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According to Investopedia, Sharing economy is an economic model often defined as a peer-to-peer (P2P) based activity of acquiring, providing or sharing access to goods and services that are facilitated by a community based on-line platform. Some of the companies using sharing economy business model are Uber, Airbnb, We-Work, Quora e.t.c
With the help of the internet, the sharing economy business model continues to enjoy steady growth and it has been predited to reach 520 billion US dollars in 2018 according to Roland Berger’s report but even with this steady and rapid growth, there are problems the business model is facing that needs urgent solutions. Some of the problems facing the business model are:
EXCESSIVE TRANSACTION COSTS- Centralized platforms charge high commission fees for service matchmaking.
TRUST- There is no effective credit system reflecting both individual credit and organization credit.
DATA LEAKAGE AND ABUSE- Centralized data storage mechanism can easily lead to data leakage and misuse.
Uchain aim to solves these issues through the implementation of a truly free peer-to-peer network with the combination of blockchain technology along with an underlying sense of the sharing economy.
UChain is a public infrastructure blockchain network specifically designed for the global sharing economy. Along with other sharing economy enterprises, we aspire to build a decentralized worldwide sharing economy ecosystem where every user can exchange value and publish contents freely without intermediaries Through UChain and its decentralized autonomous ecosystem, all users and merchants will be empowered.
Uchain Solutions
Blockchain applications is distrupting virtually all industries, and sharing economy business model is not excluded from this distruption. A trustless and open systen can be created on blockchain to undercut the traditional systems that have enabled sharing economy. By creating a peer-to-peer network with transparency and security, blockchain promises to build new industry controls that will change the way business is transacted and the way consumers relate and interact. The idea behind the community autonomy would inspire people around the world to participate in and benefit from the development of UChain
EXCESSIVE TRANSACTION COST- UChain will establish a decentralized Blockchain network. During the peer-to-peer transaction settlement between user and service providers, intermediaries will be cut off and we estimate to reduce the transaction fee by nearly 20%.
During the transaction, UChain's token will be used as a transaction certificate when the user subscribes to or purchases a service, such as booking a room. The user may need to freeze a certain amount of tokens as a deposit, which will be released upon completion of the transaction. The whole transaction process will be handled by smart contracts and cross-chain hosting technology to ensure the authenticity, legality, and compliance. With users and merchants using UCN for transacting, we will be able to achieve a real-time settlement and eliminate the risk and cost involved with the usual way of payment on existing platforms
USER CREDIT PASSPORT- UChain records transaction activities on the Blockchain, which is broadcasted and stored by nodes in the network. This distributed ledger is tamperproof with and fully traceable, creating a decentralized and unbreakable "chain of trust."
UChain will be integrated with a variety of sharing economy enterprises specialized in travel, travel, accommodation, knowledge, and education industry. In the nearby future, users can use it on different occasions for various services, bringing them much smoother experience.
USERS' DATA SECURITY- With the distributed storage scheme, data will be encrypted, split, shredded and scattered on different nodes. Retrieval of any single piece of data stored by a node will not be complete or readable. It ensures that if a single node is compromised, it does not reveal full information.
When UChain records data on the Blockchain, it is actually storing the address where they can retrieve this data. UChain is able to modify user’s data access through a smart contract, only under the user’s authorization. When users authorize the merchants to access their data, the authorization information such as access time and operation log, along with the user’s public key signature will be recorded on the blockchain, making all actions traceable, eliminating the possibility of data misappropriation.
UChain Technology
Through API or SDK on UChain’s open platform, enterprises in the sharing economy can build DApps or simply migrate their existing app onto UChain. After completing registration as a third-party operator they will receive value-added services which include the ability to obtain new customers and tokens.
The open platform will provide services that include the use of smart contracts, automatic split payments, key data on chain inquiry, UIP, user credit ratings and a series of marketing functions.
There are two major roles that drive the ecosystem, users and developers. Users can be categorized in service users, independent service providers, and enterprise service providers. Independent developers or UChain foundation developers create and maintain the infrastructure. They interact with each other, establishing their distinct values to make UChain a better ecosystem.
Transaction speed and high concurrency are two benchmarks to evaluate the system designed for the sharing economy, and with that we ruled out PoW and PoS, which are slow in block generation, thus, heavily reducing transaction speed. The main purpose of RPCA is designed for transaction speed, which also meets the scenarios in the sharing economy. The information can be broadcasted efficiently to every node in a few seconds with high performance and high Byzantine fault tolerance. Moreover, the RPCA algorithm has been proven robust and effective in Ripple.
Token Economics
UCN is the basic unit on UChain. The value of all other tokens is derived from UCN. Those who wish to join or leave UChain ecosystem must buy or sell UCN
Users can get UCP by locking their UCN. UCP is just UCN with voting power, and as such gives the holder higher ecological access.
STAKING: UChain will incentivize holders who keep UCP for a long time by granting them UCN, the distributing rate will be dynamic so people who hold and lock UCN for a long time will get extra bonuses. UCP is not exchangeable nor tradable.
By investing in long-term value, the whole ecology can achieve its ideal vision besides making short-term gains. At the same time, token holders will enjoy vitality from the development of our ecosystem. Long-term holding by community members will be the backbone of UChain’s ecology. In the world of cryptocurrency, we see short-term investors continuously looking for cryptocurrencies with higher potential value. UChain aspires to build an autonomous ecology full of people with shared values.
The UCN total supply is to be determined at the conclusion of the ICO and will raise 35,000 Ethereum.
The Private Sale: 33,000 ETH with a 50% bonus, half the funds will be locked for 6 months.
The Public Presale: 2,000 ETH with a 15% bonus, the bonus portion will be locked for 3 months.
ROADMAPS
CORE TEAM MEMBERS
Ian Yu, FOUNDER- Founder and CEO of U-bicycle. Founding team member of DianPing.Com. Former GM of DianPing Movie BU,. Early bitcoin and mining facility investor.
Will Zhou, CTO - CTO at U-bicycle. Previously Technical Partner at HiCTO. Technical Director at eBay. Director of technology at Dianping. Senior Engineer at Telenav.
Grace Min, Co Founder- CEO - U-Bicycle North America. CEO - Dozenfresh International Trading. Founder - Oval Town Properties. Founder - SG International Travel LTD.
Benny Liao, CPO- General Manager (Smart Device Department) - U-Bicycle Manager (Online Business) - Meizu Inc. General Product Manager – Autonav. General Product Manager - Yitong Map.
Details of other members of the team and advisors can be found here
Institutional Investors & Organizational Partners
Conclusions
The concept of using blockchain for the sharing economy is solid with a huge market growth potential, the platform has its blockchain protocol for faster transactions and also give enterprise to build their Dapps on UChain, the platform will be a new Ethereum for sharing economy Dapps applications.
Useful Links
Project Website
Whitepaper
Telegram Open Chat
Blog
Written by Adeyinka Joshua
Bitcointalk Username: Adebits
Bitcointalk URL: https://bitcointalk.org/index.php?action=profile;u=1249179
Email Address: airdrops002@gmail.com