UltronGlow is built using Ethereum as its base. This means that all developments happening to Ethereum will come to UltronGlow. This also means that any smart contracts written for Ethereum can also run on UltronGlow.
Ethereum is a general-purpose blockchain network, enabling anyone with an idea to develop Dapps in a decentralized manner. While UltronGlow is based on Ethereum, it not only enables anyone to build Dapps for any purpose, but comes “out of the box” with a core scenario - storing your data in a decentralized manner. Through the introduction of the GLOW consensus mechanism, users can earn UTG tokens through providing storage on the network. Developers can build Dapps which are tailored to storage use cases.
Many decentralized storage networks have high requirements to participate as a Storage Provider. UltronGlow enables anyone with surplus storage space and a good internet connection to offer their storage on the UltronGlow Storage Marketplace on their terms.
In addition to Proof-of-Stake (PoS), Proof-of-Capacity (PoC) and Proof-of-Spacetime Verification (PoSV) make-up GLOW consensus in UltronGlow. PoS ensures that transactions on the network are ordered properly and legitimate, while PoC and PoSR enable storage renting on the network in a transparent and secure manner. Read the whitepaper to learn more about GLOW.
As a decentralized network, the potential for the network as a whole to go down is nearly impossible. The more nodes on the network ensure that any single point of failure is quickly mitigated.
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An UltronGlow Improvement Proposal (UIP) is the process used to determine how the UltronGlow network is updated. Holders of UTG tokens can make proposals on Votespace to improve the network. Anyone holding UTG can then vote on whether the proposal should be approved or denied. If approved, then the proposal is implemented.
No single entity owns the UltronGlow network, rather the community decides, maintains and improves the UltronGlow network. The acts as a steward of the community, providing resources, grants and support for community members to ensure the UltronGlow network is successful.
The Ada Byron Foundation is a non-profit organization that acts as the steward of the UltronGlow community. As such, the Foundation holds a portion of UTG tokens in a treasury, used for the promotion and development of the network.
UTG is an ERC-20 token, similar to ETH on Ethereum. It is the native utility and governance token of the UltronGlow network.
When you stake UTG tokens into a validator or storage node, you help to increase the security of the network through your investment, helping to ensure that validators and Storage Providers are acting fairly on the network. By helping secure the network, you are rewarded with UTG tokens, which are based directly on how much UTG you stake.
UTG is the only utility token defined in the UltronGlow network as a measure of value.
No. Mining is a mechanism used by networks like Bitcoin which uses a Proof of Work (PoS) consensus mechanism. Like Ethereum, UltronGlow uses Proof of Stake (PoS) consensus, which is much more energy efficient. Instead of mining for tokens, UltronGlow enables people to stake UTG into the network which helps secure the network, and rewards stakers with UTG tokens for doing so.
Just like to drive on a highway, you need gas in your car to go from point A to point B. Blockchain networks are the same. In order to execute smart contracts on UltronGlow, a small gas fee is charged in the form of UTG. This ensures developers do not overload the network with test smart contracts which can lead to congestion on the network (like a highway!).
A Storage Provider is an entity that provides their storage for rent on the UltronGlow Storage Market. When someone rents their storage, they are compensated in the form of UTG. Learn more.
No, you can set the terms for how much you want to charge for your available storage. However, if you charge an amount that is higher than what other Storage Providers are charging for similar service, the likelihood of your space being rented will be much lower.
A Storage Provider can only seal a single portion of their disk space for a Renter to rent.
When Storage Providers rent out their disk space, a portion of their disk is “sealed”. When you rent sealed storage from a Storage Provider, your unique key is used to encrypt your data on their disks, meaning only you have access to the data stored on the Storage Provider’s sealed space.
No. The portion of space you rent on a Storage Providers disk is sealed and cryptographically secured to only you.
You can store any type of data on UltronGlow, as long as it is legal and not copyright-protected.
The amount of data you can store on UltronGlow is directly proportional to how much storage a Storage Provider offers for rent. However, you can rent from as many Storage Providers you like if you cannot find one Storage Provider offering the amount of storage you need.
Storage Providers set the price for the rented storage they provide through the UltronGlow Storage Marketplace. The marketplace ensures that Storage Providers provide competitive prices for individuals who want to rent their storage. In general, 1TB of storage on UltronGlow is ~$.50/month.
No. When you rent storage on the network, you pay for the rental using a credit system that is pegged to UTG at the time of acquiring the credit. This results in predictable pricing for renters.
When Storage Providers rent out storage on the UltronGlow network, they also must specify how much uplink bandwidth they will dedicate for renters to access data stored on their device. Storage Providers who provide high uplink speeds will result in faster transfers for renters, and charge higher rates as a result.
You update the data stored in UltronGlow like you would for any other storage provider. Just upload the new files and you’re set!
A Storage Provider can end their service at any time, but in doing so are imposed a penalty through their stake in the contract being slashed.
Rental contracts are set at the time of renting, with a minimum of 30 days for rental. If you want to cancel your contract before the rental expires, you will lose the amount of UTG staked in the rental contract.
Validators are nodes on the UltronGlow network that exercise the Proof-of-Stake consensus. They ensure that transactions are processed on the network in correct order, ensure false transactions are not processed, and are rewarded in UTG tokens for their services.
While there can be an unlimited number of validators on the UltronGlow network, only 21 validators at any given time are actively validating transactions on the network. The process for how validators are chosen can be found in the whitepaper.
Slashing is a process where staked UTG tokens are destroyed (burned) as a penalty for not providing service, or acting maliciously on the network. For example, if a Storage Provider has rented storage to a Renter, and decides to end the contract early, their staked UTG in the contract will be slashed.