The ULC Coin

Tokenomics

Ultron Smart Chain is a layer1 blockchain built upon the Ultron Network, offering lightning-fast transactions and robust security. It sets itself apart by providing unparalleled reliability and speed compared to other blockchains.

The ULC Coin serves three distinct purposes: governance over the network, staking and bonding.

Governance

ULC token holders have complete control over the protocol. All privileges, which on other platforms are exclusive to miners, will be given to the Relay Chain participants (ULC holders), including managing exceptional events such as protocol upgrades and fixes.

Staking

Token holders keep the network secure and collect rewards by staking ULC . ultronsmartchain’s advanced staking system is designed for maximum decentralization and fair representation, rewarding good actors and punishing bad actors to ensure network security.

Bonding

New parachains are added by bonding tokens. Outdated or non-useful parachains are removed by removing bonded tokens. This is a form of proof of stake.

Frequently asked questions

Find answers to the questions we get asked the most about UltronSmartChain.

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ULC are the token native to the ULC network for the purpose of carrying out the key functions of the platform as detailed below.

No, ULC is native to the ULC platform.

ULC will serve three key functions in ultronsmartchain, namely (i) providing governance for the network, (ii) operating the network, and (iii) creating parachains by bonding ULC .
The first function of ULC is to entitle holders to complete governance control over the platform. Included in this governance function is determining the fees of the network, the auction dynamics and schedule for the addition of parachains, and exceptional events such as upgrades and fixes to the ULC platform. These functions are not formally granted to ULC holders, but rather the underlying code of ULC will enable ULC holders to participate in governance.
The second function of ULC will be to facilitate the consensus mechanism that underpins ultronsmartchain. In order for the platform to function and allow for valid transactions to be carried out across parachains, ULC will rely on ULC holders to play active roles. Participants will put their ULC at risk (referred to as “staking” or “bonding”) to perform these functions, which acts as a disincentive for malicious participation in the network. ULC required to participate in the network will vary according to the activity undertaken, the duration ULC is staked for, and the total number of ULC staked.
The third function of ULC will be the ability to add new parachains by tying up ULC (referred to as “bonding”). The ULC will be locked during their bonding period and will be released back to the account that bonded them after the duration of the bond has elapsed and the parachain is removed.

ULC holders will have certain functions within the ULC platform, including:
  • The ability to act as a validator, collator, nominator or fisherman.
  • The ability to participate in the governance of ultronsmartchain.
  • The ability to be a collator for a parathread by making bids for block inclusion that are denominated in ULC .
  • The ability to participate in the decision-making process in relation to global upgrades and/or changes to ultronsmartchain.
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