A Selection Of Questions On Usechain Reddit AMA
Hello everyone in the Usechain community, as you all know, we hosted a live AMA on Reddit last week, thank you all for your participation, and here is a selection of questions for your guys to have better understanding on blockchian, cryptocurrency, and Usechian.
[ON GENERAL]
— Hello Mr.Cao thanks for arranging an ama I want to ask you do you really believe Crypto Currency is changing the world? How?
CAO: It create trust among people afar and who have limited real world interactions with each other. In areas like Zimbabwe and Venezuela cryptos can improve over a dysfunctional central institution. In areas like small and medium loans, cross boarder transactions, sharing economy in which trust is difficult to establish in a traditional way, blockchain technology will help us to transact with each other with trust created through softwares.
— Why so many Crypto users have fear of governments? Can government destroy crypto?
CAO: There needs to be a health channel between the developers and governments to discuss. Governments are not afraid of blockchain or the cryptos. They are afraid of criminal activities, financial instability or innocent people including people living on pensions being swindled by people using blockchain as a disguise to cheat. We need some regulations to make sure evil people cannot use the new technology to harm people
— Is our Money Safer In Crypto than at the Bank?
CAO: There are some problems. for example, if you lose your private key, you lost your money forever. For example, some people believe that Satoshi Nakamoto himself probably forgot his private key. On Usechain, it is safer. If you lose your private key, you can appeal to the government and then go through a process to recover your account at an expense as the account is ultimately traceable. The problem with your money in a traditional bank is that irresponsible governments in Zimbabwe and Venezuela can print as much as they want. My parents sold a store in 1975 in China for 800 RMB and they kept the money in the bank. Now the total amount of money saved can only buy you a meal in a nice restaurant. Was it safe? yes, but you lose your purchasing power overtime.
[ON USECHAIN]
— Who will use Usechain? Why? and How? Please give some real world examples?
CAO: Anybody who wants to do cross border financial transaction on a blockchain and wants to be regulation compliant will find Usechain useful. The reasons are trackable transactions, KYC/AML compliant, high tps, low energy consumption which means lower transaction costs and large network size. A real example is the small and medium loans we are working with some entrepreneurs, personal Hayek tokens, Arrow-Debreu tokens, decentralized exchanges and efficient global payments, Airbnb type of apartment sharing and Uber type of car sharing. Another area is games but we need to optimize on our infrastructure more before we work with blockchain game developers to make it more user friendly
— Can you explain what Usechain does without the use of buzzwords?
CAO: It follows regulation so that government have a way to track all the trades if they want to. However we still have privacy as the mapping from identity to the sub-accounts is distributed among three independent groups of people or agencies. It saves energy as each block will be mined by 10–20 people but the selection is through a lottery system so it is decentralized. The smart contracts is safer through mathematical proofs first. The smart contracts are faster due to a global identity that helps on sharding and a hierarchical chain-subchain structure. More efficiency is obtained through parallel within node verification of smart contracts. Hope this will help.
— Is Usechain primarily proof of work? explain in details?
CAO: It is primarily POW. However, because we have one to one mapping between accounts and individuals, we can have account specific hash difficulty. that is the key. So the probability of mining in a group of people is proportional to the population of the group not to the computational power. one person one vote. That means the larges miners for Usechain will be Chinese and Indians as these are the two most populous countries.
— What are the biggest challenges you expect to face with Usechain and how do you plan to overcome these challenges?
CAO: The biggest challenge is to adopt new users. Our blockchain requires verification by CAs so it takes more time for users. We need to make sure to person is real. The link between a subaddress is divided into three stages, the CAs, the multiple signature committee that converts the ID number provided by the CA to a public address, and the links of subaddress to the main address are maintained by another multiple signature committee. But all the cost is worthwhile as we have created a regulation compliant, high tps, low energy consumption and large scale blockchain. We are working with agencies such as loan offices, exchanges, e-commerce platforms, alumni networks to speed up the adoption rates.
— Hi, Usechain team. I would ask you some details about mirror identification system?
CAO: sure. It uses zero knowledge proof to divide the information to different group of people so the privacy is maintained and yet government with proper jurisdiction can trace the transactions to a real person if they want to
— Who permissions an entity as a “government with proper jurisdiction”?
CAO: The CAs and the committee when they join the community, they have to sign an agreement to abide by the law. So when they are ordered by the legal branch they have to follow
[ON COMPETITORS]
— Why does Ethereum need Usechain? How is Usechain going to benefit Ehhereum?
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.
— Who are the main competitors of usechain ?
CAO: Maybe EOS in terms of speed. but they choose centralization in the step of verification of transactions. We view that as a very bad move. We choose slight centralization at the initial account registration step. our blockchain is safer, legally compliant and more trustworthy. Another direction could be DAG but it is still too early to tell how they can resolve the scalability issue
— What about Zilliqa and Pchain? Are they not your compitetor?
CAO: Zilliqa is on sharding but they dont use one to one mapping between individual and accounts. Pchain has sharding, sidechain crosschain but its performance is still in doubt.
— With regards to transactions per second throughput how does Usechain vs EOS Compare, can Usechain surpass EOS?
CAO: No it cannot surpass EOS but will be comparable. EOS has only one validator mining each block at a time. We have 10–20 effectively. So we will be slower everything else equal. But we are better at security, trust and decentralization.
— Can you explain what differentiates your platform from Zilliqa or Quarkchain? It seems that there are multiple platforms all claiming higher transaction and similar benefits, but what sets Usechain apart?
CAO: Zilliqa is on sharding but they dont use one to one mapping between individual and accounts. Quarkchain uses subchain idea but no uniqueness property. We are the only one use the uniqueness idea and resolves the impossibility triangle.
[Comments from Prof.Cao]
Compare Usechain technology with that of EOS, EOS have miners selected through a voting mechanism. In our case the miner’s has difficulty is adjusted by a privately generated random number. So in our case, the RPOW can be viewed as a vote of God, totally random. But it is more robust to manipulation, hackers’ attack and more decentralized. With the current high concentration of cryptos, voting will generate betrayal, collusion, manipulation and distrust in the community. Our algorithm is definitely a superior algorithm although the initial stage to adopt could be slower as we need to verify each account is generated by a real person and there are no redundancies.
Blockchain developers must put us the community before me the individual. For a true decentralized blockchain to persevere, we must have everyone involved. Usechain make everyone has a chance to mine, to participate. It goes back to the days of Satoshi Nakamoto when a high school student can mine the coins. The transaction cost will be a thousand times lower than that of BTC and the speed much faster. Let’s build a blockchain fo the community, by the community and for the community. Communityism is the direction we will pursue.
Reach us at:
Website: http://www.usechain.net/
Weibo: https://weibo.com/usechain
Twitter: https://twitter.com/usechain
Facebook: https://www.facebook.com/UsechainFoundation/
Telegram: https://t.me/usechaingroup
Medium: https://medium.com/usechain/
Bitcointalk: https://bitcointalk.org/index.php?topic=3432061.0
Reddit: https://www.reddit.com/user/Usechain
