The introduction of blockchain technology in 2009 revolutionized the financial industry. Today, individuals can save money without fear of fraud, initiate transactions without delay and at a very low cost(when compared to the centralized system). This development increased its adoption in the mass market. However, this has also exposed the fraught in the current system. Furthermore, the amount of energy it consumes to perform basic transaction discouraged its adoption by other sectors of the economy. More so, when examined in proportion to expectation, the result of the blockchain technology on transaction count per second is below the needed standard for wild adoption in the mass-market. This is because it performed less than the traditional ones
USECHAIN
In a bid to resolve the underlying problem in existing blockchain technology and encourage its mass adoption in other sectors of the economy, usechain developed what it calls “The identity blockchain”. This great innovation comprises of the re-engineering of the existing blockchain technology in order for it to effectively meet the needs of the global market. It was designed in such a way as to permit a dependable and efficient large-scale transmission of value, hence facilitating a system that can accommodate billions of global users while permitting thousands of transactions at a fair speed. More so, the innovation puts the issue of KYC (Know your customer) and AML (Anti-money laundering) to rest. This is because the usechain technology automatically links the on-chain address and the off-chain identity of members in its ecosystem in no time. This development encourages the mass adoption of blockchain by many industries in the economy to solving various scenarios in their institutional engagement. Credit industries, insurance companies, Banks and other financial institution can now adopt without fear of underperformance
KEY INNOVATIONS IN USE CHAIN
To revolutionize the traditional blockchain, the usechain adopted some distinct innovations some of which are Multi-level authentication mechanism ( MA), Randomized Proof of work(RPOW) mechanism, Network shrading technology, light node client, Identity virtual machine and online fault tolerance. These key innovations work together to enable the integration of various business model and decentralized applications at a very low cost. The function of Multi-level authentication mechanism(MA) is to map the personality of registered users in its ecosystem to their on-chain address without exposing their details to hackers or third parties. More so, unlike the existing blockchain technology, the introduction of Randomised Proof of work(RPOW) is able to resist all form of attacks while allowing for a faster transaction verification at a low energy consumption rate. To ensure a hundred percent resistance against existing blockchain attacks, most especially double spending attack in its ecosystem, the NST(Network shrading technology) works together with RPOW to achieve this feat.
Unlike the present blockchain technology which is dependent on the validation of transaction by all nodes in its network, the use chain carries out confirmation activities in its shrading; hence allowing for a faster conclusion of an initiated transaction.
Usechain however came to diversify and bring in new security trends to the blockchain as was seen on its mirror identity what we have here is empowerment of blockchain users in terms of their security.
Users, assets and other abstract items can use the mirror identity feature on Usechain to verify their identity and map their addresses. The mirror identity also empowers developers of applications especially decentralized (dApps) applications. They’re allowed to come up with decentralized applications that’ll suit their businesses and personal needs.
TOKEN ECONOMICS
The legal tender for a transaction in the usechain network is the UST. Although at the initial phase the use chain ( UST) token is an ERC20 token -in order to attract the member of the etherum blockchain network. After which it plans to move to usechain UST token. It plans to create a billion UST token of which 45% of it will be available for public sales. The rest of the token will be shared between its core team, marketing support, community rewards and partner support. However, the token set aside for public sale will be released in phases. The token will be released on 25% per two months until the entire 45% is completely unlocked. However, at the end of the six months, all unsold token will be destroyed by the usechain team.
Ticker: UST
Token Type: ERC20
Platform: Ethereum (ETH)
Total Token Supply: 20,000,000,000
TRANSPARENCY IN THE USECHAIN ECOSYSTEM
To allow for transparency and earn the trust of members of its ecosystem. The usechain team will publish a quarterly report of the operations carried out in the usechain network. Furthermore, usechain plans to onboard reputable firms for a regular audit of its transactional activities
USECHAIN TEAM
The usechain is managed by a 17-man team lead by founder and CEO, Henry Cao who is also the managing director (MD) of China Blockchain Application research Laboratory
Website: https://www.usechain.net
Whitepaper:https://www.usechain.net/usechain_en.pdf
Blog: https://medium.com/@usechain/
Twitter: https://twitter.com/usechain
Facebook:https://www.facebook.com/UsechainFoundation/
Telegram: https://t.me/usechaingroup
Author’s Bitcointalk Profile: https://bitcointalk.org/index.php?action=profile;u=2234576;sa=showPosts