USECHAIN OVERVIEW

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Introduction

Blockchain technology has continued to grow since its inception in 2009. New and advanced blockchain systems and its application continues to emerge. Bitcoin and Ethereum (Blockchain 2.0) have been innovative with the idea of a decentralized currency and smart contracts respectively. UseChain is the latest innovation in this category. They aim to develop the first mirror identity blockchain ecosystem.

What is Usechain

UseChain is a Singapore based company poised to eliminate the shortcomings (lack performance, security) of existing blockchains by introducing a mirror identity protocol which is a major point of difference compare to other blockchains. Their aim is to develop the first ever mirror identity blockchain ecosystem. This implies that smart contracts and apps run or executed on UseChain’s blockchain have as its core value data privacy and security. This will enhance the utilization and use of blockchain technology.

The UseChain platform is built on a Randomized Proof-of-work consensus mechanism (RPoW) which is combined with a sharding architecture. The combination of this provides the necessary scalability for the next generation blockchain which in turn improves and increases performance.

UseChain centers on the introduction of a new consensus mechanism which allows low energy mining and reduction in resource used in support of the network. The combination of this new consensus mechanism and a randomized proof of work gives a strong security and a high performance.

In the bid to take blockchain technology a step further, UseChain will use authentication method, multi-level encryption, zero proof, identity virtual machine, enhanced smart contract with other advanced technologies.
UseChain is going to address first hand services that requires verification and secure identity. Financial services, digital payments, IoT, internet games, sharing economies, and later the development of a DEX (Decentralized Exchange) are some of the projection of UseChain and hopes that their advanced blockchain technology will make a huge impact.

Individuals or corporations can participate in the ecosystem by investing asset, time, attention etc. to create value and they will subsequently be rewarded in the ecosystem which gives back value to original users. This eliminates third party and monopoly.

Mirror Identity Blockchain

As earlier discussed, UseChain is built on a mirror identity protocol. This technology and structural design is to eliminate the delay that comes with blockchain development and fulfil the 3 core value of blockchain which is security, scalability and decentralization.

Why UseChain

To hasten the mass adoption of blockchain technology and maximize social contribution and commercial value, UseChain has taken a step further by upgrading some core aspect of blockchain and making it different from existing blockchain.

It includes;

High Performance

Performance is enhanced through a random algorithm. Miners are given a different difficulty by the block. This helps to distribute and adjust virtual hash power which in turn increases transaction confirmation efficiency. This is based on POW.

High level security

The network uses a secure infrastructure to give identity to where it is needed. This guides against double spending attacks.

Low Energy Consumption

Through identity mapping which is one of the characteristics of the network, the network can reduce hashing power dependence which reduces the energy and computing resources consumption.

Public Participation

The 3 reasons given above leads us to the 4th one. With a higher performance, high security and low energy consumption, UseChain can be mined even with a mobile device. This gives everyone the opportunity to participate in the network globally.

To attain a high level consensus algorithm, UseChain in the future will build a secure, attack resistant, high performance and a hardware based Trusted Execution Environments (TEEs).

Use Cases of Usechain Platform

Cryptocurrency Payment

Users can pay for services on the platform with cryptocurrency saved up in their wallets. The payment will be analysed in a disaggregated peer-to-peer basis without bringing in centralized mechanism, cryptocurrencies and digital rebates can equally be used for payment on the platform.

Disaggregated Financial Services

Usechain processes behavioral data with identity-mapping addresses to develop a public and clear identity value and reliable system. Using the Distributed Ledger Technology (DLT), the whole process is shared in the blockchain community, therefore, the effect on identity credit status ranking is stored immutably on the blockchain.

More Credible Sharing Formula

Irrespective of carpooling, sharing motorcycle or flat or business investment, the vital issue in a sharing arrangement is basically trust, which, nevertheless, can be settled by using blockchain technology.
For instance, you might be worried about a stranger moving into your house with you for the first time, but if the stranger’s past behavioral information is already shared on blockchain and it’s unalterable, you can be surer if who you’re dealing with.

More Efficient and Safer IoT Applications

With the recent surge in the Internet of Things (IoT) and smart phones, the projection is that in few years to come, we will have more smart devices allotted to each individual. Via smart devices, a larger percentage of our day-to-day transaction can be substituted with smart IoT application.

Nevertheless, IoT applications are beset with a number of problems such as security threats, privacy problems, and high cost of operation. Usechain platform can use the blockchain application to resolve this issues by offering an efficient, reduced authentication cost and dependable identity verification for circumstances that warrants identity-based authentications.

Unattended Investment and Equity Handling

Usechain platform afford users the privilege to develop disaggregated fund to undertake partial investment in the market portfolio index. Every transaction is clear and management fee is not charged. Sums left to be withdrawn is dependent on the net asset value and the transaction fee charged.

Conclusion

UseChain is the world first mirror identity blockchain which makes them a pioneer in that aspect. It has a financial management platform that resolved the trust and transparency involved with transactions by hosting user data on decentralized locations, making it more reliable and trustable for such users.

UseChain has a use case which cuts across security and identity industry and since the UST token will be used to pay for services in the network, it is a valuable project to invest in.

With a strong team and well experienced advisors who are capable of making the project a success, then UseChain is going to be a big project for now and the future.