There’s no gainsaying that blockchain has made phenomenal progress since its inception in 2009. While Bitcoin initiated the concept of decentralized currency, Ethereum which sprung up in the second generation facilitated the use of smart contracts.
The whole blockchain concept has imbibed into the global community autonomy and security.
However, it is not without its flaws-- performance hiccups, hazy scalability, and outrageous technical threshold have limited its application to cryptocurrency trading and exchange alone. True, there have been diverse measures by blockchain communities to maximize its functions—it still hasn’t made an impression in the mass market; a cause which could be attributed to lack of trade support and a weak connection with the market.
Due to the numerous shortcomings of the blockchain technology, and the quest for the global market to adopt an ecosystem that would fit into their everyday lives, Usechain was born—as a solution to the cravings of enthusiasts.
Challenges of the blockchain Technology
Low Performance
Even though blockchain has recorded a lot of progress, it still hasn’t found a way into the hearts of the masses. For one, we cannot purchase groceries from the local store with Bitcoin or Ethereum. Also, the existing blockchain technology structure, Bitcoin, and Ethereum only embrace 7 and 25 transactions per second respectively—which is pretty low. This slow transaction speed of blockchain systems makes it difficult to be utilized in the general market.
Anonymity
In light of the on-chain cryptocurrency account that keeps the identity of users guarded—it makes it easy for fraudulent activities to flourish as criminals could mask behind the shadows to commit drug trafficking, smuggling, and illegal fundraising.
Technical difficulties
The demands associated with the creation of decentralized systems are still daunting. The creation of underlying public blockchain has high technical difficulties that need multidisciplinary and technological resources.
Usechain—What You Should Know
The first blockchain ecosystem is established by the Usechain foundation and it thrives to resolve all the challenges presently faced by the blockchain technology. The Usechain ecosystem uses the framework of blockchain technology as its underlying bedrock.
It’s created on high performance, security, transmission of large valued data, and reliable architecture.
Due to its solid technological foundation, high performance, and the use of the real identity of users; Usechain can be applied to a vast number of activities that require security.
Usechain intends to create the first mirror identity blockchain ecosystem by mimicking the design of the present blockchain—it strives to improve the efficiency of transaction verification, minimizes the cost of deployment of smart contracts, hypes ease of use and versatility. Usechain is designed with the resolution of scalability in mind and the management of voluminous transactions to accommodate that embraces millions of users at a go.
The architectural design of Usechain includes application services, application components, application protocol, and core framework built from the public blockchain.
Right now, the crypto sphere has hundreds of centralized exchanges which act as middlemen in a sense—setting outrageous transaction fees in a bid to amass profits, they store up users digital asset in a central storage system which is prone to hijack by hackers; subjecting subscribers to undue threats.
Usechain operates a public chain that is decentralized with a propensity to process thousands of transactions in a second— embracing decentralized exchanges is ideal to effect the quest.
RPOW will also be used to create a randomized central transaction matching service and a decentralized clearance and settlement service. With the initiation of the high-performance identity-based blockchain, Usechain aspires to create a decentralized exchange that prides itself on security, top-notch user experience, and efficiency.
User’s assets are guaranteed of being kept free from predators that exist in form of hackers. The cost of the transaction process is minimal and the liquidity provision is adequate for exchanges.
Conclusion
The Usechain ecosystem proposes the following benefits: high-level security, high performance, minimal energy consumption, public participation, multi-level authentication mechanism, RPOW consensus mechanism, Network sharding technology, Identity virtual machine, light node client, and online fault tolerance. Usechain undoubtedly promises to be the blockchain that revolutionizes the perception of the majority that are presently being side-lined due to the extreme hiccups posed by the present blockchain technology—Usechain is the revolution enthusiasts crave.
Website: https://www.usechain.net
Whitepaper: https://www.usechain.net/usechain_en.pdf
Twitter: https://twitter.com/usechain
Facebook: https://www.facebook.com/UsechainFoundation/
Telegram: https://t.me/usechaingroup
LinkedIn : https://www.linkedin.com/company/usechain
Reddit : https://www.reddit.com/user/Usechain
Github: https://github.com/usechain
Medium : https://medium.com/@usechain/
Author's details
Bitcointalk username: confii
Bitcointalk profile link: https://bitcointalk.org/index.php?action=profile;u=1777715
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