Blockchain for sharing economy
There are a lots of company building their business of sharing economy based on blockchain. Just to name a few:
CanYa, claimed to be replacement of Craigslist or Letgo;
Bee Token, decentralized version of Airbnb;
WeTrust, a blockchain decentralizing trust networks for financial service in developing or undeveloped regions.
Today, I come across a new blockchain project for sharing economy.
UCHAIN — The Next Generation Distributed Smart Network
Blockchain for the Sharing Economy
What’s UChain?
U-bicycle + Ripple Protocol Consensus Algorithm = UChain
Consensus
Ripple Protocol Consensus Algorithm
Technical speaking, Ripple Protocol is the status quo protocol adopted by financial system as settlement infrastructure technology. That is a wisdom choice for transaction protocol of sharing economy.
Smart Contract System
Smart contract with virtual machines that support C++ and Solidity language and convenient SQL commands within smart contract storage system.
To support C++ and Solidity language in the same time, UCHAIN either add Dou-core Virtual Machine, or use LLVM to compile C++ and Solidity into another unique language. My educational guess is Web Assembly.
Supporting SQL commands is a good news for DBA people, it should ease the management task of smart contract storage system, if it implement correctly.
Distributed Shared Ledger
DHT (Distributed hash table) based distributed storage protocol with data being indexed by file content (Hash) instead of a file path (URL) and large files will be partitioned into fixed-size data chunks and distributed across multiple nodes.
Encryption Mechanism
Elliptic Curve Cryptography is a well known asymmetric algorithm, which has been fully exercised in the bitcoin network. UCHAIN use ECDSA sepc256k1 for key agreements, digital signatures, pseudo-random generators and other tasks.
System Performance
1000~ TPS is not eye appeal, but faster enough, comparing to Paypal’s 200~ TPS.
Conclusion
The Technical Framework of UCHAIN is quit solid on its own, I will come back to revisit this post after they release more details or code on github.