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This article was originally created by Mr. Wang, who is the member of Ultiledger community, and we welcome more community members to contribute great articles.

Ultiledger, the next generation of self-financing protocol is a group of ambitious young people who have the dream of “technology changes the world, financing will be universal to people”. The project sponsor and founder Randolf Liang is a technical geek. After graduating from Zhejiang University, Randolf Liang entered State Street Bank, which is the world-famous investment bank, and worked as a technology developer in the Asia Pacific headquarters. He began a period of “code change world” in the large investment bank.

As a world-famous investment bank, State Street Bank’s clients are mainly large financial institutions and sovereign countries, providing a full range of financial services for the large economies. Randolf Liang has practiced his technical capabilities and has achieved his dreams of “technology changes the world” in such a large organization; however, he felt that something was still been missed in his world.

There was a time when Randolf Liang was communicating with a classmate who was a business owner, and Randolf Liang discovered that what he had done had nothing to do with the business of his classmate. The sense of his accomplishment was weakened at the time, and he began to think about “why those SMEs are unable to enjoy my technological achievements?”.

At this time, on the dream of “technology changes the world”, Randolf Liang has created a new pursuit of “technical affirmation”. In addition to his work, Randolf Liang began to study the issue of how the achievements of technology and finance can be shared to more people. After the emergence of bitcoin and blockchain technology, Randolf Liang began to pay attention in the early stage.

With the simple ideal of “technical affirmation” and “financial inclusiveness”, Randolf Liang had a deep observation and study of bitcoin and Ethereum’s smart contract technology, his research and mastery of the underlying technology of blockchain has been very strong, and he also met some geeks in the technical circle.

After Randolf Liang discovered the technology of Ripple and Stellar, especially as a new generation of blockchain technology, it has more efficient implementation of distributed storage and transmission, and it contributed to the unique role of decentralized subject free value flow, Randolf Liang considered it as a breakthrough in innovation. It is a technology for exploring space with infinite value, which deserves long-term attention and can be landing.

Randolf Liang anchored his key focus to Ripple and Stellar, and used his free time to launch the RippleFox community in China, bringing together a group of early Chinese enthusiasts who are focus on blockchain technology and Ripple and Stellar technology. A community of great learning atmosphere has been formed.

With the development of the community and the convergence of various types of talents, the community naturally had more than just paying attention to research and they had to do some real things. As a community creator, Randolf Liang began to choose excellent talents from the community. They have carried out some discussion on the project, and focus on the application of blockchain technology.

In the meantime, due to Randolf Liang’s technical attention to Ripple and his professional technical ability, Wanxiang Blockchain Lab hired him as a researcher and he participated in the preparation of the white paper on China’s blockchain technology and application development. He became a veritable industry expert, the dream of his technology changes the world has futher landed.

After a deep study in blockchain, Randolf Liang has already focused on the supply chain financial business application based on blockchain technology with his community partners. He has successively undertaken strategic consulting and technical architecture design for several blockchain financial business solutions of listed companies. Randolf Liang has accumulated rich practical experience and the business processes of these listed companies have been optimized, and the operational efficiency has been improved, which has brought great returns.

At this time, Randolf Liang and his friends are filled with confidence in solving more problems with blockchain, and in Randolf Liang’s heart, the pursuit of “financial inclusive to the public” once again emerged, and he has had continuously discussion with his partners to explore and find a more universal tool and platform, so that more enterprises, especially small and medium-sized industrial enterprises can enjoy the results of blockchain technology advancement, and to enjoy the technology application with low cost and high efficiency, and have the ability to “self-financing “, to achieve the autonomy of its own development.

After experiencing countless days and nights of discussion, a next generation of self-financing protocol framework with technological innovation attributes has finally came out, Randolf Liang named it “Ultiledger”, a blockchain public chain platform with the dream of “Technology changes the world, the financial inclusive to the public” was born.

Since its inception, Ultiledger has received a lot of attention from community friends. Many of them have asked how to participate in the construction of Ultiledger community on WeChat group and telegraph group. We are very grateful to the community partners for their recognition and support for Ultiledger.

An award essay event to the Ultiledger community is coming!

In order to enhance the influence of the community and let more people know about Ultiledger, from September 1st to September 10th, Ultiledger will carry out community essay activities + answer questions + select reviews, and give a total of 100,000 ULT and USD 1456  in cash.

Whether you are a powerful crypto currency person or a writer, welcome to post an original article, comics, videos about Ultiledger to any platform like Weibo, WeChat public account, Twitter, Facebook, Bihu, Jianshu, Biche, Zhidian, YouTube, Reddit, Medium or Steemit, then you are in the competition.

Essay collecting time

September 1, 2018, September 10, 2018

Essay picking range

For the Ultiledger project, participants can create around the positioning, role, technology, application of the Ultiledger project, development prospects, community building, and expectations and recommendations for the Ultiledger project. The style of creation is not limited. It accepts articles, videos, comics, etc. The number of articles is not less than 800 words (comics, videos, etc. are not limited by the number of words, and the video time is not less than 1 minute).

