“Get ready for the world’s first mirror identity blockchain ecosystem.”
Finally, a worthy blockchain.
It has been a fun ride for the pioneers of blockchain but as with all trending phenomenon, there is always be something bigger and better brewing in the background. Usechain is the world’s first mirror identity blockchain ecosystem with fundamentals geared towards countering the very flaws of current blockchain giants like Bitcoin and Ethereum, all while retaining the magic of the technology.
While the existing blockchains are still very much praised and well-functioning on the exterior, there are three glaring issues that experts in the blockchain arena would have noticed: limited execution efficiency, susceptibility to anonymous digital crime as well as restrictions in technical thresholds. Usechain promises to change all that.
On dealing with limited execution efficiency
Under the existing technology framework, Bitcoin and Ethereum can only support 7 to 25 transactions per second. This is an astronomical lag in comparison to the thousands of transactions per second that merchants like VISA and MasterCard supports. In order to improve the execution efficiency, Usechain introduced Randomized-Proof-of-Work (RPOW) — a cutting-edge consensus algorithm that will achieve high-frequency transaction verification on the premise of random equitable mining and elimination of a centralized computing power pool. Through this algorithm, miners no longer have to fight with computing power to solve complicated mathematical equations; blocks of transactions are allocated to them in a haphazard manner. They either get it or move on and continue queuing for their turn quietly, saving lots of time and computing power along the way
In addition, network sharding technologies such as the KaZaA P2P protocol, Identity Network Sharding (INS) and Identity Transaction Sharding (ITS) will also be incorporated to double-up both the speed and volume of transaction confirmation on the network. Based on INS and ITS, all nodes in the chip can be confirmed without the need for confirmation of the entire network, hence extensively increasing the speed of transaction verification on the blockchain. A higher-level Merkle Tree BCMT will also be integrated to achieve transaction and status verification while reducing the amount of data synchronization needed for light-node clients in verifying the accuracy of transactions and data on the chain.
On dealing with susceptibility to anonymous digital crime
As we all know, the core application of blockchain technology revolves around the anonymity of users. While this is a good step towards attaining transaction privacy, it also means that transactions have no association to real-identities and this could pose huge problems when it comes to tracking money-laundering, drug-trafficking, smuggling and illegal fund-raising activities. Most daily applications require the support of Know-Your-Customer (KYC) and Anti-Money-Laundering (AML) protocols and the anonymity of cryptocurrency transactions meant that it is almost impossible for wide range applications. However, Usechain is confident of stepping it up. Through their Multi-Level Authentication Mechanism, Usechain establishes a multi-level correspondence mechanism between the addresses on the chain and the identity of the authenticated user entity. Keeping in mind the importance of user privacy, the mechanism will only record the mapping relationship on the chain, with no other information exposed.
On dealing with restrictions in technical thresholds
The stiff nature of current blockchain applications is a palpable issue. It is still unable to allow applications to be built across different platforms and this is a massive problem in terms of the flexibility and adaptability of the technology. Through Usechain’s Identity Virtual Machine (IVM), high-performing smart contracts can be defined and sandboxed with a small amount of adaptation. Its intermediate communication will allow the IVM to interact with the underlying blockchain, external APIs as well as sub-chains to build an execution efficiency that will easily surpass that of Ethereum’s.
Through sharp identification of current day’s blockchain problems and implementing smart solutions to counter the fundamental flaws. Usechain sets a sturdy ground for an array of ecosystem applications such as decentralized digital currency payments, personal identity token, decentralized financial services, unattended investment and equity management, decentralized insurance and exchanges as well as many other applications founded on credible service provision. With that, Usechain poses as a promising blockchain ecosystem that will likely outdo that of its predecessors.
In short, Usechain is set to develop effective financial and other kinds of Dapps using the public identity chain. That will be a mirror world on-chain and on this parallel world people can conduct financial and non-financial transactions just like the real world. Our purpose is to tear down barriers on Wall Street and make financial services more accessible to the average folks. When we transact on the blockchain, we hope it could be just as real as if we are off the blockchain.
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
