In 2009 Satoshi Nakamoto invented Bitcoin and since then the decentralized blockchain industry and technology have had a growth spurt. The blockchain technology has enabled the possibility for society to manage itself. as the first generation of blockchain has brought new concept of decentralized currency while Ethereum the second generation of blockchain has brought the concept of re smart contract.
With all the benefits of the the blockchain technologies, it’s shortcoming is seen in cases of anonymity and scalability. This is the reason why the Usechain professional team built and developed a public chain based on mirror identity, establishing an ecosystem based on identity public chain.
USECHAIN
Usechain is a blockchain platform that is based on the Mirror Identity Protocol which is aimed to bring a perfect balance between security, scale, and decentralization. Usechain is a project that focuses on introducing new consensus mechanism along with a randomized proof of work in order to balance high performance and security.
Usechain Benefits
Some advantages of the Usechain platform includes-
• Usechain ensures reliability and security.
• Usechain also promotes the active participation of the users in the platform work.
• Usechain offers you complete independence from electricity.
• It provides you with good productivity.
• Usechain is a developer ecosystem.
THE COMPARISON
By fully utilizing the mirror identity information, the Usechain platform can significantly improve currently existing blockchain algorithms such as network sharding algorithms, consensus algorithm, virtual machines and so on, Usechain can provide functionalities that existing anonymous blockchains do not have, such as one-person-one-vote, address penalties, etc., elevate the procedure performance of the blockchain itself, enable the blockchain itself to handle commercial usage on a large scale, and wield enormous commercial value.
Based on the high credibility of the identity chain, USECHAIN introduce the Sharding technology, conducting network sharding on the whole identity chain network according to user account addresses. Transactions on one address must be confirmed by all the nodes in the shard it belongs to and does not require the confirmation of all the nodes in the whole network, which on the basis of defending against double-spending attacks, increases transaction confirmation speed, and increase the capacity of network transactions.
In USECHAIN Mirror Identity Blockchain, there is provision of a public chain which open towards the verification of real users, while fully protecting personal privacy, keeping the information on the chain fully transparent, and accord every address on the chain to a natural person in the society. In the identity verification module, there is a balance between the professionalism of third-party certification agencies and the decentralization of the network structure. In the meantime, USECHAIN use the main and sub addresses, ring signature, and the identity data encryption technology to protect users’ privacy, which means only under the condition that the user authorizes could all the address information of this natural person be obtained.
Usechain has been built to resist attacks by building the network on anti-attack, secure and high-performance Trusted Execution Environments (TEEs) built by hardware which is available in its current algorithms.
High-frequency transaction verification can also be achieved on the network through the Randomized Proof of Work consensus algorithms. This helps to achieve scale and speed on the Usechain network while keeping the cost at a low which is not readily available in lesser blockchain.
Unlike the other blockchains technology, Usechain engages higher-level Merkle tree BCMT in order to achieve transaction along with status verification. Not only that but, it also helps reduce the amount of data light-node clients need to synchronize and thus, verify the accuracy of the data or transaction.
The development of underlying blockchains is faced with high technical difficulties that lack the support of technological and multi-disciplinary resources. Whereas as far as Usechain is concerned it makes use of cryptography solutions in order to establish a multi-level correspondence mechanism between the identity of the authenticated user and the on-chain address. This is known as Multi-level Authentication Mechanism.
Despite the huge contributions made by other blockchains such Ethereum and Bitcoin in the blockchain ecosystem, these blockchains have failed to gain the acceptance into the daily transaction scenarios, unlike Usechain. Other blockchains like Bitcoins and Ethereum can only support up to 7 to 25 transactions per second which are considered to be extremely slow when compared to the number of transactions made by the Usechain technology framework performance.
Unlike the other blockchain technologies, Usechain technology utilizes identity virtual mechanism which helps to build high-performance smart contracts. These smart contracts that are known to be extremely efficient can interact with external data to help end the application scenario. To make up for the shortage of Ethereum virtual machine, Usechain make use of IVM.
Where Can Usechain be Used?
-Cryptocurrency payment
-Decentralized financial services
-Credible sharing economy
-Efficient and secure IOT applications
-Unattended investment and equity management
-Decentralized insurance
-Decentralized exchanges
-Tuition fund
-Digital content production and trading
-Blockchain games
-Market forecast
For more details and information about Usechain, please visit the following links;
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
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