Prize settings

1st prize for one person: reward for USD 146 in cash +8000ULT

2nd prize for three people: reward USD 116 in cash + 5000ULT

3rd prize for ten people: reward USD 72 in cash +3000ULT

Evaluation criteria: The quality of the article is the main body, and the content ensures that the original does not involve plagiarism. Comprehensive consideration of the number of points, the amount of forwarding, etc., it is decided by the Ultiledger jury comprehensive assessment.

Participation Award

The top 30 Ultiledger’s essay competition contestants (excluding the 1^st, 2nd and the 3^rd prizes) will get 1000ULT, and the content ensures that the original does not involve plagiarism, and publish articles on the personal platform.

Entry method

Add the following Ultiledger customer service WeChat, enter the essay writing group, and send the article link to the essay group, which will be judged by the Ultiledger jury.

Selection criteria

According to the article quality, reading volume, and forwarding volume.

Posting platform requirements

It can be released to any platform such as Weibo, WeChat public account, Twitter, Facebook, Bihu, Jianshu, Biche, Zhidian, YouTube, Reddit, Medium or Steemit, encourage multi-platform release.

Time of award announcement

September 20, 2018

The winning result will be announced on the Ultiledger WeChat public account

Statement on the essay works:

1. The content of the submitted essay must be original works, and must not be copied. A large number of references need to indicate the source;
2. The final interpretation of this competitionbelongs to the Ultiledger official.

After nearly three months of projects screening, it has traveled through seven major cities in Shenzhen, Beijing, Shanghai, Chengdu, Guangzhou, Suzhou and Hangzhou. After 18 roadshows, the Win-Win Chain Information Technology emerged from 219 projects and got to the final competition with dozens of other outstanding projects on 30th August. The founder of Win-Win Chain Information Technology Tommy Xu is also the Ultiledger Co-Founder and COO. His wonderful sharing has been unanimously recognized by the main judges. Win-win Chain Information Technology as the only blockchain project won the second place in the innovation group, Ultiledger, the next generation global self-financing blockchain protocol has caused the hottest focus of the main judges, investment institutions and participants of the competition.

About the contest

The innovative Nanshan “Entrepreneur Star” contest was hosted by Shenzhen Nanshan District People’s Government and Shenzhen Science and Technology Innovation Committee. Since its inception in 2008, it has attracted many innovative companies and entrepreneurial teams from home and abroad. In the past 10 years, there have been 14358 innovative projects signed up for competition (including 1886 overseas projects), 237 innovative companies, and 246 start-up teams, which cultivated a batch of unicorn companies and listed companies, such as DJI Innovation, Obi Zhongguang, Maoshuo Power, Jinxinnuo, Shenghong Electric, Youboxun, etc.

Ultiledger and the Win-Win Chain

Ultiledger, the next generation of global self-financing blockchain protocol aims to achieve the “self-financing” capability of the economy through the technology empowerment method, thereby enjoying the dividends brought by technological progress and making the technology equal rights and inclusive finance become the basic reality of social universality.

Ultiledger was founded by Randolf Liang, the blockchain senior technology geek and the founding initiator of the world’s largest Ripple and Stellar community Ripplefox. Randolf Liang united and gathered a large number of blockchain technology geeks around the world, adhering to the concept of “changing the world by technology-driven and technological empowerment is equal and universal.” In the process of serving the financial supply projects of several listed companies, continuously completing the concept of technology and the realization of technology, and finally achieving the entrepreneurial idea of the Ultiledger public chain platform.

As an important landing scene of Ultiledger, the Win-Win Chain Information Technology was jointly initiated by Tommy Xu, Randlof Liang, Wang Hui and Scott Xu. It was registered in September 2017 and officially opened in November. In ten months, they have reached cooperation and landed with several listed companies such as Chain Xingbeiyun, the Daoen Group and the 365 Group.

Ultiledger blockchain public chain platform, firstly gathering the talents, secondly having practice of landing, and then building the platform universally serving more self-economy models, is a typical “bottom-up” mode blockchain application project. It is the real landing blockchain project, which has the ability to achieve the value creation.

What is self-financing?

After the sharing session of the Win-Win Chain, many of the main judges expressed interest in “self-financing” and discussed with Tommy Xu.

“Self-financing” is essentially a subversion of traditional indirect finance-oriented financial services. In the future, with the advancement of the Ultiledger platform, a large number of self-employed economies have self-solving their own development problems of information flow and value transfer through “self-financing”. And also reduce need of indirect finance to the minimum.

In the future, “self-financing” will become a universal, mainstream and basic form of financial services, and Ultiledger’s value increment will show exponential growth, and the final result will be “self-financing” oriented, direct financial and indirect finance as a secondary supporting financial services providing the hierarchy and structure. And it will also reduce the cost of society and improve the efficiency of the self-economy, so that the economic value increment brought to society will also be limitless.

