Usechain: Blockchain with Mirror Identity
If God had not created man, I wonder how the creatures and other filaments would have felt. Who would control these creatures and direct their path? Who would utilize the sun for energy and the moon for comfort? That would have been a world of chaos if there was no human to be in charge.
The same way, our needs couldn’t have gotten facilitated solutions if there were not relevant technologies to solve them. The 21st century witnessed remarkable improvements in terms of technology. We now have the internet as information mine and virtually you might want to know is there.
Thanks to technology, we had a new way of interacting online and that was the Blockchain technology. The blockchain brought many goodies with it and it seems there is no end to its services.
Positivity of the Blockchain
The blockchain technology came with the concept of decentralization that aims at even distribution of rights. It also offered scalability and security. The most important aspect of this technology is perhaps, the digital currencies (cryptocurrencies) that came with it.
There have been evolutions in the blockchain starting with the introduction of the pioneer blockchain; Blockchain 1.0 that was powered by the Bitcoin Cryptocurrency. Other blockchains such as Blockchain 2.0 backed by Ethereum also tried to solve existing problems in the industry.
Existing Problem
Before the blockchain technology came on board, the internet held sway but was facing serious crises. Hacks were rampant and the affected platforms seemed to lack the technical know-how to solve the problem or there were simply overwhelmed and didn’t know how to solve the issue.
The same also applied in the blockchain and its case seemed severe because it was initially there to solve security problems. So for the blockchain technology to get rocked by security problems is quite embarrassing.
Many activities such as crypto trades are carried out on the blockchain and the incessant hacks going on in the platform will reduce this. Users’ data are hacked and this doesn’t end here because some of these data are used maliciously.
The main Bottleneck
The issue here is not restricted to the cyberspace; the main issue is on the blockchain. The problem with the blockchain emanated from the bottlenecks experienced on other blockchains. The Bitcoin cryptocurrency started the era of blockchain technology and it powered the first blockchain called the Blockchain 1.0.
This blockchain was reputed for its high rate of consuming power in addition to process transactions at a slow pace. The next blockchain that came on board- the Blockchain 2.0 powered by the Ethereum cryptocurrecny was developed top gaps in Blockchain 1.0.
Though it proved it mettle in faster transactions and aiding crowd funding, the Blockchain 2.0 still brought its own issues. The main problem users identified was that Blockchain 2.0 was not able to bring reality to bear on the platform. It was realized that users wanted a blockchain that came make them get abstractly connected to its operations.
Simply put, the problem with the blockchain technology was summed up into three core areas:
⏩ Anonymous Environment: The use of the blockchain demands that a user gets anonymous. While this might seem a good approach, it cut off communication with reality by using the on-chain address against the off-chain. This had made it prone to cyber crimes such as illegal fundraising and money laundering.
⏩ Low Performance: Users were expecting to have faster transactions that will outsmart traditional transaction channels. The blockchain technology, especially the Bitcoin and Ethereum blockchains had slow transactions. At most, they can process 30 transactions per second and this is quite slow compared to what is obtainable on other platforms. The result is that users tend to desist from using the platform.
⏩ Technical Difficulties: The blockchain technology has not been massively adopted because of some of its technical problems. Development of mainstream applications on the platform is very strenuous.
The Solution
The solution to myriad of problems found on the blockchain is being offered by Usechain. Usechain was developed to solve the bottlenecks facing the blockchain industry. It will utilize the mirror identification technology in offering security of users’ data and aiding faster user authorization.
Built on the Mirror Identity Protocol, Usechain will become the first mirror identity blockchain. This is good news for blockchain enthusiasts and developers because they can now develop Decentralized Applications (Dapp) on the Usechain blockchain.
The platform also features real-life application because there are infrastructures in place for both the parallel and virtual application of the Uusechain blockchain. The greatest of all news is that Usechain is likely to be the next Blockchain technology – the Blockchain 3.0.
It will facilitate connectivity between the off-chain and on-chain identities. This will bring transparency to the system and eliminate cyber crimes that once held sway in other blockchains.
Why you should use Usechain
Usechain is utilizing a unique algorithm to achieve its aim. Usechain features the popular and efficient Randomized Proof of Work (RPOW). RPOW is the central channel for protecting users’ data and improved performance of its ecosystem.
The blockchain technology is also here to offer decentralization and security to the platform. The mirror identification technology is there for malware prevention, facilitates user authorization and verification of applications.
Other algorithms available for the encryption, multi-level authentication and user protection are the Zero Knowledge Proof, Identity Network Sharding, Advanced Smart Contract, Identity Virtual Machine algorithms.
Use Cases
You might be wondering where the Usechain blockchain can be utilized. It will be utilized in multiple platforms just as other blockchains. However, it is highly interested in the financial industry and aims at positioning payment channels, companies and other financial institutions for greater heights.
The Usechain blockchain is specifically targeted at the financial industry because of incessant cyber attacks that had been faced by the industry in recent years. The Usechain blockchain is here to speed up the process of user identity verification, improve user data storage and to tame other laxities in the blockchain technology.
PARTNERS & INVESTORS
Conclusion
Usechain is certainly going to make the best out of the issues on ground and position the blockchain technology for greater heights, with a wonderful and experienced team and partners, the sky is the limit.
To find out more about Usechain, check the links i have attached below:
Website: https://www.usechain.net
Whitepaper: https://www.usechain.net/usechain_en.pdf
Blog: https://medium.com/@usechain/
Twitter: https://twitter.com/usechain
Facebook: https://www.facebook.com/UsechainFoundation/
Telegram: https://t.me/usechaingroup
Writer: Collinberg