between Blockchain and business scenario application. As one of the most successful global apps founded by a Chinese team, could you please tell us about Musical.ly? What inspired you to created it?\n\nLouis: As an observer and an investor for the Blockchian, my understanding of this industry might be limited and my intention here is to simply inspire ideas and to promote discussion.\n\nMusic.ly actually started off as an educational app. We wanted to create an online community based on short internet video. After one year of operation, we realized that education itself acts against human-nature, because self-study are usually the result of external pressure that drives customers to study, whereas the internet is a place for fun and motivation, rather than pressure, thus we decided to move into the entertainment filed.\n\nWe created Musical.ly based on our short-video technology. We had a simple thought, we wanted to lower the barrier between video creation and video broadcasting, and let everyone to be able to truly express themselves. We never thought that musical.ly would become a well-known app in the average American household, nevertheless, to inspire a similar app called “Tik Tok” with more than 300 million of monthly active users. In conclusion, the result of Musical.ly as a successfully product it currently is, was never what I had in mind in the beginning.\n\nQuestion 2: Operation and Oversea Success\nEmma: I was surprised that a Chinese team could operate such a successful app in the oversea market with 100+ million active users. How was this achieved?\n\nLouis: There are three key points that resulted this.\n\n1. The design of this product was the perfect fit for the market. Since 2013, smartphone and wifi have well penetrated the North American market that created the foundation for the rise of short-video app.\n\n2. In the beginning, we focused on the community operation and management, to encourage user participation (since 2015, there aremusical meet up events happening in the US on a daily bases, all volunteered by the online community).\n\n3. We respected how business is run in the US and operated effectively. We had three large record companies as our shareholders, and developed Music.ly together. Later on, we invited few more TV network and movie company as partners of ours.\n\nEmma: I remember when I was having dinner with Bruno Mars’ agent, and he mentioned that how record companies were all trying to avoid conflict with Musical.ly. It really shows your influence in the industry, and we really appreciate such inspiring conversation with you. Your previous experience and philosophy on community management are similar to that of our own Blockchain community management.\n\nLouis: Yes, and the value of the Blockchain should be aligned with the value of community.\n\nQuestion 3: Blockchain and Musical Social network\nEmma: What is your current interests and do you think the spirit or the technology of Blockchain will push the limits or revolutionize the music and social networking industry?\n\nLouis: I am currently involved in some early stage Venture capital investment, mainly focused on AI, Blockchain and Education. From a macro perspective, those three sectors will revolutionize the future of our productivity, relation of production and social fairness. I think there will be some great companies formed based on those three sectors.\n\nBut of course, based on my prior experience I still focus on entertainment and the content industry. I realized that Blockchain can potentially revolutionize the relation of production in content industry. For example, in the early stage of Chinese record label and music publishing industry (around year 2000), copyrights were strongly violated by pirate copies, whereas they were well protected in the US and Japan market. Which resulted the downfall of music record industry after it reached its peak at 2005 and 2006. The core issue here is due to the relation of production. From a production perspective, the technology, manifestation, ways of products are all improving, while the industry has declined continuously. Thus, the issue here is not production itself, but the relation of production, which can be expressed through three different aspects.\n\nThe development of Internet technology made it easy to copy content and sharing it online, which complicates the problem of ownership, making it difficult to account profit.\nThe entertainment industry is a centralized pyramid structure. The final product produced is never customized enough to satisfy millions of people online, who has their own personal taste and needs. This also limits profit allocated to the long-tail producer (less popular producers). This industry takes a toll on the producer that makes long-tail products.\nThere are many people play as agents in the traditional entertainment industry, which results in a rather long production chain. Creating a distance between the consumers and the creator & influencers, this delay the content generating process, while postponing personal growth of each content producer.\nWith Blockchain, it solves the three different issues respectively.\n\nBlockchain naturally resolve the issue of content ownership, a concept easy to grasp. There are already projects developed to protect the ownership of published documents. As the technology improves, I believe there will be projects in the future developed for pictures and video median.\nAs Blockchain resolves the issue of content ownership, more long tail products will be created, as the producers can start making a living based on their products, which results in a more diverse, customized and personalized content community.\nIn this more diverse, customized and personalized content community, creators & influencers will be in direct contact with consumers, creating a decentralized business model with no agents. Eventually, the relationship between user/fan of the products and content creators & influencers will change dramatically, the user can become the shareholder of a content creator to a certain extent.\nSuch application of Blockchain can be used for the music & entertainment industry, as well as video, online reading, and even among social network.\n\nEmma: You are right Louis. I think Guoqing Li mentioned in the group chat before, in the field of reading, video and music, a revolutionary change and potential opportunities are waiting to happen. Especially in China, the traditional entertainment and media market are rather limited, but we now have an opportunity to catch up with the more authoritative entertainment market of USA with Blockchain technology.\n\nOf course, the infrastructure development Blockchain is still at an early stage, and we are trying to resolve such questions, and we are trying to accomplish it right now. The spirit of Blockchain and technology inspires greater opportunity within the current business. Improvement of supply and demand of entertaining production are based on revolutionary changes in the relation of production.\n\nLouis, you have done plenty of research on Blockchain related projects, feel free to share your thoughts and prediction with us, how would the decentralized business model without agent will change the supply and demand relation of production? And the implicated influences on different platforms.\n\nLouis: Sure, let me share an example for reference. Based on the three points mentioned above, there are some oversea Blockchain company already starting to work on internet celebrity economy project. Influence Chain is a crypto currency project based on internet celebrity and their individual influence. There is also a project in the Philippine called GCOX — Global Crypto Offering Exchange, this project price each celebrity based on their influence, letting the user/fan to be fully participated and becoming the shareholder of each celebrity, share celebrity’s potential value, and restructure the relationship between celebrity and their fans. Fans could raise money for celebrity’s public concept or even record publication. However, both projects are still at early stage, no product has been delivered to the market beside the white paper.\n\nWith projects that directly face the consumer, they usually face large transaction volume. Beside the amount of time they need to develop their product, they also need a solid and suitable Blockchain infrastructure to support their development. The development process itself is quite difficult, because it requires plenty of customized elements. A simplified public chain, such as Ethereum is not sufficient enough to resolve such issue, a more capable, flexible and user friendly public chain is needed for such application.\n\nEmma: Yes, there are actually a similar project invested by CMC, called SNH49. The manager of SNH49 Zijie is currently involved in Blockchain research as well. Based on the discussion we had, he thinks that their product has the characteristics and nature advantage to fully utilize the technology of Blockchain and benefit from a strong public chain.\n\nLouis: Any impressive application being developed for the consumers are all based on a capable infrastructure. This is why I invested in Ultrain, I believe Ultrain will be become such infrastructure.\n\nLast week, I met a team of people who used to work in facebook and is starting a project called Creators Chain. I think it is quite interesting, so I personally recommend Ultrain to them and they should be in contact with you soon.\n\nEmma: We realized the importance of infrastructure technology since day one, but the rise of infrastructure needs the creation of “killer app”, thus I have decided to contact and ask for support from the most impressive apps that I know of.\n\nEmma: Would you elaborate on your imagination the level of influence that decentralization or revolutionary relationship of production can have on sizable platform?\n\nLouis: I would not make a forecast on the future. Based on Nicholas Taleb’s perceptive, forecast has limited accuracy. I share a similar thought as the core theme of Antifragile, every mature business rules that we are familiar with will be revolutionized.