Some time ago I talked about the Usechain project and how it could enhance the blockchain ecosystem as it uses the first ever user Identity based blockchain system as well as it’s randomized proof of work consensus algorithm that offers better scalability and productivity. If you didn’t get to read it, you can get to read it here. Today I would specifically be talking about the Usechain ecosystem; how it adds value, its architecture and its applications, how everything would fit in as a whole into the industry.
USECHAIN’S ECOSYSTEM VALUE
Usechain has a very proficient team in blockchain technology that hopes to work closely with partners and experts from the global technical populace and would also co-function with renowned companies to build identity-based applications. They aim to build their own blockchain, an identity based blockchain ecosystem with cutting edge technology, applicable application scenarios as well as targeting a very large user community. Usechain would immensely add value to the blockchain ecosystem as it offers a more identity based system, the identity based system would allow skeptics of the blockchain technology to feel safe knowing that the identity of the person behind the wallet address that they might be doing business with must have undergone KYC, this makes it a trusted system and makes it possible for easy adoption globally, it also offers better performance and scalability and low technical barrier allowing swift integration into applications.
ECOSYSTEM ARCHITECTURE
The Usechain ecosystem architecture acts as a whole, it is made up of the users, the application participants and the technological participants. The ecosystems’ architecture is designed to work in a way that one can’t function without the other. I’d list the parts that make up the ecosystem to work as a whole below:
- Users – Individuals who register on the platform’s ecosystem, would use the confirmation system and service applications to complete address mapping identity authentication. The system also certifies and secures the users’ rights which then improves the value of identity by constantly developing see-through and public observable data.
- Application participants – Organizations and users can support identity authentication of others based on their certified identity data and thus support the development of the Usechain ecosystem. Service providers can also be able to build their own associated business applications and can hence be able to further enlarge their businesses based on the makeup and system of Usechain.
- Technology participants – these are the developers running the system, they could be regarded as the backbone of the Usechain ecosystem, as they are the ones responsible for the architecture framework, active development as well as development operations protocols (devops), they also get to work with collaborators in technology continuously improving the ability to function in the underlying public chain, network layer, application layer and protocol layer all within the ecosystem.
ECOSYSTEM APPLICATIONS
With Usechain, it is relatively easy to tokenize identity. Usechain would build a medium to smoothly link the real and digital world to create an adept, protected, absolute and decentralized tool for conveyance of value and digitalizing all things. Within the identity ecosystem, it has created various diverse and flexible value-transference mediums, which enables the transference of value regardless of forms in high adeptness within the system. This can be applied in many instances, such as the fan based or content-based token economy, the sharing of rights and interests with regards to trusted individuals as well as the assertion of significant assets. The Usechain foundation will also set public accounts and stabilize the price by buying in with other stable cryptocurrencies.
Some of these instances/scenarios where value can be transferred within Usechain ecosystem include:
- Crypto-payment – Users in the ecosystem can use cryptocurrency for payment. These payments will be handled in a decentralized peer-to-peer network without the need for centralized parties, users can also use cryptocurrency and digital discount coupons for payments. In such payment methods, merchants would get a discount on the transaction fees when using credit cards. This facilitates payments from various locations worldwide. UST can be used to make purchases of digital coupons and merchants can use it to as a propagative strategy by adjusting the limit of UST accepted.
- More efficient and secure IoT Applications – now with the accelerated development of smart devices and Internet of things (IoT). It is envisioned that in few years to come, smart devices would be able to replace some of our day to day activities through smart IoT. But this runs into a problem of centralization due to high costs of operation as well as security risks. Usechain hopes to revolutionize with their identity based ecosystem which provides high efficiency, high performance, low cost in operation and a credible identity validation for instances which would make use of identity-based authentications like car sharing, NFC payments etc.
- Decentralized exchanges – Usechain hopes to build a decentralized exchange using its high performance identity blockchain which would be focusing on security, efficiency and a fair system for traders alike unlike the centralized exchange system which sometimes manipulate the market to their favour as well as the security risks they pose where users funds are stored on the system making them vulnerable to hackers and third party risks.
For more information on the Usechain project, feel free to use the following links:
Website: https://www.usechain.net
WhitePaper: https://www.usechain.net/usechain_en.pdf
Telegram: https://t.me/usechaingroup
Facebook: https://www.facebook.com/UsechainFoundation
Twitter: https://twitter.com/usechain
Medium: https://medium.com/@usechain
ANN: https://bitcointalk.org/index.php?topic=3609821
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