UCHAIN-THE REDEFINED VERSION OF SHARING ECONOMY BASED ON BLOCKCHAIN TECHNOLOGY

ikkelins (49)in #blockchain • 6 years ago

The attachment or love that we may have for an item may not last forever since technology is advancing at a higher rate and bringing new products on board almost every day. The possibility that things would get over used with time or better still the desire to use that specific artefact by a user would diminish is one of the reasons why some companies came up with the concept of Sharing Economy. Some of the pioneers in the annals of the sharing economy are TaskRabbit, We-Work, Airbnb etc. who have all established several platforms that enable members to share obsolete items that they have no use for and still make money out of it if the wish.

By a superficial look anybody would agree that the concept of the Sharing Economy is a great one and a laudable one indeed which I agree with you without any sense of doubt. By so doing some people who are at the bottom of financial ladder can also purchase certain items that they could not purchase at an original price but through the Sharing Economy they can also make some of these purchases since items are at a reduced price.

The question that I ask myself is that are these Sharing Economy platforms offering members the needed and efficient services that members deserve and also are members gaining enough since these platforms cannot exist without the participation of its members. Like they say “No man is an Island” but here is the case the very people that make up these platforms are not gaining as much as they should gain due to certain rigid systems of these already established platforms. This is where UChain comes in with the best of Sharing Economy which is based on blockchain technology to enhance a full decentralized system.

CHALLENGES FACING EXISTING SHARING ECONOMY

Highly Increased Transaction Costs

The already established Sharing Economy platforms serve as an intermediary connecting members on the platform in order for them to engage in any form of transaction. This centralized method of sharing is a common and universal system which is practiced by most of the Sharing Platforms and this generates extra cost on transactions. Aside the cost of commissions that these platforms charge members for their transactions it gets worse when members use fiat currency through our central banking system to make payment for transactions. These banking systems also charge users certain fees and taxes which further increase cost of transaction.

Insecurity of Member’s Data

There are various instances whereby some sharing economy platforms had their data storage servers breached and the information that users entrusted into their hands are accessed by third party system without authorization. Users share valuable information with these platforms and because they don’t have the safest form of data storage services they allow hackers to have access to this information which is not right. Technology has advanced way forward to sit for such circumstances to happen all on the expense of your noble users because these are sensitive information which should be kept securely.

High Level of Uncertainty

In as much as members believe they are on this platform to share items for their own benefit you can never trust whether someone would deliver his part of the deal at the end of the day or not. This caused some established sharing economy platforms to use the system of Escrow accounts to receive funds from both parties to ensure that they both go according to the terms of the agreement. This further increase the stress and transaction cost that users have to bear in order to complete transactions.

THE SOLUTION UChain OFFERS

The blockchain technology which is one of the latest product of technology has caught the attention of so many organizations and institutions because of certain features that it possesses and offers to those who inculcate it into their systems. The blockchain technology is noted for its high security, organized blockchain ledger system and also how it makes it easy and very fast for transactions to occur on its platform. With the use of the blockchain technology UChain offers its users the smart and decentralized system of Sharing Economy.

Reduction of Transaction Costs

UChain proposes to establish a decentralized system which would ensure that members are connected directly to each other without any form of intermediary or a centralized system to connect people to engage in transaction. Transactions occurring on this platform would use smart contract as a mode of payment system and hence this would get rid of taxes and fees that would have been incurred when using fiat currency through our banking system. The UChain platform would use the UCN cryptocurrency which would ensure that users engage in peer to peer transactions.

Secured Data System

Another feature of the blockchain technology which was stated earlier is the security level with which it provides to information that are entered into its system. UChain would collect information from users and store it unto the blockchain ledger system which is an incorruptible system hence users’ data would be kept from any form of unauthorized third-party systems. Furthermore, the blockchain ledger also organizes information in a very simple manner which makes it simple for any information to be retrieved when needed in the future. There is also nothing like data loss on the blockchain ledger system since every bit of information are stored securely.

Use of Certified Account Process

For the first time members of the sharing economy would approve of their membership with a credit passport which would be use to trace members on the platform. With the implementation of the credit passport system members engaging in any form of transaction would not have to make deposit or even use any escrow accounts to ensure that they both stick to the terms of the agreement.

The Technical Framework which would ensure that members on the UChain platform delivers the above benefits to its users are divided into four layers which are core blockchain, API/SDK, Servince and Application. Please refer to the whitepaper to read more about these layers and how it defines the UChain platform.

UChain Ecosystem
This platform has a well-defined ecosystem where each of the components play a vital role for the smooth running of the UChain platform. The main components of the UChain platform are the users and developers but these components can be further be broken down to sub-components. Please refer to the whitepaper or websiteto get to know the individual roles of the members. Below is picture illustrating how the UChain Ecosystem has been designed.

TOKENS

UCN is the native token on the UChain platform and members who would want to register with the UChain world would have to purchase some UCN tokens by visiting their website. Above are some Use Cases describing the UCN token user and also how members can earn more tokens. Please refer to the whitepaper for more information.

ROADMAP
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TEAM MEMBERS

This project is backed and supported by hardworking group of individuals who are have gained in-depth experience in their various fields of discipline. With their level of experience and hardworking spirit they would surely make this project a great success for the benefit of all its investors. Below are a few of the team members please refer to the website or whitepaper to read more about their profiles.
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