\n\nEmma：Thank you, I see your point. There is quote from our chief architecture Yufeng, “when working with Google and Alibaba, my target at work was to push the boundaries of business model” I think this is why we have dedicated ourselves into a technology start-up.\n\nEmma: As a final remark, could you please give Ultrain some suggestions? Thank You!\n\nLouis: Regarding Ultrain, I have no further advice on your technology and products, as you already have the best tech team on board, and a clear development path for your products. All you need now is to continue your way down the path. In terms of operation, with Emma’s personal influence and charm, it should not be difficult to build a solid community. I do have a little advice for the community, embrace such opportunity provided by Ultrain, and develop your super Apps with the support of such impressive infrastructure platform. A great platform relays on the birth of popular application, thus Ultrain needs to discover the next few killer Apps and support its development, which results a Win-Win situation. This is probably the best way to benefit and profiting from the rise of a platform, maximize the technology value and profit of developing a platform.\n\nEmma: Thank you Louis, The point that raised here is the same one that I had in my mind since day one and an issue we have been trying to resolve. Although the relationship between the technological bottleneck and popular app is similar to that of chicken & egg, but this does not prevent us from exploring and trying to resolve it. I believe in the near future, more and more applications will be accomplished, which enlighten even more impressive App developers and entrepreneurship with new thoughts and inspiration.\n\nPost Discussion and Feedback\n\nAfter discussion between Louis and Emma, Guoqing Li (Founder and Chairman of dangdang.com) introduced his decentralizing reading platform. And they have the core team members in place, two from Aamzon, two from Alibaba, four from dangdang.com. The early stage focus for them will be based on the content. Besides Guoqing Li, Haiquan Hu (famous musician and Founder of Haiquan Venture Capital) said he was swamp with meeting all day long, but still paid attention to the discussion and would like to learn more about blockchain.\n\nRay Guo (Co-founder of Ultrain) : Very much appreciate Louis’s view, you truly pointed out the bottlenecks of the industry, let us all look forward for the day when content generated economy is well incorporated with internet celebrity economy and develop Killer Apps for the world.\n\nYufeng Shen (Chief Architect Of Ultrain) : Thank you all for sharing! There are two key takeaway points for me: 1) Blockchain deliver more opportunity to long-tail content provider and more incentive to them directly; 2) Benefit of Internet Celebrity Economy, from projects such as SNH48, it is easy to see there are still innovative ways of utilizing the token structure.\n\nEmma: I would like to thank Louis for sharing his view with us, also Guoqing Li and Haiquan Hu for participating. Guoqing Li has already started his establishment in decentralized application, and he sees this opportunity as a venture for the next 8 years. This is the type of attitude we need in this industry. We firmly believe, regardless of how speculative the market has been, the team will dedicate themselves to create something solid and provide value for society. In the end, we believe the value driven project will more likely to be recession proof, market proof.\n\n(Translated and edited by Ultrain)\n\n\n\n\nJoin Ultrain community:\n\nTelegram\n\nLink：https://t.me/ultrainchain\n\nFacebook\n\nLink：http://fb.me/Ultraincommunity\n\nTwitter\n\n@UltrainB\n\n-END-",
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      "permlink": "community-discussion-on-gaming-and-blockchain",
      "title": "Community Discussion on Gaming and Blockchain",
      "body": "This is the discussion on Ultrain community about gaming and blockchain. Ultrain invited the founder&CEO of MixMarvel, Zhang Xuan, COO of Hero Entertainment, Liu Zhigang and other gaming experts to join this sharing avtivity.\n\n![WechatIMG2.jpeg](https://cdn.steemitimages.com/DQmNxo1PYKiV7YyikWQr7bKKJikt1M1Mp4M1y7Q7agqovSc/WechatIMG2.jpeg)\n\nQuestion 1 :\n\nWhat are some future opportunities of collaboration between Blockchain and the gaming industry?\n\nZhang Xuan’s Response:\n\nFirst of all, we need to address how both members of the gaming community and Blockchain community is expanding at tremendous speed, which represents a great business opportunity. Since December of 2017 to June of 2018, number of member are growing exponentially. Single user creates enormous economic value by sharing gaming data on Blockchain, using a popular Blockchain game as an example here, it has active user of 15,000 people and creates revenue of 3125 ETH (approximately 10 million CNY)/per day.\nSecondly, Blockchain technology can combine the real economy and video games, creating new gaming experience for gamers. However, such innovative changes is not only limited to player experience, but also revolutionary in the sense that it generates crypto currency value as players share their date on the network.\nIn Hyperdragon, not only the crypto currency has economic value, avatar skins and their tools in the video game, along with user’s digital identity all have corresponding values. They represent user’s digital asset, which has been verified by other users on the Blockchain.\nWhile Hyperdragon guarantee each player will enjoy themselves while playing, their feedback on the game are also been valued. Once players participate in the game, they have the right to make decision on future updates of the game. This is a new experience for gaming/Blockchain enthusiast.\nLastly, we can confirm, the collaboration between Blockchain and gaming industry will establish an eco-system of Blockchain. The right of making changes within game represents that feedback are being valued and the crypto currency represents a user’s right to profit in the game. While the right of decision making bring each user their subjective value, a well-established gaming ecosystem is based on interaction between gamers and quality game time.\nQuestion 2:\n\nWhat are issues that you faced during the development of your application? It is obvious that ETH has its limitation and drawbacks, why do we still need a more complex public chain to support complex application? Please discuses from aspects of technology, engineering and fundamental system design.\n\nZhang Xuan’s Response:\n\n1) Amount of GAS is limited, which restrain on the degree of decentralization.\n2) Smart contract grammar, there are plenty of restrictions on the programming language of ETH, which limits developer’s ability to code.\n3) Update and maintenance, there are limited amount of updates that can be done on ETH’s smart contract, which raises the issue of difficult maintenance on large scale decentralized structure.\n4) Issue on “throw”, Eth is not programed with “throw” and that will affect with the user friendliness of ETH.\n5) Issues on automation, ETH cannot be updated autonomously, increases the difficulties on progress management.\nFor example, in our industry, updates might be needed in order for smart contract to meet our strategic decision. However ETH can no longer be altered once updated is done. Different from that of financial industry, gaming industry requires cumbersome operation management. Thus, building a flexible smart contract with secure common consensus is crucial for this industry.\nFor Hyperdragon, we have incorporated data into the DNA of each “dragon”. For example, the amount of health, skill, damage and armor on each dragon has already been decided. In the meantime, we have introduced a fighting mode that is different from the traditional “grow your dragon” mode. We in fact combined two different games into one, and updated smart contract is used to adjust the original data collected, and established a comprehensive expansion on a large-scale video game. However, minor operating issue happened due to the fact that some action cannot be achieved with existing smart contact.\nWe do need a new public chain to serve as the foundation for more complex application. First, let’s analysis from an application perspective, existing public chain could all use an upgrade regarding to system performance, user experience and user friendliness for developer. Even the security of the Blockchain network might needs an upgrade as well. Secondly, as we are becoming more familiar with ETH, we start to realize that it is not developed for all industries. Despites its attempt to update and improve, the fundamental structure of ETH, including its core strategy, is targeted at few specific industries, I believe every industries needs its own application as a solute\nIn the 3.0 generation of public chain, our company believes that Ultrain is the best option out there in the market, it provides performance without compromising on security and consensus. It is also committed to support all industries, especially in the gaming industry and offered practical solution for us. Meanwhile, we also agree with Ultrian’s development proposal on its ecosystem.\nQuestion 3:\n\nWhat are the innovative breakthrough that can be created based on collaboration between Blockchain and gaming industry?