Utopia – Exchange, UUSD, Monero, Encryption and More
Ashton Addison speaks with Dr-Hack of Utopia’s decentralized ecosystem on the Crypton and Utopia USD coins, How they focus completely on privacy, their integrated cryptocurrency exchange in Utopia, the Utopia Name Service and other apps inside Utopia, and how to use Utopia today. Also talks about Monero integration on Crypton Exchange.
Before we start talking about Utopia, How can you cover, “What is Utopia” for those who may watch this video for the first time?
I would recommend to all such viewers to search Utopia on your channel to see our interview which was done last year. I’ll explain Utopia in a few lines:
Utopia, is a decentralized, peer-to-peer ecosystem, the development of which begun covertly in 2013 and released officially in November of 2019, providing access to secure and surveillance resistant communication and finance.
In August of this year, Utopia launched Utopia USD stablecoin. You may be wondering what is Utopia USD. UUSD is a stablecoin which is built upon Utopia’s serverless, peer-to-peer blockсhain, which currently powers an all-in-one kit for secure instant messaging, encrypted email, voice communication, and private web browsing.
Can you Explain more about Utopia USD?
Utopia USD, like the native Utopia currency ‘Crypton’, features anonymous transactions by default and does not reveal any identifying information to its blockchain, rendering its history completely untraceable. Every transaction is completely private and leaves absolutely no metadata visible. No other cryptocurrency currently provides this level of future-proof untraceable transactions. Competing private cryptocurrencies rely on obfuscation techniques rather than genuine anonymization and are vulnerable to tracking tools offered by the likes of CipherTrace.
Utopia USD is designed to maintain 1:1 parity with the US Dollar. UUSD is an anonymous, secure, instant, and liquid payment method. Its value is backed by DAI cryptocurrency collateral that equals the total supply of UUSD. The initial supply is 1 Million USD backed by 1,000,000 DAI located in public Ethereum wallet which can be viewed by anyone.
Can Utopia USD be traded on any Exchange?
Keeping privacy in mind, the liquidity of the Utopia USD is supported by market-making algorithms on several exchanges including Crypton Exchange. If you remember in our last interview, I mentioned that an integral exchange was in the works and Crypton Exchange is the same which has been launched. In Crypton Exchange Conversion is possible at a near-zero fee exchange rate.
Crypton Exchange is natively integrated anonymous crypto exchange with instant deposits and automated withdrawals. The exchange is available in the censorship-resistant form inside the Utopia ecosystem by domain CRP or can also be viewed on Clearnet by visiting crp.is if someone cannot access Utopia for some reason.
Monero community will be happy to know that CRP exchange has also listed Monero trading pair which means that Utopia is advocating and supporting coins with similar interest. As we talked last time that Monero may be anonymous but all the exchanges where it is listed require some form of verification, by listing Monero on CRP exchange, Utopia has helped Monero to serve the purpose for which it was built.
Is there any form of KYC / Verification to use Utopia Ecosystem?
No, it’s not just that there are no verifications of any sort. Utopia was built with privacy and utility in mind i.e. anonymous transactions which are instant and they are 30-40 times cheaper than Ethereum, being a p2p platform it rules out network congestions and utility features like Crypto Cards which enable payments and invoicing, uVouchers allow offline and financial transactions and ofcourse an easy to use GUI with built in API tools for merchants and developers who are already building great products inside Utopia.
How the founders of Utopia cannot Intercept Network of Utopia?
As I explained the encryption mechanism in our last interaction. Each ecosystem user’s privacy is protected by utilizing a dynamic multi-link routing engine with MITM (man-in-the-middle) attack protection. Encryption is implemented in authentication mode using the lib-sodium library using the public key encryption algorithm which encrypts, signs and authenticate packets, objects and connections between peers. The encryption algorithms are Curve25519 + XSalsa20 stream cipher + Poly1305 MAC. And by now so many researchers and bug bounty hunters have tried to dissect the ecosystem and it still stands strong.
Utopia’s block chain is based on Proof-of-Stake and Proof-of-Resources algorithms. Full nodes are located around the globe which participate in packet routing and validation in return receiving a reward after every 15 minutes which is one block generation time. By providing internet connectivity, RAM, and CPU resources of a miner machine, reward is given in terms of Crypton. Same miners make Utopia resilient to censorship. I would request everyone who are listening to this to google Utopia Routing Mechanism and Network encryption , I am sure it will leave everyone impressed on the efforts went into ensuring how users of the ecosystem stay anonymous …
Any new Exchange Listing and its effect?
Problem with exchanges is that they have to comply with regional laws, which in the garb of security, extract user personal data. Recent examples of BitMart and AscendEX getting hacked won’t be the last of such news we hear. Utopia takes pride in protecting user data and therefore it is not engaging with such platforms and is being very selective about where to get crypton listed.
Because of same reason Utopia launched integral exchange which eradicate all KYC related issues for its users. Although team is still making effort to list on exchanges which respect user data and they have mentioned that getting crypton listed on more exchanges is still in works, while some exchanges have listed CRP on their own accord like LATOKEN and p2pb2b etc.
As for the price movement, no one can predict that. However, as demand increases the price will increase too due to limited supply, for instance just in last 2 months CRP price went from avg 0.1$ to 1.4$ and that too happened organically as the price is still steady after lapse of two months indicating people are understanding the uniqueness of the project.
Why Volume Appears Less on Coin listing sites?
CMC & Coingecko etc show trading volume of exchanges which they have added and being a privacy centric platform ppl prefer to use integral crypton exchange and that is why the trading volume appears less than the actual amount.
Is Utopia seeing Growth in terms of New Users?
Being a decentralized platform, one cannot talk about the total users of Utopia. However one metric which shows the growth is the number of miners running Utopia Miners, there are about 40K mining threads on an average which has even touched 50k at a time. It is important to mention that at times all Users are not miners , so the figure of active users is certainly higher.
uNS and the most Expensive uNS bought? Future plans?
Utopia Naming System were the NFTs of Utopia even before the mainstream crypto started adopting it. While NFTs concept will be further incorporated inside Utopia. Around 7K uNS have been registered. Registering a 2 letter uNS costs around $6K there are many 2 letter uNS which people have already registered like QQ, AV etc.
Although the Team did leave a teaser recently that uNS and NFT expansion will be done inside Utopia in an unprecedented manner, not seen on the internet before. So that is something exciting and we all are waiting for the Update.
How to Get involved with Utopia ?
It is very easy, simply head over to https://u.is/ and download Utopia Ecosystem from the official website, for those interested in mining crypton can also download the miner to start earning Crypton … It’s never too late !!!
The post Utopia – Exchange, UUSD, Monero, Encryption and More first appeared on Internet Security Blog – Hackology.
