UChain ICO

UChain — the distributed economy of new generation

The main stage of ICO UChain has been cancelled in connection with collecting the sum in 42 thousand air at preliminary stages of a сrowdsale.

In recent years more and more popular is a sharing-model of economy or so-called economy of sharing.

In brief people provide the not used resources or services to other consumers for money using for this purpose a set of various platforms. It is possible to give cohabitation (AirBNB service) of transportation (Uber), education as examples (Coursera, KHAN), working space (WeWork) and even medical services (Medicast). This market grows and by the end 2018 of its volume will grow to $520 billion. For comparison in 2015 this figure made only $186 billion.

Economy sharing-model problems

The Schering and P2P-services are very popular however and in these spheres it wasn't without problems.

In total it is possible to allocate three major factors preventing distribution of economy of joint use:

First — the high cost and low speed of transactions. Means of consumers have initially been designed to save a Schering platform giving the chance to order services directly from those who provides them. However the high commissions and problems with withdrawal of funds practically bring these advantages to naught. For example the platform for rent of transport can take away to itself up to 20% of the commission and performers often should expect for weeks withdrawal of funds at the same time paying the commission and for a conclusion. In addition it is caused by the fact that in the course of transfer of means several banks and payment service providers can participate and all of them work for free too not.

Secondly — a trust problem between the consumer and the performer or the lessor. To make the transaction of the party have to obtain guarantees of providing service and corresponding payment. Traditional ways such as pledge or freezing of means on the platform before work performance — are ineffective are inconvenient and in addition increase the cost of services.

And in the third — a problem of leakage of personal data. When using traditional platforms there is a set of ways of leakage of the user information. Often platforms collect personal data of users and sell to brokers of data. The risk that data will simply steal is also high. Constantly there are news about that as the next large company has allowed breaking and theft of personal data of the clients. As a result, users can face not only a stream of spam but also with blackmail or other roguish schemes.

The UChain project the blockchain technologies which will help to provide fast carrying out transactions is going to solve these problems with the help and to increase trust thanks to application of smart contracts. The project will ensure safety of personal data of users storing them in is decentralized also in encrypted form. In addition UChain offers a set of additional functions such as possibility of creation on the platform of the decentralized applications of dApp and even listing of own tokens.

Features of the UChain platform

UChain is new a blockchain platform which moves away intermediaries and delays the sphere of P2P-economy.

High speed of carrying out transactions in system — is reached thanks to application of an algorithm of consensus of RPCA. Such algorithm is applied in for example cryptocurrency of Monero and provides the maximum speed with use of the minimum computing capacities.

The data security of users is reached by their distributed storage in encrypted form. Nobody will be able to check the user information if the owner doesn't open to it access. At the same time participants won't need to look through personal data. to make sure of conscientiousness of other party.

Thanks to it each user will have own "credit passport". As all transactions register in a blockchain and are monitored — in a blockchain of UChain the credit mechanism will be created. The service provider will be able to check whether it is worth trusting a certain user and after that that will be able to use services on credit.

One more function of the UChain platform — the decentralized storage of files in a blockchain on the basis of DHT. Users can lease the disk space providing invariable and reliable storage of files in a blockchain. Files will be divided into parts and to be indexed by means of the table a hash sums. Thus any knot of network won't be able to check someone else's data.

The platform also allows users to create own tokens smart contracts and the decentralized applications. The popular service provider will be able to develop the application in which it will be possible to order services to control their rendering and payment by means of the smart contract and to receive bonus tokens. As an example the U-Bicycle DApp application allowing to rent the bicycle directly from the smartphone is created.

U-Bicycle DApp application

On the platform two tokens are applied: the internal token of the UCN system used for fee or commission of the user transactions and UCP token applied to votes. To acquire the right to vote the user should block the corresponding quantity of the UCN tokens. During a сrowdsale UCP token will be on sale.

ICO of the UChain project

ICO UChain had to pass in three stages: Private Pre-Sale, Public Pre-Sale (it was possible to get on it through Whitelist) and public краудсейл. The last main stage of ICO had to begin on July 10 however during preliminary sales developers have managed to collect a hard cap — 42 thousand air. In this regard краудсейл has been cancelled.

Funds raised for ICO will be distributed so:

Distribution of the raised funds

35% — Research and development

30% — Marketing and advance

30% — Further development of the project

5% — the Share of consultants of the project

In turn, tokens will be distributed thus:

Distribution of tokens of UCP

35% — Kraudseyl

40% — Support of an ecosystem of the project

15% — team Tokens (are blocked for three years)

10% — the Reserve of the company

Team of the project

Yang U is the founder and the CEO of the UChain project. One of the first investors in cryptocurrency he has also created U-Bicycle.

Wil Zhou is the senior developer of the project. Behind his shoulders — work as the senior engineer in Ebay also he is a technical partner of the HiCTO company and was one of directors of the company of Dianping.

Min Grace – the co-founder of the UChain project. Is the CEO of North American office of U-Bicycle held the leading posts in Dozenfresh International Trading and also the founder of SG International Travel LTD.

Conclusion

The project occupies very demanded developing niche. The websites of announcements freelance platform of an online flea market and services of the taxi — are already not so convenient presently and take away more means, than users would like to spend them. The UChain platform will allow to refuse intermediaries and to interact directly thereby having saved money of all parties of the transaction and having simplified calculations thanks to company applications for tokens and smart contracts. The team of the project already has experience of creation of P2P-ecosystems and thanks to all above-mentioned — the project has high rating among investors.

Links

• Website: https://uchain.world/
• Telegram: https://t.me/UchainEcosystem
• Medium: https://medium.com/@uchain
• Twitter: https://twitter.com/UChainEcosystem
• Reddit: https://www.reddit.com/r/UChain/

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