Ultrain Complete Review

Table of contents:

Intro and Overview

Product description

Technology

Tokenomics

Market and competitors

Overview

Delivery

Roadmap

Token distribution and token sale details

Team and advisory board

Executive team

Advisors

Partners

Hype

Website review

Media and community

Conclusions and editorial opinion

Risks and Potential

Investment prospects

Intro and Overview

Ultrain is a smart contract and cloud computing platform project based in Singapore that is aiming to create a sustainable commercial ecosystem for industrial dApps. Main focus is on solving the scalability problem reaching high TPS figures (20,000 tps on the mainchain and up to 5,000 tps on sidechains). Ultrain will be convenient for AI applications, network management and IoT services.

Ultrain already has 15 international community hubs in New York, Silicon Valley, Munich and more. All hubs are supported by Ultrain partners which will provide fast implementation in the decentralized environment.

 

Project nameUltrain
Token symbolUGS
Type of tokenutility
NetworkEthereum, ERC-20
Websitehttp://www.ultrain.io/
White paperRead Whitepaper
Hard cap$20 million for private sale
Price$0,2
Total Cap Size1,000,000,000 UGS
CountrySingapore
Team5 core members/ 22 tech and marketing team/ 2 advisers
Public Sale DateTBA​
Total Token Offered10% of total supply for Private Sale
Private sale DateJuly 19

 

Product description

Technology

Ultrain team is working on a new model called trusted computing, that includes CPU, GPU, memory computing, hard disk, and bandwidth resources. A large variety of devices will be able to participate in the network development including mining rigs or IoT smart devices.

Another important feature of the project is its own R-POS consensus model, based on the Delegated PoS mechanism, which performance will be significantly improved by limiting the number of voting nodes and proposers with an additional random selection that provides a secure environment. Ultrain has already showed great results during early product launch with more than 3,000 TPS with a confirmation time less than ten seconds, while the final goal is 20,000 TPS.

Another important feature is user-friendly smart contract Robin Framework based on TypeScript. Robin Framework allows to create dApps without any limitations by code length or complexity. The concept of Operating System Design allows developers to run dApps under multi-layer processes and cross consensus. Ultrain will support several high-level programming languages such as C/ C++. TypeScript/ JavaScript and GoLang. This approach will help to lower learning costs and increase developer’s productivity.

DApps will be allowed to choose different consensus mechanisms, including PoW, PoS, DPoS, POA, and RPOS, or even use their own consensus mechanism.

Tokenomics

Ultrain uses the dual-layer token architecture system which includes UToken and UGas.

UToken name unites all the tokens used by dApps running or built on Ultrain platform, like ERC20 on Ethereum. Each dApp will be allowed to issue its own token and establish its own monetary system and its own business model. Each dApp will be choosing its own consensus model (including POW, POS, DPOS, POA, RPOS or a new one, that suits better).

UGas will be used for purchasing computing power for running smart contracts on Ultrain.

UGas will be generated:

  • by mining
  • by selling computing power
  • 20% of the generated UGAS is retained by the Foundation for the maintenance and operation of the Ultrain ecology

UGas will be used:

  • For purchasing computing power
  • For purchasing third-party services
  • For obtaining tokens

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(Source: www.ultrain.io)

 

Market and competitors

Overview

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There’s a long list of competitors that have already firmly established on the market. Dapps will choose among existing platforms due to certain features. There is already a long list of competitors working on the best solution, both centralized (like AZURE, Google Cloud, AWS, Microsoft) and decentralized (Ethereum, EOS, NEO, Hashgraph, QuarkChain, Zilliqa, Golem, SONM, iExec, Hypernet, DeepCloud, and many others).

EOS, NEO, and Hashgraph discard full decentralization for scalability and safety. Ethereum sacrifices scalability for decentralization and safety. QuarkChain is sacrificing an element of safety for scalability and decentralization, expecting that a high degree of decentralization will be able to withstand reduced security. Zilliqa platform demonstrated the ability to process 2,488 TPS.

