Usechain( The World’s First Mirror Identity Blockchain) ICO Review
Idea
Usechain is dedicated to developing the first mirror identity blockchain ecosystem. Based on existing technologies in blockchain, Usechain becomes the first public blockchain to be built on Mirror Identity Protocol and integrated with multi-level innovations in technology and structure design，which can be used to break the bottlenecks in the development process of blockchain，provide infrastructure of technology for the virtual and parallel world in the future，build an identity blockchain system built on a new technical structure，develop more widely used Dapps and provide underlying technical support for the application explorations in finance，consumption，entertainment，socialnetworking，games，IoT，supply chain management,asset management and social management and add more value to identity by allowing people to be connected to the financial service provided by Wallstreet in an easy，convenient and instant way.Pretty aspiring ICO project, right! But is it really worth your investment? Let’s explore this project through our Usechain ICO Review.
- ICO Platform: Ethereum
- Industry: Identity and Security
- Price: 1BTC=1 Million UST
- Bonus: N/A
- Soft Cap: 1,350 BTC
- Hard Cap: 34,700,000 USD (4,500 BTC)
- Total Number of Tokens (Available for sale): 20 billion UST (9 billion UST)
- Website: Usechain Website
- White paper: Usechain Whitepaper
- Telegram: Telegram
Mirror Identity
As a basic explanation, the meaning of Mirror Identity can be defined as Blockchain based Identity Address Mapping tool. Usechain platform ensures the situation that your identity is being safe as it will be stored and will be shown to others as anonymous data. While address transaction records will be transparent, your address stays anonymous.
Hard Cap and Valuation
There will be a total of 20 billion UST tokens and the project aims to raise 45,000 BTC for 45% of the token total. 15% of the remaining 55% is earmarked for the technical community rewards project’s reserves, 20% for community rewards, 15% goes to the core team, 5% to the marketing and partner support.
UseChain UST Token ICO Details
Token symbol: UST
Accepted payment method: BTC and ETH
Total token supply: 20000000000
ICO: 9000000000
Important Dates
Usechain token sale is scheduled for the 7th of June, 2018.
Whitepaper
Usechain White paper( http://www.usechain.net/usechain_en.pdf) has a scientific look, and so scientific content. It starts with high-level introduction to blockchain, and continues describing general mechanics behind technical arcchitecture concept. It further explains concept of Usechain ecosystem how it works, then they explain their value of project their moto, goal. Followed by nice explanation of their future goal ,token sale and distribution , team, advisers White paper closes with a brief section basically stating their weakness as well and their bright future plan.
Overall a white paper is a document that tells how the technology of the block-project will work. This file usually contains a detailed description of the architecture, as well as how the users interact with the system, information about the current market situation and growth forecasts, the conditions for the release and use of tokens, and a list of team members, investors and project consultants. I think Usechain explain everything.
Team & Advisors
So this looks like a well thought and massive project. But who are the people behind it? Again I will quote the texts directly from their website.
Team
HENRY CAO — CEO & Founder
He is the founder and CEO, a finance professor at Cheung Kong graduate School of Business, founder of the first finance MBA program in China. He was 13 years old when he was admitted into the USTC gifted class, I taught at the University of California at Berkeley.
BAOHONG SUN — CSO & Co-Founder
She is a co-founder, CMO and marketing professor at Cheung Kong graduate School of Business, Dean’s Distinguished Chair professor of market, Associate Dean Chaired professor at Tepper Buisness school, editorial board member of marketing science.
SHENGLI ZHANG — Chief Sciencist
He is the chief scientist and senior blockchain specialist, wireless network technologist, presenter of physical Layer Network coding, professor of Shenzhen university, senior member of China electronics society and a holder of 3 national invention patents of blockchain, USTC BS and MS CUHK PhD.
FENG ZHANG — Senior Financial Specialist
He is the senior financial advisor, an expert in thousand talents with about 30 years of experience in QIHF globally, MD of Asset management department of CitiGroup/ Morgan Stanley
ERIK XU — (COO)
He has about 10 years of experience in internet and information security industry in general management and marketing. He is a serial Entrepreneur, Head of information security project at national information security Engineering centre, member of national information security.
ANDY ZHOU — (CTO)
He is the technical director of Beijing United Electronics Co, Serial Entrepreneur in IFLYTEK, Huawei, technical director in Chukong technology, deep understanding of big data, artificial intelligence and distributed system, Double a bachelor’s degree from University of science and technology of China (USTC) and MS from Chinese Academy of sciences (CAS)
LIN ZHAO — (CPO)
He has about 10 years of experience in internet and new retail industry, experienced in platform building for horizontal e-commerce E co-friendly product and service specialist.
AMANDA SHEN — (CMO)
She is the public Relation and marketing experience for 12 years, marketing strategy manager of FedEx China
Advisors
LUCAS LU — Advisor
He is the senior advisor, senior expert of blockchain, founder and CEO of 5miles and cybermiles (CMT), the first general manager of Mobile Taobao, China university of science and technology BS, SMU PhD
YIN CAO — Advisor
He started his research and promotion of blockchain application in 2015 and was among the first to propose the concept of Energy internet in China. He is a co-founder of the first energy blockchain Lab in the world, major member of the technical working group China of Hyperledger project
Road Map / Timeline
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.
Partnership
Usechain already has partnership agreements with the biggest names in the Blockchain market: Yahoo Finance, Albany Business Review, Cision, Market Watch, Yam and others.
There are no projects like Usechain, this means reduced competition and ample time to establish their ecosystem before competing start-ups crop up en massege
Community Acceptance
As of the time this post was published, Usechain had over 59,000 members on Telegram, over 2,467 followers on Twitter.
Being well known in the community comes with its privileges as in the case of the CEO Henry Cao who has huge followers on Twitter. Having already started the Bloq, a blockchain-based company, the prime team members have established names in the blockchain community. Having said that, there is also a lot of possitive opinions over some of these members.
The Usechain community is available for the potential investors to reach out on , Twitter, Reddit, Facebook and Medium as well. With close to members on its 2,467 Telegram channel, it certainly is gaining a lot of attention.
Analysis
To rate an ICO, we follow a list of parameters that are basically the KPIs (Key Performance Indicators) of a project
Whitepaper — Availability of code or prototype, the breakdown of funds, wallet for crowdsale
Team Profile — Team’s strength and reputation
Business Model — Problem solved, purpose & utility of the token and the economic model
Backing Technology — Blockchain infrastructure, clarity of terms & conditions and token software
Crypto-sale Resilience — Incorporation, token distribution, legal risks and security aspect
Community Acceptance — Clarity & frequency of communication and social media presence
For more information about this ICO please go to
Website：https://www.usechain.net/
White Paper: http://www.usechain.net/usechain_en.pdf
Facebook：https://www.facebook.com/UsechainFoundation/
Twitter：https://twitter.com/usechain
Reddit：https://www.reddit.com/user/Usechain
Medium: https://medium.com/usechain
Telegram group: https://t.me/usechaingroup
Bitcointalk: https://bitcointalk.org/index.php?topic=3432061.0
