The First Mirror Identity Blockchain Ecosystem - USECHAIN

ammier (35)in #blockchain • 7 years ago (edited)

In a report released by the World Economic Forum in 2016, blockchain technology was recognized as one of the emerging technologies set to disrupt the society.

Also, pundits have further predicted that blockchain technology will disrupt several sectors of the economy such as healthcare, banking, real estate, voting, gaming, education, cyber-security etc. This is due to the fact that blockchain is a distributed and encrypted digital ledger that has the ability to provide a decentralized, swift and transparent means for transactions while maintaining high-level security. This emergence of blockchain has further led to the appreciation of cryptocurrencies.

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Having realized the potential of blockchain technologies and cryptocurrencies, several companies have since sprung up to leverage on the technology in order to enhance and incorporate it into their everyday life. However, there seem to be some resentment towards the full utilization of blockchain and cryptocurrencies because it still has some defects such as low performance, poor scalability and technical difficulties. These issues have further limited the massive acceptance of blockchain and cryptocurrencies in several economies. For example, transactions processing in the traditional finance systems is quite cumbersome and payments could take as long as 1-3 days making the whole process slow. However, the typical blockchain networks that are supposed to address this anomaly, unfortunately also exhibit some of these issues, and this can be attributed to the influx of new participants and monopolization of the crypto ecosystem as the likes of BTC and ETH are the major digital currencies being used for payments.

Though, one of the enticing features of blockchain is the anonymity and transparency it provides. However, the issue with the typical blockchains such as Bitcoin and Ethereum is that there is no direct correlation between the on-chain addresses of digital assets and its true off-chain identity. This creates an avenue for fraudsters to use the blockchain for illicit activities such as money laundering, terrorist financing etc. Due to this challenge, it becomes very difficult for conventional applications to incorporate cryptocurrencies into their operations because there will be a need for KYC and AML checks. In addition to this, is the issue of high technical difficulties. Companies still experience challenges leveraging typical blockchains because the process involved in creating normal decentralized applications that can be seamlessly deployed on existing blockchains is quite strenuous. These issues have further limited the acceptance of blockchain in the populace.

Several blockchain companies have tried to address these issues but still haven't found a headway. Due to this, Usechain is proposing a different model to bridge the current gaps in the blockchain industry. Usechain believes that, for blockchains to be generally accepted and incorporated into conventional business operations, the following needs to be achieved:

Enhance performance and scalability
Reduce the technical difficulties with existing blockchains to enable seamless integration.
Enable an identity-based system that correlates on-chain address with off-chain identity for KYC purposes.

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It is to this end that Usechain aims to provide an enabling blockchain ecosystem that can be applied to the mass market for commercial purposes. In order to improve mass adoption of blockchains and cryptocurrency, Usechain utilizes the latest technology that has the following features:

High performance
Secure
Identity mapping

These features will enable any applications that require identity correlation to easily integrate with and utilize the Usechain system

HOW WILL USECHAIN ACHIEVE THIS?

Having identified the issues associated with existing blockchain platforms, Usechain aims to develop an innovative high-performing mirror identity blockchain ecosystem. The essence of this is to:

Enhance the efficiency of transaction verifications in order to meet the infrastructure essentials for the mass market applications.
Reduce the cost associated with smart contracts
intensify the flexibility and usage of smart contracts.

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THE USECHAIN INFRASTRUCTURE

The design of the infrastructure needed to create the innovative high performing mirror blockchain ecosystem is divided into five components namely the network layer, consensus layer, data layer, incentive layer, and smart contract layer. All these layers all work in conjunction to provide the needed blockchain ecosystem that can be applied to the mass market.

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Multi-level authentication mechanism- The authentication of users is done through cryptography to ensure privacy. This is achieved by initiating a correlation between the on-chain address and identity of the authenticated users. Once established, the mapping correlation is then registered on the chain.

Network Sharding- Typical blockchains require that a full node must be maintained to verify future transactions. This directly translates to a long processing of transactions which in turn affects the performance. However, Usechain aims to utilize KaZaA P2P protocol, Identity Network Sharding and Identity Transaction Sharding to affirm transactions within the shortest period. i.e., rather than a transaction to be confirmed by all nodes in a network, it will instead be confirmed within the sharding of that particular transaction's address.

Light Node Client- This was introduced into the system to help carry out verification of transaction and status. Through the use of higher-level Merkle Tree BCMT, the amount of data light-node needed to harmonize and substantiate the accuracy of a transaction will be greatly lessened.

In addition to the above innovations, Use chain also uses Identity Virtual Machine and other innovative technologies to develop the new generation blockchain.

WHAT MAKES USECHAIN A SUPERIOR TO EXISTING BLOCKHAIN NETWORKS

Having examined and identified the flaws with existing blockchains, Usechain aims to leverage on current algorithms, coupled with its secure, high-performance and anti-attack Tristed Execution Environment to provide a much better consensus algorithm called the Randomized Proof of Word. This algorithm was adopted because it can help accomplish verification of a high-frequency transaction, lower energy consumption and support mobile mining activities.

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It is also able to resist attacks due to the amalgamation of decentralization and distributed ledger.

THE USECHAIN ECOSYSTEM

Before delving into the ecosystem interaction, it's best to identify the participants and their respective roles. The participants are divided into three; users, application participants and technology participants.

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Users in the Usechain ecosystem can:

Map address and identity verification through the use of the verification method and service apps
affirm and maintain rights of users

Application participants in the ecosystem are able to:

Certify identity verification for other users having established their identity certification
Design tailored applications that will easily integrate with Usechain

Technology participants:

In charge of the architecture framework, growth and functionality of protocols
Maintain the Usechain ecosystem by liaising with other technology allies, and continue to hone the capacity to utilize the underlying public chain and all the components of Usechain.

Other key benefits of Usechain

Users can seamlessly transmit value and digitize assets
Privacy protected identity application
Unbounded Identity ecosystem
Can be applied across several sectors such as education, insurance, IoT, finance etc, for commercial purposes.

TOKEN

The Usechain token (UST) will initially be issued in the form of an ERC20 token. However, as the platform develops and evolves, the Usechain token will be migrated from the current ERC20 UST token to Usechain UST coins upon the launch of mainnet. The UST tokens is a multi-utility token that will be used to fuel the Usechain ecosystem.

Total Supply: 20,000,000,000 UST
Token symbol: UST
Hard cap: 4,500 BTC
Accepted currencies: ETH and BTC

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