UPCX Has Announced That it Will Release its Testnet in The Third Quarter of 2024

Singapore, Singapore, 20th Jul 2024, King NewsWire - UPCX has announced that it will release its testnet in the third quarter of 2024. Over the past six months, UPCX has made rapid progress in technical development and has been continuously preparing for the upcoming testnet. This period has witnessed significant breakthroughs and innovations by UPCX in the field of blockchain technology, showcasing its strong commitment to building an efficient, secure, and flexible blockchain ecosystem. With the testnet set to go live, UPCX may usher in a new wave in the blockchain industry.

2023 Q4: Laying the Foundation with Key Technologies

Beacon Engine and Multi-Thread were two key achievements of UPCX in the fourth quarter of 2023. The introduction of Beacon Engine technology marked the realization of shard chains, an essential milestone in blockchain scalability. By dividing data processing tasks, shard chains significantly improve the processing capacity and speed of the blockchain, enabling the UPCX network to process more transactions without sacrificing security. This progress not only enhances the network's throughput but also significantly reduces transaction latency, laying the foundation for future high-frequency transactions and large-scale application scenarios.

At the same time, implementing Multi-Thread technology leverages the powerful processing capabilities of multi-core processors, dramatically increasing the system's concurrent processing capabilities and overall security. UPCX can significantly improve processing efficiency while ensuring data security by utilizing multi-threaded encryption and cryptanalysis methods. These technological advancements provide a solid foundation for UPCX's high performance and stability, ensuring the successful operation of the testnet.

2024 Q1: Realization of User-Defined Tokens

Entering the first quarter of 2024, UPCX announced the integration of the UIA (User Issued Assets) function, which allows users to create custom tokens with specific attributes and functionalities, providing potential enhancements to the platform's future flexibility. Through UIA, corporate and individual users will be able to issue tokens according to their own needs, which is expected to promote the diversified development of the UPCX ecosystem. The development of UIA not only provides users with upcoming rich asset creation and management tools but also lays a solid foundation for the development of future smart contracts and decentralized applications (DApps).

2024 Q2: Cross-Chain Compatibility and Multi-Functional Development

In the second quarter of 2024, the UPCX team continued to rapidly advance the development of the public chain, particularly increasing investment in compatibility with the Ethereum Virtual Machine (EVM). This move aims to attract more developers, promote cross-chain interaction and smart contract deployment, and further enhance the usability and attractiveness of the UPCX platform. EVM compatibility will enable Ethereum developers to easily migrate their smart contracts to the UPCX platform, enriching the application ecosystem of the platform.

Meanwhile, the UPCX team is also dedicated to developing several key features, including a Referral Program, Blockchain Messenger, TPS Test Tool, and Block Explorer, which will significantly impact the user experience and technical validation of the testnet. The referral program promotes widespread adoption and usage of UPCX by rewarding users for recommending new users, while the blockchain messaging feature enhances the platform's interactivity, enabling users to communicate and collaborate more conveniently.

Notably, UPCX uses the TPS Test Tool to measure the network's transaction processing speed, ensuring efficient operation even under high transaction volumes. This tool is crucial for validating the technical performance and scalability of the UPCX network, ensuring its ability to meet future high-frequency trading demands.

2024 Q3: The Upcoming Testnet Launch

The launch of the UPCX testnet is counting down to the third quarter of 2024. During this phase, the UPCX team is focused on preparing for the testnet, developing and testing several key technologies, including Multi-Key Function, Parallel Software Transactional Memory, Snowman Consensus, Recurring Payment, Zero-Knowledge Proof, and Price Oracle.

These preparations are aimed at ensuring the smooth launch and efficient operation of the testnet:

- Multi-Key Function will be used to implement custom authorization features, enhancing the security and flexibility of the platform.

- Parallel Software Transactional Memory (STM) is a mechanism for concurrency control in shared memory programs, originating from the database community's ideas. This technology optimizes concurrent processing capabilities, ensuring stable system operation under high-load conditions.

- Snowman Consensus is a blockchain-optimized consensus protocol with high throughput and fully ordered characteristics that are well-suited for smart contracts. Its efficient consensus mechanism will significantly enhance the performance and stability of the UPCX network. 

- Recurring Payment supports cyclical payments, allowing regular payments at different frequencies and durations until canceled, with the payer authorizing withdrawals. This feature will greatly facilitate users' recurring payment needs.

- Zero-knowledge proof allows for proving the authenticity of statements without sharing their content. This technology is crucial for enhancing the platform's privacy protection and security.

- Price Oracle provides reliable price oracles, ensuring real-time accurate pricing data for collateralizing UPCX and MPA, providing solid support for the platform's financial applications.

Implementing and testing these technologies will not only significantly enhance the functionality and security of the UPCX platform but also provide users with richer application scenarios and higher operational convenience. In particular, technologies such as the Snowman consensus protocol and zero-knowledge proofs will further strengthen UPCX's privacy protection and high-throughput performance, laying a solid foundation for the launch and operation of the testnet.

Summary

Over the past six months, the UPCX team has advanced multiple key technical points astonishingly, continuously preparing for the testnet launch. The successful implementation of Beacon Engine and Multi-Thread technologies laid the foundation for the platform's high performance and stability; the launch of UIA enables users to create custom tokens, enhancing the platform's flexibility; and the development of EVM compatibility and multiple functions provides support for the platform's widespread application.

With the testnet about to launch, people have reason to expect UPCX to bring more innovation and breakthroughs in the field of blockchain technology. The successful operation of the testnet will lay a solid foundation for the future mainnet launch, promoting the further development and prosperity of the UPCX ecosystem. In this process, UPCX will continue to adhere to the concept of innovation and development, continuously improving the platform's technical strength and user experience and contributing to the development of the blockchain industry.

About UPCX:

UPCX is a blockchain-based open-source payment platform that aims to provide secure, transparent, and compliant financial services to global users. It supports fast payments, smart contracts, cross-asset transactions, user-issued assets (UIA), non-fungible tokens (NFA), and stablecoins. Moreover, it offers a decentralized exchange (DEX), APIs, and SDKs, allows customized payment solutions, and integrates POS applications and hardware wallets for enhanced security, building a one-stop financial ecosystem.

Official website: https://upcx.io/

X: https://x.com/Upcxofficial

X(upcxcmo): https://x.com/kokisato_upcx 

Telegram: https://t.me/UPCXofficial

Discord: https://discord.gg/YmtgK7NURF

Media Contact

Organization: UPCX

Contact Person: Jiso Liu

Website: https://upcx.io/

Email: Send Email

City: Singapore

Country:Singapore

Release id:14486