Here’s a list of competitors, that are trying to implement it and win the field:

  • Golem  – is a project specialized on rendering (for games, films, tv, etc.) and machine learning. Computational power can be rent with use of GNT cryptocurrency.
  • SONM also specializes on rendering and machine learning. Apart from specific software, to solve computational tasks can be used Claymore miner (each task id will represent rent of the computational resources). Computational power can be rent with use of SNM coin.
  • QuarkChain – is a sharding blockchain platform for dApps, that utilizes a two-layer blockchain structure, cross-shard transactions, collaborative mining, and horizontal scalability to achieve unprecedented TPS results while maintaining high security level and full decentralization. The project is entering the market with a target of 100 thousand TPS, while it has already demonstrated over 2,000 TPS on their testnet
  • Kadena is the first private/permissioned blockchain technology with high performance at scale with an implementation of the Scalable BFT consensus protocol. Kadena executes over 7,000 transactions per second with latency in the low milliseconds and consistent performance on cluster sizes of up to 256 nodes.
  • Thunder Token is an EVM-compatible public blockchain that uses a “fast-path” on top of a standard blockchain called the “slow-chain”. In normal conditions, all transactions are instantly confirmed on the fast-path, and we barely have to use the slow-chain. If the fast-path is ever disrupted, a provably correct mechanism is invoked to fall back to the slow-chain, and nodes can continue to communicate and confirm transactions on the slow-chain.
  • Pchain also supports EVM and claims to be the first to do so. Pchain is utilizing multiple side-chains and transaction sharding for maximum scalability, cross-chain functionality (ERC20, BCH and others coming), and smart contract invocation.
  • Algorand is a payment protocol that attempts to tackle blockchain scalability issue without sacrificing security and decentralization. Algorand uses a new Byzantine Agreement (BA) protocol to reach consensus among users on the next set of transactions. To scale the consensus to many users, Algorand uses a mechanism based on Verifiable Random Functions that allows users to privately check whether they are selected to participate in the BA.
  • Dfinity is a public network of client computers providing a “decentralized world compute cloud” where software can be installed and run with all the usual benefits expected of “smart contract” systems hosted on a traditional blockchain. They gain 1,000 TPS.
  • Chromapolis is a blockchain platform for dApps where the data is stored in a relational database.
  • Other competitors are iExec RLC, Elastic, Perlin.Network, Hypernet, DeepCloud, Blockcloud

 

Delivery

Roadmap

The project has short but detailed roadmap, that doesn’t describe first stages and the beginning of the project, starting with the “NOVA” stage and launching of the Internal Testnet, which was planned to launch in June 2018, the public testnet was planned for September 2018, but the latest announcement says public testnet launch event is planned on October 8th.

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Token distribution and token sale details

 

Total Token Offered TBA
Private sale DateTBA
Public Tokensale DateTBA

 

Token distribution:

  • 10% Private placement
  • 50% Mining
  • 10% Consultant & community building
  • 15% Foundation/Ecology
  • 15% Core team

Crowdsale funds distribution:

  • 35% Technology development
  • 50% Business and ecosystem development
  • 15% Daily operation

Ultrain has already raised $20 million during their seed round, from which 10% of token supply was sold.

 

Token lock-up

25% released at listing on the exchange (Q3), then 25% every 6 months – so the total release is in 18 months

 

Team and advisory board

 

Ultrain core team seems quite experienced with founders coming from Alibaba, IBM,  Ant Financial, 360 Security and has a wide experience in technology and business.

The advisory board is significantly small with only 2 members on board, both quite young and without relevant blockchain experience.

Executive team

  • Ray Guo, the Co-founder and CEO, former Director of Alibaba Security Unit in charge of data security strategy and previously 10 years at IBM GBS team. Our expert team wasn’t able to confirm Alibaba and IBM connections of the CEO, but we assume IBM info is not available due to the time passed since 2013 and Alibaba records might be not available in English.  LinkedIn profile
  • Emma Liao, co-founder and CSO, former Managing Director of Golden Brick Capital, head of IOT investment of QIHU360 and head of China at leading European investment bank goetzpartners GmbH. LinkedIn profile
  • Ning Li, Co-founder and CTO, the former Technical Director and Chief Architect of Ant Financial Blockchain team. LinkedIn profile
  • Yufeng Shen – Chief Architect, former core architect of Google3 Canada ChromeOS, the former senior technical expert of AliOS. LinkedIn profile
  • Husen Wang – Chief Cryptologist, former crypto scientist at Alipay Blockchain team. LinkedIn profile

Beside the co-founder team, there are 16 people from the  technical team listed and 6 members of the strategy and community team.

