Hello, here is the selection of Usechain telegram online AMA on July 9th! Thank you for your support and we hope all your questions were perfectly answered! Let’s together embrace and make blockchain technology to change our lives! Now check out for more details! See you next time!
— Hi all, this is Erik. It’s my pleasure to have an opportunity to chat with you today. If you have any questions about Usechain, pls let me know.
1.Q: I understand Usechain are trying to create an ecosystem of various products built on the platform. In your view what is the biggest challenge for you to deal with which may hinder adoption of it?
— We are trying to build an identity-based ecosystem based on Blockchain technology. I think the biggest challenge to do so is the uncertainty of Blockchain technology development.
Q: Also are there established or ongoing talks about partnerships based in Korea that you may be able to vaguely detail about if you are under the impression of NDA?
— Yes, we are talking with two partners in Korea actually. We are exploring possible development in Korean market, such as building a strong local community. When I went to Korea and talked with Korean investors, I understood there is a huge market that we cannot miss😁
Q: Ah ok because it’s new territory for the technology, fair enough
— It is a new direction and also the main direction of the next generation of Blockchain I truly believe. If Blockchain technology can change our daily life like the Internet, we have to deal with the following problems, low speed, anonymous environment and waste of engergy.
— Actually the existing public chains and blockchian technology are immature. As a result, we are developing a brand-new technology, during which there are so many challenges needed to be met and solved. For a long run, we are optimistic to make it happen.
2. Q:ust的发展现在按部就班吗？会不会提前完成一些线路图的安排? (Is everything of ust going according to the original plan? Will some maps be completed ahead of schedule?)
— We are developing the public chain and building the ecosystem based on our plan. It is not easy but we believe we can follow the plan.
3. Q: Hi, Erik Who are the main competitors of usechain ?
— We wanna build a technical infrastructure to make Blockchain truly change our daily life like the Internet. So we treat Ethereum and EOS as our competitors even though they are all anonymous.
(For this question, professor Cao used to have a more specific answer! Wanna explore more? Go check out the link to see the full Q&A😉: https://medium.com/@usechain/a-selection-of-questions-on-usechain-reddit-ama-7cb4499efa2a)
— Prof. Cao: We are different and Usechain is the first mirror identity blockchain. Usechain is regulation compliant, fast, efficient and scalable. It is useful for people who want to do an honest transaction, willing to pay taxes, but rely on blockchain to have trust on the transactions. Ethereum is for people who could open multiple accounts and have strong preference of anonymity. But Ethereum is slow, inefficient and not scalable.
4. Q: Are there there further plans to hire even more staff to establish a foothold in various major countries? E.g a team specialised for establishment of usechain in Europe, Australia, etc?
— We already estalished a team based on NYC to further develop North America market. We will establish marketing and operation teams in various countries for sure, especially Korea, Japan, Germany, London. Step by step.
5. Q: How will you prevent people from dumping and reducing the price in the exchange?
— Firstly, we selected investors very carefully. We cooperate with partners who are truly optimistic for the future of Usechain and willing to stay with Usechain for a long run, rather than just speculation. Secondly, we have a good lockup strategy for all cornerstone and private sale.
6. Q: when our team launch a wallet and test our own chain?
— We will launch our wallet and testnet at the end of September. It will also spark UST price on secondary market. Stay tuned😜
7. Q: Is it possible our own blockchain get into use in this year?
— We are trying to launch the mainnet at the end of this year. So it is possible.😁
8. Q: And how can usechain be decentralized when there’s a committee (since you guys are claiming that you’re different from centralized EOS)
— (Bolun Xia) EOS has a voting committee determined by the number of stakes, essentially. That means it’s about the same group of rich people every time.
Because Usechain has the identity system, we’re able to achieve Randomized Proof of Stake (RPOW), which means every time the people on the committee are generated by a random algorithm, so it’s a randomly different group of people every time. In a way, it’s like a Vote of God. And that’s how the decentralization works.
— That committee is totally different from EOS. We set it just for prevent privacy disclosure.
9. Q: Thanks! And btw how do you allocate the rewards for making blocks to the whole community when only randomly selected miners can do it?
— (Bolun Xia) We introduced the USMK, a high-speed mining permit license. The cost of USMK is 2 Kth power (UST+USK). Having a real-name account of USMK can reduce the difficulty of mining by K. 0. At any time, everyone can buy USM1, but with USMK, if K is greater than 1, USM (K-1) already has 20 pieces. Users who also have low-level USMK1 can also upgrade to USMK2. K2 is greater than K1. The premise is that there are already 20 USM (K2–1), and make up the difference. USMK can also be traded in the chain. However, accounts using USMK must have USMK for 24 hours before use.
— A random miner can obtain the upper part of the block by dividing the hash value of the previous block by the miner of the NUSMK+1 to obtain a K number of zeros less than the normal difficulty. If the remainder is zero, then the company will replace the public account for mining. The rewards are returned to the public account. NUSMK corresponds to the number of USMKs. In addition, any account cannot dig two blocks in a row.
— It is the same that miners will be rewarded when they contribute the ecosytem. The difference is that each person have equal opportunity to participate in this process.
