Blockchain technology and industry have made great progress since 2009. The potential Blockchain and cryptocurrency have allowed society to be autonomous and secured. However, performance inefficiency, poor scalability and high technical threshold have limited Blockchain technology to only be applied in cryptocurrency trading and exchange. Although many underlying Blockchaincommunities have made tremendous contribution to optimize the technology, Blockchain has not yet been adopted by the mass market like internet because of lack of commercial support and weak connection with market. The potential huge market value of Blockchain industry has not been fully recognized.
Blockchain Industry Problems
- Low performance – Even though existing Blockchain networks such as Bitcoin and Ethereum play a crucial role in Blockchain ecosystem, they have not yet been adopted into peoples lives like how Alipay does. Under the existing Blockchain technology structure, Bitcoin and Ethereum can only support 7 and 25 transactionsper second respectively, which are tremendously low as compared to the number of transaction that VISA supports. The slow transaction speed of existing Blockchain system makes it difficult for mass market adoption
- Anonymous environment – In the existing Blockchain industry, the core of Blockchain technology application is centered upon the term anonymity. The on-chain address of cryptocurrency account doesn not have association with the real identity off-chain, making it a channel for criminal activities such as money laundering, drug trafficking, smuggling and illegal fundraising.
- High technical difficulties – Currently, its still difficult to build mainstream decentralized applications that can be flexibly and swiftly deployed on existing Blockchain platforms. The development of underlying public Blockchain has high technical difficulties that requires the support of multi-disciplinary and technological resources.
Vision
The rapid development of Blockchain industry and technology focuses on the characteristics like transparency, security, decentralization, irreversibility, network consensus, etc. which has laid an ideal foundation for large-scale transmission of value. Internet makes large-scale information transmission possible. We believe large-scale transmission of value should be as easy as transmitting information and the security during transmissions will not compromise.
To increase adoption and utilization of Blockchain technology, cryptocurrency and its underlying Blockchain system need to be improved in performance and scalability, Identity based, Low technical barrier.
The Usechain foundation is establishing the first Blockchain ecosystem that satisfies the above conditions and can be applied to the mass market.
Design Objectives
Usechain will develop the first mirror identity Blockchain ecosystem by starting from design innovation from the perspective of Blockchain infrastructure. Usechain will be designed to handle large-scale transactions to meet demands form millions of users at the same time and to manage the huge range of commercial and social applications on the platform.
Architecture Design and Innovation
It includes design of application service, application service, application components, application protocol and core framework of underling public Blockchain.
Some key innovations are designed as follows: Multi-level authentication mechanism, RPOW consensus mechanism, Network sharing technology, Identity Virtual Machine, Light node client and Online fault tolerance .
INNOVATIVE SOLUTIONS - CONSENSUS ALGORITHM REVOLUTION
Usechain is using Blockchain technology to achieve a genuine commercial value and contribution to society. It analyzes Bitcoin and Ethereum network from multiple perspective including security, performance, risk, resources investment and users participation. To maximize the commercial value and social contribution, Usechain undergoes comprehensive upgrades in the following aspects, which makes it different from all existing mainstream technology in Blockchain: High level security, High performance, Low energy consumption, Public participation.
USECHAIN ECOSYSTEM
Ecosystem Value
Usechain has a leading team in Blockchain technology that will work closesly with partners and experts from global technical communities to establish the first high performance mirror identity Blockchain.
Ecosystem Archictecture
Consists of /users, Application Participants, Technology Participants.
Ecosystem Applications
Usechain will develop a channel to seamlessly connect the real and digital world to establish a high profile, secure, unbounded and decentralized tool for value transmission and digitalize all things. Within the identity ecosystem, ith has created a variety of diverse and flexible value transition channels, which enables the transmission of value regardless of forms in high efficiency within the system
USECHAIN GOVERNANCE
Usechain foundation
The Usechain foundation is a non-profit organization established in Singapore and is committed to developing Usechain, advocating governance transparency and promoting the security and harmony within the open-source ecosystem.
Foundation Principles
The Usechain foundation has three fundamental principles: impartiality, Non-profit governance and Strong governance system.
GOALS
The mission of Usechain foundation is to develop a real name credit ecosystem, making it possible for consumers to enjoy all products and service based on credit. At the same time, the Usechain foundation will give developers an open and sustainable platform to, develop, deliver and enhance those existing services to attract users. To accomplish all that, Usechain foundation will devote its resources to three specific areas including research, development and governance.
TOKEN SALES
UST
Usechain will issue an official token- UST to effectively reward community developers and supporters, support the growth of the ecosystem and allow all participants to use the decentralized applications. Usechain, the first global identity mirroring public chain, is a high growth ecological platform, which will carry a large number of identity based applications in the future and UST is the common circulation token in the Usechain ecosystem.
Conclusion
Usechain is dedicated to developing the first mirror identity Blockchain ecosystem. Based on existing technologies in Blockchain, Usechain becomes the first public Blockchain to be built on Mirror Identity Protocol and integrated with solve the problems in the development process of Blockchain, provide infrastructure of technology for the virtual and parallel world in the future, build an identity Blockchain system built on a new technical structure, etc.
For More Information, Kindly Visit any of the following Links below:
Website: https://www.usechain.net/
Whitepaper: https://www.usechain.net/usechain_en.pdf
Telegram: https://t.me/usechaingroup
Twitter: https://twitter.com/usechain
Facebook: https://web.facebook.com/pg/UsechainFoundation/photos/?ref=page_internal
Medium: https://medium.com/@usechain
Bitcointalk ANN: https://bitcointalk.org/index.php?topic=3432061.0
Writer: Phlaser
BitcoinTalk URL: https://bitcointalk.org/index.php?action=profile;u=1236826