Probably you might have heard about the word blockchain, probably also you might have not. Well do not let the word confuse you, a blockchain is simply a continuously growing list of records, called blocks, which are linked and secured using cryptography. Each block typically contains a cryptographic hash of the previous block, a timestamp and transaction data. By design, a blockchain is resistant to modification of the data. It is an open distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way. It can also be defined as a suite of distributed ledger technologies that can be programmed to record and track anything of value from financial transactions to medical records or even land titles, in essence blockchain stands to revolutionize the way we interact with each other.

A lot of things work together to make the blockchain technology unique, from the way it tracks and stores data (decentralizing the data), it also creates trust in the data, and also allows us to interact directly with one another and the data thereby removing the need for intermediaries. All these give blockchain the potential to underpin most of the ways we interact with one other, but just like the rise of the internet, this technology would bring all its kinds of complex policy questions around governance, international laws, security and economics.

Currently the blockchain technology is just in its second iteration, blockchain 2.0 based on the Ethereum blockchain. The first iteration, blockchain 1.0 was based on the Bitcoin blockchain. Now the existing blockchains are very good and useful technologies but they are not without flaws, like low transaction performance, slower block confirmation times and technical difficulties that make it complicated to build decentralized applications (Dapps), but there might be a solution to these problems, now introducing Usechain: the first public blockchain to be built on a mirror identity protocol and integrated with multi-level innovations in technology and structure design which can be used to build an identity blockchain system based on a new technical structure, develop more widely used Dapps and provide underlying technical support in the applications. It would be based on 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 Sharing (INS), enhanced smart contract and other innovative technologies to create a new generation of blockchain, leading to blockchain 3.0.

USECHAIN IN DETAIL

Usechain like I mentioned earlier has the potential to underpin the previous blockchain iterations as it takes adding value to identity as the core idea and aims to build a new commercial model of blockchain. It has the aim of building the most advanced identity-based blockchain ecosystem with a wide variety of interesting applications and the potential to make the blockchain technology mainstream because as it stands now only a few percentage of the world’s population know about this interesting technology.

In comparison with current public blockchains like BTC, ETH and EOS, Usechain solves the impossible trinity scale, security and decentralization and provides a new way to design the application scenarios based on the massive use of identity since it is built on Mirror Identity Protocol (MIP) and receives multi-level organizations in underlying level of blockchain.

PROBLEMS FACED BY THE PREVIOUS BLOCKCHAIN ITERATIONS

• Low performance – although Bitcoin and Ethereum have very important roles to play in the blockchain ecosystem, there’s the issue of slow transaction speeds as the both blockchains can only support 7 - 25 transactions per second respectively and this is extremely low compared to existing means of payment already in use like VISA. This is actually one of the reasons that make it difficult for blockchain’s mass adoption.
• Anonymous environment – the already existing blockchains is centered on anonymity, although this might seem cool and all but this paves the way for criminal activities such as money laundering, illegal fundraising and fraud. These vices could be carried out without fear because it’s virtually impossible to be tracked with the current blockchain technologies in place, take for example if you are tricked into giving out your private key to a thief, the thief would steal your funds and you have no way of tracking him down, you have no way of putting a face to the thief and you lose your funds forever.
• High technical difficulties – currently the phase blockchain is in could be compared to the early days of the internet which means it is supported by only a small amount of eccentrics. This could be attributed to the fact that it’s still burdensome to build standard decentralized applications that can be flexibly and quickly deployed on existing blockchain platforms due to the complexities involved with the already existing blockchains.

SOLUTIONS USECHAIN HAS TO OFFER

• Better performance and scalability – through Randomized Proof of Work (RPOW), every block on the chain will give different difficulty to miners to adjust the distribution of virtual hash power which can dramatically increase the efficiency of transaction confirmation based on POW and lay the foundation for realizing the consumer use. This would provide better performance in the sense that it would improve transaction processes and also provide support for millions of Dapps and millions of users.
• A more Identity based system – Usechain hopes to build a relation between the wallet addresses and the identity behind the addresses to meet the requirements of KYC and AML, making it possible for mainstream adoption in daily consumption, loans, insurance etc.
• Low technical barrier – the continuous development and improvement of the smart contract, and a flexible definition of application protocol and promotion in convenience would provide a user-friendly interface for existing internet technologies and low cost and enable flexible and swift integration into already existing blockchain platforms.

TOKEN DETAILS

For more information on the Usechain project, feel free to use the following links
Project's whitepaper
Project's website
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