Jed McCaleb is the co-founder and CTO of Stellar, prior to co-founding Stellar, he founded and served as the CTO of the company Ripple, and he is also the founder of eDonkey, the author and main developer of the software for all versions of eDonkey. eDonkey was one of the largest file-sharing networks in the world at the time, and Jed was also known as the “father of eDonkey” by eDonkey enthusiasts and e-Mule enthusiasts.

JedMcCaleb was born in a single-parent family, which is located in a small town in Arkansas, USA. The first time he connected to programming was in elementary school grade 3 and grade 4, which changed his life path.

In 1994, Jed McCaleb was admitted to the prestigious Berkeley University, but dropped out after a year. Dropping out of school is an extremely bold decision for most college students. Even if you drop out of school, you will think about a way out or a job, but Jed did not worry about his job at the time. Instead, he was confident. He believed that he could support himself with his excellent programming skills.

“If you go all out to study, you will find the real fun of every discipline, and it will help you better understand the world. I’m so fascinated with programming not because programming itself is more interesting than other disciplines, but because of my thought about programming which can provide me with more leverage to understand the world than any other discipline. You can use a computer program to better perceive the world,” Jed said.

Jed McCaleb and eDonkey

In 1998, Jed went to New York to prepare for the eDonkey. Before, he spent about half a year writing an eDonkey computer program in San Francisco. In the face of the emerging P2P applications, Jed has created a number of innovations. The eDonkey allows users to download files to multiple users at the same time; in addition, the client can share any file and is not limited to music files. Users can also create collections to collect and share multiple files. They can freely search the shared files, which connect to the network. There is a unique identity between the clients; there is no single central server on the server. Anyone can set up his or her own server. The servers can be connected to each other to form a huge “multi-centralized” network. By 2005, the eDonkey had surpassed the BitTorrent network and ranked to the first traffic using, accounting for 51% of the file exchange traffic.

The rapid development of eDonkey caused a serious trouble for itself. In 2006, eDonkey incurred a copyright lawsuit. The eDonkey did not respond, but chose to pay 30 million US dollars and stop the continued development of the eDonkey.

In 2010, he founded an online game company, which was very popular with users, but ultimately failed because it did not open the market and did not accumulate enough users. During the time, Jed came into contact with Bitcoin. “Some people on BitcoinTalk put white papers on FlashDown, and there were about 2,000 people, including me, read the white paper for the first time on FlashDown,” Jed said. He said he has always had a strong interest in using distributed technology to solve problems, and the white paper was just talking about such a solution. With that feeling, Jed began to become associated with Bitcoin, and later joined the blockchain industry.

Bitcoin, Ripple and Stellar

Shortly after Jed entered the field of bitcoin, he quickly discovered a pain point – a lack of trading mechanism. At the time, Jed wanted to have some bitcoin, but he found that he had no other way than to be a “miner.” However, it was costly to be a miner but to ensure a certain amount of computing power. Then, in the words of Jed, he “smoothly” established Mt.Gox, an exchange that allows people to buy and sell Bitcoin. That was in July 2011. For him, it was technically not a problem, but it solved a big pain point in the industry, which made it possible for Bitcoin to spread in a wider range. But such a company that solved many people’s problems, Jed changed hands after less than half a year of creation.

For Jed, he hopes to enhance our lives through continuous technological innovation and gain a sense of accomplishment.

As bitcoin matures, the potential of its underlying technology blockchain was increasingly valued. Jed was also aware that the distributed technology concept of the blockchain can be used to solve real-world problems. Jed didn’t want to invest in mining to get bitcoin, he chose to use technology to solve the problem.

So in 2012, he founded Ripple. An open payment network based on distributed financial technology. This facilitates the payment and exchange for the users around the world. In fact, our existing financial system was repaired in the financial system of the 1960s. If the Internet realizes the sharing of information, then Ripple realizes the transfer and sharing of value to some extent. Through Ripple, the international payment process is greatly simplified and the costs are reduced. For Jed, the significance of the birth of Ripple is to establish an integrated payment platform on the Internet and realize the Internet of money.

However, the beautiful ideas and scenes once lost to reality. As the founder and CTO, Jed later invited Chris Larsen to serve as the company’s CEO. But soon the two had a major difference on many issues, and the Jed left Ripple at last. Later, he founded Stellar in 2014. Even in the eyes of many insiders, Stellar and Ripple are very similar. Jed agreeed with this, but he pointed out a few differences: First, the management models are different. Stellar is actually not-for-profit; second, Ripple’s tokens are in the hands of Ripple’s issuers, while Stellar’s tokens are user-oriented; in the end, the market expansion path is different. Jed said that Ripple is more served to big banks, and Stellar is more focused on grassroots users or startups. “It’s not that serving the big banks are wrong, but we think that our services will be better practiced in small companies first.” Finally, Jed thinks that technically Stellar is more reliable because “we rewrote the Source code.

