Shared Economy on UChain’s P2P Distributed Smart Network
Building a real use case for the crypto economy can be really challenging and this is the common problem faced by most of the existing projects in this space. Very rarely one comes across a project which has its use case ready and partnerships already in place which can provide the benefit of bringing existing consumers to use the new generation platform. UChain is one of these unique projects which is creating a Distributed Smart Chain network and is backed by existing well established company U-Bicycle. The company is present in 5 countries and delivers its service to 30 million users.
The traditional centralized businesses such as Uber, AirBnb, Grab, Quora etc., which are working on sharing economy concept suffers from excessive transaction costs, lack of trust and data privacy. UChain has vision to address these problems by creating a public infrastructure blockchain network and empowering all users and merchants without involving intermediaries in this autonomous ecosystem. The shared economy is growing exponentially with every passing year and is expected to hit 520 billion USD by end of 2018. UChain is engaging other global players to build shared economy together.
Image Source: Uchain Official Website
The main participants which interact on the Uchain ecosystem include service users, service providers and developers. The tokenized incentives ensure increased participation from all stakeholders. With use of Credit Passport, which has been built through its proprietary algorithm, the company plans to effectively record credit behaviour of the users. The data will be stored across different set of nodes by breaking into smaller chunks and indexed by file content. The data will be encrypted through elliptic curve cryptography and the system is expected to deliver performance of 1000+ TPS. Further technical details on the architecture and the various modules can be checked in the published Whitepaper. The service layer modules consist of Account Management, Policy Management, System Management and Smart Contract Management module. With the use of advanced data analytics provided by the platform, the companies can have structural improvements which can result in reduced operational costs. The parent company U-Bicycle also plans to launch its DApp on Uchain blockchain and will have the functionality as depicted in the Infographic below:
Image Source: UChain Whitepaper
UCN token (ERC-20 compliant) will be used for all transactions in UChain ecosystem and is based on Ripple Consensus protocol. Any application built on Uchain platform will be able to issue their own URC-1 tokens for internal transactions. UCP will be granted for staking and locking UCN and will be used as Voting power on UChain system. The testnet launch is expected in Q3-2019, whereas the full Mainnet release along with Enterprise Open Platform is scheduled for Q4-2018. The private and pre-sale has been successfully concluded with collection of 30k+ ETH (against total Target of 35k ETH) and the team recently declared to cancel the crowdsale. The balance tokens will be distributed amongst the bounty participants on the basis of stakes earned through task completion. Team members share will be having a 36-month vesting period with 1 year cliff. The tentative token structure is detailed out as below:
Image Source: UChain Whitepaper
Further details on this promising project can be checked at the following links:
Official Website: https://uchain.world/
Whitepaper: https://uchain.world/css/img/pdf/uchain-whitepaper-dbe5656d6c.pdf
Project Telegram: https://t.me/UchainEcosystem
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Disclaimer: This article was created in exchange for a potential token reward in bounty campaign, which may be granted on acceptance of this article.
** This should not be treated as explicit financial, trading or otherwise investment advice. Please do your own detailed research and due diligence before final investing.**