USECHAIN: Improving The Blockchain Infrastructures
Imagine a system where on-chain addresses are properly linked to their off-chain user addresses, information and data of all customers of the blockchain are irreversible and transferable on the system. What can a system like this do for the blockchain ecosystem and the world at large? Over the years the blockchain ecosystem has been relatively unable to penetrate mainstream day-to-day lives of people as we expected. Centralized currencies are used much more than decentralized currencies.
UseChain is a multi-layer blockchain system whose application cuts across a variety of sectors in order to gain mainstream acceptance.
The Blockchain Ecosystem Today
Block-chain 1.0 birthed the very first cryptocurrency, bitcoin. Bitcoin introduced the world to the potential advantage crypto currency can have over fiat currencies. However, decreasing transaction speeds and scalability as more and more people use it has become its major limitations. BlockChain 2.0 with ethereum saw an improvement in scalability and usage but has been unable to enter mainstream businesses, e-transactions and individual day-to-day usage. High level of technicality in building scalable, efficient system has limited it’s use to just the crypto space. Another problem that has affected the blockchain ecosystem is the problem of “anonymous environment” whereby off-chain addresses and on-chain address are not linked. This has made it difficult to secure against illegal activities such as drug trafficking, illegal fund raising, money laundering, etc.
Why UseChain
Usechain which is built on blockchain 3.0 promises the following significant features and applications:
- Identity Based: Usechain is the first mirror identity blockchain system in which it is possible to track people and customers of businesses who use the system in order to improve customer service thus business profits, enable easy delivery of financial services such as loans, insurance, etc. On-chain address and their corresponding off-chain addresses are properly linked.
- Random Proof of Work (RPOW) Consensus Mechanism: The Randomized Proof of Work (RPOW) mechanism adopted by usechain ensures that speed, scale and cost are optimized during high frequency transaction verification. It uses top notch consensus algorithms that produces a secure, high-performant infrastructure and hardware that produces anti-attack Trusted Execution Environments (TEEs).
- Security: Forks and attacks are greatly reduced. Attacking units with speed up to fifty-one percent hashing power can be resisted. Security is one of usechain’s strongest points.
- Performance: High performance with very high transaction hashing power is guaranteed. This is due to the level of sophistication brought in by random proof of power algorithm (RPOW).
- Easy access to loans: With mirror identity, it’s possible to track token users making it easy for individuals and students to apply for and get loans. Students are able to request for student loans in order to complete their higher education in form of UST tokens, and payback after they are done. These loans are interest free. Also it is possible to track down defaulting individuals because user data is irreversibly broadcasted on the network.
- Games: Decentralized online games can be created. These games are basically independent of their creator thus game data is beyond the control and manipulation of anyone. Also, because of identity mapping, real profiles of players are broadcasted on the network, making games more interesting and authentic.
- Digital content copyright protection: Creators of digital contents like games, music, books, can make a copyright of their product and broadcast it on the system. Whenever the copyright is breached, it is easy to find defaulting parties and judgement based on voting would follow.
- Decentralized Exchanges: With Usechain, traditional assets like gold, diamonds, stock, etc, can be converted is to token value and transferred.
Token Information:
Token Symbol: UST
Token Platform: Ethereum (ETH)
Toke Standard: ERC 20
Softcap: 1,350 in BTC
Hardcap: 4,500 in BTC
Total Supply: 20 Billion UST
Token Price: 1 ETH = 75,000 UST
Accepted Currencies: BTC and ETH
Public Sale is in Early August 2018
Distribution of Tokens
Marketing: 5%
Community Rewards: 20%
Technical Community Rewards: 15%
Token Available For Sales: 45%
Core Team: 15%
Conclusion
Usechain has a goal of creating a real-name credit system. With this, consumers are able to access all features on credit. Also the Usechain foundation is putting out all efforts and resources into three major areas which are governance, development and research. Other areas where usechain is going to deliver blockchain solution includes, Investment and equity management, Decentralized financial services, better sharing among individuals, and secure IoT operations.
For More Information, Kindly visit these links:
Website
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Team
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Bitcointalk ANN
Author's Details
Bitcointalk Username: capableuwa1
Bitcointalk Profile Link: https://bitcointalk.org/index.php?action=profile;u=2077672