Regarding the prospects of the blockchain industry, Jed believes that blockchain is a new technology that will have a big impact on our lives. “The blockchain may bring innovations to many areas, but not all industries are suitable for blockchain technology. Now, we are all using blockchains to try out various applications. Maybe a few years later, we will have a better understanding of the scenarios that apply to blockchains,” Jed said. “At least for now, blockchains are more suitable for scenarios that require multiple parties to coordinate, rather than a small range of scenarios, because in such scenarios, you only need one database.”

Just as the rise of the underlying Internet-based technology has spawned Internet giants such as China’s BAT and Google. When it comes to blockchain, Jed also believes that industry giants based on blockchain technology may be born in the future. Jed said it is difficult to predict how long such companies will emerge.

“But the beauty of the blockchain lies in its open source. I think that even if a giant company based on blockchain technology is born in the future, such a company should not monopolize the blockchain,” Jed said.

Jed McCaleb and Randolf Liang

Ultiledger founder Randolf Liang began to focus on the blockchain in 2012 and started to blockchain coding in 2013. Randolf Liang was very interested in the blockchain as it was a new technology. He wanted to prove some of his ideas in practice and he often communicated with some geeks online.

Randolf Liang knew Jed in 2014. At that time, they often discussed technical issues through the Internet, so the Ripplefox community was formed, and more and more geeks joined in. Ripplefox has been in operation for more than four years, bringing together more than 20,000 blockchain developers and enthusiasts around the world. It is also the largest Ripple and Stellar gateway in China and has been operating quite successfully.

“Jed is a legend. In addition to being the founder of Ripple and Stellar, he is also the founder of eDonkey. His enjoys a high reputation in the industry. I met Jed in 2014, we often discussed the technical issues together, and Jed wanted to go to Africa to promote the blockchain project. I said to him that, “Why don’t you come to China? China has a large population and many enterprises. The market demand is much larger than that of Africa. You can reach a wider population when you come to China.” “Jed didn’t know much about China before. Later I introduced him to China for a visit. In 2016, I invited him to come to Shanghai to participate in a blockchain summit. I believed that Jed as a big bull in the industry, he can push the development of China’s blockchain technology further. And it was true that Ripple and Stellar have developed well in China,” Randolf Liang said.

In 2016, Randolf Liang invited him to come to Shanghai, China to participate in a blockchain summit. After that, Jed has a deep impression with China.

In the process of creating and operating Ripplefox, Randolf Liang explored a lot of technical talents, and also discovered a lot of actual demanders, and they have made some practical attempts together, which are all very successful. Also in this process, community members have suggested and encouraged Randolf Liang to develop a new project, the next generation of global self-financing blockchain protocol.

“We did a lot of preparation and spent a lot of time developing, so we have Ultiledger today. The community is very meaningful for the blockchain project. With Ripplefox, the development of Ultiledger can be accomplished twice as much with half the effort. The existence of Ripplefox gives the positive feedback of Ultiledger’s ecology at least half a year ahead of schedule, and this advantage is not available in many blockchain projects.” Randolf Liang said.

 

On August 23, Ultiledger held the first offline Meetup in Shenzhen. The event attracted more than 20 members of the Ultiledger community across the country to participate. At the beginning of the event, the video of Ultiledger team was first played to the public. The Founder of Ultiledger Randolf and the Co-Founder and COO Tommy Xu introduced the whole team and Ultiledger’s ecological scene, business model and the differentiation with other blockchain projects to the community.

At the end of the event, Ultiledger founder Randolf expressed his personal opinion on the development of the blockchain industry: the current development of the blockchain has its inevitability. Perhaps it is not sound enough and mature enough, but it is undeniable that the blockchain will have an impact that cannot be underestimated in the economic and financial field and all aspects of our future life. In the future, “self-financing” will become a universal, mainstream and basic form of financial services, and Ultiledger’s value increment will show exponential growth, and the final result will be “self-financing”, direct financial and Indirect finance provides a hierarchy and structure for supporting financial services, and the cost of society and the efficiency of the economy will also have a significant increase, so that the economic value will be limitless to the society.

In the future, with the continuous maturity of Ultiledger’s public chain technology, more and more landing application scenarios will be happened, and the progress of application landing is closely related to the construction of the blockchain community. Based on the Ultiledger main chain and the open platform, and combined with global development co-builders, Ultiledger will build a sustainable blockchain community ecosystem.

Members of the Ultiledger community are welcome to launch the offline Meetup event, and maybe the next event will be able to discuss the Ultiledger eco-community building face-to-face with Randolf. Also welcome new members to join the Ultiledger community, now you can find us in the following ways.