\n\nH’s Response:\n\nThe Blockchain revolutionizes and resolves the issue of non-transparency and unfair transaction of resources, while establishing a common understanding of value within the digital world. It reduces “under-the-table” profiteering during deal transaction, and helps gaming companies to gain more revenue\nFina’s Response:\n\nThe spirit of Blockchain is to guarantee the interest of users, community and member who crates value on the network\nZhang Xuan’s Response:\n\nThe Blockchain revolutionizes and resolves the issue of non-transparency and unfair transaction of resources, while establishing a common understanding of value within the digital world. It reduces “under-the-table” profiteering during deal transaction, and helps video game companies to gain more revenue\nLiu Zhigang’s Response:\n\nI personally think that community is based on users, the focuses here should be user interaction and retention rate of users. Deal transaction is about how much is being deal with, value of the deal and money involved. However, without the content of a game, community and deal transaction based on the game are rather worthless. Thus, a game with the contribution and feedback form users, is a long lasting and sustainable model that ensures the value of the game\nZhang Xuan’s Response:\n\nI do think there is a possibility that as gaming industries develops and technology improves. Traditional gamers will participate in a virtual world of gaming, much like the recent movie “ready player one”. However, the real world version of “Oasis” does not need centralized control, as it operates autonomously. In the meantime, players digital asset (items and gold) can be circulated within such virtual world with ease, which allows the users to create values on their own\nQuestion 4: How to maintain active users and keeping high user retention rate, as traditional Blockchain is facing declined active users, is this happening to Blockchain gaming as well?\n\nZhang Xuan’s Response:\n\nBlockchain game are still games, thus will face the issue of user retention. However, based on different users, we will have different ways to manage them. To be frank, it is easier to manage gamers who intent to invest in Blockchain compare to that of a regular player.\nFor Hyperdragon, we are resolving such issue from two different aspects. First of all, Hyperdragon is a gaming product that incorporates its own value and gaming content, thus it will have its loyal gamers who enjoys such entertainment. Secondly, we believe that interesting gaming content is the inner value of game, while crypto currency represent the external value. Along with the POS consensus, we creates a circle of value that allows different player to pursuit their own goal, whether it is driven by fun or incentivized by money. We will adjust ourselves to meet the demand of the market.\n\n\n\nJoin Ultrain Community\n\nFacebook\n\nLink：http://fb.me/Ultraincommunity\n\nTwitter\n\n@UltrainB\n\nTelegram\n\nLink：https://t.me/ultrainchain\n\n-END-",
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      "author": "ultrain",
      "permlink": "ultrain-weekly-report-07-29-09-09",
      "title": "Ultrain Weekly Report (07/29–09/09)",
      "body": "![WechatIMG2366.jpeg](https://cdn.steemitimages.com/DQmTTpvc8jyvUk3LDz5W2WLNBToTmkrBfdAMZSAeRhGPReV/WechatIMG2366.jpeg)\n\nHighlights of Ultrain Tech Updates\n\n1) Public test net: Ultrain finished development on nodes function. It is currently working on tests and trouble shooting of functionality, stability, and performance .\n\nThe topology of the public test net is as follows：\n\n![WechatIMG56.png](https://cdn.steemitimages.com/DQmWdvz7YBo87WvbamU2evChRVV9QfuhpFsNx23sXAfwbeb/WechatIMG56.png)\n\n2) Enterprise Service Access Network: Ultrain teamed up with strategic partners for deep collaboration, and already finished product development. Ultrain also deployed enterprise service access testnet, and the team is currently working on the internal test and trouble shooting.\n\nThe topology of the enterprise service access network is as follows:\n\n![2.png](https://cdn.steemitimages.com/DQmP46cJ44js6uV5fHdSSvNPfzQGdDHViqsU5v67gE1HY6A/2.png)\n\n\n\nUltrain’s Latest Community & Event Update\n\nUpcoming! October 8th in San Francisco!\n\n![WechatIMG1991.jpeg](https://cdn.steemitimages.com/DQmWrX1oxnYNEtFxsJTsTpYiJi7eqspBbfK6FEJXtKbRMLY/WechatIMG1991.jpeg)\n\nUltrain will release important R&D milestone and be the keynote speaker at SF Blockchain week in October, to kick start the developer community building for Ultrain. There are several products to be released, which we look forward to sharing with you.\n\n1) Public testnet launching\n\n2) Permitted mainnet launching\n\n3) Zero knowledge proof demo\n\n4) Multiple DApps demo on chain\n\n5) More surprises\n\n9/04/2018\n\nUltrain established Chinese community on Telegram, and now we are welcoming new members!\n\nFor more details, please check: https://t.me/Ultrain_CN\n\n9/04/2018\n\nThe Whitepaper is updated to V1.1.6\n\nFor more details, please check: https://bit.ly/2BYRWM6\n\n9/03/2018\n\nUltrain established a Vietnamese community on Telegram. Now, we are welcoming new members!\n\nFor more details, please check: https://t.me/Ultrain_vietnam\n\n8/31/2018\n\nOn 31st August, 2018, Ultrain launched Supernova — GIF stickers on WeChat.\n\nLatest News From Ultrain![WechatIMG2553.jpeg](https://cdn.steemitimages.com/DQmbzfaRKaASfwSSxxiQcc1N2nvuTAa549a8gZf3PZSgGnK/WechatIMG2553.jpeg)\n\n8/31/2018\n\n![WechatIMG2546.jpeg](https://cdn.steemitimages.com/DQmaMjcb1NGxEfdjriT2BEx2o2s4aEbZV7hf469Qo6pobQW/WechatIMG2546.jpeg)\n\nTop tier media, such as Nasdaq, Morningstar, Digital Journal and Yahoo announced Ultrain’s presence and participation in the Yabuli China Entrepreneur Forum Summer Summit, as well as joining the Microsoft venture.\n\nFor more details, please check https://www.nasdaq.com/press-release/ultrain-joins-microsoft-accelerator-and-invited-to-yabuli--davos-of-china-as-panel-speaker-20180831-00146\n\nhttp://news.morningstar.com/all/access-wire/ASWAccesswire511126MSN/ultrain-joins-microsoft-accelerator-and-invited-to-yabuli-davos-of-china-as-panel-speaker.aspx\n\nhttp://www.digitaljournal.com/pr/3919731\n\nhttps://finance.yahoo.com/news/ultrain-joins-microsoft-accelerator-invited-095500227.html\n\n8/29/2018\n\n![1.jpeg](https://cdn.steemitimages.com/DQmRuzVny3Vcbfq6Wggv7mXooqqasgj3AnHteX65LkCvr2s/1.jpeg)\n\nUltrain was invited to the 2018 Silicon Valley Mars Blockchain Summit. As a special guest, Emma Liao, the Co-founder of Ultrain, joined the panel to discuss the future and development of public-chains. Her expertise and experience were well received by attendees.\n\n8/26/2018\n\n![500px-Yahoo_Finance_Logo_2013.svg.png](https://cdn.steemitimages.com/DQma87eHMmiycAoHtGnze5U4sfpfVSrqTnEix9VWGbf1Udd/500px-Yahoo_Finance_Logo_2013.svg.png)\n\nYahoo finance announced the strategic announcement between Unitopia lab and Ultrain, marking this as a new era for the latest generation of Blockchain gaming.\n\n8/25/2018\n\n![WechatIMG2155.jpeg](https://cdn.steemitimages.com/DQmeWkHGyoQnhtBbMKy9ifWUz3LdctVoBF5n63WwAqbmjpv/WechatIMG2155.jpeg)\n\n![WechatIMG2165.jpeg](https://cdn.steemitimages.com/DQmbvown97T1V1znCTdgxiFyUmF7MP1dfP1BJuEog7sevpm/WechatIMG2165.jpeg)\n\nUltrain was invited to attend the Yabuli, China Entrepreneur Forum Summer Summit. As a panel guest speaker, Ultrain. together with other pioneers, examined the blockchain industry.\n\n8/23/2018\n\n![WechatIMG2548.jpeg](https://cdn.steemitimages.com/DQmX8wE4EYcXx1hjVsyTeWQ9GWxQ5ni2nhHSpkNSQnccsYn/WechatIMG2548.jpeg)\n\nAfter going through a rigorous selection process, Ultrain successfully entered the Microsoft Accelerator Project, which accelerates the overall growth of promising companies while promoting the market. The eco-sharing innovation and entrepreneurship platform is dedicated to providing a full range of high-quality services for China’s growing modernization.\n\n8/22/2018\n\n![WechatIMG2549.jpeg](https://cdn.steemitimages.com/DQmbsbbo397Xev7K9f4Pxg5oHGSv3mbm939cqpVShpURsvB/WechatIMG2549.jpeg)\n\nUnitopia lab, a Blockchain research lab of the well-known Chinese video game developer Electronic Soul, announced a strategic partnership with Ultrain. Together, they will aim to establish a presence in this new market and make Blockchain video games a household product.\n\n8/22/2018\n\n![WechatIMG2074.jpeg](https://cdn.steemitimages.com/DQmfBHUAfh4J81WcJs9qme7kGyqKV7SiQEd262obU8fVVrY/WechatIMG2074.jpeg)\n\nUltrain presented a Reddit community discussion named “The privacy protection of Blockchain” hosted by Husan Wang. Based on his expertise and knowledge, the debate was well received by the Reddit community.\n\nUltrain’s ICO Review\n\n9/2/2018\n\nLatest ICO ranking done by ICO analytics.\n\n![WechatIMG2554.jpeg](https://cdn.steemitimages.com/DQmNMnkKFDicuiF6PtoaEQyHBtCa3FwXZXkpTxLtvctE5Ri/WechatIMG2554.jpeg)\n\n8/23/2018\n\nMonoico, a Vietnamese reviewer, published a review of Ultrain and gave high ratings for metrics, technology, and investors on their review website. They gave Ultrain an overall rating of “Gamble,” which indicates that Ultrain is a good project. Ultrain scored high on technology due to its strong technical team members as well as experienced leadership. , Meanwhile, there are many world-renowned investors participating in the projects The review also published an interview video between Emma Liao (CSO & Co-founder) and YuFeng Shen (Chief Architect), that allows the viewer to understand more about Ultrain’s technical background and leadership.\n\nFor more details, please check https://www.monoico.com/ultrain/.\n\n8/23/2018\n\nUltrain is listed on Cryptorank, a review website with more than 1566 currencies listed.\n\nFor more details, please check https://cryptorank.io/currencies/ultrain/ico\n\n7/29/2018\n\nUltrain is listed on icodrops, a review site with 40.8K plus Telegram followers and 56.7K on Twitter.\n\nFor more details, please check https://icodrops.com/ultrain/.\n\nUltrain’s YouTube Reviews\n\n8/28/2018\n\nReview agency PrimeICO,issued a comprehensive review of Ultrain on both Youtube and Medium. It gave Ultrain the highest rating of “A” for its blockchain project. PrimelCO analyzed Ultrain through multiple perspectives including but not limited to the experience and expertise of the funding team, engineering capability, investors and token structure. There are a few specific strengths of Ultrain that the review addressed in the video, 1) Ultrain identified the particular use of the network. 2) It is written in JavaScript, which can be widely used. 3) A strong team in AI and cloud computing. 3) Short and straightforward roadmap. 4) Well connected investor base and 15 hubs already established around the world. 5) Awarded as “The rising star of Blockchain 2018” at China-US entrepreneur and investment summit.\n\nFor more details, please check https://m.youtube.com/watch?v=koYYG1guKTQ.