It has been quite some time that we have had Blockchain technology with us. With the invention of Ethereum and Bitcoins, new concepts such as decentralized currency and smart contracts have come into existence. These new concepts have helped the society to become more autonomous and secured.
However, there are several problems that have limited the application of blockchain technology. Low-performance efficiency, high technical threshold, and poor scalability are some of the main problems that are faced by the blockchain technology. In spite of these issues, blockchain technology has contributed to the optimization of technology. However, it is yet to be accepted by the society.
Blockchain anonymity is what stops it from being accepted by the society and thus, from mass adoption. Because of this reason digital cryptocurrencies are made tools for smuggling, money laundering, illegal fund raising and other such criminal and illegal activities.
In order to deal with this, there is a need for a mirror identity protocol between human beings and addresses which has been made possible by Usechain.
The usechain project seeks to develop a public chain based on mirror identity which will help in the establishment of an ecosystem based on identity public chain. This will help in the implementation of all sorts of blockchain applications that connects blockchain addresses to real verified users. Not only that but, it will also promote close integration between social credit, infrastructure, and commercial use.
The concept of mirror identity blockchain is to provide a public blockchain which will open towards the verification of real users while keeping the personal privacy protected. Not only that but, even the information on the chain will be fully transparent and accord every address on the chain to a natural person in the society. Usechain is the world’s first public blockchain platform that has built on Mirror Identity Protocol and is also integrated into multiple innovations in structural design and technology.
The main address of the user is his main account. The address will be created the moment the user generates the wallet. According to this, every user will have only one main address that will be linked one-to-one with identity. The main address of the user will make use of Elliptical Curve Secp256k1 so that it can produce the private and public key. The public key will then be used to generate the address. In order to start transactions, both the main and the subaddresses require to be verified first. However, there is no limit on the number of subaddresses of a user. It will be generated depending on the user’s needs, using the user’s main account public key. These subaddresses will be kept safely and separately from the main address of the user. This is the reason why the dependence relation between the main address of the user and his subaddresses are not visible.
When it comes to the upper-level applications, there is an absolute need to get the real name of the identity chain address verified. With the help of the multiple trusted third-party agencies, the identity chain will be able to achieve the verification along with the construction of every real entity’s main address. The process is slated below:
The user first applies for the CA certificate to the third-party agencies. After the verification of the certificate by the third-party agencies it will then be returned to the user.
With the help of the zero-knowledge proof, the user will then be able to prove to the blockchain that they have been verified. The address of the user will be recorded by the blockchain smart contract and thus, it will become the user’s main address.
The user can make use of his public and private key along with a randomly selected public key on the blockchain in order to apply to the committee for secondary address authentication via the ring signature strategy.
When does the user wish to send a transaction, the validity of the transaction must be verified which is done by Usechain with the help of a CA contract?
In case if there is anything suspicious about the account then the committee will scan the network for account relevance.
Well, that’s how Mirror Identity works and helps in the mass adoption of the blockchain technology. To know more about Usechain you can go throught the links below;
Website
WhitePaper
Bitcointalk
Facebook
Twitter
Github
Reddit
LinkedIn
Medium
Telegram group
Telegram channel
