Usechain ICO Review and Analysis Report
Background of Usechain
SINGAPORE, April 29, 2018 /PRNewswire/ -- Identity is the new money. New Blockchain project Usechain is becoming the first-ever Blockchain Ecosystem to achieve self-sovereign identity for individuals and institutions. Usechain aims to fuse innovative technologies with off-chain identities to create a public Blockchain ecosystem based on real identity, addressing the issue of distrust due to anonymity in current Blockchain projects, while maintaining uncompromised security.
Idea
Usechain is dedicated to developing the first mirror identity blockchain ecosystem. Based on existing technologies in blockchain, Usechain becomes the first public blockchain to be built on Mirror Identity Protocol and integrated with multi-level innovations in technology and structure design,which can be used to break the bottlenecks in the development process of blockchain,provide infrastructure of technology for the virtual and parallel world in the future,build an identity blockchain system built on a new technical structure,develop more widely used Dapps and provide underlying technical support for the application explorations in finance,consumption,entertainment,socialnetworking,games,IoT,supply chain management,asset management and social management and add more value to identity by allowing people to be connected to the financial service provided by Wallstreet in an easy,convenient and instant way.Pretty aspiring ICO project, right! But is it really worth your investment? Let’s explore this project through our Usechain ICO Review.
TOKEN SALE: SINCE 20 JUN
Ticker: UST
Token type: ERC20
Fundraising Goal: 30,500,000
USD (4,500 BTC)
Total Tokens: 20,000,000,000
Available for Token Sale: 45%
Usechain (UST): The built-to-last Cryptocurrency
Usechain is dedicated to developing the first mirror identity blockchain ecosystem. Usechain becomes the first public blockchain to be built on Mirror Identity Protocol and integrated with multi-level innovations in technology and structure design, which can be used to break the bottlenecks in the development process of blockchain, provide infrastructure of technology for the virtual and parallel world in the future, build an identity blockchain system built on a new technical structure etc
The Usechain ICO project defines itself as a “new blockchain, engineered for institutional-level endurance.” It even claims to offer equal access opportunity for the public but zero privileges to the founders while having a reliable token supply.
The Whitepaper
Whitepaper
Usechain White paper( http://www.usechain.net/usechain_en.pdf) has a scientific look, and so scientific content. It starts with high-level introduction to blockchain, and continues describing general mechanics behind technical arcchitecture concept. It further explains concept of Usechain ecosystem how it works, then they explain their value of project their moto, goal. Followed by nice explanation of their future goal ,token sale and distribution , team, advisers White paper closes with a brief section basically stating their weakness as well and their bright future plan.
Overall a white paper is a document that tells how the technology of the block-project will work. This file usually contains a detailed description of the architecture, as well as how the users interact with the system, information about the current market situation and growth forecasts, the conditions for the release and use of tokens, and a list of team members, investors and project consultants. I think Usechain explain everything.
Team & Advisors
So this looks like a well thought and massive project. But who are the people behind it? Again I will quote the texts directly from their website.
Team
HENRY CAO — CEO & Founder
He is the founder and CEO, a finance professor at Cheung Kong graduate School of Business, founder of the first finance MBA program in China. He was 13 years old when he was admitted into the USTC gifted class, I taught at the University of California at Berkeley.
BAOHONG SUN — CSO & Co-Founder
She is a co-founder, CMO and marketing professor at Cheung Kong graduate School of Business, Dean’s Distinguished Chair professor of market, Associate Dean Chaired professor at Tepper Buisness school, editorial board member of marketing science.
SHENGLI ZHANG — Chief Sciencist
He is the chief scientist and senior blockchain specialist, wireless network technologist, presenter of physical Layer Network coding, professor of Shenzhen university, senior member of China electronics society and a holder of 3 national invention patents of blockchain, USTC BS and MS CUHK PhD.
FENG ZHANG — Senior Financial Specialist
He is the senior financial advisor, an expert in thousand talents with about 30 years of experience in QIHF globally, MD of Asset management department of CitiGroup/ Morgan Stanley
ERIK XU — (COO)
He has about 10 years of experience in internet and information security industry in general management and marketing. He is a serial Entrepreneur, Head of information security project at national information security Engineering centre, member of national information security.
ANDY ZHOU — (CTO)
He is the technical director of Beijing United Electronics Co, Serial Entrepreneur in IFLYTEK, Huawei, technical director in Chukong technology, deep understanding of big data, artificial intelligence and distributed system, Double a bachelor’s degree from University of science and technology of China (USTC) and MS from Chinese Academy of sciences (CAS)
LIN ZHAO — (CPO)
He has about 10 years of experience in internet and new retail industry, experienced in platform building for horizontal e-commerce E co-friendly product and service specialist.
AMANDA SHEN — (CMO)
She is the public Relation and marketing experience for 12 years, marketing strategy manager of FedEx China
Advisors
LUCAS LU — Advisor
He is the senior advisor, senior expert of blockchain, founder and CEO of 5miles and cybermiles (CMT), the first general manager of Mobile Taobao, China university of science and technology BS, SMU PhD
YIN CAO — Advisor
He started his research and promotion of blockchain application in 2015 and was among the first to propose the concept of Energy internet in China. He is a co-founder of the first energy blockchain Lab in the world, major member of the technical working group China of Hyperledger project
Road Map / Timeline
Q2 2018
Develop privacy protection system.
Form core community and achieve 50000+ people.
Q3 2018
Develop software-based RPOW consensus algorithm.
Develop enhanced smart contracts.
