USECHAIN: ENHANCING THE BLOCKCHAIN TECHNOLOGY
The evolution of the blockchain technology has brought a lot of transformations. The applications of the blockchain technology in digital currencies such as Bitcoin, Ethereum have been tremendous. This create an avenue for an individual to either maximize profit with it or deployed this technology in solving existing problems.
The first ever blockchain technology was deployed during the birth of Bitcoin. The blockchain 1.0 was designed to processed and stored Bitcoin effectively. But towards the end of 2017 when the price of bitcoin was about $18k, users begin to experienced high consumption of power and low transaction. Therefore, in other to process any Bitcoin transaction via the blockchain, users were charged high transaction fee and have to wait for a longer period for confirmations.
This makes some persons to switch over to a more decentralized ethereum blockchain. The Ethereum network is definitely faster in terms of transaction confirmation, but it still exhibited the problems it was originally designed to solve due to a large number of users. Therefore, this has now limited the application of the blockchain technology to only cryptocurrency trading and exchange when it can be extended to other areas in the ecosystem.
Irrespective of the interest and benefits of the public blockchain, there is need to address its constrained and other factors before going mainstream. Some of its limitations and technical barriers are issues relating to scalability, performance inefficiency, limited privacy, consensus mechanism and most importantly storage capabilities and many more. This barriers still exist at present and it is part of the factor responsible for the poor adoption of cryptocurrency and the blockchain technology in the market place.
The development of the Usechain platform, a blockchain 3.0 approach is here to cause transformations. The Usechain platform will help to keep track of real life identities of people to their blockchain and cryptocurrency account by creating a blockchain application that will help with Know Your Customer (KYC) and Anti- Money Laundering (AML) related issues, thereby revealing the real identity of blockchain users, this will also help to reduce theft.
The Usechain Approach
In other to provide solution to the problems that exists in the blockchain technology over the years, the Usechain platform will ameliorate and serve as a standard in the blockchain industry. This platform will help to incorporate, generate and provide support for the adoption of the blockchain technology into our daily lives by generating a unique value and extensively supports various transactions at a reduced charged fee and faster confirmations.
Usechain is the first platform in the cryptocurrency space to have utilize the mirror identification technology to designed its blockchain infrastructures. This technology was integrated due to many issues that keep occuring in many other platforms. Usechain with its blockchain infrastructures will be able to offer user authorization and security of the database of users. Usechain will make it possible to apply the blockchain technology to every activities and create a user-friendly interface interface for the traditional technologies and at the same time reducing every other possible barrier that might occur during the process.
The Usechain platform will therefore improve the blockchain 3.0 infrastructures by creating a suitable and scalable environment. Usechain will deployed the Randomized Proof of Work Consensus (RPOW) Algorithm, this will help to reduce the miners spend on mining, it will therefore be a better and cheaper option for miners and other crypto enthusiast in comparison to what is being spent on the existing traditional blockchain infrastructures. Usechain will integrate a stronger security settings and privacy to allowed the smooth running of Dapps or smart contract to be implemented in the technology.
As a decentralized platform, Usechain will integrate the blockchain technology into its platform this will serve as an additional advantage as to make corrections to the existing blockchain platforms. Usechain is a unique decentalized blockchain technological platform that will guarantee its users to save their data and also allows you to verify your applications in the shortest time.
Token Economy
The token to be used in the Usechain Ecosystem is called the Usechain token with symbol UST. UST will be used as a reward payment for community development and participation. It will also be used for smooth identity based credit transactions in the ecosystem. It has a total supply of 20,000,000,000 UST. The UST is a utility token and it is ethereum (ERC 20) compatible. The Usechain would be doing a sale of its tokens and a total of 45% of the total supply will be available for sale.
In Conclusion, the Usechain with its blockchain infrastructures will help to eradicate the problems and challenges facing the existing traditional blockchain technologies. Usechain is truly a revolution and this help be of great benefits to cryptocurrencies, financial sector such as the insurance companies. To find out more information about the Usechain platform, kindly visit the following links; Website, Whitepaper, Facebook, Twitter, Telegram, Medium, Team, Partners, Roadmap, Bitcoin ANN, Bitcointalk Bounty Thread
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