The coming of Usechain brought about the incorporation of the mirror identity into its blockchain platform and this will solve the privacy and security issues that are being found on the current blockchain platforms. This means that any dapp or smart contract implemented on this platform will have a very great security and privacy as its top priority. This platform will have a decentralized database that will be used for the identification and recognition of individuals and also link them to numerous services such as financial transactions, exchange accounts, assets accounts and many more. Usechain improves upon the current blockchain 3.0 by the creation of a much more scalable environment  and it uses the Random Proof of Work Consensus Algorithm that reduces the high costs spent on mining, and this will be a cheaper alternative when compared with the costs spent on mining other cryptocurrencies such as Bitcoin and others. Other services that will be used by this platform includes the Zero Proof, Multi Level Encryption and the identity authentications services like the Know Your Customer (KYC) and the Anti- Money Laundering (AML).

THE USECHAIN ECOSYSTEM

The usechain platform has a very great team and numerous partners from a very wide and vast expertise that come together and work together to create this very effective and very reliable platform. Its main aim is to create a very unique and first of its kind an identity based blockchain ecosystem with the usage of the top of the class and most advanced technology, applications and its very interactive community.

WHO ARE THE PARTICIPANTS OF THE USECHAIN ECOSYSTEM?

It includes the users, the application participants or developers and the technology participants who all work hand in hand with one another to ensure the development of the system. 

1. USERS - this includes the individuals, and other systems that will utilize the applications and the verification mechanism for the purpose of identity verification and the charting of addresses and this users also generate transparent and public data.
2. Application Participants - this includes organizations and individuals that receive the identity verifications of the users and they endorse it thereby making their own contribution to the usechain ecosystem. They also will be chanced to create their own applications based in the usechain structure and be able to develop their own services.
3. Technology Participants - this are the  most crucial and most important part of the usechain ecosystem and they are the ones who are responsible for the structure and framework, the development and normal functioning of protocols, work hand in hand with numerous technological partners and they ensure that the usechain ecosystem is normatively functional.

APPLICATION OF THE USECHAIN ECOSYSTEM INTO VARIOUS SCENARIOS 

The usechain ecosystem has created a series of applications where it can be used to connect the real world and the digital world with its ability to tokenize identity. And this can be used in various scenarios and they include

1. It can be used as a general transaction method between a buyer and a seller. The users will use the cryptocurrency as the transaction method as its being stored in a wallet and all the payments are stored in a decentralised network.
2. It can be used in the financial services where with the use of KYC and AML, its provides a secure environment so that a users record can be traced, and it can give them access to loans.
3. It can improve the services of the Sharing Economy such as Uber and Airbnb. The most common issue faced in this sector is the trust issue between and it revolves it by having users behavioral data on the blockchain that can be broadcasted to ensure other safety.
4. Making an exchange better and efficient by its application to make it a decentralised system. The storage of user data and passwords in a centralised system makes it liable to Hackers to tamper with them or other technical issues. So having a decentralised system, it's being protected and and it makes sure that a users data is intact and very safe.

CONCLUSION

Usechain will ensure that blockchain technology will be of a great change to the current one and make a very great mark on the history of blockchain networks. It is the clear that Usechain will definitely move the blockchain frontier forward thereby bringing about mass adoption of blockchain technology even in areas that the impact of this wonderful technology is yet to be felt.

For more information, please visit Links:

Website: https://www.usechain.net

WhitePaper: https://www.usechain.net/usechain_en.pdf

Telegram: https://t.me/usechaingroup

Facebook: https://www.facebook.com/UsechainFoundation

Twitter: https://twitter.com/usechain

Medium: https://medium.com/@usechain

ANN: https://bitcointalk.org/index.php?topic=3609821.

Author: hamzeto