Introduction
Blockchain technology is a revolution that is ongoing in which a lot of people are still oblivious of. Blockchain is a distributed list of ordered records called "blocks". Bitcoin (a digital currency) is the first major blockchain innovation. Over the years, it has been discovered that blockchain technology can be used for other purposes aside the currency use. It has been discovered that blockchain technology can be used for various inter-organisational cooperation.
However, the mass adoption of the blockchain by various companies and institutions have being a major concern because of the following problems that are found in the current blockchain that are in use. These problems are :
• Under Performance and Scalability: the current blockchain that we use cannot handle large amounts of transactions. The blockchain that bitcoin uses can only handle 7 transactions per second while that of ethereum can handle about 25 transactions per second, these values are weigh to low when compared to amount of transactions handled by VISA.
• Not Cost efficient : One of main problems that we are facing as regards to the mainstream adoption of blockchain is the high cost of using the blockchain technology. It also discourages developers that need flexibility to build free services.
• Anonymous Environment : The existing blockchain technology is based on anonymity. The public address of the crypto currency account has more link to the offline identity of the owner of the address. This has made blockchain a haven for criminals and scammers to hide and steal people's funds without any trace of their identity.
These problems listed above have hindered the mass adoption of blockchain in various fields of human endeavours. To solve the problems, a team of talented experts in blockchain technology came up with the idea of having the first mirror identity of the blockchain called "Usechain".
What is Usechain
Usechain is a platform that was conceived by a team of experts in blockchain technology with the sole aim of creating the first mirror identity of the blockchain, that will help improve the performance and the usability of the blockchain in real life. Blockchain technology has been used by enthusiasts to transfer assets/values because of its transparency, irreversibility, security and decentralized features that it has. However, transfer of values in large scale without compromising the security is not attainable with the blockchain in use at the moment. Usechain aims to create a Usechain ecosystem, that will be able to transfer large scale values without compromising the security of blockchain.
Usechain intends to increase the mass adoption and the usability of the blockchain technology by eliminating all the bottlenecks listed previously. Usechain intends to solve the problems in the following ways:
• Performance and Scalability: it intends to build a mirror blockchain that can handle thousands of transactions per second without compromising the security of the blockchain. This is far weigh more than that of bitcoin and Ethereum.
Comparison of the blockchain of BTC, ETH, EOS and Usechain
• Cost efficiency: The high cost of using the blockchain technology is a major stumbling block in the mass adoption of the technology. Usechain will provide a more user friendly interface for internet technologies and low-cost and low risk docking mode for mature technologies, thereby encouraging developers and giving them the flexibility to develop free services.
- Anonymity: Usechain will establish a connection between the blockchain public address and the offline identity to meet the requirements of the know your customers (KYC) and Anti-Money Laundering (AML), thereby making blockchain adopted massively.
Usechain aims to build a blockchain ecosystem that will eliminate all challenges that currently hinder the mainstream adoption of blockchain. Usechain will develop the first mirror identity blockchain ecosystem built on a technical structure, develop more widely used decentralized applications (DApps) and provide the essential technical support for the applications exploration in various fields of life.
Usechain ecosystem will improve the transaction efficiency through the mirror identity of blockchain that will include innovations in security and performance.
The key innovations in Usechain ecosystem are designed as follows:
• Multi-level authentication mechanism: Usechain establishes a correspondence mechanism between the on-chain/public address and the offline identity of the owner of public address.
• RPOW consensus mechanism: High performance and anti-attack Trusted Execution Environments (TEEs) built hardware, the Randomized Proof Of Work (RPOW) consensus algorithm can achieve high frequency transaction verification based on lower energy consumption and fair environment for mining.
• Network Sharding technology: Identity Network Sharding (INS) and Identity Transaction Sharding (ITS) strategies designed, Network Sharding can be realised based on the account address of users.
• Identity Virtual Machines: Usechain ecosystem will include the Identity Virtual Machine (IVM), which is a new standard for building high performance smart contracts.
• Light Node Client: The adoption of higher level Merkle Tree BCMT is used to achieve transaction and status verification.
• Online fault tolerance: when a specific node encounters a conflict or fork, the disputed accounts and blocks will be frozen based on Identity mapping.
USECHAIN TOKEN DISTRIBUTION AND CROWDSALES
The ticker symbol for the Usechain token is UST. The token is built on the ERC20 standard protocol. Here are all the details about the UST token.
Ticker: UST
Total Number of tokens : 20 billion UST tokens
ICO distribution- 45% (9 billion UST Tokens)
Hard cap= 4500 BTC
Price rate- 1 BTC=1 million UST Tokens
For Crowdsale
Minimum investment- 1 ETH
Maximum investment - 5 ETH
The total quantity of the token is 20 billion UST. The distribution of the token will be as follows
Who are those behind Usechain
Core Team
Advisors
Roadmap
Conclusion
The Usechain ecosystem will revolutionize the crypto world when launched successfully. Blockchain is a leading technology that would have transformed a lot of cooperations if were accepted massively. However, this will be a thing of the past, when the Usechain ecosystem, which will eliminate all the flaws seen in the current blockchains in use, is launched.
Sources:
Website: http://www.usechain.net/
Whitepaper: http://www.usechain.net/usechain_en.pdf
Medium: https://medium.com/usechain
Twitter：https://twitter.com/usechain
Facebook: https://www.facebook.com/UsechainFoundation
LinkIn: https://www.linkedin.com/company/usechain/
Telegram：https://t.me/usechaingroup
reddit: https://www.reddit.com/user/Usechain/
instagram: https://www.instagram.com/UsechainOfficial
Authored by: Manhenro
Bitcointalk URL: https://bitcointalk.org/index.php?action=profile;u=1202089