UseChain ICO Review 2018.
Understanding UseChain
UseChain is a platform that aims at optimizing the use of blockchain technology in the mass market. Despite blockchain being widely used in cryptocurrency trading and exchange, it faces many challenges which include poor scalability, high technical threshold, and overall performance inefficiency.
These are the challenges that UseChain sought to address by use of mirror identity blockchain ecosystem to enhance the adoption and utilization of blockchain technology in various scenarios that require identity in the mass market. Performance enhancement was meant to support efficient transaction process management which could support billions of users and millions of decentralized applications. This achievement would help unite leading companies and various application platforms.
How UseChain works
UseChain is based on mirror identity protocol and features enhanced structural design to minimize the delays involved in blockchain development process and to achieve a perfect balance between scale, decentralization, and security.
UseChain allows public participation in the ecosystem by supporting mining through mobile devices. This is possible due to its ability to utilize minimal resources and less energy consumption. UseChain uses identity mapping to significantly reduce its energy consumption by offering less dependency on Bitcoin’s hashing power.
This platform additionally features an identity-based ecosystem which ensures that behavioral data generated by people or events will be transparent and irreversible. It creates a link between off-chain and on-chain addresses to meet the requirements of AML. This improvement will see its adoption in many fields such as loans allocation and insurances among others.
UseChain ICO tokens
The UseChain platform uses UST as its official tokens. These token are acquired during coin offering. Creation of these tokens was mainly meant to offer each participant with the opportunity to participate in community building. Every user who holds the UST token will also benefit from the use of decentralized applications.
The total token volume amounts to 20 000 000 000 UST. 5% of the total tokens will be allocated for marketing, 20% for community reward, 15% of the tokens will be used to fund the operations of the company’s main project team, another 15% of the total token supply is to be allocated for technical community operations and the remaining, 45% of the tokens are meant to be sold.
According to the company’s whitepaper, capital raised from the sale of these tokens will be used to fund the company’s operations, consultation charges, human labor, legal compliance and for marketing.
Those who wish to invest are required to make a minimum payment of 1350 BTC up to a maximum amount of 4500 BTC. There are two modes of payment methods allowed; ETH or BTC. The tokens are available for sale from 6th May 2018 to 16th June 2018.
The Team behind UseChain
The success of the UseChain ICO can be attributed to the core strength of its team members. Professor Henry Cao leads the team as the founder and CEO. Cao has many years of experience in the school of business. He is a professor of finance and well known for introducing the first finance MBA program in China.
BAOHONG SUN is the co-founder and CSO of the company. She is an expert in marketing, having served as a marketing professor and a member of the Marketing Science’s editorial board.
ERIK XU is the company’s COO with 10-years working experience in the information security industry. He is also a member of the national information security.
ANDY ZHOU is the CTO and an expert in distributed systems, artificial intelligence and architectural design with more than 10-years’ experience in technical development. Additionally, he has worked as a technical director in Chukong Technology and Beijing United Electronics Company.
Finally, we have SHENGLI ZHANG as the chief scientist and the guy behind the UseChain's blockchain technology. He holds three inventions of blockchain and is a blockchain expert. He is also a wireless network technologist.
Conclusion
UseChain seems to have a workable objective and has shown significant success in offering solution to the underlying issues which limit the use of blockchain technology in the mass market. The company also aims at building a more secure and attack-resistance TEEs (trusted execution environments) to improve further on security and performance among other future innovation.
Based on the current achievements by UseChain to address blockchain technology issues, I place my confidence in the UseChain work team and its objective and believe it will be a successful venture. Get more information about UseChain from their white paper on the Official Website.
Website: https://www.usechain.net/
Whitepaper: http://www.usechain.net/usechain_en.pdf
Telegram: https://t.me/usechaingroup
ANN: https://bitcointalk.org/index.php?topic=3432061.0