Introduction
One of the main challenges of the blockchain platform that limits its applicability in the mainstream financial market is the reputation and identity of users. Findings have established that the cost of ascertaining the identity of the parties in a financial transaction globally can run into millions of US dollar in just a year. This indicates that reputation is key in the financial industry.
Usechain is posed to set an unprecedented record as the first blockchain platform that will attain independent identity for users who may be individuals or organizations. Usechain intends to enable off-chain identification of users by leveraging on technological advancement on a transparent blockchain platform that is premised on real identities.
The Usechain platform hopes to solve the current lack of trust emanating from anonymity in present blockchain projects even as it retains unalloyed security. This means also that Usechain is poised to not only add value to users' identities on the blockchain, it is also set to improve on the current blockchain network. This will be achieved by focusing to solve the bottlenecks experienced on the blockchain network arising from the "Impossible Trinity" of scalability, decentralization and security.
That the full potentials of the blockchain have not been realized is attributed to the fact that scalability has been so poor, with attempts at improvements by similar projects so far hinging on compromising either security or decentralization. But with the Usechain ideology and plans, there will be a marked improvement with thousands of TPS as opposed to 7 and 25 TPS currently obtainable on the bitcoin and Ethereum networks respectively.
Usechain Supports Identity of Users
The Usechain platform is an independent identity blockchain that seeks to eventually resolve the trust problem that besets the financial industry. The role of the Know Your Customer, KYC, feature cannot be overemphasized in the financial world.
With Usechain, users across all the classes – individuals, businesses and organizations will be assigned a personalized account whose off-chain address can be traced. The accounts are operated via Smart Contracts and give more reputation to the blockchain platform.
Through the use of identity mapping, Usechain can conform to the high demands of the KYC requirements of conventional financial institutions and this allows the blockchain technology to be more useful outside the digital assets and cryptocurrency world.
Usechain's Mode of Operation
Developed on a mirror identity protocol combined with a sophisticated
Usechain is built on mirror identity protocol merged with high-level innovations in structure design and technology to eliminate the delays in the process of developing blockchain and bring a perfect balance between scale, security, and decentralization. Usechain, as an ecosystem is growing fast and will hold thousands of credit-based and identity-based applications in the future.
With the improvement in the ecosystem, the behavioral data that is generated by events and people will be transparent and irreversible on the identity-based ecosystem. Usechain has set a precondition where it uses the same level of security for maintaining privacybetween identity and anonymous public blockchain. By doing so, the platform provides infrastructure that supports decentralized applications used in a variety of industries and at the same time bring a separation between identity and identity verification that has a basis on zero knowledge proof.
Advantages of Usechain Platform
Optimized Performance: Usechain is a platform defined to promote seamless exchange and allow decentralized applications to be hosted on the platform. It features an innovative blockchain that uses a real identity to modify the decentralized structure of blockchain entirely.
The architecture of this independent system is built to offer a scalable, real, high- performing and safe structure to keep the estimation of the blockchain.
Usechain eliminates the technicalities involved in using blockchain applications which makes it very difficult for developers to build applications on blockchain. Usechain adopts a user-friendly interface and easy-to-use modular structure that are innovative and appeals to a wider audience.
Similarly, Usechain platform is a low-energy consuming blockchain platform. It ensures that the challenges of power consumption that can deter newcomers from coming on board is removed. It reduces the dependence on hashing power that accounts for huge energy consumption amongst most blockchain applications.
Conclusion
Usechain is the first blockchain platform that uses the Mirror Identity Protocol to provide real personality that links off-chain address of transactions to real entities, thereby, making blockchain application adaptable in real life financial transactions where identity of users is needed.
It also creates a unique system that vastly improves on the "Impossible Trinity" debacle of scalability, decentralization and security experienced by the current blockchain networks. Once this is achieved, there's bound to be massive adoption of the blockchain by organizations and businesses outside of cryptocurrency.
For more information here are some useful links
Website
https://www.usechain.net
BTT Link
https://bitcointalk.org/index.php?topic=3432061.0
Written by
Ebykamsiokoro