Uniform Fiscal Object

Uniform Fiscal Object is an experimental cryptocurrency that seeks to allow instant payments to anyone, anywhere in the world. Through peer-to-peer technology, UFO functions without a central authority; managing transactions and issuing currency are carried out collectively. UFO Core is the name of the open-source software that enables this currency to be used. 

According to the whitepaper, the UFO blockchain is based on the Bitcoin codebase. It aims to introduce ASIC-resistant Neoscrypt, faster transactions, automatic checkpoint protection (ACP) to protect the chain's history, and native Segwit support to keep it up with Bitcoin's features. 

Cryptocurrencies that are ASIC-resistant have a mining algorithm and protocol designed to use ASIC machines. Besides, the following aim to be the features of the UFO project:

The UFO project is a fork of the Bitcoin core project. Each block has its own set of parameters, such as block times. It seeks to include extra features like enhanced mining difficulty calculations, protection from 51% attacks, and a hashing algorithm. Hashing is a function that helps to solve a blockchain computation. The UFO project is an open-source project. The community manages any additional changes and fixes to the source code. 

A segregated witness is activated on the UFO blockchain, which is committed independently from the transaction tree. The data in this structure are necessary to check transaction validity but are not required to determine transaction effects.

HTLCs (Hash Time-Locked Contracts) are active on the UFO blockchain to allow generalized off-chain contract negotiations. HTLCS allows a designated party to spend funds by revealing the preimage of a hash. In the case of a refund, it also allows a second party to spend the funds after a timeout has been reached.

The UFO blockchain was developed in 2014 as an alternative solution to some of the issues that the popularity of Bitcoin has brought to light. 

There is a maximum total supply of around four billion UFO tokens in the UFO project.