[Recap] AMA with UENC Global Ambassador Sam Lindaman — 11(June 15, 2021)
Q1: What is UENC?
A: UENC is a scalable public blockchain platform that utilizes cross-chain technology. As a highly decentralized blockchain network, UENC allows its users to interact with different blockchains at the same time. In the UENC network, users can perform operations such as cross-chain transfers, exchanges, and storage of encrypted assets, as well as use the blockchain network infrastructure to develop and run complete decentralized applications.
Q2: How is transaction verification performed on the UENC network?
A: UENC adopts the DPOW consensus algorithm. The network randomly selects trusted nodes for transaction verification and signature for short, medium, and far broadcasting distances.
Q3: What is UENC’s blockchain contract address?
Q4: Does UENC have its own wallet? What is it used for?
A: Yes. UENC’s wallet is called Fastoken. In addition to receiving and transferring funds and storing UENC, Fastoken can also be used to connect and manage mining machine addresses. More functions are still being developed and upgraded.
Q5: How can I transfer money from the Fastoken wallet
A: If you want to transfer UENC to someone else, you need to enter your UENC address, recipient address, transfer amount, and processing fee amount in the Fastoken wallet. After confirming the payment, the transaction information will be broadcast throughout the UENC network. Miners will pack the unaccounted transactions in the UENC network into a block every one second, which will complete confirmation, to ensure that the transaction records are not tampered with. Generally, each transaction needs to be confirmed by three nodes for the transfer transaction to be truly completed.
Q6: What are UENC’s values? A: UENC adheres to the values of equality for all.
Q7: How much is the Fastoken wallet transaction fee?
A: UENC mainnet network transaction fees are designed to encourage users to participate in the construction and development of the mainnet, so its charging model will be dynamically adjusted at different stages of development based on different contributions. For example, mainnet nodes that participate in the early construction phase will receive engagement metrics which will facilitate the deduction of transaction fees by the nodes during transactions.
Q8: How does UENC use cross-chain technology?
A: UENC has created a layered and integrated inter-blockchain technology. In the process of achieving cross-chain interoperability, it pays more attention to the high integration of assets in the two networks and integrates the network layer, consensus layer, and incentive layer of other networks into the UENC network to gradually achieve layered integration. The goal of cross-chain assets is to realize the exchange and integration of any digital assets in a safe environment.
Q9: Why does UENC use cross-chain technology?
A: UENC’s goal is to physically and completely integrate the digital assets of other blockchain networks into the UENC mainnet. In the future, assets of other blockchain networks can be directly traded using the UENC network without mapping.
Q10: Why was Bitcoin chosen as the application public chain of UENC’s inter-blockchain technology?
A: Bitcoin, as the currency with the highest market value in the global cryptocurrency industry, has an irreplaceable role in the future cryptocurrency sector. At the same time, Bitcoin will also face insurmountable technical obstacles and difficulties. UENC will solve the congestion of the Bitcoin network. At the same time, we will allow anyone who owns Bitcoin to use digital assets as economically, conveniently, safely, and quickly as possible.