Website：www.ultiledger.io

Twitter: https://twitter.com/Ultiledgerio

Telegram：https://t.me/ultiledger

Website：www.ultiledger.io

Twitter：https://twitter.com/Ultiledgerio

Telegram： https://t.me/ultiledger

 

Recently, Ultiledger has raised nearly 10 million XLMs in Stellar.

“Token transfer in Stellar is fast and low-cost, and it is more convenient than Ethereum. But the business environment of Ethereum is better, so Ultiledger will be raised together on Stellar and Ethereum. In the future, I hope more projects will be carried out on Stellar.” ——The founder of Ultiledger, Randolf, expressed his opinion.

Enterprises as an important active subject in our social and economic life have become the core backbone of our service in real life because of their own characteristics, for-profit organizations, the pursuit of value maximization and sustainable development. The birth of social for-profit enterprises in the early days (born in the modern European Netherlands and the global colonial tide), have taken the tasks of seeking for the wealth and improving the quality of life on a better organizational form for the country citizens of the early development countries, including the Netherlands, the United Kingdom and other modern countries.

Enterprises as an economy, a comprehensive economic activity engaged in daily value creation in economic and social life plays an important role in the satisfaction of people’s social life. In addition to self-effort, its own development needs more help of external leverage, where finance is one of the most common models.

The earliest company in the world was born in the Dutch exploration of overseas colonies, at that time, the funding needs of more expedition merchant ships. When the first merchant ship team was about to set out to explore the new colonies in North America, they raised funds to ordinary citizens, the Amsterdam mayor’s maid is also involved, they invested the money in this innovative practice of changing the world and the history, by becoming the shareholders of the East India Company, and they have gained more economic returns, also left a great reputation in history.

This kind of “inclusive finance”, which we see today, is similar to the “crowdfunding” type of equity investment, which has supported the global colonial wave of Western capitalist countries, set off a global geography and economic discovery, and brought the value-added track to the human society’s wealth resources.

 

When the Western countries’ conducted the global colonization which caused many criminal acts of killing and looting. At the same time, objectively, the advanced civilization achievements of the time have been brought to all corners of the world and promote the development of modern civilization in the world. And the direct investment from ordinary public investors has created economic results by the agents, is the most universal “direct financial” model.

And this model of the original starting point and more “inclusive finance” model were appeared. With time passing by, more company organizations have established, and they need more organization and fundraising tasks, the former technical conditions, information development level, the personnel organization model has been unable to adapt to the incremental fundraising needs of corporate organizations, thus the professional financial services institutions were born.

Various financial service organizations were born immediately and banks are the represented type in the financial intermediation business. From the very beginning, the investment bank that helped enterprises to raise funds for external financing was born, and then the savings bank (commercial bank) for the public was derived. They have led to the rapid rise and growth of modern financial services institutions, which in fact gave birth to the “indirect finance” model.

The system of the economy represented by this financial service enterprise has developed into a secondary financial market such as a stock exchange and has become a huge financial service system, and provides financial services for various types of economies in society.

With the birth of more enterprises, especially oligopolistic enterprises, the scale of the economic volume of a single enterprise has been the size of a country’s economy, such as the current market value of Apple. Exceeding many economies outside the national economy that have removed several head sizes, these economies have more demands for financial services, from simple financing needs, to the preservation and appreciation of funds, related credit authorizations, etc.

The demand for full financial services and the larger size of the volume, allows these large enterprises to have the “self-financing” ability, a company with the role of “internal bank”, which has led to the multiplication of the performance of more large enterprises, We can see from the surface, such as the strategic acquisition of some large enterprises in the capital market, for the venture capital of emerging enterprises, they own “factory company”, “small loan company”, “insurance company”, “business paper company”, etc. are the concrete manifestations of the “self-financing” function of large enterprises.

The reason why these large enterprises have the “self-financing” ability is their own economic volume has reached a certain scale and has stronger ability to resist risks. On the other hand, most of their own businesses have internal and external transparency, information transparency and the organization of the public economy after the open market IPO, so that it can obtain a credit basis through information transparency.

What is even more secret is that these large enterprises have strong internal IT technology support capabilities, have internal information and resource transfer efficiency, automation, intelligence, and can have strong risk control capabilities, and also allow these enterprises “self-financing” capability has the underlying technical support.

Nowadays, enterprises active in the economic society enjoy various types of financial services, which can be roughly divided into three categories: indirect financial systems led by commercial banks, direct financial systems dominated by investment banks, and “self-financing” system dominated by Internet finance. “Indirect finance, direct finance, and self-financing” have become the three basic forms of financial services and social economy.

In the seemingly comprehensive and healthy development of the financial service system, three types of financial services serve today’s core economies. However, some of the core active forces created by society, small and medium-sized enterprises are unable to be cost-effective and universal to enjoy these financial services for many reasons as each form of service has its own limitations.