\n\n8/26/2018\n\nCrypto Love, a Russian reviewer, issued a comprehensive review of Ultrain on YouTube. For more details, please check:\n\nhttps://www.youtube.com/watch?v=_gXCb1V367g&feature=youtu.be\n\n8/17/2018\n\nMartins Hacks, a youtube reviewer created a review video for Ultrain with more than 8200 views. He presented a detailed review that discusses Ultrain with the audience, elaborated on his opinion on the project and admired the potential technical achievement that Ultrain can eventually achieve. For more details, please check https://m.youtube.com/watch?v=Is-dqbX8xM8\n\nShort Orders for Ethereum Hit All Time High, Market Is Betting Against Ether’s Price\n\nAccording to data disclosed from the crypto currency exchange Bitfinex, the number of short orders placed on Ether (ETH) reached a new high, surpassing the previous mark of 202,853 to ultimately reach a new high of 208,689. This figure represents an 81.96% week-to-week increase and a 162% increase from mid-August. As the world’s second largest crypto currency by market capitalization, Ethereum’s unsatisfactory performance tends to influence the broader crypto currency market. From September 5–6, bitcoin(BTC) fell more than $1100, a drop of nearly 15%.. At the same time, a total market capitalization of $40 billion vaporized for the entire crypto currency market due to poor performance.\n\nMarket Cap and 24 Hour Volume Data for the Top 10 Crypto Currencies\n\nBitcoin\n\n![7.png](https://cdn.steemitimages.com/DQmRQBDc5Mg4dKrhUpbqnzhmDgDi1ZjvXjPJpnhcrmkaj3c/7.png)\n\nBitcoin, as the leading crypto currency is trading at $6,352 on exchange, a 3% decrease from yesterday’s (Sept. 9) high of $6,550. Although the price rebounded to $6,433 for a brief period, it soon dropped back down to $6,300. , This activity indicates that bearish sentiment remains strong in the market and minor upward price movement triggers an instant sell-off. Based on the past week’s performance, BTC could find its comfort zone around the $6,300 mark with a possibility of dropping to $6,000 over the weekend. However, falling below $6,000 would signal a revival of a long-term bear market.\n\nEthereum\n\n![8.png](https://cdn.steemitimages.com/DQmPiG1VeUJmbt3SUQA1k5oVNGVxuhErCoWe98QmXCHAUDY/8.png)\n\nThe price of Ethereum took a significant plunge last week, falling under $200 for the first time since August 2017. At one point, ETH was worth $185, which was a surprise to some market participants. There are two theories that attempt to explain the tumbling price of Ether. The first theory is that the introduction of BitMEX ETH (a perpetual swap contract), allows traders to short the price of ETH with up to 100x leverage. Although the correlation between the price of Bitmex and ETH can not yet be confirmed, the price of Ether has fallen by 57% since the arrival of perpetual contracts in early August. Secondly, according to data provided by Santiment, 4% of the entire ETH supply was transferred out or spent in the last 30 days, indicating bearish market sentiment andinvestors’ clearing out their war chests.\n\nXRP\n\n![9.png](https://cdn.steemitimages.com/DQmb4hvrYDhB1f5nLinXUS6UtVvzKKzo73gaF5i478j2L4N/9.png)\n\nToday, XRP’s potential has been actualized to a certain point, as banks all over the world are going live with it. XRP underwent a rigorous sell-off, which took place on September 6th, breaking a previous bullish trend. However, as XRP reaches its lowest points of the year, some investors believe that falling selling volumes indicate that most of the people left in the market are now long term investors, rather than speculators. Meanwhile, the recent research paper made public by Niclas Englesson and Sid John Leopold contend that XRP utilizes the least amount of CO2 and is the most CO-friendly compared to Bitcoin, Ethereum, and Visa. Since a fundamental purpose of money is to serve as a medium for exchange, cheaper trade can be achieved through efficient currencies such as XRP.\n\nBitcoin Cash\n\n![10.png](https://cdn.steemitimages.com/DQmVjuy9SrseN15SotgyeHWaVnN78Vrv7L2XKSPcevuRHRH/10.png)\n\nThe price of BCH fell sharply below $500, a level previously considered as a baseline, indicating a bearish trend. As long as BCH is trading below $500, the price will continues to decline in the bear market. The sharp downside move at the $640 price point had a significant negative impact on investor confidence. On the other hand, recent news such as the luxury car dealership, Post Oak Motor Cars, now accepting both BCH and BTC from their customers to purchase Rolls-Royce, Bugatti and Bentley, indicates that traditional businesses are becoming more accustomed to accepting crypto currency as payment.\n\nEOS\n\n![11.png](https://cdn.steemitimages.com/DQmTXqKk7QPrUV9ynyLEQM6fHErGdZASZr1xk1GayxXt6DM/11.png)\n\nMirroring the September 5 bear market, EOS is down by 20 percent on a weekly basis, with the second half of the week being rather slow. The small scale upward movement we see might be related to EOS’s recent attempt to boost new users’ onboarding. One of the network’s 21 block producers announced on Thursday that 15 block producers have approved a protocol update that reduces the cost of new accounts, changing it from 4 to 3 kibibytes. This change also provides new account members with 1,400 bytes of RAM. Also, its emphasis on the importance of creating accounts will attract more dApp developers to participate in EOS.\n\nStellar\n\n![12.png](https://cdn.steemitimages.com/DQmcGvK9TtRrTgkNAjPR4jKvmZyogFLCnRYbCMuTGa8oP1J/12.png)\n\nStellar’s goal is to reform the current money-transferring system based on the platform it created. To achieve this goal, the team is devoting themselves to collaborating with various giants[Greg Youn1] that can support its infrastructure. Its recent partnership with technology tycoon IBM to develop a Stellar-based payment system aims to compete with other forms of money transfer solutions. The announcement of its collaboration with IBM temporarily triggered a price increase.. Nevertheless, pressure from the bear market pushed Stella’s price down again.\n\nLitcoin\n\n![13.png](https://cdn.steemitimages.com/DQmXotNiNLtbmFfEYDWW92Eigp5QFMFniA3fTjjAZ3zeRLm/13.png)\n\nAs the crypto currency market has declined over the past week, Litcoin is no exception. However, there are reasons that some investors remain optimistic about Litcoin. As LTC has been seen as a lite model of Bitcoin, the SEC’s clarification regarding BTC and ETH could be beneficial, as investor confidence may grow when Litcoin is stated as non-security as well.\n\nTether\n\n![14.png](https://cdn.steemitimages.com/DQmSdEvcMoZW5qqM5zMBCwp7VejqGBKcFV4EdeA2EqHCQ99/14.png)\n\nOne of the most controversial currencies, every Tether unit is backed by one US dollar. Tether acts solely as an alternative to blockchain-based payment, which explains why it has a relatively stable price in this tumbling market. It is also important to note that the CEO of Tether and Bitifinex, JL Van Der Velde , has recently denied all allegations regarding price manipulation with USDT.\n\nCardano\n\n![15.png](https://cdn.steemitimages.com/DQmPJJ8wsXeJQte65mydApGrmYVg1RsqVPdkgbRqe2snfbs/15.png)\n\nRumor has it that Cardano plans to launch several ADA ATMS in Japan. As we know, Japan is a welcoming market for crypto currencies, although it faces many issues such as hacks and scams. Thus, Japanese financial services agencies are quite strict and vet exchanges before issuing projects with operating licenses. It would be a challenge for Cardana to acquire a license to operate ATMs in Japan. , If they do get the green light to build ATMs in the country, we expect a significant increase in price.\n\nMonero\n\n![16.png](https://cdn.steemitimages.com/DQmWYmnSiXkMUjXcHfTbeT4jBXu6PoN78KQ3pFuriCAwo8H/16.png)\n\nAlthough XMR took a sharp hit from the bear market early last week, we were encouraged to see a slow bounce back at the week’s end , a potential indication of lost momentum for bearish sentiment but a bullish opportunity. Thus, the forecast for the short-run is promising. However, we are skeptical of long-term performance, due to the recent cyber-attacks involving XMR.\n\nLatest News Happenings In the Market\n\n09/07/2018\n\nBoeing Company is considering using Blockchain technology to manage its suppliers, which would greatly improve its supply chain management. Other top players in the blockchain industry include Maersk, IBM, GE, and Walmart.\n\n![17.png](https://cdn.steemitimages.com/DQmTCpTEdbNc9TMDLMrUgbQpHRwLMBQVLhH7GoYyVHZQx5K/17.png)\n\n09/07/2018\n\nA white paper published by the China Academy of Information and Communications asserted that Blockchain is not omnipotent, and its prominent features of decentralization and non-tampering make it of higher application value for risk-free, high-value, and easy-to-realize scenarios.\n\n09/06/2018\n\nAfter BitMEX, “ GAEA” announced that it wants to be a dual trading platform for the second blockchain derivative.\n\n09/05/2018\n\nIran officially endorsed crypto currency mining and will draft a policy framework within 18 days.\n\n09/04/2018\n\nJD Worldwide set up a Japanese procurement center using blockchain to prevent false traceability.\n\n09/04/2018\n\nFormer CEO of Kuaibo, Wang Xin founded AI and blockchain, which has already received more than $30 million in investment capital.\n\n09/04/2018\n\nThe Australia exchange postponed the implementation date of replacing the original settlement system with blockchain technology from March to April 2021.\n\n09/04/2018\n\nDeutsche Exchange created a new division focused on blockchain and crypto assets.\n\n09/04/2018\n\nYahoo finance web pages were fully integrated with crypto currency related news.\n\nPrepared by ULTRAIN strategy, community and marketing team",
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      "title": "Draper Dragon Backs $20 Million Raise for Alibaba Vets’ Blockchain Startup",
