Hello, steemit community, my blog followers and everyone who is interested in the modern technologies and particularly in the blockchain. You know, I spend a lot of my time studying the crypto-currency industry, analyzing various blockchain projects and ICO, on the bitcointalk.org forum, in cryptotrading, bounty hunting and far from a beginner in this field. The subject for today's review was chosen very carefully, among the heap of ICO - you need to spend a lot of time and energy to find a really worthwhile project. It will be a very interesting and promising platform called Usechain. The project is designed to break down the barriers that prevent the massive use of blockchain and let these modern technologies enter our everyday life. I'll try to describe the features of the platform as much as possible and compare it with other blockchains.
Today, basically, what you can buy with the crypto-currency is other crypto-currencies. The vast majority of people do not participate in this process. Person involved uses crypto as an investment and for trading. In the consumer markets, e-commerce, online stores, banking etc – markets through wich massive users may come into the blockchain world, there is no particular interest in use of crypto-currencies. The main reasons for this are:
The problem of scalability (low transaction speed). For example, the blockchain of the bitcoin supports 7 transactions per second, and the blockchain of ethereum - 25 transactions per second. These indicators are negligible compared to the massively used SWIFT (VISA) system, which supports thousands of transactions per second.
Anonymity of crypto. The address in the blockchain is not connected with the real person using it - it is impossible to know to whom any address belongs. That’s why crypto-currencies are actively used in criminal activities - drug trafficking, money laundering, illegal fundraising, smuggling and all kinds of fraudulent schemes.
High technical development difficulties of the public blockchain, wich requires the support of multidisciplinary and technological resources.
USECHAIN BLOCKCHAIN FEATURES AND MIRROR IDENTITY PROTOCOL TECHNOLOGY
The main idea and mission of Usechain is to solve all of the above-mentioned problems and promote mass adoption of the blockchain into the daily life. To do this, the project creates a public blockchain based on the so-called mirror identity protocol (MIP), which links the address on the blockchain with a real person in the real world. That is, to start using the address on this platform, you will need to undergo the identification procedure (KYC - know your customer). Using cryptography, Usechain establishes a multi-level correspondence mechanism between the on-chain address and the identity of authenticated users. Only mapping relationship is recorded on the chain, and no other information is exposed, which completes the authentication process, without damaging privacy security. This unique technology developed by the Usechain project uses zero-knowledge proof. MIP (mirror identity protocol) will improve existing blockchain algorithms such as network sharding algorithms, consensus algorithm, virtual machines and so on. From the other side it will introduce such functionalities as one person - one vote, address penalties, etc. The platform can create many applications for various industries - from the financial and banking sector, insurance and lending to commercial use in online stores, games, social networks, in sharing economy and other purposes.
RPOW (Randomized-Proof-Of-Work)
Usechain combines the various technical and competitive advantages of existing blockchain models and offers one of the most executive consensus mechanisms called Randomized-Proof-Of-Work (RPOW), based on identity mapping to realize new opportunities of blockchain.
This is the first blockchain on the mirror identity that not only reduces the risks and problems associated with the fact that several individuals can capture a large number of nodes because of the anonymity of addresses, but also makes it possible to implement the RPOW consensus mechanism.
RPOW consensus algorithm will maximize commercial value of platform and social contribution providing a possibility of comprehensive modernization and improvement in such aspects as:
High-level security. Based on POW technology, a random algorithm with intellectual property rights can reduce the centralization degree of hashing power. Also, it can resist "double spending" & "51% hashing power" attacks and greatly reduce the probability of forks, which ensures the security and impartiality of this network.
High performance. Thanks to the random algorithm every block will give different difficulty to all miners to adjust the virtual hash power distribution, dramatically increasing the efficiency of transaction confirmation and laying the foundation for realizing the consumer use.
Low energy consumption. All for the same reasons as mentioned above, this blockchain greatly reduce the dependence of hashing power and the consumption of computing resources and energy.
Public participation. Under the precondition of ensuring safety and efficiency, Usechain will be able to support mining using mobile devices due to low consumption of resources and energy, allowing the public to participate in the ecosystem.
In the future, Usechain will create high-performance, anti-malware and hardware-based "Trusted Execution Environments" (TEEs) to achieve an even higher-level consensus RPOW algorithm and further enhance security and performance. This hardware will be adapted to the daily lives of people and will be widely used in mobile phones, Pads, PDAs, smart watches, bands and other smart devices. The software-based RPOW algorithm will be used as a transitional algorithm. The identity chain will eventually implement the hardware-based RPOW consensus algorithm that uses dedicated hardware devices to generate consensus mechanisms and identity authentication mechanisms. It will be possible to mine from phones, Pads, and even smart watches. This will ensure the security and efficiency of the blockchain network, without requiring any energy consumption at all.
So, the Randomized Proof of Work algorithm (RPOW) will be able to provide high-frequency transaction verification, lower energy consumption and a fair environment for mining. Also reduce the concentration of processing power in a mining pool, reduce energy consumption and at the same time increase the production rate of blocks of the entire system by more than 100 times in comparison with the conventional POW (proof-of-work) algorithm.