10. Q: Is it possible our own blockchain get into use in this year and provide service for many companies?
— And we develop our ecosystem in a very different way. For existing public chains, they release tokens to developers so as to inspire them build Dapps in the ecosystem. As a result, there are many Dapps but there is no users. So we wanna lerverage our good business resources based on top business school to build Dapps together with renowned companies in different industries. In this way, we can lerverage not only industrial resources of our partners but existing users as well. We haven’t started to put effort into find partners to build the ecosystem but there are many good companies wish to work with us to build Dapp together. Each of them has more than 10 million users, which will shake crytocurrency maket definitely.
11. Q: What is the stage of your project? How’s the private sale going?
— our public chain is on BETA stage and will launch testnet at the end of this September. Our private sale will finished at the end of this month and will list on renowned exchangers at the middle of the next month.
12. Q: Private sale is finished now it is going to be public sale.
— We will organize more AMA in our community to communicate with you and I will try my best to spend more time talking with you guys. Thank you for your support.
13. Q: Hello, Erik, I want to ask how Usechain protect the user’s privacy? who will keep the doc, the user, the Usechain, Or the goverment? and why?
— All people are concerned about privacy protection and we regard it as our top priority. In order to protect users’ privacy, we build identity-based public chain rather than real-name public chain. It is a huge difference. People verify their identity through CA nodes. The result of verification rather than identity information itself will be recorded on blockchain through encryption algorithm. In one sentence, users’ identity will not be exposed on blockchain so that there is no chance to privacy disclosure.
14. Q: Actually I have one more, since mining is randomised does that mean there won’t necessarily be mining farms and instead everyone has that equal opportunity? Also would mining involve actually utilising computational power or would there be another process by which it occurs?
— Yeah. It is one of the most interesting parts. Based on Mirror Identity Protocal and RPOW consensus algorithm, we decrease the significance of computing powers and make the following results happen. Firstly, it is absolutely fair procudure to mining for everyone. There are no advantage for ASIC machines. Secondly, mobile devices can be supported to mining UST. You can use Dapps and mining UST at the same time through your cell phone. Thirdly, it is very engergy-friendly so we can support more users without worry about wasting energy.
15. Q: Hey Erik I wonder what is your plan for upcoming road trips and other activities?
— will do more meetups in mainland China and major countries this month and in the future to meet our global fans face to face.
16. Q: Hi, Erik. UST in addition to the random algorithm, what other methods can be used to achieve a better balance when mining on the main network? Can ordinary people participate in it?
— Sure. our goal is to realize the dream of Satoshi Nakamoto to make a equal network for everyone all over the world, so ordinary people can participate in it definitely!
17. Q: Is Usechain foundation based in Singapore?
— Yes, our fundation is based in Singapore. We have three offices right now, Beijing, Shenzhen and NewYork.
18. Q: There are already imitators in the market. How do we keep our competitive edge？
— There are copycats all the time. Beyond the excellent team, the competitve edge, I think, must be power of execution. and deep understand of Blockchain technology as well.
19. Q: What are the cities of the second China road show?
— Meetups in mainland China are just beginning. Shanghai will be the next station.
20. Q: Can you release detailed technical team information?
— Because we are developing a brand-new blockchain infrastructure. So it is hardly to copy codes directly like others…
— We spent much time to discuss the whole structure and MIP procedure to realize identity chain without privacy disclosure. We already found the solution and will develop faster in the future.
21. Q: Btw, what is the valuation of the project?
— We are trying to build a new generation of Blockchain to make blockchain into our daily life like the Internet. Usechain is an identity-based public chain with high performance. It will be the infrastructure.
22. Q: Maybe there could be a person master most wallet, how to deal with it?
— Usechain is totally different from the existing blockchain. Each person with unique identity can have only one main address on the chain.
23. Q: Is there a mechanism to screen fake identity or someone who master most identity, how to deal with it?
— Firstly, it is the problem happened in the real world and cannot be solved by blockchain technology simply. Blockchain technology is not that magic. Secondly, we are trying to set up a better mechanism to reduce the impact as much as possible. One of the mechanism is that the analysis algorithm will analyize address behaviors to pick up real users. The behaviors of real users and fake users are different.
24. Q: Thx @bitErik So when is the public sale? And how’s the price?
— Will be at the beginning of Aug. The price will be 1ETH=75000UST.
25. Q: Hello, Erik, I checked your official website and I found that in the token distribution part, 20% of the tokens were about to be for community rewards, could you please give more details? which community? this group?
— Miners and people who contribute to Usechain ecosystem will be rewarded from that part.
26. Q: Why not try India?
— We are very interested in India market. If anyone is familiar with India, please let me know how we can cooperate to expand on India. Thanks a lot.
27. Q: Do you guys ever worry about the possibility that people will be gathering as groups (like online countries or whatever) in future? like what they do today (team up as a pool) just in a different way — not computing power but population.
— I think it is a trend that people can gather together online acrossing the broaders. Wish we can do something as we can in that trend.
— Wish you guys enjoy the AMA and further understand what we did and what we will do in the future. I will try my best to spend more time to talk with you and let’s do a truly value-added thing together. Thank you.
