This article is written to analyze the Strengths, Weaknesses, Opportunities, and Threats of the Usechain project. Read and comment if you agree or disagree. Thanks
STRENGTHS;
1.USECHAIN IS THE WORLD'S FIRST MIRROR IDENTITY BLOCKCHAIN; Previous blockchains have recorded one challenge or another in their blockchain development processes thereby arising the need for a new blockchain which solves the challenges of the previous blockchain. Mirror identity allows for the comparison of addresses on a decentralized platform. Blockchain Users can be at rest knowing that their personal data and information is preserved with full confidentiality. Meaning that the public will not be able to view a user’s personal information, as such, data will be anonymous, and records of transactions that take place will be transparent.
2.THE USECHAIN TEAM; This is one of their best strengths. As we know for you to have and execute a successful project, you will need to have a very strong, motivated and well-educated team behind the scenes of that project. This is exactly what usechain has. Usechain possess a well vast team who have knowledge from different fields and know a whole lot about the blockchain technology. The Usechain team is majorly from China. Henry Cao is the head of the team. He is a lecturer at the University of California, USA (Berkeley) and also a financier with a long record of service. Henry Cao is an astute businessman, a Finance professor at Cheung Kong School of Business. The advisors who are working on the project are also well educated and have quality knowledge about the blockchain technology which goes to show how well they can execute the Usechain project.
3.SOLUTION TO IDENTITY THREATS: The Identity threats is one of the fastest growing scenes in tech and it is far from being saturated. “Usechain, the self-sovereign identity blockchain, is ultimately aiming to solve the trust issue in this society,” says Usechain CEO. We know the importance of KYC in the financial and even blockchain industry this is why the team has created this project to help solve the identity problems which is a flourishing aspect of the blockchain technology. As more people are realizing the need for KYC and identity verifications, this puts usechain in the forefront as the first identity blockchain to be created they can as well create a strong presence in the market for themselves.
4.VIABLE USE-CASE; The Usechain use-case is extensive. Unlike so many projects out there who do not have a viable use-case, the Usechain project has a use-case that cuts across Identity and Security industries.
5.CONSENSUS ALGORITHM; With the use of a new consensus algorithm (RPOW), usechain has an edge over all other blockchains with its new Randomized Proof of Work is a solution to challenges facing the cryptocurrency market.
WEAKNESSES
In my own opinion as a blockchain writer and researcher, I have not found weaknesses with the Usechain project or team till tme of publication of this article.
OPPORTUNITIES;
Many opportunities abound for this awesome project amongst which are;
1.USECHAIN PARTNERSHIPS; Usechain has existing partnership agreements with the biggest names in the Blockchain market: Yahoo Finance, Albany Business Review, Cision, Market Watch, Yam. Usechain has also received strategic investments and partnership co-operation with some major individuals and companies such as Grand Shores Capital, Diamond fintech Group, JRR Crypto, Jike Xueyuan and Collin star Capital.
2.NON EXISTING COMPETITORS; Being the first Mirror Identity Blockchain Technology in the world , there are no other projects like Usechain, this means reduced competition and ample time to establish their ecosystem before competing start-ups crop up en masse.
3.COMMUNITY;No project can survive without a strong backup from its community. Usechain has a large community of followers and supporters. Usechain can use this to its advantage by constantly communicating and keeping their community abreast of the latest stages in the project because this will enable the community further support the growth of the project.
THREATS;
There are really no threats for usechain apart from the already existing threats in the market such Blockchain Adoption and High Volatility of the cryptocurrency market which i am very sure that they are well aware of and know how to handle.
CONCLUSION
It is very hard to find something negative to say about Usechain. They are backed by a company that has already accomplished quite a lot over the past years, the team has a healthy combination of expertise and experience, their use case is solid.
The Usechain Ico was a huge success as all tokens were sold out in 1hr:30mins. This goes to tell you how the project is perceived and the potentials of the project.
For more information or if you would like to contact the team, below are some useful links.
Website: http://www.usechain.net/
Whitepaper: http://www.usechain.net/usechain_en.pdf
Facebook: https://www.facebook.com/UsechainFoundation
Twitter: https://twitter.com/usechain
Telegram: https://t.me/usechaingroup
Authors Information
Steemit Username: e4ourma
Bitcointalk Username: Johnyjay
Bitcointalk Profile; https://bitcointalk.org/index.php?action=profile;u=1819701
