Trust Infrastructure Provider UTU To Build on Elrond
We’re happy to announce that UTU will build using Elrond technology! UTU is an AI-powered decentralized trust infrastructure services provider with a focus on African economies.
The collaboration will initially focus on circulating a portion of the UTU token supply on the Elrond mainnet and establishing a token swap bridge. Shortly after, UTU’s trusted recommendations will be made available for Elrond smart contracts.
The mid & long term collaboration efforts will look at potentially deploying UTU’s core endorsement and data access management protocols on the Elrond mainnet.
“The collaboration with UTU represents one more project that will be using our technology - it brings us exposure to the emerging African economies and thus accelerates Elrond adoption in these fast-growing markets.” said Beniamin Mincu, Elrond CEO.
UTU is building a Trust-Infrastructure-as-a-Service using Artificial Intelligence, Machine Learning, and blockchain technology to generate a highly specific context around service providers and their customers. They aim to serve reliable recommendations through their Trust API and act as a growth catalyst for peer-to-peer economies and professional business services.
“Our vision of benevolent digital trust fits beautifully into the internet-scale blockchain ecosystem Elrond is building. Our team admires greatly the work that Elrond is doing to advance scalability and consensus as well as the incredible community they are building.” said Jason Eisen, UTU CEO.
The collaboration is important for the Elrond ecosystem because it brings the next project to the Elrond ecosystem, and with it more integrations and usage. Furthermore, Elrond gains additional exposure to the fast-growing African markets which will drive further adoption towards our ecosystem.
Elrond is a new blockchain architecture, designed from scratch to bring a 1000-fold cumulative improvement in throughput and execution speed. To achieve this, Elrond introduces two key innovations: a novel Adaptive State Sharding mechanism, and a Secure Proof of Stake (PoS) algorithm, enabling linear scalability with a fast, efficient, and secure consensus mechanism. Thus, Elrond can process upwards of 10,000 transactions per second (TPS), with 5-second latency, and negligible cost, attempting to become the backbone of a permissionless, borderless, globally accessible internet economy.
At UTU we believe in a more human-friendly internet and are changing the way the world trusts online. UTU’s vision is to become the trust infrastructure of the entire internet, replacing anonymous star ratings, reviews, and scores as the de facto trust mechanisms of our digital lives. We do this in service of our mission to bridge the gap between how people trust in real life, and how they are asked to trust online. We believe in data as a human right and build for privacy first. Our goal is to make the internet a safer, more trusted place to gather, share, work, and trade.