Full description of PLC Ultima
PLC Ultima names itself an innovative
Crypto (?) tool for mass use and includes more than 15 products under the same roof. Fueled by the
Token (?) PLCU, the PLC Ultima
Blockchain (?) was created on the basis of Litecoin that is known for its network stability, high speed of transactions, and transparency. The company standing behind the platform is PLC Group AG headquartered in Zug, Switzerland.
The goal of the project is to fill the gap that still exists between traditional businesses and the world of cryptocurrencies that prevents the growth of the crypto industry and the traditional financial sector.
Technical aspects of PLСU
The team of developers working on the project has extended the functionality of the Litecoin blockchain and increased the scope of its application. The network is based on proof-of-work
Consensus (?) with the opportunity to regulate the complexity and use of the Segregated Witness (SegWit) protocol upgrade. The complexity is recalculated every 2016 blocks while the underlying mechanism relies on the CryptoNight, the
Hash (one way hash) (?) function used also by Monero and Bitcoin.
The PLCU developers have also introduced different methods to distribute rewards across users minting tokens. The blockchain ecosystem doesn't have to spend much electricity on mining. The purchase of specific
Mining (?) equipment is not required either. Instead, the minting technology is used that presupposes guaranteed rewards from the network.
The minting technology that the PLCU team has developed is the key to the success of the platform. The company presents it as a simplified and energy-efficient solution while the rewards are distributed across the community members in an absolutely unique fashion. Here’s how it works. Users buy an Ultima Minter Digital Certificate thus freezing a certain number of PLCU coins for a definite period to receive new PLCU coins in the future. The smart contract enables
Cryptocurrency (?) transfer to users’ wallets with all the details laid out in a fully transparent way on the blockchain making it possible to verify this data at any time. Thus, the platform guarantees the reward, the size of which is equal to a certain percentage of the PLCU tokens spent on minting.
The PLC Ultima blockchain employs the burning mechanism that the whitepaper of the project names PLCU
Coin (?) incineration. The company burns 1% from each transaction pursuing two goals. First, the platform reduces the volume of cryptocurrency preserving the value of the token. Second, it protects the system from transactional spam.
The company actually doesn't burn the tokens but withdraws them from circulation. Technically, these funds are sent to a
Wallet (?) that was specially designed to make the function of withdrawal impossible. All operations are publicly available so it is easy to verify them by downloading the source code.
PLC Ultima project
PLC Ultima is an immense infrastructure project that was founded in 2016. It borrows the best features from traditional business models and introduces innovative blockchain-based solutions with decentralization as the key beneficial feature.
PLC Ultima uses nodes and wide distribution of coins to provide network security while attaining full decentralization. An Ultima PLC
Node (?) can be easily installed by any member of the community or an entity that wants to earn PLCU tokens without revealing his or her identity. There are no stringent requirements to the hardware as nodes can be installed even on a smartphone. The task is fulfilled with the assistance of Middleware, another product introduced by the PLC Ultima engineers. Along with the
Block (?) Explorer, this is an auxiliary service that supports mobile and desktop wallets. The Middleware system that was developed with the use of NoSQL databases can handle millions of operations per second. In this way, the network can simultaneously be used by tens of millions of users. At this, any person can parse any block, and any transaction anonymously as all these products rely on a transparent, open, and
Decentralized (?) approach.
PLC Ultima products
One of the products provided by the platform is a PLCU internal wallet with extended functionality. The wallet is connected directly to the nodes, therefore, it enables fast transaction processing. Also, the team offers an ULTIMA wallet for mobile devices with different operating systems. The wallet comes with Android and iOS-based versions.
Apart from the marketplace for buying and selling cryptocurrencies, the platform also has a blockchain-based crowdfunding project Platin Hero that relies on a combination of blockchain and minting. Its key innovative feature enables sponsors who donate funds to earn additional rewards in return.
Ultima Farm is another product represented by PLC Ultima. This application enables minting PLC tokens while freezing them on your wallet. The amount of minted tokens depends directly on the number of tokens users store on their wallets. The operating term of Ultima Farm varies from one to three years. While the number of frozen tokens increases in time, they only become available when the operating term ends.
Besides, the team is working over its own payment system to expand the ecosystem of the platform and make the use of PLCU tokens easy and convenient. However, the most exciting PLC product is a crypto POS terminal that enables merchants to accept crypto for the goods they sell. At the time of writing, this innovation has a status of a pilot project. The terminals of this kind are installed in stores around the world with Germany being the first on the list. The company also plans to install vending machines selling goods for crypto and cryptocurrency cards with the same functionality as banking cards.
PLC Ultima team
The in-house team has been working successfully since 2016 developing different products of the PLCU ecosystem. Thanks to the team’s high qualifications, the company has managed to obtain two patents in the blockchain sphere.
The CEO and co-founder of PLC Group AG is Alex Reinhardt, an economist, venture investor, serial entrepreneur, and an active evangelist of blockchain technology. He founded over ten IT and fintech projects with a total capitalization of over 100 million euros. Reinhardt is responsible for innovative solutions and their global promotion.
- Exchange symbol (?): PLCU
- Cryptocurrency type (?): Token (?)
PLC Ultima for developers
PLC Ultima social sites
Source: NOMICS