What Is UseChain?
Usechain is a platform that aims at developing the first ever mirror identity blockchain ecosystem that improves the use and utilization of blockchain technology. The platform aims at improving performance by providing a transaction management and support process that is efficient, identity based, and with low technical barriers applicable in the mass market.
The platform focuses on introducing a new consensus mechanism and a randomized proof of work to balance perfectly strong security and high performance. In order to bring a new generation of blockchain, Usechain will use multi-level encryption and authentication methods, Identity virtual machine, zero proof, enhanced smart contract as well as other innovative technologies.
Background of Usechain
SINGAPORE, May 3, 2018 /PRNewswire/ — “Identity is the new money.”New blockchain project Usechain is becoming the first-ever blockchain ecosystem to achieve self-sovereign identity for individuals and institutions. Usechain aims to fuse innovative technologies with off-chain identities to create a public blockchain ecosystem based on real identities, addressing the issue of distrust due to anonymity in current blockchainprojects, while maintaining uncompromised security.
According to a 2014 study from CTRL-Shift, the cost of identity assurance processes exceeds GBP3.3 billion per annum in the UK alone. Signaling reputation is very costly in the current financial industry and any other place that requires identity assurance.
Usechain Empowers Identity
“Usechain, the self-sovereign identity blockchain, is ultimately aiming to solve the trust issue in this society,” says Usechain CEO and Cheung Kong Graduate School of Business (CKGSB) Professor Huining Cao.
“KYC(Know Your Customer) is important to the financial industry. We have came up with a new concept that can map every person, every business and every asset to the blockchain,” says Professor Cao. “Every person or business will have a real account. We then transfer through smart contracts to build deeper trust.” By identity mapping, it will allow Usechain to meet the critical KYC standards of traditional financial institutions, shifting the focus on “who you are” to “what you can do”,making it more compliant to applications outside of its own ecosystem. It will also greatly reduce the cost of identity assurance and reform financial industry.
Engineered by a world-class technical team, Usechain will achieve a balance between scalability and security by fusing their unique “Randomized Proof of Work” (RPOW) revolutionized consensus built on identity with a multi-tiered sharding network to make transactions safe and efficient. Real identity information will be encrypted for privacy and mapped for legal assurance so as to be available to governments for investigations against criminal actions.
The solid academic background of team members makes Usechain rigorous in designing and developing a blockchain ecosystem, and the business school resources make a great potential to fully utilize blockchain technologies in business scenarios.
The Usechain project is currently at the alpha stage. The beta version will be launched soon.
Product Features
Hardware-Based Performance Improvement
Privacy-Protected Identity Application
Boundaryless Identity Ecosystem
Top Business School Supported
How UseChain Works
Usechain is built on mirror identity protocol merged with high-level innovations in structure design and technology to eliminate the delays in the process of developing blockchain and bring a perfect balance between scale, security, and decentralization. Usechain, as an ecosystem is growing fast and will hold thousands of credit-based and identity-based applications in the future.
With the improvement in the ecosystem, the behavioral data that is generated by events and people will be transparent and irreversible on the identity-based ecosystem. Usechain has set a precondition where it uses the same level of security for maintaining privacybetween identity and anonymous public blockchain. By doing so, the platform provides infrastructure that supports decentralized applications used in a variety of industries and at the same time bring a separation between identity and identity verification that has a basis on zero knowledge proof.
The platform’s official token referred to as UST is based on the ERC20 protocol on the Ethereum blockchain. Users can acquire the token during the initial Coin Offering. The main aim of creating the token is to give an opportunity for all participants to be involved in the building of the entire community. The token will also be used to reward the developers and supporters of the platform’s community as well as enabling the entire ecosystem to grow. UST will also allow every participant who hold tokens to use Dapp (Decentralized Application).
The funds acquired from the token sale will used in divided portions in human labor cost, company operation, marketing, platform development, advisor consulting, risk fund and legal compliance.
UseChain Benefits
Secure And Reliable infrastructure
The platform uses a secure infrastructure that focuses on sole identity mapping thus improving its application to scenarios that need identity.
Public Participation
The platform supports the participation of everyone worldwide. Usechain supports miningby use of even mobile devices because of its ability to use low resources and low energy consumption.
Low Energy Consumption
Through the platform’s characteristic of identity mapping, it can reduce its dependency on the hashing power of the Bitcoin and thus be able to reduce consumption of energy and computing resources.
High Performance
The platform inputs resources of the highest quality to assist the global community to develop its ecosystem. This, in turn, unites application platforms and leading companies.
UseChain ICO Details
Token sales:
The total issue is 20 000 000 000 UST.
In total, 9 000 000 000 Ust tokens will be allowed to be sold, which is it is approximately 45% of the total emission.
1 000 000 000 UST, which is 5% of the total issue allocated for marketing and partner support.
4 000 000 000 UST which is 20% of the total issue allocated for community reward.
3 000 000 000 UST which is 15% of the total issue allocated for the remuneration of the technical community.
3 000 000 000 UST which is 15% of the total issue allocated for remuneration of the main project team.
UST is a proprietary platform token created on the basis of Ethereum and using the ERC-20 Protocol. The minimum required investment amount is 1350 BTC (Soft cap), the maximum amount (Hard cap) is 4500 BTC. Tokens can be purchased using ETH or BTC. The price of the token on private sale is: * * 1BTC=2000000 UST.
Token Distribution
Team :
They have very strong team members are strong specialy Professor Henry Cao
Advisors
Roadmap or Development plans for the coming year
In Q1 2018
● Development of the basic functions of the blockchain.
● Development of a system for displaying the identity address.
● Certification Of Authentication Center Service.
In Q2 2018
● Development of privacy protection system.
● The shape of the kernel community and the achievements of 50000+ people.
In Q3 2018
● Software development based on THE rpow consensus algorithm.
● To develop the extension of smart contracts.
● Develop a consensus algorithm for the TCS.
● Launch the beta version of the main circuit.
● Providing 100,000+ people in the society.
● Starting the first DAPP.
In Q4 2018
● Setting up the structure of the sub-circuit.
● Development of cross-link sub-chain.
● Build Usechain eco-Fund to accelerate ecosystem development.
● development of a multi-disciplinary vertical community.
In 2019
● AI system to analyze the behavior of the address.
● Development of a tokenized MultiSite system.
Development of hardware based on the algorithm RPOW consensus.
● More multi-industry dapps identifiability.
● The launch of the decentralized exchange.
Conclusion
Despite the complexity, it seems to me that the project will be a success. Around this platform there is a certain excitement and I think investors will not leave such a powerful platform without attention. Safe work with personal information is gaining popularity, and Usechain has ambitious plans and a powerful team of developers who have all the chances to implement such a technically complex project. More information about the project can be found in their White paper on the official website.
Additional information:
Website: http: / / www.usechain.net/
Telegram: https://t.me/usechaingroup
Twitter: https://twitter.com/usechain
Facebook: https://www.facebook.com/UsechainFoundation
White Paper: http://www.usechain.net/usechain_en.pdfe;u=1725951