Develop TPOS consensus algorithm.
Launch beta version of main chain.
Achieve 100000+ people in the community.
Launch the first DApp.
Q4 2018
Set up sub-chain structure.
Develop cross sub-chain communication.
Build Usechain eco-fund to accelerate ecosystem development.
Develop multi-industry vertical community.
2019
AI system of address behavior analysis.
Develop tokenized multi-node system.
Develop hardware-based RPOW consensus algorithm.
More multi-industry identity-based DApps.
Launch decentralized exchange.
Partnership
Usechain already has partnership agreements with the biggest names in the Blockchain market: Yahoo Finance, Albany Business Review, Cision, Market Watch, Yam and others.
There are no projects like Usechain, this means reduced competition and ample time to establish their ecosystem before competing start-ups crop up en massege
Why identity matters?
When being asked "How do you sustain a business model in which users don't pay for your service?" on the early Congress hearing, the Facebook CEO Mark Zuckerberg replied after a five-second pause, "Senator, we run ads." The question may sound like a joke to heavy Internet users as increasingly, people realized that there is no such thing as a free lunch.
When you are not paying for services Google or Facebook provided, you are paying for it with your data, and user data is what running ads is based on. Paying with data for services is the most common business model in the Internet era; for normal users, there are few things you can do to make a change to it.
According to a 2014 study from CTRL-Shift, the cost of identity assurance processes exceeds £3.3 billion per annum in the UK alone. Signaling reputation is very costly in current financial industry and any other place that requires identity assurance.
Could we have something better? In the Blockchain era, the answer is "Yes!"
Usechain Empowers Identity
"Usechain, the self-sovereign identity Blockchain, is aiming to solve the trust issue in this society. Also, our Mirror Identity Technology solves the problem of privacy and technical performance," says Usechain CEO and Cheung Kong Graduate School of Business (CKGSB) Professor Huining Cao.
While 99% of Blockchain projects are anonymous, Usechain aims to create a more transparent Blockchain built on real identities. Real identity makes the revolutionary Identity consensus technology come true with high security; Usechain also uses Mirror Identity Technology to protect privacy in Usechain public chain system.
"KYC is important to the financial industry. We have come up with a new concept that maps every person, every business and every asset to the Blockchain," says Professor Cao. "Every person and every business will have a real account. We then transfer these assets through smart contracts to build deeper trust." By identity mapping, it will allow Usechain to meet the critical Know Your Customer (KYC) standards of traditional financial institutions, shifting the focus on "Who you are" to "What can you do", making it more compliant to applications outside of its own ecosystem. It will greatly reduce the cost of identity assurance and reform financial industry.
Engineered by a world-class technical team, Usechain will achieve a balance between scalability and security by fusing their unique "Randomized Proof of Work" (RPOW) consensus-building mechanism built on identity with a multi-tiered, sharded network to make transactions safe and efficient. Real identity information will be encrypted for privacy, but mapped for legal assurance and only made available to governments for investigations against criminal actions.
What's worth mentioning is that Usechain's founder-Professor Cao entered the well-known gifted class of Univ. Sci. Tech. China at the age of 13 as a gifted teenager, had earned his PhDs at both Yale and UCLA in Pathology and Finance, and now is a Finance Professor at Cheung Kong Graduate School of Business, member of the Finance Society of America.
In addition, Usechain also has the founder of PinFu Fund, Ex Managing Director of Morgan Stanley, Feng Zhang, Professor of Finance and Economics at Columbia University, Ex Chief Economist of Asian Development Bank, Shang-Jin Wei, as well as founder of Cybermiles, Lucas Lu as Usechain's advisors.
The solid academic background makes Usechain rigorous in designing and developing blockchain ecosystem, and the business school resources make a great potential to fully utilize blockchain technologies in business scenes.
Community Acceptance
Being well known in the community comes with its privileges as in the case of the CEO Henry Cao who has huge followers on Twitter. Having already started the Bloq, a blockchain-based company, the prime team members have established names in the blockchain community. Having said that, there is also a lot of possitive opinions over some of these members.
The Usechain community is available for the potential investors to reach out on Github, Twitter, Reddit, Facebook and Medium as well. With close to 18,000 members on its Telegram channel, it certainly is gaining a lot of attention.
Analysis
To rate an ICO, we follow a list of parameters that are basically the KPIs (Key Performance Indicators) of a project
Whitepaper — Availability of code or prototype, the breakdown of funds, wallet for crowdsale
Team Profile — Team’s strength and reputation
Business Model — Problem solved, purpose & utility of the token and the economic model
Backing Technology — Blockchain infrastructure, clarity of terms & conditions and token software
Crypto-sale Resilience — Incorporation, token distribution, legal risks and security aspect
Community Acceptance — Clarity & frequency of communication and social media presence
For more information about this ICO please go to
Website:https://www.usechain.net/
White Paper: http://www.usechain.net/usechain_en.pdf
Facebook:https://www.facebook.com/UsechainFoundation/
Twitter:https://twitter.com/usechain
Reddit:https://www.reddit.com/user/Usechain
Medium: https://medium.com/usechain
Telegram group: https://t.me/usechaingroup
Bitcointalk: https://bitcointalk.org/index.php?topic=3432061.0
Congratulations @justinaez! You have completed some achievement on Steemit and have been rewarded with new badge(s) :
Click on the badge to view your Board of Honor.
If you no longer want to receive notifications, reply to this comment with the word
STOP
Do not miss the last announcement from @steemitboard!