Within UDC platform, account is a group of DC elements which belong to some owner(s).
Each approved person and organization has a default account to control and operate DCs. The whole account balance is a sum of all active DCs belonging to the account. Transferring DC is in fact an operation to change the account of the corresponding DC contracts. DC contract only allows transfer between proper accounts. Also, the signature of the contract owner is checked to ensure the owner has approved the transfer.
CFO (Chief Financial Officer)
CFO (Chief Financial Officer) in UDC is the person (or an owner of the appropriate security key) that performs both the general management of the DCs and the overall UDC system management through assigning the personnel to various roles in the system: for example, system administrators, controllers, etc.
The most important function of the CFO is the initial distribution of newly issued DC among organizational and personal accounts. The fresh-issued DCs are always assigned to the CFO account, and are not available to other parties until transferred out by the CFO.
DC (Digital Currency)
Digital Currency (DC) is a digital equivalent of the real-world currency/fiat money. Like the regular cash, it has a counterfeit protection, though superior to regular one used on physical paper/coins. Unlike the regular cash, it can’t be freely exchanged between the persons offline, but only between online UDC accounts; for example, personal accounts or organization accounts. Unlike cash, all DC movements are controlled by the UDC platform (utilizing the security of Universa network) and could be traced back to the very origin.
DC smart contracts (or, as often used, just “DCs”) always belong to some UDC account and are owned/controlled by the owners of the according account.
DCs are issued by – and only by – the Supervisory board according to the collective decision signed by the quorum of its members. DC-like counterfeit contracts, not issued by the quorum of the Supervisory board members, will not be accepted for any operations as will be rejected by the Universa network.
Therefore, the counterfeit protection is enforced by the distributed trust of the Universa network.
The DC smart contract guarantees that any DC amount circulating in the system was once issued by Supervisory board. See Issuing DC and
UDC blockchain protection articles for more details.
Supervisory board is the highest authority of the UDC system. It contains several private key owners who have the collective right to perform most important operations of the system, namely:
All these operations will be accepted by the Universa network only when signed by the quorum of board members, e.g. some minimum number of member keys.
The board could also consist of only one person, but for security reasons it is advisable to have at least 5 members with quorum set to 3.
The board could change its own member list by changing the aforementioned contract, if, and only if, the quorum of members agrees to do it. This way the board can introduce new members and dismiss existing ones.
The minimal number of members required to perform any action. It is specified in the supervisory board contract.
Supervisory board contract
A Universa smart contract that provides:
- the list of supervisory board members and their keys;
- the required quorum size to change the board;
- the required quorum size to issue DC;
- the UDC CFO key.
This is a service contract that is referenced by other UDC smart contracts, providing very effective fraud protection.