      "body": "— An article release by Coindesk\n\nThe original link is : https://www.coindesk.com/draper-dragon-backs-20-million-raise-for-alibaba-vets-blockchain-startup/\n\nA public blockchain project founded by the former head of Alibaba’s blockchain team has raised over $20 million from institutional investors in a combined token and equity sale.\n\nCalled Ultrain, the startup announced Monday that leading investors in the round included token funds, such as Draper Dragon, FBG Capital, DanHua VC and Arrington XRP Capital, as well as blockchain industry startups, such as crypto wallet Bixin and exchange OKCoin. Traditional VC funds including Morningside Capital and Ceyuan Capital also participated.\n\nLaunched in October 2017, Ultrain was created by a group of former Alibaba staffers. The project’s chief executive, Ray Guo, was in charge of security strategy and data security as the former tech director of the Alibaba Group’s security unit.\n\nAdditionally, its chief technology officer, William Li, previously led the blockchain development team of Alibaba payment affiliate Ant Financial and was a core architect at AliCloud. Meanwhile, Emma Liao, another co-founder and also the chief strategy officer, is the former head of internet of things investment at Qihoo 360, an internet giant focused on security.\n\nWith the new funding, the company said it will focus on the technological development of its public blockchain protocol — also called Ultrain — that is designed as a scalable platform for empowering decentralized applications (dapps)\n\nEarlier this year, the platform launched a test version of its network that was claimed to be able to process 3,000 transactions per second (TPS) on a network with 1,000 nodes hosted on Alibaba cloud servers.\n\nGuo told CoinDesk that public blockchain projects should focus on the “real needs of users” instead of focusing solely on TPS, adding that 3,000 TPS would be plenty for the time being.\n\nHe said:\n\nWhile being a prolific prep-school for blockchain entrepreneurs with over 65 blockchain-related patents so far, pushing forward blockchain applications at Alibaba is not as easy as it might seem, according to the team.\nExplaining why he’d made the decision to leave and start his own project, Guo told CoinDesk that Alibaba’s strategy is to “build an ecosystem around itself.”\n\n“A vital part of this strategy is strong control over the partners within the ecosystem — it is a centralized way of thinking. It is very hard to change the minds of the internal business leaders and persuade them to negotiate with the partners instead of controlling them,” he said.\nLi also spoke to the greater possibilities to be had when founding an independent project, saying:\n\n“Currently, the country’s policy towards entrepreneurs is relatively friendly, so our blockchain exploration can cover every aspect of the technology, including a public blockchain focusing on a token eco-system. … On the contrary, all I could do at Ant Financial was a token-less consortium blockchain.”",
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      "title": "Introduction to the World’s Top Tier Blockchain 3.0 Project",
      "body": "Ultrain CEO Guo Rui\n\n1、 What is Blockchain 3.0?\n\nThe concept of Blockchain is on its way to becoming a topic for conversation in every household. However, I have asked myself many times, why there aren’t already real large-scale commercial Blockchain applications in place? Unfortunately, I can only tell you that, although Blockchain technology can create a completely new and disruptive business model, the underlying technological performance of the Blockchain public chain is not enough to support large-scale commercial applications. This is due to the technical bottlenecks which arise from inadequate system performance. Ethereum provides a good example. For all applications running on the whole network, the processing capacity can only reach around 20–25 transactions/second, and for an application that supports daily commercial operations, the minimum TPS peak requirement needs to reach around 2000–3000. The existing Blockchain 1.0 and Blockchain 2.0 systems, based on their performance statistics published by Bitcoin and Ethereum, are therefore unable to support large-scale commercial applications.\n\nAnd why is the TPS minimum peak requirement so difficult to break through? Just as all distributed systems face the CAP problem when in the design phase, the Blockchain system also faces its very own impossible trinity: decentralization, security, and performance.\n\nThe challenge with decentralized designs is how to guarantee the level of decentralization of the network. This requires a network based on a peer-to-peer model. The machines in the network are all equal in status, with no node receiving special treatment or has any delegate voting power. At the same time, in order to ensure its decentralization, the network needs to be openly accessible , so that everyone can join , and it isn’t controlled by one or more “centers”\nAnother challenge related to the networks is security design. Specifically, how to ensure that the network is sufficiently secure and cannot be destroyed by a malicious node? In an open and network that’s directly linked to our economy, not only do potential participants buy machine rigs to join such networks, but potential malicious nodes will try to profit through network attacks. Then, how can we ensure the security of the network when participants joined with the intention to attack and break through the traditional security architecture? This is a challenge to the security design.\nThe performance design challenge is how to ensure optimal network performance with the lowest energy consumption.\nBitcoin, for example, was designed to establish a decentralized currency system. Therefore, it needed a completely decentralized open network, in order to ensure its security. To ensure a secure network, Bitcoin adopted the Proof of Work (POW) Mechanism, in which every node in the network needs to be mined through the calculation of hash value. Since every nodes participate in the consensus and record all corresponding data, making it costly for potential attacks . While Bitcoin guarantees the security of the network, it sacrifices the performance of the system. Currently, the operation and maintenance cost of the Bitcoin network reaches10 billion RMB per year, while the TPS performance is limited to 7 per second.\n\nIn order to solve this problem, BM wants to put forward its own ideas as early as 2014, which is a new consensus mechanism called DPOS. The core idea of the DPOS mechanism is to select a small number of nodes participating in the large-scale network of consensus based on the number of tokens held by each node. Once the consensus is achieved between these nodes, then an agreement is reached, which is different from Bitcoin, where blocks are formed. Taking DPOS’s latest project, EOS as an example. EOS selects 21 nodes as delegates nodes in each round, with one block formed within every 0.5 seconds, and confirms its formation within 3 minutes. According to the community’s latest EOS performance test report, its TPS is about 3,000 transactions per second. However, solutions such as this also have weaknesses. The most important weakness is two-fold. On the one hand, it is difficult, for the 21 nodes to resist large-scale DDOS attacks. Hackers can easily hack the 21 nodes to paralyze the entire network; on the other hand, the Blockchain emphasizes a completely decentralized and peer-to-peer network, where everyone in the network is treated equally and there is no specialization. Whereas, EOS design deviates from this concept, making the 21 nodes special. It is difficult for such structure to avoid problems such as corruption, collusion and centralization of control to the 21 nodes. Therefore, the industry is considering making EOS as a “semi-centralized” network. In the impossible triangle of the Blockchain, EOS is biased towards efficiency, at the expense of decentralization and security.\n\nIt is better to further improve the performance of the Blockchain system without sacrificing decentralization and security., which will inevitably require major innovations and breakthroughs in technology. This type of project is called the Blockchain 3.0 project. In recent years, especially since 2018, many teams around the world have made their own efforts, the most prominent of which is Dfinity, Oasis, Thunderlla, Algorand, Zillaqa, Ultrain. For these projects, we will analyze their principles and characteristics one by one.\n\n2、 Analysis of Top Tier Blockchain 3.0 Projects\n\nDfinity：Threshold Signature Scheme — A New Direction for Consensus\n\nThis project launched in Silicon Valley in 2016. Its founder, Dominic is one of the core members of the Ethereum Early Cryptography Association. Dfinity’s most prominent contribution to the crypto industry has been its introduction of threshold signature technology into consensus algorithms. The consensus idea of ​​Dfinity is as follows: First, the nodes of the whole network are randomly divided into various numbers of groups (N Groups). At the beginning of each round of consensus, block and notary nodes are randomly selected. Upon the formation of a block, the notary nodes choose which one will be the final block. At the same time, of the notary node will randomly select nodes that forms a block, and complete consensus to continue its function. However, since there is no power consumption as a measurement of security prevention (similar to POW mechanism), Dfinity’s generated block and notary nodes in groups. For example, each nodes that forms block is based on 400 different machine that acts as nodes to build blocks. The threshold signature technology is used to guarantees the integrity of the data block. After more than 51% (more than 201 machines) are randomly selected and execute their individual signature, Dfinity can then generate data blocks verified by the third party and can generate the random number of groups for the next round. This process greatly improves the overall security of the network. This system turns an original attack on a single node into an attack of a group of nodes, which becomes much more challenging, thus, overall system security is improved. In the field of cryptography, VRF (verifiable random functions) is a crucial component. Threshold signature function is another key component. However, the biggest breakthrough of Dfinity is the fact that its technology incorporates both VRF and threshold signature, which guarantees that its algorithm can be implemented. Based on this consensus, Dfinity claims that it has reached hundreds of transaction per second, and the confirmation time for each block is 7.5 seconds.