Technology has really made serious progress in recent years. In the last few years, the emergence of the blockchain technology has really changed the technological landscape with such innovative ideas in creating cryptocurrencies such as Bitcoin and Ethereum. The impact of the blockchain technology can also be seen in such concepts as smart contracts and decentralized currencies.
Despite these developments, challenges still persist. The challenges include the high technical threshold which has now limited the application of the blockchain technology to only cryptocurrency trading and exchange when it can be extended to other endeavours.
Other challenges include poor scalability and performance inefficiency. This, however, is not to discredit the effort of those who have made attempts to optimize the application of the blockchain technology. The limitations still remain which has led to the poor adoption of the blockchain technology by the open market. Unlike the internet, blockchain has not found its commercial support with the mass market.
A number of factors are responsible for the poor recognition affecting the blockchain technology, some of which is the high power consumption and the low transaction performance which Bitcoin has been widely criticised for.
Ethereum, for example, does not provide a platform for value exchange which can be adopted into daily life. For these reasons and more the full commercial value of the blockchain technology is yet to be realized.
This then calls for the creation of an ecosystem that can generate adoption and support for the blockchain technology into our daily lives by creating value and supporting various transactions.
To deal with this problem something has to be done about the anonymous nature of the blockchain technology which allows people to operate on-chain cryptocurrency accounts that cannot be traced to their real-life identities. To deal with this, a support has to be created for the application of KYC and AML in the blockchain technology.
The Usechain Vision
Usechain is a decentralize mirror identity blockchain ecosystem based on the blockchain technology.
The vision of Usechain is to create a platform where it is possible to increase the adoption and utilization of the blockchain technology.
Usechain would be achieving this by creating an ecosystem where it would be possible to apply blockchain technology to the every works of life by creating a low technical barrier environment that will allow for the continuous optimization and enhancement of smart contracts through the creation of a user-friendly interface for existing internet technologies thereby creating accessibility.
As part of Usechain’s vision, the platform would also be providing an efficient base for transaction management to support the needs of billions of users and millions of dApps.
To deal with the challenge of the anonymous nature of the blockchain technology, Usechain would be creating an identity-based platform where the on-chain addresses of cryptocurrency accounts would be linked to the real life (off-chain) identity of the account holders through the application of KYC and AML requirements. This will make it possible to adopt blockchain in daily retail and financial transactions.
Usechain Mirror Identity Protocol
Usechain’s Mirror Identity Protocol would be integrating with multi-level innovations in technology and design structure. This will make it possible to develop more widely used dApps which will provide support for IoT, finance, social networking, and games applications.
Token Sale
To create a reward based community, Usechain would be doing a sale of its tokens. The Usechain token has as its symbol UST. The UST Token is an ERC20 standard token with full utility. The token has a total supply of 20 billion UST.
Usechain Ecosystem
The Usechain ecosystem comprises;
Users: These are individuals and assets.
Application Participants: These are made up of individuals and organizations.
Technology Participants: These are made up of the Usechain development team.
Usechain Team
The team at Usechain is led by its Founder and CEO Henry CAO, a finance professor at Cheung Kong Graduate School of Business. Other members of the team are Baohung SUN who is the Co-founder and CSO of Usechain. Shengli ZHANG is the Chief Scientist.
Conclusion
As identified, one of the challenges which the blockchain technology is facing is the lack of adoption by the mass market. However, with the Usechain mirror identity blockchain ecosystem platform, this would soon be a thing of the past and adoption will be welcomed with open arms. To learn more, kindly visit these links; website, whitepaper, telegram, twitter, facebook
Author - Coltpython
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