Introduction:
From 2009 until today, the blockchain technology has been developed significantly. With Bitcoin as the decentralized currency and Ethereum starting smart contracts, which allowed so many blockchain projects to exist nowadays, so many opportunities for businesses has opened up. As the technology evolves, new blockchains are developed to face previous known problems. Bitcoin, as well as Ethereum and others namely lack of efficiency (low transactions per minute), scalability and currently are technically very limited. Despite a lot of community support and future plans on improving the overall efficiency, some blockchains might have reached their bottleneck, so newer, better and more optimized blockchains have to replace the existing ones. For an improvement, the following conditions have to be met:
- A better performance and scalability to support more transactions per second as well as beeing able to support millions of dApps and billions of users at the same time
- Identity based to make it useable in everyday life such as the usage for loans, insurances but also smaller transactions
- Low technical barrier with low costs, a user-friendly interface as well as a well optimized smart contracts for the mass adoption
Usechain
A currently ongoing project called "Usechain" is facing those problems and are meeting the conditions for a future blockchain and therefore is aiming for the mass market adoption. What's special about Usechain is that they are using identification technology that makes user authorization reliable and more secure. Usechain is the first mirror identity blockchain to ever exist. Usechain uses a completely new mechanism, the so called randomized proof of work (RPOW) consensus to offer not only high performance, but also high security and multilevel authentification and encryption to protect user data. That will allow users to save their personal data on the blockchain with the most reliable user protection and at the same time making mass adoption for identification possible.
Further innovative solutions consists of Zero Proof, Identity Virtual Machine (IVM), Identity Network Sharding (INS), Identity Transaction Sharding (ITS), Enhanced Smart Contracts in order to meet the criterias for the new blockchain 3.0 era. Below you can find a short comparison between Usechain, Bitcoin, Ethereum and EOS. Usechain not only comes with a new consensus, but also with a way higher security level, faster transactions per second and a decentralized platform.
In a short conclusion, Usechain tried to solve all the currently existing blockchain problems and bottlenecks, by creating a better, faster and more secure blockchain. They aim to find:
- A great balance between Performance and Security
- A great balance between Anonymity and Identification
- A great balance between Technology and Application
ICO:
Usechain will start its ICO to gather funds for further development, marketing and expansion starting on the 20th june 2018. During their ICO the so called "UST"-tokens can be acquired. Below are some known conclusions so far about the token-sale:
- UST-tokens are for now based on the Ethereum blockchain and ERC-20 compatible
- Payment method to acquire UST-Tokens is via BTC
- 1 BTC grants 1.000.000 UST-Tokens
- Total amount of tokens issued is 20.000.000.000
- 45% of that, namely 9.000.000.000 will be available in the private and public sale
- KYC is required to take part in the token-sale
The token distribution can be seen as follows:
The collected funds will be used for the following:
The Team:
Below you can find the team working behind the Usechain project. The team has quite good experience in the finance, marketing, but also in the blockchain sector. This knowledge is essential for the Usechain project to become successful. Also their team size is compared to many other projects great, as for sure the team will grow even bigger when the project is launching later on. If you want to find more information about the people working behind this project, simply head to their official website and check out their profiles by clicking on the "Read more" buttom under their profile.
Roadmap:
When taking a look at the Roadmap, clearly can be seen that the team has been working very hard on this project so far. Already in 2016 the idea of Usechain has evolved with a lot of research and concept creation done. In 2017 alone, the Usechain project officially launched with in the same year determining objects, designing the system architecture and basic protocol, developing the underlying public blockchain, as well as partnering up with other projects to explore potential use cases and applications for the Usechain. In 2018 not only the ICO will start, but also major milestones such as developing fundamental functions of the underlying public blockchain, developing an address-identity mapping system and a privacy protection system has been achieved. Furthermore the core community supporting this project has grown to over 60.000 active users. As for the upcoming events, you can take a look at the roadmap below. The team is highly on track of their goals and so far have delivered on everything that they have planned.
My Opinion:
The Usechain project is a complex one for sure. It has to face a lot of challanges and surely needs a lot more development to be accepted as the new blockchain in the 3.0 era. On the paper, Usechain really sounds promising. Beeing a better blockchain and aiming for the mass adoption with a high security level, Usechain could really be the future if the team succeeds to deliver on time. Personally I'm sure that this team is very capable of doing so, since so far all the goals on the roadmap has been met and the team really has great IT and blockchain knowledge + community support. Therefore I'm quite positive on this project and I'm really excited to see the Usechain blockchain become mainstream later on. So stay tuned for further updates regarding the Usechain project.
Further Information:
Want to know more about the Usechain project? Take a look at their official website and their whitepaper for more information. Also subscribe to their official communication channels to stay up to date. Any questions, feel free to comment below.
Website: https://usechain.net/
Whitepaper: https://usechain.net/usechain_en.pdf
Twitter: https://twitter.com/usechain
Facebook: https://www.facebook.com/UsechainFoundation
Telegram: https://t.me/usechaingroup
My Bitcointalk Profile (Rano): https://bitcointalk.org/index.php?action=profile;u=1609093