Investment banking in direct finance, which also serves large-scale financial demand projects, high service costs make small businesses self-defeating, while some small VC funds invest in early-stage entrepreneurial projects are small-scale and lack sustainability.

Various commercial banks in indirect finance, due to their own profitability requirements, will choose economies with larger economies to provide larger-scale financial services to increase profitability and reduce risks. However, self-financing is only the patent of head enterprises of the core entities in the whole social and economic activities. The general enterprises do not have the conditions for implementing self-financing, the high internal business transformation system, the strong credit endorsement institutions, the low-cost business processes and the supply chain management information transparent settings, etc., all of these make SMEs’ self-financing become an unattainable dream.

However, with the advancement of Internet technology, it has been very helpful in technology upgrades to change internal business processes and improve the free flow of information, capital, logistics, etc. between enterprises and society, and it is low-cost and efficient. At the same time, scientific and technological progress has promoted the development of the financial industry itself, including financial innovation models such as crowdfunding, digital currency, P2P, consumer finance, etc., and has also made financial technology increasingly affect and change the current economic and social life.

Advances in technology and financial technology have led to low-cost and high-efficiency means, it makes financial services that were once unusable for universal use, including “self-financing” services, have the opportunity to be used universally, especially the birth of blockchain technology and financial empowerment economies have brought “Inclusive Technology” and “Inclusive Finance” to the dawn of reality.

The upgrade of financial technology comes from the consensus algorithm based on blockchain technology, decentralized distributed storage, and the token economic model, especially the upgrading of credit technology to financial technology, has brought new technology thinking and methods upgrading. Changing the possibility of traditional market problems, a truly inclusive financial reform, let technology and “financial credit” empower the economy and achieve the equal rights movement of science and technology and “financial credit”. The evolution and transformation of “Self-financing 2.0” will also be on the historical stage.

The future has sprouted and it has become history yesterday.

The current blockchain entrepreneurship has become a hot topic in the speed of lightning. In a short time, the blockchain entrepreneurial heat has experienced several important development stages.

Among them, the first stage is the geeks who have the “creation dream”, complete the vision of the great consensus, and show their core achievements to the world, such as the white paper of the father of Bitcoin, Nakamoto. The peer-to-peer electronic cash system proposes the features of blockchain technology, distributed storage, consensus algorithms, encryption technology, decentralization features, etc., it makes digital currency hot again, the discussion of decentralized payment and financial systems has begun.

On the basis, the technology geeks, such as Vitalik Buterin, open a wider application based on blockchain technology, the birth of Ethereum made more people saw their opportunities, not just the opportunity to buy a few bitcoins, but a batch of entrepreneurial projects based on the Ethereum smart contract system have quickly came out, more dreams of changing the world were implemented by more people.

In the second stage, there are more speculators who are active in the market. After encountering development bottlenecks in their business models and failing to achieve sustained and stable profitability, they will begin to look for the next cusp and concept, such as various types funds, various types of MLM organizations, various types of “crowdfunding” concepts and “P2P” concepts, these people have discovered new opportunities for blockchain waves with a sense of touch, especially the role of ICO as a tool.

As a result, various kinds of air currency projects have begun to enter the “bubble period” of blockchain entrepreneurship, the so-called “Great Leap Forward” mode, the birth of a variety of “coin circle, no brothers, only joint harvesting”, It also allows the public to show their life in a short period of time. The escaping of the air project, the activists’ defense and poison drinking have made the ICO Utopia and the blockchain utopia.

At the same time, a large number of media report a blockchain bubble, but also leave a brief description of the words at the end of the text. For example, professionals say that the blockchain bubble will quickly return to rationality after an instant burst. It is a good thing to really doubt the people who are engaged in blockchain entrepreneurship and the real value of the blockchain, and their projects will continue to emerge in the post-bubble era.

Other good quality medias report the group of eager talents, they are pushing the blockchain entrepreneurship into the third stage, that is, the real value creation and landing practice, changing the stage of real life, from the bottom up, a blockchain application revolution is taking root in the earth, creating a strong contrast with the air project floating in the air.

Judging whether a blockchain entrepreneurial project is a third-stage application project, there are roughly several criteria for judging.

The first is the technical ability of the team, whether it has a physical technical team, and having independent research and development capabilities is the primary premise. If you only change the code by technology outsourcing, you can only make one air project；

Secondly, it has a minimalized implementation of the closed loop, and has a successful application case. Otherwise, even if it is not an air project, the team will not run away, but it will face great risks due to the difficulty of the implementation of the technology.

Finally, there is a problem-solving ability for painful needs, an integrated solution, with the ability to truly empower incremental value, rather than simply changing the logic of a center to make money.

To determine whether it is Utopia’s blockchain project with such standards will lead you to a real value project, take the recent Ultiledger project as an example.

