In 1995, the cross-field legal scholar Nick Szabo proposed the concept of “smart contracts”, that is, “a smart contract is a set of commitments defined in digital form, including agreements on which contract participants can implement these commitments.”
Unfortunately, for a long time after this concept was proposed, smart contracts could not find a suitable scenario. It was not until the advent of the blockchain that it was effectively used.
The main reason why the working theory of smart contracts has not been realized is the lack of digital systems and technologies that can support programmable contracts. The emergence of blockchain technology has solved this problem. The blockchain can not only support programmable contracts, but also has the advantages of decentralization, non-tampering, anonymity, transparent and traceable processes, and is naturally suitable for smart contracts.
UMD is a Turing complete, new-generation blockchain infrastructure with smart contract development tools. It has a more mature blockchain infrastructure with good compatibility, flexible application, security and simplicity. Through reasonable construction and technology support multiple protocols to effectively solve the problem of balance between data transparency and confidentiality.
Smart contracts are an important part of UMD, which allows us to perform traceable, irreversible and safe transactions without the need for a third party. Participants in smart contracts are usually Internet users, subject to binding digital agreements. Essentially, a smart contract is a non-tamperable script that will not produce results unless it meets the requirements written in the code. UMD’s decentralized smart contract system can avoid the problems caused by human greed and get rid of the losses caused by manipulative funds. It is reported that UMD will open source code on the world’s largest open source website to ensure the fairness and fairness of UMD.
The transparent and open mechanism of blockchain makes it possible for people to establish more direct trust in more applications under the Internet. One of the major changes in blockchain technology is to change our trust mechanism, and smart contracts can automatically complete contract terms under the foundation of trust. UMD is based on “smart contracts + blockchain” to provide a safer method than traditional contracts and reduce other transaction costs associated with contracts. The application of UMD can eliminate the participation of centralized servers, which means that it can save social resources, reduce transaction steps and transaction time, and solve credit problems.
UMD will convene top talents from the fields of blockchain, finance, digital assets, etc. around the world to create a decentralized consensus ecological community, and will be launched in the world’s largest consensus community. Relying on the current disruptive blockchain technology, UMD will create a new blockchain financial network ecology, which will promote the further prosperity of the global economy.