USECHAIN: A REVOLUTIONARY CHANGE TO THE BLOCKCHAIN DEVELOPMENT PROCESS

cryptoboss12 (40)in #identity • 8 years ago (edited)

The application of the Blockchain Technology is tremendous, and appealing to anyone looking for a way to either solve an existing problem or simply maximize profit.
In as much as the public blockchain has its benefits, its also constrained by some factors which should be attended to before going mainstream. The technical barriers experienced is of utmost concern to its users.

The issues arising from a limited scalability, limited privacy, problems encountered with storage capabilities, unsustainable consensus mechanisms, quantum computing threat and so on is crippling the system as we speak.

The Bitcoin was the first popular network created on the technology. Once the problems highlighted above started rearing its head, the Ethereum also called the Blockchain 2.0 was created to try to rectify these issues.
The Ethereum network is definitely faster in terms of transaction confirmation, but it still exhibited the problems it was originally designed to solve.

Then comes the creation of the Usechain platform. The Usechain foundation is also called the Blockchain 3.0. Unlike its predecessors, It looks like this new kid on the block actually has a feasible plan to address all the challenges faced in the development process of the blockchain whilst introducing an interesting twist that will set it out amongst its competitors.

What is Usechain?

Usechain is creating the first blockchain based mirror Identity platform, while addressing the undelying problems of privacy, scalability, security and transparency associated with existing public blockchain networks.

⚫️What Problems is Usechain solving? And how does it plan to implement a solution?

1)Limited Scalability: This arises as a result of the decentralization employed by the public blockchain network. Since there is no centralized portal responsible for ensuring security and maintenance, everything is left to function according to some laid out programs.

The Usechain foundation will eliminate this scalability problems by introducing a design superior to blockchain 1.0 and 2.0 with better security properties.

Usechain will utilize a protocol that will reduce the number of nodes that need to validate each transaction, without losing the network’s trust that each transaction is valid and authentic.

It will also allow for support for decentralized applications on its network.

2)Privacy: pseudonymity which actually refers to ‘a state of disguised identity’ is whats in use on the public blockchains.
Since anyone can utilize the blockchain without necessarily inputting any personal information, anonymity comes to the mind of the users.

It is true that all transactions are recorded and stored in a public ledger with no direct link to its users identity, but what most people fail to realise is that this is just a facade.

If you don’t agree with me, then how do you think law enforcement agencies were able to truly verify the assets owned by each individuals during the asset declaration procedure recently concluded in the United States.

Now you are wondering how? Well, the answer is easy. Remember that smart contracts do not only contain details of a transaction, it also carries the information of the parties involved. By using web trackers and cookies, hackers are able to penetrate and steal clients information.

This is a big problem for anyone who would not like to have their information leaked.
According to the highlighted solution implemented by the Usechain foundation, I believe there is no limit to how interesting this new kid can get;

✳️Incorporating a multi-level authentication and encryption procedures,which ensures that users information are kept from unauthorized access.

✳️A zero proof is when a prover is able to convinces a verifier without having to expose any information. Usechain will implement this to further strengthen the privacy of users data

✳️Identity Network Sharding (INS): by making use of this, Usechain will ensure that all nodes are confirmed without necessarily being confirmed by all the networks in the nodes.

✳️Improved Smart Contract: Usechain will make use of its Identity Virtual machine (IVM) to create a better smart contract compared to the porous one available on the public blockchain.
By creating a linkage between the IVM and the external APIs, a secured communication is established between contracting parties.

The Usechain Ecosystem Architecture

3)Security: The utilization of the Proof-of-work consensus was the edge Bitcoin had, that allowed it become the first widely adopted form of decentralized digital currency. As wide as it’s benefits are, proof-of-work isn’t perfect, and there’s still a gap in its development that requires research and improvement.

This is why Usechain will integrate a random algorithm that combines its usage with intellectual property rights which in turn reduces the frequency of forks, typical of the bitcoin. By implementing this, network security will be very ultimately improved.

4)Low Energy consumption: Since Usechain wants to implement an identity mapping with the blockchain protocol, by creating its own improved blockchain 3.0, it is able to reduce the hashing power dependency, energy and computing resources consumption.

Later on, after the establishment of its improved Blockchain, identity mapping can be successful carried out on. Eventually, it will build a secure hardware based app called Trusted Economic Environment. This TTE will be resistant to any form of attack. It will have the capacity to work well on mobile devices.

UST TOKEN
The token to be used in the Usechain Ecosystem is called the UST. It will be used as a reward payment for community participation.

As the Usechain network keeps up its growth and development, UST will be used in all identity based and credit based transactions on the network. This will allow the token to continually increase in value.

Token Information:
Total quantity is 20,000,000,000 UST. 45% of this will be available forsale. The rest will be distributed between the Marketing &Partner support, Core team, Community rewards and Technical community in some established proportions.

FUNDS DISTRIBUTION
All funds raised will be shared according to the following breakdown