\n\nDfinity’s consensus mechanism is well designed, but there are still flaws remaining in the system. Because the establishment process of the “group” in the threshold signature is very complicated, each group must be kept for a long time after being established. At this time, there is a potential game theory problem. That is, the group signature can be predicted through the collusion of multiple members, the cost of which is very low. Each group member already knows which group they belong to, through various means such as the Internet. This enables them to easily find members of the same group to collude with. Colluding members can collaboratively acquire the group’s private key through calculation and quickly predict the next round of random numbers, thus undermining the integrity of the network. Because such attacks are very difficult to find, they can be achieved at no cost. We have already submitted this question to the Dfinity team and have not yet received a response.\n\nAlgorand：Consensus Based on Random Calculation with Impressive TPS\n\nAlgorand is the Blockchain Consensus Agreement released in May, 2017 by the Turing Award winner and MIT Professor Sivio Micali. The main idea here is to combine the random selection and BFT algorithms to achieve high TPS on a completely decentralized network.\n\n1. The first step is the role confirmation phase. For a large-scale network, each node starts with a VRF (verifiable random function), which generates a voucher. The node randomly selected with each voucher participates in the consensus and is called “the voter”. The one with the smallest voucher value is selected as the “proposer”.\n\n2. The second step is the consensus grading phase. In this step, the proposer is responsible for assembling the candidate blocks. The voters then agree upon the leader node for the current round. They are also responsible for confirming the potential blocks\n\n3. The third step is the binary Byzantine phase. In this phase, the verified voters will vote to either accept (assuming there is no problem with block) or not accept (it is deemed to have an error such as double spending) the candidate block while replacing the defective block with an empty one)\n\n4. The final step is to broadcast data to the entire network: Algorand effectively improves the system’s TPS on the basis of ensuring network security by randomly selecting the consensus nodes for every round. According to the data in the paper, the consensus transaction is 750 Mbytes per hour. According to Bitcoin, each transaction length starts from 250 bytes. Thus the calculation would be 75010241024/60/60/250=873.8 TPS;\n\nAs we introduced and summarized the details of the Algorand algorithm above, let’s now discuss how there is still room for improvement.\n\n1. Algorand’s main function now is to transfer transactions. Its function is similar to that of Bitcoin, and as the most important smart contract improvement in Blockchain 2.0, it does not address how to support smart contracts within its network.\n\n2. The Algorand network operates under the assumption that the amount of “honest” voter nodes are over 2/3, but does not mention how it can guarantee the honesty and integrity of the network.\n\n3. Algorand’s algorithm requires completely random selection at each step of processing. Frankly speaking, the overall complexity of the project remains high. After the paper was published, Algorand has organized a team to quickly promote the development of the project, and the community has been waiting for Algorand’s engineering establishment\n\nThunderlla：Combining the POW and the POS\n\nThe founder of Thunderlla is Elaine Shi, a professor of computer science at Cornell University. Thunderlla proposes a new algorithm, assuming the accelerator node and over 3/4 of the committee nodes in the network are “honest” and proper, while the network is functioning well, Thunderlla can implement fast and asynchronous processing with a confirmation time of <1 second, and can process all transactions almost instantly. And when there is an abnormality in the network, such as the emergence of the Byzantine failure, the network will start the cool-down mechanism and switch to the traditional Blockchain consensus (with slower processing performance). This cool-down mechanism ensures network security and sustainability, while restoring the system. Once restoration is completed, it automatically switches back to the original mode. Therefore, during optimal functioning, the network exceeds the processing speed of the current Blockchain by over 1000 times, and when potential issues emerge, the network can still resist attack from the 49% malicious nodes through the traditional (slow) chain approach. For the traditional chain approach, Thunderlla can operate on Bitcoin, Ethereum, or any other Blockchains. In other words, it, instantly creates a friendly, safe and reliable atmosphere in a malicious environment.\n\nThis algorithm can be seen as a mixture of POS and POW, hoping to attain the advantages of both POW and POS algorithms, but there are several key issues that remain questionable. For example, Thunderlla never explicityly mentions how it can ensure that ¾ of its committee member nodes are honest and how it will remove malicious committee members. For example how do we select the next accelerator, In terms of progress, Thunderlla has yet to announce any further progress after the publication of the initial paper.\n\nEkiden of the Oasis Lab：Performance Improvement Based on a Trusted Environment\n\nThe project was launched in 2018 by its founder, Dawn Song, who is an associate professor of computer science at the University of California at Berkeley. Ekiden’s main idea is to separate the consensus layer from the computing layer. In the computing layer, the hardware is composed of TEE (Trusted Execution Environment), such as Intel’s SGX, The calculation of the smart contract is executed through Tee, and the consensus layer uses POW or POS to verify the result of TEE calculations. This method has two characteristics:\n\n1) The calculation node and the consensus node are separated, and the computational node can execute with arbitrarily complex logic. The calculation result is mutually verified by a small number of trusted computing nodes, so the execution efficiency is high, basically as efficient as executing on a single machine. The network also supports execution of multiple contracts simultaneously with different machines\n\n2) Privacy protection: Only the encrypted data (even the encrypted contract code) is stored on the chain. The decryption is only done in the TEE, and then the result is calculated, encrypted and returned to the chain.\n\nFrom the overall design of Ekiden, its security relies entirely on the TEE’s trusted execution environment. Although it solves the security problem ingeniously, there are security risks remaining. In March, 2017, researchers from Graz University of Technology in Austria cracked the protection of SGX. Therefore, it is still important to check whether the security of a single unit of hardware is reliable. At the same time, the principle of TEE is that the private key is stored with the chip manufacturer. For example, for SGX, the security of the private key is Intel’s responsible, such arrangement allows the chip manufacturer to become a center of nodes. This contradict to the original intention of Blockchain of creating a complete decentralized network\n\nEkiden’s progress is quite impressive. The website has already allowed users to submit their own machine configurations to test the network application. Unfortunately, there is no data on the performance of the test network.\n\nZilliqa：TPS Performance Based on Fragmentation\n\nZilliqa is the first public-chain project with a test network that incorporates segmentation technology, and its function, which is only to provide transfer transactions, is relatively simple. The core idea is to greatly enhance TPS through fragmentation. We can imagine a traditional Blockchain main chain as a single-core CPU, which can only process a limited number of calculations. If the main chain is composed of multiple sub-chains, think of it as a multi-core CPU processor whose performance can achieve multiple levels of improvement. However, the algorithm still has the following shortcomings:\n\n1. Zilliqa data processing: Data storage itself is not fragmented. Improving performance in data calculation will bring efficiency problems in data storage/synchronization/sharing, etc., which will greatly restrict its performance. At the same time, the implementation of the upper-level smart contract will be extremely unfriendly. This method is more suitable for specific application scenarios, such as scientific computing. But it is very difficult for developers to use.\n\n2. Cross-sharding is not formed: There is no detailed description of how to manage global sharding: the most important problem with sharding is how to deal with cross-sharding, and Zilliqa has no solution yet.\n\nAt present, Zilliqa has already launched a test network, and the testing performance statistics of the internal network’s is based on the operation of 3,600 machines, with 6 sharding slices, and reach 2000 transactions per second\n\n3、 Next Generation Blockchain 3.0 Project Ultrain\n\nAbove, we introduced some of the most recent Blockchain 3.0 projects. Now, as we try to break through the Blockchain impossible triangle, Ultrain also is making its own contribution with its proposal of a new R-POS consensus. Let’s use a metaphor as an example. Similar to the DPOS consensus mechanism adopted by EOS, a large number of people vote for a fixed number of groups to make decisions based on the number of tokens held by the group. The R-POS mechanism randomly selects a few people and makes its own proposals among a group of people. It then randomly selects 10 times more people to verify whether the previous proposal is correct. Ultimately, the proposal will be correct. The correct proposals are then integrated to form the final decision.