The digital world is evolving rapidly with tremendous innovations and technological advancements. The emergence of the internet has created numerous opportunities and has made the world a smaller place as people from different locations can freely interact with each other. However, the blockchain also unlocked a series of opportunities as the advent of cryptocurrency painted a bright future for the digital economy. The first cryptocurrency (bitcoin) was established in 2009 by Satoshi and since then, series of coins have been listed in the exchange market. The establishment of these coins however made it crucial for exchange platforms to be established. These platforms, however, try to meet the high demand of cryptocurrency traders and in the process, experience a lot
of challenges. Even the blockchain ecosystem itself is plagued with so many challenges which have made it difficult to fully integrate the blockchain ecosystem into the general market for full adoption.
The blockchain is plagued with numerous challenges and these challenges have restricted the economic and technological advancement in the digital world, making the utilization of the cryptocurrency in the real-life application to be difficult.
One of the challenges faced by the blockchain ecosystem is the delay in transactions. It always takes time for transactions to be approved when trading domestic tokens like the bitcoin and the ethereum, this delay in the transaction and queued up transactions waiting for approval has been an issue in the blockchain and has posed as a huge threat in digital advancement.
Participants and end users find it difficult to freely relate with the support team
of blockchain platforms even with the sophisticated system that is difficult to understand. This has made cryptocurrency trading very difficult and has also slowed down the general adoption as inexperienced traders are not duly carried along.
The blockchain ecosystem also faces the challenge of high energy consumption, sophisticated trading technologies which is difficult to understand by newbies, cyberbullying and security threats. These challenges have scared prospective traders away and have made it unsafe for cryptocurrency to be integrated into some real-life scenario.
USECHAIN the first mirror identity blockchain ecosystem, a decentralized platform aimed at utilizing existing blockchain technologies in developing the first mirror identity ecosystem. The platform aims at building a mirror identity protocol with multi-leveled innovations and robust architectural framework.
The system is proposed to speed up the blockchain development process, painting a new digital future with a more widely used Dapps and provision of technical support for the application exploration in entertainment, finance, consumption and so on. One of the most feasible consensus algorithms is the Randomised Proof of the Work (RPOW), the USECHAIN platform aims at integrating the RPOW consensus algorithm in the system for identity mapping.
This consensus algorithm, however, outweighs other algorithms in many ways which are discussed below.
WHY IS USECHAIN ADOPTING RANDOMISED PROOF OF THE WORK (RPOW) CONSENSUS ALGORITHM OVER OTHER ALGORITHMS?
The high-performance of the Work (RPOW) consensus algorithm has proven to be more secure with a high performance capacity which can withstand attacks, as built by Trusted executive Environment (TEEs). The RPOW consensus algorithm consumes less energy which makes it far better than other consensus algorithm. Quick transaction verification which is lacking in other consensus algorithm is possessed by the Randomised Proof of the Work
(RPOW) consensus algorithm which makes it a better option.
THE ROLE OF IDENTITY IN IDENTITY BLOCKCHAIN AND WHY USECHAIN IS VITAL
Cryptocurrency traders have always faced the issue of delays in transaction verifications. The identity blockchain ecosystem improves efficiency in transaction verification. The strength of mirror identity public blockchain is what satisfies the infrastructural requirements in the mass market adoption which also ensures flexibility in smart contracts and lower cost of transactions.
The identity mirror of the USECHAIN is however aimed at handling large-scale transactions in order to meet the high demand of traders and to also boost the development across the blockchain, preparing the system for real life application and full adoption.
WHY IT IS BETTER THAN OTHERS
The USECHAIN system aims at integrating the Identity Transaction Sharding (ITS) and the Identity Network Sharding (INS) in the system in order to resolve delays in transactions. This means that there will be no need for transactions to be waiting for confirmation by the network nodes. This increases the bearing capacity under the condition of resisting double spending attacks since the transactions can be confirmed within the sharding which the address belongs to.
The Identity Virtual Machine (IVM) which is also proposed by the platform will
no doubt boost interaction with external data and also extends the scenarios in
the system through the communication layers that will serve as intermediaries.
The brain behind the USECHAIN innovation is made up of passionate technologists led by Henry CAO (Founder and CEO of the platform).
Baohong Sun (Co-founder and CSO).
Shengli Zhang (Chief scientist).
Feng Zhang (Senior financial advisor).
Erik Xu (COO).
Andy Zhou (CTO).
Lin Zhao (CPO).
Amanda Shen (CMO).
Gengnan Song (Global community developer).
Liang Zhang (Technical architect) and a
strong advisory body.
CONCLUSION
The USECHAIN platform proposes a new era in the digital world. The integration of the RPOW consensus algorithm in the system will no doubt resolve the numerous challenges that has been plaguing the blockchain for years.
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| Author | Golden |
|---|---|
| Bitcointalk Username | Mymy_ |
| Bitcointalk Link | https://bitcointalk.org/index.php?action=profile;u=2236211 |
