UChain, the foundation for sharing economy projects

sieemma (37)in #cryptocurrency • 6 years ago

The interconnection system within the world is not seen only in atoms and molecules but also among humans just as we have the family system where we depend on each other in one way or another. Again, we also have other relationships that we establish with other members of the society for several reasons. Humans beings are interdependent in one way or another in the sense that sometimes you may need the goods and services of another person of which you might not be in the position to locate such a person.
This search of goods and services gave birth to the Sharing Economy which is a platform that is created and hosted by online services where users on the platform can meet and share stuff which they might have no need. In this case, users may either trade it for either for some amount of money or give out to the needy as a form of charity.

The system of Sharing Economy sort of bridge the gap between the rich and the needy as the sharing economy created a platform where both personalities can meet and exchange items. Some of the Sharing Economies that are already in operation are Quora, Medicast, Open Garden who are all offering one type of service or another to the community. The Sharing Economy is one of the largest markets and has the potential of increasing exponentially along the years. In as much as these Sharing Economy are helping the society with the services that they have sometimes the mechanism and systems that these sharing economies have put in place are really not favourable and it tends to make something good turns out bad.

PROBLEMS FACING THE CURRENT SHARING ECONOMIES

High Level of Uncertainty
The sharing economy was created for members to share things to themselves but you can never be really sure of whomever you are engaging in a transaction with since you might have never met in person before. Because of some of these sharing platforms requires both participants to make deposits to ensure that each party abides by the term of the agreement. The involvement of intermediary systems always increase the cost of transactions.

High Cost of Transaction
The Sharing Economies that are in place at the moment all operate on the bases of a centralized platforms and on this type of operation the platform connects members to each other. The platform always acts as an intermediator between members. This further increases the cost of transaction that are incurred during a transaction. The involvement of banks in any payment system further increases the cost of transaction as banks charge certain fees and taxes upon transactions that passes through its system.

Poor Data Security Systems
The Sharing Economy that exist currently have poor data security systems which guard the data of their users and this makes them to all sorts of cyber-attack. Several alarms have been sounded when it comes to the safe keeping of the data of users but is so astonishing that some sharing economies still fall prey to the attacks of these cyber fraudsters and hackers. The question that we ask ourselves now is that who stands to lose anytime there is data breach? Well your guess is right as mine, our innocent users who kept all their relevant information with us now fall at risk to all sorts of hacking threats since these unauthorized group of people have their data in possession to track their daily activities.

UChain’s SOLUTION FOR THE SHARING ECONOMY

The solution that UChain proposes is based on the blockchain technology which is a decentralized platform that is being adopted by several organizations and platform to run its operations. The blockchain technology would serve as the basic building block of the Sharing Economy by making available the following features for a better form experience of Sharing Economy.

Proper Safe Keeping of Users Data
With the inculcation of the blockchain technology into its Sharing Economy the system of Uchain it would stand against all forms of hacking attempts. The blockchain technology is a very secure platform of saving information since they can also be retrieved at any point in time which has never been breached ever since its inception by Satoshi Nakamoto. This technology has been admired by many because of how strong its network is and the very fact that the information stored on the blockchain ledger is kept safe and secured from any form of unauthorized attacks from third-party systems.

Low Cost of Transactions
UChain’s decentralized system of Sharing Economy would connect member with each other to engage in any form of the transaction without any external assistance hence users would conduct a peer to peer transaction with the use of the UCN native tokens. This would reduce the transactional cost that previous Sharing Economies had to allow users incur to because of the use of a centralized system.
The physical structure that would ensure that the above solution is put in place consists of four basic layers which consist of the following layers: Application, Service, core blockchain and API/SDK. These basic components of the technical framework of UChain is further divided to sub-units which I would entreat investors to refer to the whitepaper for a detailed information about the Technical Framework upon which UChain is built The Technical Framework would establish an ecosystem which would consist of two major components which are the developers and users. These group of people are the ones that are going to keep the platform running as they interact with each other. Below is an image which shows a well labelled structure of the UChain ecosystem.

TOKENS AND USAGE
Token symbol: UCN
Token type: ERC20 token
Toke price: 1 ETH = 5,000 UCN. Standard price

UCN will be the basic unit on Uchain from which the value of other tokens will be derived.
Another interesting feature of the uchain token is staking, which gives more UCN to people who lock some amount of their voting power i.e UCP. The more a user locks, the higher the bonuses. People should note that UCP is not tradable.

The Value

• Transaction value: UCN is circulated in all DApps built on top of UChain as payment for all kinds of transactions.
• Supply chain vouchers: UCN can be used as vouchers for the purchase of assets from suppliers (sharing bicycles, smart devices, etc.).
• Data contribution rewards: Users will be rewarded with UCN if they decide to contribute their data to the development of the ecosystem.
• Value-added services: UCN can be used for payment of API services provided by UChain.
• Community rewards: UCN will be rewarded to the community contributors such as third-party developers and community operators.
• User incentives: UCN can be earned by improving your community activity such as onboarding more users and creating valuable content.
• Fees: All fees will be denominated in UCN such as transaction fee from Sharing services and DEX.
• Ad delivery: UCN can also be paid for advertisements deliver through the UChain advertising system.

ROADMAP
Uchain has a highly achievable roadmap, unlike projects that draw unrealistic roadmaps. The team has already completed some of the phases of the road. The image below will make it clear.