\n\nTherefore, the core idea of R-POS is to change the selection method of participating in the consensus node from the entrusted election to a random selection process on the basis of DPOS. This ensures that everyone on the entire network has an equal chance to be elected to participate in each round. Consensus nodes not only protect the decentralization of the network, but also greatly improve performance. At the same time, Ultrain guarantees R-POS by introducing parallel technology, fragmentation technology, device fingerprint technology and multiple cryptography improvements. In terms of further improvements in security and performance, the following is a brief introduction to the R-POS consensus process:\n\nEach Round of R-POS consensus mechanism can be separated into four different stages. Each round of consensus confirmation takes 10 seconds:\n\nThe first stage is the role confirmation stage. Here, nodes are randomly elected from the entire Ultrain network. And each node’s role is determined in the current round of consensus by applying the VRF function. In each round of consensus, the roles of nodes are divided into three types:\n\n1) Block formation node: responsible for assembling the potential block in the current round; node will be selected as the formation node in each round;\n\n2) Voting node: responsible for the next stage of voting and to confirm the identity of the formation node of this round;\n\n3) Data recording node: does not participate in block formation, and provides data recording service after the block is determined;\n\nThe probability of any single node to be selected as a block formation node or a voting node depends on the input parameters of the VRF. These parameters are based on the number of Tokens held by the node, the performance of the devices (node) and the credibility of the node. The higher these three parameters are, the higher the probability of selection. Device credibility; for each node a hardware fingerprint will be generated that cannot be tampered with. The credibility of the node and each device is based on this hardware fingerprint. Nodes that consistently show good behavior are more likely to be selected.\n\nIn short, Ultrain first increases the difficulty of external and internal attacks by randomly selecting nodes. Secondly, based on the credibility of device fingerprints, it establishes a model for the credibility of a single node, which makes attacks more difficult to execute. The device needs to accumulate its credibility score to increase the probability of being selected, and this takes time. This is similar to the notion of using time consumption as a replacement for computing power consumed by hash mining, while the system provides better Security; Finally, based on the token-locking mechanism, the cost of malicious attack increases, therefore improving the overall security of the Ultrain network in many ways.\n\nIn the second stage, the parallel consensus stage , selected formation nodes respectively assemble the candidate blocks of the current round in parallel. Then, the voting node reaches a consensus on the formation nodes to determine if the block is received by most of the nodes; Here, Ultrain has changed from the original one formation node to multiple block formation nodes to work in parallel, which greatly improves the system’s TPS. For multiple block formation to work at the same time, even if a block node is attacked, as long as one node reaches a consensus, it can ensure that the system does not generate an empty block, thereby improving the activity of the system, and achieving the core of the target. The technical challenge lies within the parallel BA algorithm, and thus may cause a large number of “network storms”. To solve this problem, Ultrain introduces redundant coding technology to divide the message into multiple transmissions, ensuring that the largest message is broadcast with limited network bandwidth. Quantity, optimizes network throughput. Ultrain also introduces threshold encryption technology to allow candidate blocks to be delivered in small chunks during delivery. That is, each node is guaranteed to be unable to receive enough messages, know the content of the messages, avoid the tendency to pass consensus messages, and improve fairness;\n\nThe third stage is the parallel BA stage: Once again randomly selected voting nodes will agree on the candidate blocks in the parallel consensus stage, ensure that everyone accepts the same block combination, and the block based on accepted consensus will eventually form blocks based on certain cost\n\nThe fourth stage is broadcasting the blocks identified during this round to the whole network, completing the current round of consensus;\n\nWe illustrated the operation of the consensus in the case of “single-slicing”. In order to improve the efficiency of the consensus, Ultrain also introduces fragmentation technology. Ultrain’s sharding technology takes into account both data and data storage sharding. The core idea is that when processing across shards, the data needs to be stored across them redundantly. That is, by space for time. This results in overall improvement of consensus efficiency.\n\nIn general, the core technology of the Ultrain Consensus is VRF+BFT. The introduction of parallel technology and fragmentation technology greatly improves the performance of the system, expands the security of the system through device credibility, and achieves the maintenance level of POW to further improvement of system performance.In addition, Ultrain has released the concept network of R-POS in early July, and we deployed the Ultrain system to 1000 nodes on the public Amazon cloud. After actual testing, the network can reach an average of 3000 TPS with a confirmation time of 10 seconds. Its performance far exceeds the existing Blockchain 3.0 project. In addition, it is expected that the sharding technology will be deployed simultaneously after the publication of Ultrain’s network in April of next year. At that time, the TPS of the network can be improved by a factor of several dozen times.\n\nThe landing of the Blockchain 3.0 project is the only way for Blockchain to empower the real economy. It is hoped that all the public chain teams around the world can develop rapidly and solve the core issue, the fact that the existing Blockchain public chain cannot support large-scale commercial applications. Let Blockchain technology help the real economy to establish a new business model and substantially improve social productivity.",
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      "title": "A New Era of Blockchain Gaming: Unitopia lab Announces Strategic Partnership with Ultrain",
      "body": "BEIJING / ACCESSWIRE / August 24, 2018 / Unitopia lab, a Blockchain research lab of the well-known Chinese video game developer Electronic Soul, is pleased to announce its strategic partnership with Ultrain . Together, they aim to establish a presence in this new market and make Blockchain video games a household product.\n\n![1_RqdHloA6V1MJNbcVVKuD1w.jpeg](https://cdn.steemitimages.com/DQmbYQxDYhE1irJaEAR4VnGkJK7iBrr9tJPbk1r6jfJ3EyS/1_RqdHloA6V1MJNbcVVKuD1w.jpeg)\n\nIt has been 10 years since Nakamoto released the world’s first Bitcoin white paper in 2008. In the past decade, Blockchain technology made great leaps and demonstrated its capability to create a paradigm shift and bring the Internet into a new era. In the future, Blockchain technology will become an irreplaceable part of our everyday lives.\n\nThe establishment of new technology is based on its integration with existing industries. Concluded by the analyses of a handful of experts, the combination between Blockchain technology and games are a match made in heaven, as the technology revolutionized the current video gaming network with its ability to resolve decentralization, patent, trust among users and data security issues.\n\nThe Unitopia lab, a non-profit frontier research organization focusing on Blockchain technology in China, was jointly established by Electronic Soul (Hangzhou) and Zhejiang University in September 2017. Unitopia gathered Blockchain experts for research & development, business application, and industrial strategic analysis, which offered guidance for entrepreneurs and promote the development of Blockchain technology. Since its inception, Unitopia has cooperated with Zhejiang Univerisity to hold Blockchain events, publish blockchain books, issue research reports, launch incubators, offer training services, and give technical lectures. As of now, Unitopia is recognized as an iconic research institution.\n\nUnitopia lab understands the importance of Blockchain and its future potential, which motivated the team to actively look for a capable business partner. At the end of 2017, Ultrain team and Electronic Soul made initial contact and expressed enthusiasm for cooperation. As a representative of the next-generation Public Chain, Ultrain received strong support from international investors and was founded by several formal senior executives of internet technology tycoons such as Ant financial, Alibaba and 360. In terms of technical accomplishment, Ultrain proposed a new common consensus called R-POS, which can significantly improve the overall system performance in a decentralized environment, achieving over 20,000 TPS with a confirmation time of 10 seconds. Such consensus still has great potential for future improvements for better performance.\n\nAfter a few months of discussion and negotiation, both parties officially became strategic partners. Going forward, they aim to establish a presence in this new Blockchain gaming market. Relying on Ultrain and its strong technical support, Unitopia lab will develop games that optimize the current generation of Blockchain games, which suffer from overly simplified designs, low performance, and lack of smooth transitions. Unitopia and Ultrain will change the current gaming experience for users, and satisfy gamer needs in all aspects.\n\nThe head of Unitopia & CEO of Electronic Soul Lei Qian stated, “ Ultrain has an impressive deep understanding of Blockchain technology and strong technical expertise, I am very glad to be collaborating with such a team.”\n\n-------------------------------\n\nJoin Ultrain community\nTelegram\n\nLink：https://t.me/ultrainchain\n\nTwitter\n\n@UltrainB\n\nFacebook\n\nLink：http://fb.me/Ultraincommunity\n\n-END-",
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      "title": "Ultrain Joins Microsoft Accelerator and Invited to Yabuli, “ Davos of China” as Panel Speaker",