In terms of technical ability, Ultiledger was initiated by the technical geek Randolf Liang. Once as an engineer in China’s early blockchain technology, he launched the largest RippleFox community in China in 2014, and gathered a group of geeks and industry well-known people through community communication and interaction. And ripple is currently the world’s third largest digital currency, stellar is beyond Eos to become the fifth largest digital currency, the two founder is the father of American electric elder Jed McCaleb, who was first introduced to China by Randolf Liang. In 2015, Randolf Liang joined the Wanxiang Blockchain Lab and participated in the writing of the first blockchain application and development white paper of the Ministry of Industry and Information Technology. He was also one of the authors of the Chinaledger white paper. Received the title of blockchain system test expert issued by the Ministry of Industry and Information Technology, Ultiledger core technical team comes from this largest community, from Ant Financial, SAP China Research Institute, US State Street Bank, Ningbo Bank Head Office, Hikvision, etc. At present, there is a super-technical expert from the Hong Kong Stock Exchange, Tao Zuo, who is the former mainland general manger of Hong Kong Technology Centre of the Hong Kong Stock Exchange and the chief architect of Dalian Commodity Exchange, he is all in Ultiledger.

In terms of landing, Randolf and his team have helped large enterprises realize the application of supply chain finance in the process of making alliance chain by using stellar, greatly reducing financial costs and helping core enterprises to carry out supply chain management. Reduce the rigid debt, and at the same time more directly help small and medium-sized micro-supplier companies solve the difficult problem of difficult financing, landing on Saturday (002291), Daon Shares (002838), and currently having deep communication with Geely Automobile, Chery Automobile and BYD, the team also spent 2 months helping the national intellectual property center Zhuhai Hengqin Qiqinwan Intellectual Property Center to land on the copyright-related chain transaction.

Because of the successful implementation of the specific landing project, it actually supported the Ultiledger team to think deeply about finding a common method to solve more common needs of the enterprise, and finally realized the idea of the Ultiledger ecology.

In terms of business model, Ultiledger, as a new generation of “self-financing” blockchain protocol, realizes the empowerment of enterprise technology through blockchain technology, enabling enterprises to easily realize the optimization of business process data and flow according to the value in business processes. Demand, matching the internal “pass-token”, realizing the internal value transfer from the economy, possessing “self-financial” capabilities, and leveraging the credit agreements and technical capabilities provided by the Ultiledger platform to asset their physical and virtual assets. The securitization work and circulation on the open platform to realize the “self-finance” ability represented by “self-financing” is the best solution to solve the development dilemma of the current small and medium-sized industrial enterprises.

The blockchain ICO has cut the leek, let more people think that the blockchain is a bubble, and the dream of changing the world envisioned by the technology geeks will soon vanish. However, the real ambitious group have just entered the public eye and started to truly change the world.

Blockchain is not a utopia, it is not a problem; it is just an argument. This argument is also the best driving force for the blockchain to break through the bubble.

According to the “Investigation Report on SME Financing Report” issued by the National Federation of Industry and Commerce in February 2010, in the decade of 2001-2010, more than 80% of the credit funds of national-owned banks were invested in large enterprises, and only 20% of the credit funds were issued to the SMEs. Compared with the annual contribution of SMEs to GDP of more than 65%, the support for SMEs is very weak, and it can be said that it is almost unsupported.

However, in recent years, the situation has improved under the full attention of the country. According to the statistics of the China Banking Regulatory Commission, by the end of 2015, the total amount of loans used by banking financial institutions for small and micro enterprises was RMB 2.35 billion, compared with the total stock of banking loans RMB 9.58 billion, small and micro enterprise loans accounted for only 24.5% of total bank loans.

This set of data is also a portrayal of the long-term real experience of SMEs in China’s GDP contribution. Indirect financial methods cannot meet the needs of SMEs for financing.  Compared with large enterprises, it shows obvious unfair treatment of using financial leverage to promote economic growth and promote business growth.

In this respect, due to the limitations of SMEs’ own development, such as the lack of a basic financial credit system, and the lack of quantifiable and data-based information assets, which have led to a high cost of credit; on the other hand, it is technically lacking a solution that reduces costs while also meeting the self-financing needs of SMEs.

With the development of society and technological advancement, the Internet platform revolution initiated by many Internet companies has brought a new dawn of Internet finance. However, these Internet companies, because of their expertise in the 2C consumer sales model, a lot of technology has been applied to the solution of inclusive financial problems in consumer terminals, such as Alipay’s balance treasure, and changes in investment financial planning for individual consumers.

This kind of application of technological progress is applied to the end consumers, applied to the commercial circulation field, and biased towards the demand side, which have let to a seriously unbalanced structure of the application of supply and demand technology and the use of inclusive financial means in the traditional economic circulation structure of China, and the use of financial leverage at the demand terminal stimulates demand and drives supply. However, the main body of supply, the inclusive financial technology of small and medium-sized enterprises, and the application level of Internet technology are very low. The imbalance between the application of technology and the application of financial technology means are more obvious.

