The ascension of the internet and blockchain in this era has led to the improvement of several fields of work, which includes our financial systems. This type of technological innovation enables transparency and trust in its field of operation. Although most blockchain providers focus on the particular group of society by providing their needs, there are still some loopholes in their operation.
Some of these problems range from excessive transaction costs, trust-related issues and problems of data leakage and abuse. UCHAIN network aims to provide solutions to these challenges that individuals in blockchain and cryptocurrency related businesses face by aspiring to build a decentralized worldwide sharing economy ecosystem where every user can exchange value and publish contents freely without intermediaries.
THE UCHAIN NETWORK
UChain is blockchain’s new and first off a public platform that is designed purposefully for the global sharing economy. The platform along with other sharing enterprises inspires to build its underlying blockchain network to solve trust and data abuse issues. UCHAIN is from the U.B. Group Holding. The world's leading Internet organization that focuses on shared travel. The company has undergone and completed successful four rounds of raising. Its shareholders include several public companies and tier 1 international investment firms. The company has engaged business operations in areas such as Canada, USA, China and South East Asia along with plans to launch in Germany, Britain and other countries.
The project aims to provide a solution to the current blockchain problems through the following:
- Providing a decentralized peer to peer blockchain network with a smart contract to cut off intermediaries.
- By providing a distributed data storage by encrypting shredded data and storing on different nodes to improve data security.
- Providing a cross-application user credit passport with a proprietary credit rating algorithm to effectively record user behaviour.
- Providing a tokenized ecosystem to increase participation and engagement of both users and enterprises and also incentivize them
THE UCHAIN’S ECOSYSTEM
The ecosystem of the project was developed around two key players which are users and developers who will display their special values to make the platform a success.
- Users: These include service users (individuals who will make transactions on UChain’s P2P transaction platform), independent service providers (they can acquire UCN either by contributing their idle resources or properties through the DApps) and enterprise service providers (The enterprise service providers can either develop specialized DApps with UChain infrastructure to provide services and also be paid for services rendered).
- Independent developers: These are individuals who have the capabilities to create and maintain the features of the platform.
FEATURES OF THE PLATFORM
In order to enable a rapid conversion of platform data between local databases and blockchains, the platform uses a middleware technology that combines innovative blockchain technology with traditional database technologies to enable the creation of tables similar to traditional databases on the blockchain. The product structure has four layers which include the following; Core blockchain layer, API / SDK layer, Service layer and an Application layer.
TOKEN ECONOMICS
The medium of exchange which will be used on the platform is the UCN- the basic unit of Uchain. The token will be circulated in all DApps and used in payment for all kinds of transaction, be used as vouchers for the purchase of assets from suppliers, data contribution reward, value-added services and many others.
THE TEAM
UChain is a global team with many years of experience specifically in the technological field. In September 2017 the head-office was set up in Canada and since then UChain has been recruiting developers, community operators, and team members who are interested in the sharing economy. View here for more info on team.
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Authorship
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