      "body": "NEW YORK, NY / ACCESSWIRE / August 31, 2018 / Ultrain has been selected as a participant in the Microsoft Accelerator Project and invited to participate in the latest annual forum in Yabuli as panel speaker, which is considered to be the “Davos of China”.\n\n![WechatIMG2155.jpeg](https://cdn.steemitimages.com/DQmeWkHGyoQnhtBbMKy9ifWUz3LdctVoBF5n63WwAqbmjpv/WechatIMG2155.jpeg)\n\n![1_aMcgPv9_4WdkqNZnGpTQEQ.jpeg](https://cdn.steemitimages.com/DQmbzyPz1reg6pNZ7wZYJKWB4yokv6dNnv1Pw5W1A8bTNQL/1_aMcgPv9_4WdkqNZnGpTQEQ.jpeg)\n\nUltrain is a project that is dedicated to the development of Blockchain technology and the establishment of its ecosystem. Meanwhile, good developments continue to happen. Examples include the successful completion of cornerstone financing, official establishment of the Nanjing office, and establishment of a strategic collaboration with Electronic Soul Lab.\n\nToday, we are excited to announce two more great developments. After going through a rigorous selection process, Ultrain successfully entered the Microsoft Accelerator Project yesterday! In addition, Ultrain was invited to attend the Yabuli, China Entrepreneur ForumSummer Summit. As a panel guest, Ultrain. together with other pioneers, will examine the Blockchain.\n\nMicrosoft Accelerator Event\n\nMicrosoft Accelerator Shanghai was formally established in January 2017. This entity enjoys significant interaction with Xuhui District and the Shanghai Municipal Government. It is connected with the large group represented by the Inesa Group, which accelerates the overall growth of promising companies while promoting s the market. The eco-sharing innovation and entrepreneurship platform is dedicated to providing a full range of high-quality services for China’s growing innovation. It brings together industry leaders, investment institutions, and government support, and globally integrates Microsoft’s internal business, market, R&D, and other resources. Together, they form a comprehensive strategic partnership that jointly promotes marketing, sales and customer support for startups.\n\nEvery year, Microsoft Accelerator Shanghai conducts two elections with 15–20 Chinese companies selected each time. The elected startups are first stationed in international office space for 4–6 months where they receive support from industry leaders and experts. Each team also receives a variety of resources such as Microsoft Azure cloud services (worth millions of yuan). These resources are available for the lifetime of each company.\n\nSince the initial recruitment notice was issued in May 2018, Microsoft Accelerator Shanghai received more than 1,000 business plans. After careful screening and interviews with hundreds of potential start-ups, 32 companies were invited to conduct roadshow interviews on May 15, 2018. After a process of screening, discussion, and analysis, Microsoft Accelerator Shanghai announced the list of selected start-ups on August 23, 2018.\n\nThe selected companies include artificial intelligence, new retail, industrial manufacturing robots, Fintech, Blockchain, and network security firms. Market customers selected corporate applications and solutions in the retail, finance, cultural media, education, manufacturing, logistics, food, and automotive sectors. These technologies and industries are not only hot spots for future development but also the focus of Microsoft’s future layout.\n\nAll the startups selected for Microsoft Accelerator Shanghai met the following five recruitment criteria:\n\n1. Significant market size products or services; sufficient market prospects.\n\n2. Scalable business model, products, or services.\n\n3. Sustainable barrier enterprises; technological innovation, meaning more sustainable advantages and barriers than the simple model innovation.\n\n4. Strong founder team; the team is experienced and professional so as to win market validation.\n\n5. Superior Technology; The Microsoft Accelerator Project is particularly focused on disruptive technological innovations.\n\nThis event is a gathering of talent and experts. The core entrepreneurial teams of these start-ups have graduated from well-known universities, such as Tsinghua ,Harvard and Columbia Universities. The group includes 16 Ph.D. graduates and 4 professors. In addition, many founding members have served as senior managers and core business leaders at well-known institutions such as Goldman Sachs, Huawei, Meituan, Baidu, Yahoo, IBM, Hewlett-Packard, and Ethereum. The founders have excellent résumés and impressive backgrounds. They are among the World Outstanding Youth of the World Economic Forum, Forbes China’s “30 under 30” or “Thousand Talents Experts”.\n\nUltrain stands out among the formidable e competition, which indicates the trust of both the organizers and the community. It also is an excellent indicator of Ultrain’s bright future prospects. Ultrain will certainly live up to expectations, further accelerate the project’s development, business model, and ecosystem establishment, and promote the healthy development of the Blockchain market and industry!\n\nYABULI Forum\n\nYabuli Forum is China’s most influential platform for entrepreneurs’ ideological exchanges. It subscribes to the values of positive energy, creativity, and constructiveness. It strives to uphold the spirit of freedom, equality, independence, and objectivity, and will “promote for more emerging companies and entrepreneurs.” It consistently aims to grow and promote entrepreneurs to become an important building force for the society and country.\n\nThe 2018 Yabuli China Entrepreneur Forum Summit was held in Nanchang, Jiangxi Province from August 24th to 26th. The opening was held on the morning of August 25th. The theme was “Eco-China and the post-development area — the responsibility of social entrepreneurs”. That afternoon , , the Blockchain forum was held.\n\nSince its establishment 18 years ago, the Yabuli Forum has always emphasized the social responsibility of entrepreneurs. In recent years, emerging technologies such as the Internet, big data, artificial intelligence, and Blockchain have ignited revolutions around the world. The Yabuli Forum has been paying attention to the development of these new technologies. Last year, it released a report titled, “2017 Yabuli Forum: What is the Blockchain?”\n\nNew technology spurs economic and ideological innovation. Whether it is the Internet, artificial intelligence or Blockchain, innovation invariably is accompanied by controversy and praise. Therefore, entrepreneurs’ approach to social responsibility is particularly important. In the context of China’s business opportunities and difficulties, many companies, including Ultrain discussed their responsibilities at this event.\n\nLiu Chuanzhi once emphasized the responsibility of entrepreneurs in the field of science and technology at the Yabuli Forum. He said that one of the entrepreneurial responsibilities should be “actively investing in technological innovation and business model innovation, through big data, artificial intelligence, new materials and new energy. New technologies such as life and health have brought about fundamental changes in society.”\n\nLeaders from different industries have mentioned their views on entrepreneurial responsibility at the Yabuli Forum. In the eyes of many, innovation and risk-taking form the essence of effective entrepreneurship.\n\nLi Dongsheng — Vice Chairman of the National Federation of Industry and Commerce, Chairman, and CEO of TCL Corporation said “As an entrepreneur, you must take your responsibility. The ability and willingness to take responsibility make a successful entrepreneur.” In this spirit, Dongsheng chose to stay invested in spite of an economic down cycle and bear market for the manufacturing industry.\n\nWang Shi — Founder of Vanke Group, Co-Chairman of Yuanda Technology Group China said, “In an uncertain situation, entrepreneurs and entrepreneurship are more necessary. The most important thing for entrepreneurs is to be adventurous and not to emigrate because of concerns about uncertainty.” In addition, “Entrepreneurs should not emigrate after accumulating wealth. Assets can be allocated overseas, children’s education can be done in other countries, but if entrepreneurs emigrate, the role of entrepreneurs will disappear.”\n\nChen Dongsheng — Founder Chairman and CEO of Taikang Insurance Group, said, “The Yabuli Forum has been held for 16 years. These entrepreneurs, they are the precious treasures of the country. They are the backbone of this society. They might bear the difficulties and suffer during bad times. They should face difficulties and challenges every day.”\n\nAs a start-up company dedicated to the development of the next-generation of Blockchain public chain and the realization of a programmable business community, Ultrain is working with the Yabuli Forum and was invited to participate in this event, not only on its own behalf, but also for the entire industry. With industryleaders discussing Blockchain projects and how to apply Blockchain technology to different industries, our economy has brought a new future to all aspects of modern society.\n\n[Blockchain Forum] An Examination of “Blockchain”\n\nTime: August 25th, 15:30–17:00 pm\n\nVenue: Nanchang Hall B, 1st Floor, Shangri-La Hotel, Nanchang\n\nThe main theme: Outsiders only look at market prospects, while insiders focus on the future. Knowledge and insightful examination of the Blockchain comes from the insider. The Blockchain brings the imagination of financial institutions to the reconstruction and subversion of the infrastructure, and the future remains bright.\n\nHost: Wu Ying Chairman of Zhongze Jiameng Investment Co., Ltd\n\nGuests Speaker:\n\nWang Wei, Founding President of China M&A Association\n\nZhou Shuoji, Founding Partner of FBG Capital\n\nEmma Liao, Co-founder of Ultrain\n\nDawn Song, Professor of Department of Computer Science, University of California, Berkeley\n\n\n\nJoin Ultrain community\n\nTelegram\n\nLink：https://t.me/ultrainchain\n\nTwitter\n\n@UltrainB\n\nFacebook\n\nLink：http://fb.me/Ultraincommunity\n\n-END-",
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