Usechain: A Transformation Of The Mirror Identity System With The Blockchain Technology
The blockchain technology is a great innovation which has many revolutionary undertone but which has it's own various shortcomings. However, I can rightly affirm without mincing words that the Mirror Identity Protocol has immense benefits for the blockchain industry. It is capable of removing the barriers that impedes the progress of blockchain, offer the necessary infrastructure required to lay the foundation for future growth of the industry, develop an identity blockchain on an entirely new technical framework and build more versatile decentralized applications.
This protocol is what Usechain will be utilizing in its blockchain system. With the Mirror Identity Protocol in the blockchain technology, DApps can be made more resourceful for users across diverse fields such as entertainment, finance and sports. Also, users can benefit from the easy and convenient connection to the financial services that the blockchain offers through the Usechain platform.
Happenings in the Blockchain world in recent past reveals a positive growth and a massive adoption as both Bitcoin and Ethereum has introduced innovations such as Smart Contracts and Decentralization through the blockchain. These has made the system to be relatively safe and independent to an extent, but then, poor efficiency, rigidity and high technicalities involved has restricted the use of blockchain to just cryptocurrency transactions.
Challenges Of The Blockchain Technology
Low performance is one of the fundamental problems hampering the growth of the blockchain. Even though cryptocurrencies like Ethereum and Bitcoin has brought a bought a reasonable amount of blockchain adoption, they are yet to be fully incorporated unto the daily life of most people. With what currently exist, the number of transactions per second (TPS) that can be processed is abysmally low and this makes it difficult to be massively adopted.
Again, another cog in the wheel of blockchain's progress is the anonymity associated with the crux of its technology. The on-chain links of the transactions has no bearing whatsoever to the real identities of the people transacting. This makes blockchain prone to shady deals such as drug trafficking, money grafts, wiring huge cash and all that. There is the need for am external source of verification such as KYC or AML for such anonymous cryptocurrency to be acceptable in many fields.
The high technicalities involved with the development of blockchain constitutes another challenge that limits its applicability in various fields and dimensions of life. Blockchain platform is somewhat inflexible coupled with the fact that it involves a team of different experts to get it started. This is why most cryptocurrency, open blockchain or DApps have not been fully adopted and the centralized applications still reign in the market.
How Usechain Seeks To Resolve These Issues
In spite of the above challenges, it is quite interesting to note that the blockchain is built on the tenets of transparency, safety, decentralization, immutability and all sorts of features that makes it an interesting option for large-scale transmission of data. Thus large-scale networks can leverage on blockchain infrastructure and its decentralized approach to widen their capacity to transfer value with much more ease.
Usechain is a blockchain-oriented platform that removes the challenges of performance and scalability by offering an efficient means of transaction processing as well as support for many DApps. It establishes a connection between the off-chain and on-chain identities of the users, thereby removing the anonymity barrier. Again, Usechain requires little technicalities in its handling and it is very flexible for users.
Since Usechain has satisfied all these preconditions, it is therefore a welcome blockchain ecosystem in the mass market. It features a new basic blockchain technology and verified identity. As a result of the strong technological foundation, and the efficiency of the performance as well as safe infrastructure that bothers on individual identification system, Usechain can be used for several instances that needs identity.
Arising from the comparative advantage that the platform has from the commercial world and known business models, Usechain can keep using high-end resources and integrate top firms and application forums through the instrumentality of the Usechain platform, helping the entire world to virtualize the building of Usechain ecosystem and eventually the building of blockchain 3.0.
Overtime, as Usechain network keeps growing, the attitudinal information evolved by persons, events, places and objects in the bracket of identity-oriented network will be clear, and immutable. Usechain platform secures the privacy of the user. Therefore, conventional identity details are no longer disaggregated and in bits but rather, they are well organized and traceable to particular individuals. Users on the Usechain platform can synthesize value by continuously spending time on the platform, their attention as well as their assets used on the ecosystem can be used to create value for which they will be compensated by the ecosystem.
The identity value in the Usechain platform is returned to the original owners as the very ones who has the initial right upon reaching a common ground by all participants in the ecosystem. This will remove the chances of a one-man ecosystem and prevents the formation of an interest-node enabling the development of a really disaggregated “virtualized world “.
The Usechain Token
The official token for Usechain is the UST token which will be used to compensate the sponsors and promoters of the platform, and through which all the participants can access the platform. Currently, the UST is an ERC20 standard type token whose token sale commenced in May and ended in June 2018. Bitcoin and Ethereum were the accepted form of payment during the crowd funding. The total supply of UST is 20 billion while the amount issued during the Initial coin offering is 9 billion.
Usechain platform is a platform that uses the Mirror Identity Protocol to enhance blockchain performance, remove the anonymity, inefficient performance and technicalities that makes it difficult for blockchain to be usable across many fields of human endeavors.
Other Important Links
White paper: http://www.usechain.net/usechain_en.pdf
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