Usechain Live Stream Part I - Introduction to Usechain Testnet and Ecosystem
On October 9, a YouTube Live Stream of Usechain Testnet was on! Usechain CEO & founder Huining Cao introduced Usechain testnet “Moonet”, Usechain ecosystem and so on.
Q1: What Is Usechain Testnet?
Today we are going to launch testnet of Usechain
So in this step, we are trying to test the latency, energy efficiency and also in the later stage, we are trying to test the sharding.
We are trying to make sure blockchain technology is consistent with the regulations of various governments. So we want to have people involved and try out the Testnet. if you find a bug, we will give you award.
We are also trying to build an ecosystem for the Usechain.
Basically, all the developers and communities, if they are interested in adding the blockchain technology to their system to increase trust among various agencies, we can help them to build up the system and help them to distribute their tokens, and also to encourage loyalty programs, sharing economy, and financial services, can also be tested on the Testnet.
So essentially, in this system, first we are going to test certifying authority, each person can log in and upload his credentials, and then the certifying authority is come to give out an index number for that person. And the index number will use the ring signiture, crytography to be linked to a public address on the testnet.
So this completes our Mirror Identity Protocol for each person, this means each individual has a mirror identity on the Usechain, but their own private information is still saved off the chain, there is an one-to-one correspondence between the public address on the Usechain and the identity is always off the chain
So in this way, we can keep privacy for each individual, and at the same time, if there any illegal activities on the Usechain, the government can trace and find out the person and take actions.
Q2: What Is Randomized Proof of Work?
Because each person has an one-to-one correspondence, we are able to use a new algorithm, RPOW.
Using the verified random number function to generate a random number for each individual, and then we will use the algorithm to assign a random number, at any time, there will be one individual to do the mining, so in that way, it will be much faster. We call this the Randomized Proof of Work.
Usechain is more decentralized than EOS.
Right now, at the Testnet, the speed is about 300tps, later, we are going to implement an advanced algorithm, so we can reach about 3000tps. So our property in terms of speed, efficiency, and the scale is similar to EOS, however, we are much more decentralized, because each individual has the chance to mine the block, while in the case of EOS, they have about 21 super nodes. They are the block producer, they take turns to generate the block, the key difference is in our case, the mining is decentralized while in EOS the mining is centralized.
In this way, our system is more robust, more secure, and less sensitive to manipulation of corruption by the centralized mining.
Q3: What Are Usechain Application Scenarios?
Usechain decentralized applications
Based on this, we can implement out system and introduce the decentralized applications for companies or enterprises to help improve trust. In terms of like house sharing or car sharing. All the sharing economy where trust is required, we can use our technique.
And also in financial services where you need to know your customer or implement anti money laundering, our infrastructure will help financial services to do that. Usechain can be used for stable coin, for exchanges, for loan, for asset management, wealth management, the insurance and so on.
We plan to launch the Mainnet by the end of March next year
So right now the timeline is we have launched the testnet, and at the end of the year we will complete the Testnet. We plan to launch the Mainnet by the end of March next year. In the meantime, we are trying to help people and companies to join the ecosystem and build up use space for our blockchain.
The main advantage of usechain is that we are more consistent than Ethereum.
Basically, we will make sure all the transaction conducted on Usechain is consistent with current legal system. Our speed, scale and energy efficiency are much better than Ethereum.
Respect to EOS, the properties will be similar, expect our system is much more decentralized, and more consistent with financial regulations for financial services.
Q4: Any Competition Going on Usechian Testnet?
The timeline, we are trying to extend our userbase.
Not only the users who are interested in using the coins but the ecosystem. We want to cooperate with the users to use our infrastructure and create sharing economy using Usechian.
After using the Mirror Identity Protocal and the Randomized Prove of Work, we hope to increase users not only in China but also globally. We encourage the global programmers to try to find any bug in the system and we will provide rewards for people who have found out any security concerns in the Usechain.
The parameters are still on the consideration, we plan to do some competition in October and November. There are two parts.
The first part is to find out bugs of Usechain net. The second part is to use our technology Usechain as the basis to write some decentralized apps.
We can help you to implement the Dapps even if you have problems of the decentralized apps, we can see if the proposed Dapp have some creativity or originality based on the recommendation of a committee, we will still give out rewards.
The Testnet encourages users to be miners, send out transactions. If the transactions are completed, we will award those who are actively participated.
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
