What is a blockchain?
A blockchain is a system that stores a copy of all transaction history on the ULTRAPOINT network. Every 60 SECONDS, a new block with the latest transaction information is added to the blockchain. This chain allows the network to verify the amount of money accounts have and make it resilient to attacks and centralization attempts.
What is fungibility?
Fungibility is a simple property of money such that there are no differences between two amounts of the same value. If two people exchanged a 10 and two 5’s, then no one would lose out. However, let’s suppose that everyone knows the 10 was previously used in a ransomware attack. Is the other person still going to make the trade? Probably not, even if the person with the 10 has no connection with the ransomware. This is a problem, since the receiver of money needs to constantly check the money they are receiving to not end up with tainted coins. ULTRAPOINT is fungible, which means people do not need to go through this effort.
How is ULTRAPOINT different from Bitcoin?
ULTRAPOINT is not based on Bitcoin. It is based on the CryptoNote protocol. Bitcoin is a completely transparent system, where people can see exactly how much money is being sent from one user to another. ULTRAPOINT hides this information to protect user privacy in all transactions. It also has a dynamic block size and dynamic fees, an ASIC-resistant proof of work, and a tail coin emission, among several other changes.
What is a mnemonic seed?
A mnemonic seed is a set of 25 words that can be used to restore your account anywhere. Keep these words safe and do not share them with someone else. You can use this seed to restore your account, even if your computer crashes.
How is ULTRAPOINT’s privacy different from other coins?
ULTRAPOINT uses three different privacy technologies: ring signatures, ring confidential transactions (RingCT), and stealth addresses. These hide the sender, amount, and receiver in the transaction, respectively. All transactions on the network are private by mandate; there is no way to accidentally send a transparent transaction. This feature is exclusive to ULTRAPOINT (and Monero). You do not need to trust anyone else with your privacy.
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