Investor Reviews ICO — UChain The Next Generation Distributed Smart Network
Blockchain for the Sharing Economy
Current Market vs UChain
The market size of the global sharing economy is expected to reach 520 billion US dollars in 2018, according to Roland Berger’s report on the sharing economy. Along with the rapid growth, there are more problems exposed in this disruptive business such as: Excessive transaction costs — Centralized platforms charge high commission fees for service matchmaking. The problem of 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 is the first public infrastructure blockchain specifically designed for the global sharing economy. Along with other sharing economy enterprises, UChain aims to build its underlying blockchain network to solve the current problems of trust and data abuse. Exercising API’s and SDK’s provided by UChain, all sharing economy enterprises are able to issue their own token and build their application on top of the UChain network, together making UChain a better global autonomous sharing economy ecosystem.
In the sharing economy 1.0, intermediary platforms play an important role by facilitating the transactions between users, whilst charging commissions for this service. All transaction settlements are dealt with in fiat, however, in the new sharing economy 2.0 era, users are connected peer-to-peer without intermediaries and commissions, with all transactions being settled in the local token. In addition, the underlying Blockchain architecture will provide users and enterprises the opportunity to distribute their own tokens. Through UChain, users can easily share, pay, and settle sharing services. UChain also encourages users and service providers to contribute their idle resources to the ecosystem for more token rewards and community interaction.
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.
UChain’s consensus algorithm is RPCA (Ripple Protocol Consensus Algorithm) which is used by Ripple. 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.
Roadmap
Team & Advisors
Ian Yu, Founder and CEO — U-bicycle founder and CEO. U-bicycle is China’s leading shared bicycle company. Won the 2016 CEO of China-Europe Yearly Entrepreneurial China, the 2016 International Double Entrepreneurial Entrepreneurship Award, and the 2016 Internet Weekly People’s Product Leadership Award.
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 and Cofounder of U-bicycle North America. A renowned young entrepreneur known to possess incredible strategic vision to achieve professional goals, Grace, is an international business professional that offers a cohesive blend of leadership, vision and knowledge.
Benny Liao, CPO — General Manager Supply Chain at U-bicycle. Previously Multi-Media General Manager at Meizu. Product General Manager at AutoNavi.
Chris Tao, CSO — As Senior Enterprise Technology Strategist at Microsoft Enterprise Commercial group, Chris is responsible and dedicated for driving digital transformation in US Northwest enterprise market. Chris Tao is well known for his decade of deep enterprise & industry experiences, technology innovation leadership as well as rich startup coaching and execution experiences. His professional experiences come from multi-culture working environment from APAC, China to now US and Canada. Currently he’s teaching at University of British Columbia Sauder Business School, and also actively helping various startups as strategic advisor. He was living in Shanghai, China and Vancouver, Canada for many years and currently he lives in Great Seattle area in US.
Jimmy Hu, Advisor — Engineer, technologist, and entrepreneur focused on building the next generation of intelligent business applications with artificial intelligence and blockchain at the core. Built one of China’s leading customer data technology and AI companies, Chinapex, with over 250 China and global enterprise customers. Recently selected as 2017 Forbes China 30 Under 30, and China Internet Weekly’s ‘Person of the Year’ for artificial intelligence.
Jonathan Ha, Advisor — CEO at Red Pulse. Entrepreneur and business strategist at the intersection of China, Finance and Technology.
Ding’an Fei, Advisor — Advisor at APEX. Member of the Board at Grindr. Managing Partner at Flamingo Capital. Partner at Ledger Capital. Previously Execuive Director at Warburg Pincus LLC.
Institutional Investors & Organizational Partners
Token Metrics (Incomplete)
Hard Cap: 42,000 ETH (approx. $22.5M)
Total number of tokens: TBD
Tokens for sale: TBD
Price per token: 1 ETH = 5000 UCN (approx. $0.105)
Token allocation
- 40%: Token sale
- 35%: Ecosystem
- 15%: Team
- 10%: Company Reserve
Verdict
Pros
- The concept of using blockchain for the sharing economy is solid. Huge market growth potential + the use of blockchain solves the current problems (transaction, security and trust).
- UChain develops it’s own blockchain & wallet
- Entreprises can build their DApps or migrate on UChain (token utility +)
- Q3 2018 Testnet Launch & Q4 2018 Mainnet Launch
- All Star team & Advisors
- Strong partners
Cons
No cons were identified as of yet.
Rating: TBD (token metrics missing)
**Disclaimer
This article and the information contained herein is not intended to be a source of investment, financial, technical, tax, or legal advice. This article cannot substitute for professional advice and independent factual verification. The ideas and strategies on this article should never be used without first assessing your own personal financial situation, and without consulting a financial professional. All content in this website is for informational purposes only, and is provided “as is”, with no guarantee of completeness,accuracy, timeliness or of the results obtained from the use of this website. The Disclaimers apply to all visitors, users, and others who wish to access or use this article.
