To understand the full technological power of the project, let's first see what the problems are now faced by the user Bitcoin, Ethereum and other popular crypto-currencies.
Efficiency of transaction confirmation. This problem, which probably felt in itself almost any user of the two most popular crypto-currencies.
Currently, Bitcoin and Ethereum can only support 7 to 25 transactions per second. Compare with thousands of transactions per second that support VISA and MasterCard.
And just to solve this problem, many projects now orient themselves, which position themselves as a blockchain-3.0, 4.0. (Quarkchain, Edenchain, Seele, Eos and others).
UseChain also offers its solution to this problem. This is a consensus algorithm - Randomized-Proof-of-Work (RPOW). About which I will describe in more detail below.
Anonymity, as aiding and abetting crimes and money laundering.
Often the main advantage of blockchain technology is the anonymity of users. Although this is a good option for creating transaction confidentiality, it also means that transactions are not related to real identification, and this can create huge problems related to tracking money laundering, illegal fundraising, and simply hacking wallets. Most daily applications require the support of Know-Your-Customer (KYC) and Anti-Money-Laundering (AML) protocols, and the anonymity of transactions with crypto-currencies means that it is almost impossible for a wide range of applications.
Usechain sets a multilevel matching mechanism between addresses in the chain and the identifier of the authenticated user object.
Technical limitation when creating applications. The tough nature of existing applications of blockchain is a perceptible problem. It is very laborious to create applications on different platforms, and this is a serious problem in terms of flexibility and adaptability of the technology.
Through Virtual Machine Identity Virtual Machine (IVM), smart contracts can only be with a small amount of adaptation. Its interim communication will allow IVM to interact with the underlying blockchain, external APIs, and auxiliary chains to create runtime performance that will easily exceed the effectiveness of Ethereum.
Most Consensus Algorithms that we are familiar with do not meet the criteria of "decentralization". For example, "Proof of Bitcoin's Work" (POW) led to the fact that 50% of the capacity is in China, where the cheaper cost of electricity.
Proof of the bet (POS) is a popular alternative, replacing the miners with validators. The validators receive a reward based on the number of coins in the possession. Consequently, whoever has more coins gets more reward for the block and transaction fees, which will lead to the centralization of power and wealth.
RPOW uses a randomized method to determine the likelihood that people will be able to open the next unit, so that everyone has an equal chance of getting a reward for the unit.
It controls the parameters for the probability of production, which are adjusted based on the individual hashing power and production frequency. That is, if you have more power, then there will be more difficulty mining. Then everyone will have an equal chance to get a reward for the unit. This facilitates the creation of a decentralized network in which there is no concentration of hashing power. This also reduces the risk of hacking.
RPOW can diminish the aggregate power of hashing of mine pools, limit loss of power and increment scalabilty for the whole framework by in excess of 100 times.
In Usechain "Mirrored Identification" is the protocol for mapping the addresses of identifiers that is used in an ecosystem.
The protocol guarantees that the personal network remains anonymous and is privately protected, only the address is displayed on the blockchain. Transaction records of addresses will be open and transparent.
Usechain utilizes a identity comparison framework that can be connected to different business applications.
It will establish a multi-level correspondence between on-chain addresses and authenticated user objects. This is recorded on the network, and other private information is not disclosed.
The mechanism for authenticating a person is realized with full protection of confidentiality.
In this way, the user's personal information is integrated with the blockchain technology without compromising their privacy and security. This can be used in identification, decentralized exchange, payments, financial services, etc.
Usechain is aimed at creating effective financial and other types of Dapps, using a chain of public identification.
The project team is impressed by the great experience, and especially the fact that many are teachers and professors of the higher business school. Competencies of the team are in areas from economics to technology and AI. A CEO is also part-time Managing Director of the Laboratory of Applied Research Blockchain of China.
ICO Terms and Conditions
Amount : 20,000,000,000 UST
Maximum number of tokens for sale : 45%
Marketing and partner support: 5% (with generosity, including 6%)
Community Awards: 20%
Technical Community Awards: 15%
Main team: 15%
Softcap : 1350 BTC
Hardcap : 4500 BTC
ETH (Ethereum), BTC (Bitcoin)
All necessary information about the ICO, roadmap, project team, etc. You can find the official sources of the project:
Official site - http://www.usechain.net
Technical description - http://www.usechain.net/usechain_en.pdf
Facebook - https://www.facebook.com/UsechainFoundation/
Telegram - https://t.me/usechaingroup
Reddit : https://www.reddit.com/user/Usechain
Linkdin : https://www.linkedin.com/company/usechain/
Medium : https://medium.com/usechain
Telegram group: https://t.me/usechaingroup
Telegram channel: https://t.me/usechain
My Bitcointalk Username: Honpaulo
My bitcointalk Profile Link: https://bitcointalk.org/index.php?action=profile;u=2117147