We have always wanted to have all our documents in one safe and secure location, be it either on the Cloud or locally for sharing with the concerned parties for verifying ourselves legally as well as for providing proof for certain transactions or dealings.

While the former mentioned above is possible, it comes at the cost of security as you basically don't own the entire Cloud and trusting the hosting company to keep your data secure and storing locally means in the case of theft or accidental damage, all your data usually gets lost without being able to recover it back.

There is also the fact that in case we want to perform anything that involve money or monetary gains, we must submit documents for verifying our identities and all this done repeatedly if you do this to many parties. This means that your data is being sent over the Internet to someone on the other end whom you don't even know of and trust that it is not misused.

This is just simply considering the advancements being made in cryptography and security measures, while we still resort to such vulnerable methods for transferring of confidential data to the concerned party. There is also the fact that each country uses its own methods of verification and its own types of required documents. There is no set standard present or a standard platform for the exchange of all confidential data without compromising one way or the other.

Usechain Platform

They plan on solving the above mentioned problems by implementing the Blockchain and existing technologies within it to create a highly secure and decentralised platform that can be used to store Personal Information such as KYC Details, Certificates, Bills and so on.

I would like to quote the texts directly from their website: We plan on using a brand-new consensus mechanism, Randomized Proof of Work to perfectly balance high performance and strong security, and apply multi-level authentication and encryption mechanism, Zero Proof, Identity Virtual Machine (IVM), Identity Network Sharding (INS), Identity Transaction Sharding (ITS), Enhanced Smart Contract, and other innovative technologies to create a new generation of Blockchain, leading Blockchain 3.0.

What this means in layman's terms that they have used many of the newer improvements and updates that were brought about in the functioning and working of the Blockchain, that it is a much better and improved version of the same Blockchain technology, with much better enterprise level features that makes it much more scalable and flexible for various implementations.

ICO & Team

They plan on powering their platform by introducing the Usechain (UST) Token which is based on Ethereum's ERC-20 Token. They plan on forking from Ethereum's platform to their own separate, independent Blockchain platform once Mainnet launches and the project gains traction. They have not yet set a date for their ICO sales as of writing and this may be updated in the coming months.

The Team and the Advisory Board are mostly based from China. The Founders and rest of the team has adequate experience in Finance, Marketing, Retail, Blockchain, HR and Community Management respectively. The advisory board consists of experienced Analysts, VCs, Investors, Entrepreneurs who also bring along their expertise in fields of Retail, Economics, Internet Technologies, Business Management, Business Development, Blockchain, Investments and Finance.

Conclusion

There are a lot of Blockchain Projects that are based on the same idea and vision and they must acknowledge the fact that they'd face a lot of competition since the market is already saturated with similar offerings.

They are planning to be the one of the few projects that work on the so called "Blockchain 3.0" which includes of a lot of new and previously used Blockchain Technologies that help in a better and optimised working of it.

They seem to have a great advisory board and the only place that they seem lacking is in their Team department, which doesn't have quite the numbers as well as lacks the presence of good Software Developers. Though, they have got a lot of Blockchain experts on board and they seem to be a bit versed with developing software products.

Thus, it just remains to be seen if they can deliver on their promises in order to become a viable or an alternative player in this field.

Website- http://www.usechain.net/

Whitepaper- https://www.usechain.net/usechain_en.pdf

Published By- Kishan748

Btalk Profile- https://bitcointalk.org/index.php?action=profile;u=1027561