NETWORK SHARDING TECHNOLOGY
With the help of the presented protocol KaZaA P2P, developed strategies identity network sharding (INS) and identity transaction sharding (ITS), network sharding can be realized based on the account address of users. Transaction of a specific address can be confirmed within the sharding to which the address belongs & which removes the need for confirmation by all nodes in the network. Thus, the transaction can be confirmed in a shorter time, and bearing capacity of the network will be increased.
Usechain will also use such advanced technologies in its blockchain as: identity virtual machine – the new standard for building high-performance smart contracts; light node client; online fault tolerance etc... More information about the RPOW consensus mechanism and all these new technologies that will be implemented in the project, you can read in the technical white paper of Usechain: https://www.usechain.net/usechain_tech_en.pdf
Thanks to multi-level innovations in technology and structure, Usechain is able to achieve the ideal balance between scalability, security and decentralization - the "impossible trinity" as they are called. "Impossible," because before that no blockchain had ever managed to achieve a good result in all these three aspects. The blockchains of bitcoin and ether, for example, is considered like the most decentralized and safe, but they have obvious problems with scalability. EOS is now one of the fastest and most scalable, but this blockchain is almost centralized - only ten addresses hold 49.67% of all tokens.
Usechain will have very good scalability, will provide an efficient and fast process of transactions and will support millions of decentralized applications and billions of users; in the same time being the most secure blockchain. This will be possible thanks to a new consensus mechanism - RPOW: a less cost and more effective mining protocol and, sharding - the advanced technology that is just about to be introduced into the Ethereum blockchain. On the Usechain platform this technology will be implemented from the very beginning. Thanks to MIP (mirror identity protocol) – the idea of the project of identifying addresses with real people (one main address = one person) that meets the requirements of KYC (know your customer) and AML (anti money laundering) – it will be possible to accept Usechain ecosystem to the general public in daily consumption, loans, insurance and so on. Continuous optimization and enhancement of smart contract, more sophisticated and flexible definition of application protocol and promotion in accessibility can provide a user-friendly interface for existing internet technologies and low-cost & low-risk docking mode for mature technologies. Usechain group makes the next step in technologies development and creates a new and effective platform – brand new blockchain 3.0
PROJECT TEAM
The project must have a strong team in order to realize the full potential of the idea and the Usechain group does not have problems with that. The main team consists of 10 people.
Head (founder, CEO) of the Usechain project Henry Cao is a financial professor at the Cheung Kong Graduate School of
Business, Head of the Department of Finance, Founder of the first Finance MBA program in China, Member of the Finance Society of America. Managing director of China Blockchain Application Research Lab, taught at the University of California at Berkeley, the University of North Carolina, Chapel Hill, admitted to the USTC gifted class when he was 13 years old, Yale University/ UCLA PhDs.
Baohong Tsun (co-founder, CSO). Marketing Professor at Cheung Kong Graduate School of Business, Dean’s Distinguished Chair Professor of Market, Associate Dean, Former Chaired Professor at Tepper Business School, Carnegie Mellon University, editorial board member of "Marketing Science", "Journal of Marketing" and "Journal of Marketing Research", The world economic forum on future behavior, Renmin University of China, BS, USC PhD.
Shengli Zhang (Chief Scientist), Senior blockchain specialist, wireless network technologist, presenter of Physical Layer Network Coding, Professor of Shenzhen University, Vice Director of the SZU Blockchain Research Institiute, Visiting Professor at Stanford University, IEEE Senior Member, Senior member of China electronics society, Holder of 3 national invention patents of blockchain, USTC BS & MS, CUHK PhD.
The entire project team and advisors - highly professional and well-known in the industry people; a full list of all team members and detailed information about each of them you can find on the official website: https://www.usechain.net/.
In my opinion, the project looks very promising and perspective with the innovations that will be presented on the platform. A new era in the development of blockchain technologies rising - mass adaptation, blockchain gradually going away from anonymity, and this is right. With transparency and more reliable structure, into this market will enter masses of people, and, finally, we will see a good growth of the entire crypto industry. The Usechain project becomes the first platform that has approached this issue with the smart mind and alignment. With such a professional team, I think they will succeed and will be able to realize the potential strength of their project.
Links:
Official website: https://www.usechain.net/
Telegram group (chat): https://t.me/usechaingroup
Whitepaper: https://www.usechain.net/usechain_en.pdf
Twitter: https://twitter.com/usechain
Facebook: https://www.facebook.com/UsechainFoundation/
Medium: https://medium.com/usechain
Linkedin: https://www.linkedin.com/company/usechain
Reddit: https://www.reddit.com/user/Usechain
Instagram: https://www.instagram.com/UsechainOfficial/
Author:
Bitcointalk username: sh4dtechnr
Bitcointalk profile link: https://bitcointalk.org/index.php?action=profile;u=182672