On this unique project i will be writing about it in series,, with this particular one being the first part part 1
When it comes to the blockchain technology, a lot of developments have happened since the creation of the first block in 2009 by Satoshi nakamoto (whose identity is yet to be known) to this very present time. Within that period we have seen a lot of improvements in the technology, with startups promising a faster and more scalable blockchain with near zero fees, however only a few have been able to come close to achieving this feat with example seen in EOS, but the main concept of the technology is Decentralization, whereas EOS is just slightly decentralized.
Come to think of a blockchain which is
- public
- Decentralized
- Highly secured
- Efficiently scalable
A blockchain whose application cuts across all sectors, be it the entertainment, educational, finance, internet of things etc. A look at the problems preventing blockchain technology from mass adoption
Complex technical difficulties
Tho the ethereum blockchain can be used to develop smart contracts, a nob can't just go into the blockchain saying he/she wants to develop a smart contract, that is due to its technical difficulties, aside the use of smart contracts, some the use of Dapps on the blockchain is not easy to go by as it also requires a lot of technical knowledge for one to successfully build a decentralized application (Dapp) that works efficiently on such blockchain., Asides this Dapp built on a particular blockchain cannot be deployed on an alternate blockchain.Low efficiency
The efficiency of blockchain technology is amongst the reason as to why the technology is yet to be utilized broadly, scalability in the sense that a blockchain should be able to adapt to the increasing number of transactions it can process seconds, one can also call this adaptability.
All problems listed above have been attempted to be solved by numerous startups, like the lightning network which was deployed on the bitcoin blockchain increased its efficiency/scalability a little bit, but this wasn't enough to serve as a lasting solution, have seen a host of recent technologies which have proposed blockchain 4.0 , dubbed to be the next generation blockchain but still face technical difficulties in achieving this feat.
What is usechain?
Usechain is the first blockchain that provides a lasting solution to the major problems of the technology (highlighted above), is is the first blockchain to be built on the mirror identity protocol and use the randomized proof of work to achieve consensus. A blockchain that achieves a balance between scalability, security and decentralization in building Dapps asides all these, it can be used in almost all sectors thanks to it's
- Mirror identity protocol
- Randomized proof of work consensus mechanism
- Network sharding technology
- Light node client
- Online fault tolerance
Usechain’s mirror identity protocol
Also known as identity-address mapping protocol, in plain word or lay man understanding means each address on the blockchain can be traced to a unique identity, unlike the ethereum blockchain where different addresses can be owned by one person, this has somewhat limited the application of ethereum blockchain in sectors that require identity validation,
One of the fears of the blockchain technology is that it can be used to fund terrorist organisation as well as money laundering, which one of the reasons why the government is trying to regularise it, but with the usechain blockchain where every address can be linked to a person, this not only solves the issue of money laundering,it also tends to be government compliant as this will in turn enable its wide application in the fintech and commercial sectors, The mirror identity protocol not only ensures identification of address, it also provides anonymity in the sense that off chain, the identity is completely anonymous meaning you can see the transactions of a particular address on the blockchain but will require authorization in order to see the identity behind the address, this is a killer feature of the usechain mirror identity protocol,meaning user privacy is kept secured and intact.
Strengths of the mirror identity protocol
- With this feature the usechain blockchain can be utilized in any sector that requires user identification
- It provides privacy as well as security, as users data are secured cryptographically.
- This makes it the first blockchain to be in alliance with government regulations.
Randomized proof of work
More details about randomized proof of work which is a feature of usechain's blockchain will be published in my next series on this project.