 

Advisors

  • Keyu Jin is a tenured professor at the LSE with a Ph.D. of Harvard University. She is a very strong expert in finance. She is also a daughter of Liqun JIN, former Deputy Minister of China’s Ministry of Finance, former Chairman of CICC (the largest investment bank in China), current and the first president of AIIB (Asian Infrastructure Investment Bank, the multilateral development bank with a mission to improve social and economic outcomes with 87 member countries), which might be a hand for searching partnerships inside China.
  • Luyu Yang is a co-founder of musical.ly, a karaoke-style smartphone app that allows users to create their own short music videos.

 

Partners

Ultrain has a wide list of partners, which helped to raise $20 mln on a private sale and will cause easier  implementation of the platform on the market.

For example, Ultrain has already gained support from Morningside, Bluerun Ventures, Aplus Capital and Draper Dragon, announced that it has again raised a $20 million from global venture capital firms and crypto funds, including Danhua Capital (DHVC), Sky9 Capital, FBG Capital, Ceyuan Venture, 8 Decimal Capital, ANMI, NGC Capital, Arrington XPR Capital, CPC Capital, Noris Capital, Du Capital, DFG, OK Gang Fund (OK Exchange Strategy Partner), Evolution Capital, Bixin Capital, Chain PE ,Consensus lab, Mix Capital, CryptoSA Capital, Sailor Capital, Norther Capital, Bitblock Capital, Spark Digital Capital, CDC Capital

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Hype

Website review

Ultrain web page doesn’t have enough traffic for Similarweb to show their results, according to Whois service, the domain name was registered in January 2018 and updated in April 2018 from Hong Kong IP address. For now, traffic is mostly direct with 13% of search traffic.

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(Source: SimilarWeb.com)

On the Github only 1 repository from 8 is active.

Media and community

Their social media is well developed: Telegram page has 8352 members, 1773 followers on Twitter, 114 subscribers on Facebook, 23 following on Medium. They also have WeChat page, mostly for Chinese speaking customers, Chinese language Telegram chat (87) and Vietnamese language Telegram chat (37), both launched iatthe end of August.

The team has published several press releases at nasdaq.com,news.morningstar.com and digitaljournal.com, but they have not been mentioned otherwise.

Conclusions and editorial opinion

Risks and Potential

Advantages

  • The language of smart contracts is JavaScript.
  • The project raised US$20M in a private sale, having sold 10% of tokens.
  • The team proposed a new R-POS consensus, that should ensure the decentralization.
  • The team is strong and contains with Alibaba veterans, that is a good sign that they will manage to complete the project.
  • Ultrain already has 15 international community hubs such as New York, Silicon Valley, and Munich, that will help to conquer the market.

Disadvantages

  • High competition in the market, there are giants like Ethereum, EOS, NEO, and some project that are being launched this year like: Dfinity, Oasis, Chromapolis and others.
  • Low hype level so far. However it is a long-term project, so the team is likely to start the campaign soon.
  • The advisory board is pretty small with unrelated experience
  • Media activity is still low
  • There hasn’t been public sale dates announcement yet

 

Investment prospects

The idea of Ultrain is not new and the market they are entering is highly competitive with lots of centralized and decentralized players including giants like Ethereum or NEO. Overall the technical solution and project features seem really promising.

Public token sale plans are not clear, considering that 50% token will be distributed via mining, and only 10% were sold during the private sale for $20 mln. The project has potential to win a market share since the team is very strong, however, we should wait to see their testnet which should be launched in October 2018, according to the team announcement.

 

Rating 4.6

  • Site: 4
  • Team: 4.8
  • Project idea and white paper: 4.7
  • Technology: 4
  • Media: 3