Such a reality makes people who are looking forward to technological progress to solve the development difficulties of small and medium-sized enterprises, such as difficult to finance, expensive to finance, and lack of financial leverage, are once again disheartened.

The birth of Ultiledger is aimed at the financial technology needs of the self-economy represented by small and medium-sized industrial enterprises. Through the support and empowerment of the underlying technical architecture of the blockchain, the self-economy company will have the self-finance ability with low-cost and high efficiency. And then solve the problems of capital and technology demands in the process of its own development, while enjoying the Internet technology, the dividend of the blockchain technology, and the realistic scene, the realization of the application of financial technology, thus enjoying the benefits of inclusive financial achievements.

Let the world have no blind spots for inclusive finance. It has always been the vision of Ultiledger. In the process of rapid advancement of science and technology and the continuous evolution of various subversive technological capabilities, the self-economy as the main body of social value creation should enjoy the at the same time, applying these scientific and technological progress, realizing the equal rights of science and technology, and the financial means of leverage brought by technology also have the right to equal enjoyment, and it is indiscriminate, low-cost and efficient, and will not be treated differently because of your company size.

Making technology and financial technology a universal tool, a force that contributes to the development of the economy and the creation of value, has always been the goal of the Ultiledger team to achieve. And the results of scientific and technological progress can be achieved through Ultiledger The transformation and optimization of the platform has become an incremental tool suitable for the creation of value from the economy. It is the greatest value of this platform and the embodiment of the team’s greatest value.

From the day when finance was created, it was the mission of promoting the value creation of human economic activities. It can be said that the promotion of financial value creation and the increase in efficiency are the genes of financial mission.

In ancient times, the economic activities between tribes and small cities were mainly reflected in their own autonomy and barter exchange without the financial needs of intermediates. With the progress of society, the scope of social and economic exchanges expanded, frequency increased and the emergence of currency etc., has led to the prosperity of economic activities and the emergence of financial needs.

On this basis, financial activities have occurred, especially in the era when the circulation of physical currency is not convenient. The financial means marked by credit endorsement can bring low-cost and high-efficiency credit authorization activities, thus promoting the creation of economic activities.

In the same period, the financial service system was born, including direct financial means represented by direct investment, and indirect financial services through institutions such as intermediary commercial banks. These two forms of financial services have also become the accompanying human economic and social value creation for a long time.

Looking back at the birth process of indirect financial services, it is the demand that the scope of traditional economic activities is expanded and frequently strengthened. However, the financial services represented by traditional direct investment cannot be effectively supported by technology, thus generating the demand for intermediate intermediary. Although the cost is increased, this cost is worthwhile compared to the final result of solving the problem.

It can be said that the existence of indirect financial services and intermediate intermediaries is essentially a balance between cost and effect output that cannot be de-intermediated by technology. This is also the foundation of indirect financial services institutions.

However, with the advancement of the times and technology, especially the advancement of Internet technology and blockchain technology, which bring universal spread of information Internet technology and the deep penetration of social and economic life, the transfer efficiency and the level of digitization of internal information of traditional self-economy have been greatly improved. At the same time, the point-to-point decentralized distributed storage and transaction system of the blockchain enables the realization of the “value Internet”, while achieving the free flow of value, also reducing the cost and improving the efficiency.

The transformative forces from technological empowerment are spurring the wave of de-intermediary transformation in the financial services.

As the next generation of “self-finance” blockchain protocol, Ultiledger provides a new function to realize the “self-finance” capability of the economy through the underlying technology empowerment and platform support of the blockchain, making “self-finance” a kind of universal infrastructure, which can be easily enjoyed by the economy, it has no entry threshold, and is low in cost and high in efficiency, making “self-finance” an equal enjoyment for any entity in the society with a broad self-economy.

Ultiledger’s self-financing revolution from the economy is essentially a subversion of traditional indirect finance-led financial services. In the future, with the advancement of the Ultiledger platform, when a large number of self-employed economies have the self-solving ability of the flow of information and value circulation in its own development process by “self-financing”, and its demand for indirect finance is reduced to a minimum.

The revolution that Ultiledger brings is not only the empowerment of a company’s “self-finance” capabilities, but also a subversion of traditional direct finance, indirect finance, and self-financial model structure.

In the future, “self-finance” will become a universal, mainstream and basic form of financial services, and Ultiledger’s value increment will show exponential growth, and the final result will be “self-finance”, direct financial and Indirect finance provides a hierarchy and structure for supporting financial services, and will also bring a low cost and a high efficiency of the self economy society, so that the economic value increase brought to society will also be limitless.

Ultiledger empowers the economy with blockchain technology. The changes will involve the subversion of traditional financial services and become the emerging force that leads the changes in the world financial services landscape, and it will be the backbone.

The financial service pattern of the future economy will be reshuffled with the emergence of Ultiledger. This is a visible future and an inevitable occurrence.