Let's consider what is remarkable about this project with the name UseChain and what unique technologies the team is ready to offer us in order to be able to compete with its rivals, such as: Bitcoin, Ethereum, EOS, NEO, QuarkChain, Pchain, Zilliqa and others.
And so briefly go over the components of the UseChain blockchain:
Own proprietary consensus algorithm "Randomized Proof of Work (RPOW)": technically, this algorithm in many ways reminds everyone of the well-known Proof of Work, but slightly improved and more fair in terms of project management. This algorithm selects the participant to pool the pool to find a new block in a more honest, rational and decentralized way - randomized. This means that each participant in the mining process will have equal chances to get the right to form a new block and accordingly to the reward for this block, and that the RPOW consensus algorithm will manage the parameters in terms of the probability of producing a new block. Also, the mining complexity parameters will be adjusted on the basis of the individual hashing capacity and the frequency of extraction of blocks by the pool members. According to the team, this algorithm will serve to create a truly decentralized network without focusing on the amount of computing power of the miners, which in itself excludes the monopolists from the game, and also significantly reduces the risk of network attack or hacking.
Another unique technology on board is the "Mirror Identity" technology: in this case, Mirror Identification is presented as a protocol for mapping the addresses of identifiers of the members of the UseChain ecosystem. This protocol ensures that personal information outside the network will remain anonymous and secure, and only the public address of the user will be displayed in the transaction history in the entry of this distributed register. That is, transaction records by addresses will be open and transparent, as well as the main majority of today's blockchains. The UseChain team intends to use this authentication protocol in a wide range of decentralized applications, both private and public or corporate. Also, the team promises to implement a multilevel mechanism of correspondence between on-chain addresses and authenticated objects and to write to its blockchain only the information that is relevant to the on-chain network, and accordingly carefully and reliably store the identity of users who belong to the category off-chain , observing all the rules and measures of security and confidentiality.
Zero-knowledge Proof technology: shortly this technology can be characterized as an interactive blockchain protocol that allows one of the interacting parties (the verification party) to verify the validity of any statement (usually mathematical) without having any other information from the second party (the proving party). And the latter condition is necessary, since it is usually to prove that a party has certain information in most cases trivial, if it has the right to simply disclose information. The whole complexity and peculiarity of the protocol is to prove that one of the parties has information or. for example, funds on the account, without disclosing its contents or disclosing the balance of this account. The protocol must take into account that the provinger can convince the inspector only if the statement is indeed proved. Otherwise, it will not be possible or very unlikely because of computational complexity. This protocol has already been successfully implemented in many networks and has proved itself on the good side, adding this network of additional "use cases".
The technology of network sharding, which includes Identity Network Sharding (INS) and Identity Transaction Sharding (ITS): in this case, the transaction of a certain account can be confirmed within the same shard in which the given account is located , without the need for cross-shard confirmations, which in turn negates the need to confirm this transaction by all nodes of the network and significantly speeds up the entire process and increases the scalability of the network with full compliance with protection from By itself, network shading in the UseChain network is implemented based on the unique network address of the user account.
Enhanced Smart Contract: thanks to the IVM (Identity Virtual Machine) technology used, UseChain is going to develop significantly more high-performance smart contracts than Ethereum, creating a new communication layer for IVM to interact directly with the root lock, its under the networks, API and external data.
Another unique solution from the project team is their implementation of resilience to failures: for example when
one or more nodes are in conflict or fork, then these disputed accounts will simply be frozen on the basis of personal identification, while the remaining nodes of the network will work in the regular mode and continue to confirm transactions and maintain the network. And the frozen accounts and blocks for further consideration will be submitted to the "special committee." That is basically all I wanted to convey to you in this post, the next time I will try to make a detailed analysis of the team for this project, so I think that the project team is our main investment asset. Because every project, successful or not, faces, first and foremost, people, and it depends on them whether we can do anything with it or not. You will find links to white paper, the project website and technical documentation below. Good luck and a huge profit!
Project website: http://www.usechain.net/
Telegram channel: https: // https://t.me/usechaingroup
Twitter: https://twitter.com/usechain
Facebook: https://www.facebook.com/UsechainFoundation
White Paper: http://www.usechain.net/usechain_en.pdf
My Bitcointalk Username: Honpaulo
My bitcointalk Profile Link: https://bitcointalk.org/index.php?action=profile;u=2117147