USECHAIN: World’s First Mirror Identity Blockchain

6 min readMay 29, 2018

Usechain is a platform that aims at developing the first ever mirror identity blockchain ecosystem that improves the use and utilization of blockchain technology. It aims to improve performance by providing a transaction management and support process that is efficient, identity based, and with low technical barriers applicable in the mass market.

So ,What is Mirror Identity?

In Usechain’s context, the meaning of “Mirror Identity” can be defined as the identity address mapping protocol that is being utilized in the ecosystem. The protocol ensures that the identity off-chain remain anonymous and privately secured, only the address will be mapped on the blockchain. Such address transaction records will be open and transparent. The mirror identity protocol has created an environment where private information of the users can be integrated with blockchain technology without having their privacy or security being compromised. This can be used in various application scenarios such as identity token , decentralized exchange, global payment, financial services, etc.

What will Usechain do?

Current Blockchains like Bitcoin and Ethereum have many challenges inhibiting their acceptance into our daily lives and industrial applications, though they also brought innovations like decentralized currency and smart contract applications. These innovations from present Blockchains has allowed the society to be autonomous and secured. However, performance, inefficiency, poor scalability and high technicalities have limited present Blockchain technology to only be applied into cryptocurrency trading and exchange as speculative assets. Though many Blockchain startups are working towards optimizing the technology, however it has not yet to be accepted by all and sundry like the internet because of lack of commercial support and its low performance compare to traditional technologies. The market value of blockchain technology has yet to be fully utilized.

Usechain aims to solve these problems faced by present Blockchains by developing the first mirror identity Blockchain ecosystem that will be able to solve the problem of performance, scalability and enable wider applications of Bockchain technology into our everyday’s live.

Usechain is using blockchain technology to achieve genuine commercial value and contribution to society. It combines the different technical and competitive advantage of existing blockchain models, and proposes one of the most feasible consensus algorithm called Randomized Proof of the Work (RPOW) based on identity mapping to explore a new solution for blockchain.

What Points will Lead to the Success of Usechain?

To increase adoption and utilization of blockchain technology, cryptocurrency and its underlying blockchain system , Usechain offers the following solutions:

High Performance and Scalability: Provides efficient transaction process management and support for millions of Dapps and billions of users. Usechain has features like a new underlying framework of blockchain technology and real identity. It is built on high performance, secure and reliable infrastructure to hold massive value.
Identity Based: Usechain establishes a connection between the on-chain addresses and the off-chain identity to meet requirements of KYC and AML, making it possible to be massively adopted in daily consumption, loans, insurance etc. Because of solid technological foundation and the high-performance and secure infrastructure centering on sole identity mapping, Usechain will be able to be applied to a wide range of applications scenarios requiring identity.
Low Technical Barrier: Usechain’s continuous optimization and enhancement of smart contract, more sophisticated and flexible definition of application protocol and promotion in accessibility can provide a user-friendly interface for existing internet technologies and low-cost and low-risk docking mode for mature technologies.

Compared with current mainstream public blockchains like BTC, ETH and EOS, Usechain solves the Impossible Trinity among scale, security and decentralization and provides a new way to design the application scenarios based on massive use of identity since it is built on MIP and receives multi-level reorganizations in underlying level of blockchain.

How Usechain Mirror Identity Blockchain Works

The ecosystem of Usechain Blockhain includes application service, application protocol, application components and core framework of underlying Blockchain. 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 privacy between 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. Using cryptography solution, Usechain establishes a multilevel correspondence mechanism between the on-chain address and the identity of authenticated users.

Based on current algorithms and secure, high performance and anti-attack Trusted Execution Environments (TEEs) built by hardware, the Randomized Proof Of Work consensus algorithm can achieve high frequency transaction verification on the premise of a lower energy consumption and fair environment for mining. The Identity Virtual Machine(IVM) is a new standard for building high-performance smart contracts that can be defined and sandboxed with some adaptations. Usechain will build an intermediate communication layer so that IVM can interact with underlying blockchain, external APIs and sub-chain or even be directly programmed based on the intermediate communication layer to make up for the shortage of Ethereum virtual machine and build smart contracts which are efficient in execution, and can interact with external data to help extend the application scenario. 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).

Benefits of Usechain

Usechain is using blockchain technology to achieve genuine commercial value and contribution to society.

High-Security: Based on POW, random algorithm with intellectual property rights can reduce the centralization degree of hashing power. It can resist double-spending attack and 51% attack and reduce the probability of fork ensuring the security and impartially of network to the most degree.
Low Energy Consumption: Based on the characteristics of identity mapping , the blockchain network can greatly reduce the dependence on hashing power and reduce the consumption of computing resources and energy consumption.
Public Participation: Usechain will be able to support mining through mobile devices due to low resource and energy consumption, allowing the public to participate in the ecosystem.
High Performance: Through random algorithm, every block will give different difficulty to all miners which can dramatically increase the efficiency of transaction confirmation based on POW and lay the foundation for realizing the consumer use.

Token Economics

Symbol: UST

Type: ERC20

Token sale date: 05/06/2018- 06/16/2018

Total token supply: 20 billion

Roadmap

Q2 2018

● Develop privacy protection system.
● Form core community and achieve 50000+ people.

Q3 2018

● Develop software-based RPOW consensus algorithm.
● Develop enhanced smart contracts.
● Develop TPOS consensus algorithm.
● Launch beta version of main chain.
● Achieve 100000+ people in the community.
● Launch the first DApp.

Q4 2018

● Set up sub-chain structure.
● Develop cross sub-chain communication.
● Build Usechain eco-fund to accelerate ecosystem development.
● Develop multi-industry vertical community.

2019

● AI system of address behavior analysis.
● Develop tokenized multi-node system.
● Develop hardware-based RPOW consensus algorithm.
● More multi-industry identity-based DApps.
● Launch decentralized exchange.

Conclusion

By developing the first mirror identity blockchain ecosystem Usechain’s project seems unique and solving a the real problems. The team seems quite experienced. It will be interesting to see how the project develops in the coming months.