If you are a blockchain enthusiast, investor, consumer or a service provider in any kind of sharing economy such as Uber, Airbnb, Medicast, Wework, Coursera or Taskrabbit, this article could be a very interesting one. Sharing economy is an industry which has a massive growth enabling idle resources to be consumed to for a fee. UChain will be the first sharing economy ecosystem which will come with a number of solutions for the problems in the existing sharing economy which we can identify as the sharing economy 1.o where there is no true peer to peer communication as it is done through a centralized platform. UChain can be classified as the pioneer in sharing economy 2.0 where we can truly communicate peer to peer on the blockchain which is decentralized by nature. Let me explain all the important factors you should know about UChain in detail.
Existing Problems in the Sharing Economy
As I mentioned earlier, there are several problems in the current sharing economy.
1. High Transaction Costs
Sharing economy businesses always try to maximize their profit like businesses in other industries. The best way to maximize profits is charging a higher commission from the service providers and consumers who use the sharing economy platform. Sometimes these platforms use unethical practices such as limiting the supply to make higher profits. On the other hand, banks and other intermediaries such as credit card companies charge extra fees on top of that for the payments in fiat currencies making transaction costs higher.
2. Trust Issues
Another major problem in the existing sharing economy is that there is no mechanism to build the mutual trust among the service providers and consumers. Therefore existing platforms just act as an intermediary and vouch for both parties to do the transaction. Instead, platform may charge a deposit or keep a collateral to mitigate the financial risk.
3. Data leakage and abuse
Existing sharing economy platforms are centralized. They collect sensitive information of users and service providers such as phone number, email address, copy of national ID and address proof document for identity purposes and store in centralized databases. This means there is a risk of data breach from unauthorized parties such as hackers which could lead to use of those data for unethical and illegal activities. There were such incidents in the past that data breaches occurred. Sharing economy platform itself may sell users' data to other parties without their consent to make make money.
How Uchain Solve the Existing Problems
UChain designed to solve above problems and make sharing economy more valuable and transparent for all parties. Uchain sharing economy ecosystem is built on latest blockchain technology. As we know, sharing economy is a peer to peer business model where consumers can directly interact with the service providers. UChain enables to make true peer to peer communication as it is a decentralized platform by cutting off the intermediaries. Therefore, users and service providers can get rid of high transaction costs. Since UChain record all transactions in the blockchain which cannot be altered, it will create a fully traceable and unbreakable chain of trust where Uchain establish a credit passport mechanism open to all service providers to build the trust. Unlike traditional centralized sharing economy platforms, UChain records information of service providers and users on the blockchain instead of a centralized database making impossible to breach data. Only the owner will be able to access the data using his private key. Service providers won't be able to access users' data unless they authorize to access information through UChain's smart contract mechanism. This will help to eliminate the data leakage and abuse in the existing sharing economy.
Illustration of the UChain Ecosystem
Uchain test net will be launched during the third quarter of 2018 and main net will be launched during the fourth quarter of 2018.
Any developer or company who interested in developing a Dapp for any sector in sharing economy can build it on UChain blockchain as it is specifically designed for sharing economy. They can get paid with a matching amount of UCN which is the official currency of Uchain.
UChain and Related Sharing Econmy Sectors
UCN Token
UCN is the official currency native to the UChain blockchain. It is the token which will be used as the basic unit of a transaction. UCN will be used to settlement of transaction fees, provide vouchers to users, pay as community contribution and data contribution rewards as well as the unit of user incentives. Third party developers who build Dapps on UChain blockchain can create their own tokens and value for all those tokens will be derived from UCN.
UCN Token Allocation
Total UCN supply will be allocated as follows.
35% - Token Sale
40% - Ecosystem
15% - Uchain Team
10% - Company Reserve
Please note that UChain already concluded their token sale at the pre-sale stage due to the high demand and there wasn't a public sale.
Investors and Strategic Partners
Uchain already has a bunch of investors and partners who believe in the project. Some of them are FBG One, Ledger Capital, Badwater Capital, Alacrity Foundation China Unicom, Translink, World Blockchain Organization, Alipay etc.
Leadership Team
Ian Yu- Chief Executive Officer, Co-founder
Grace Min - Co-founder
Will Zohu - Chief Technology Officer
Benny Liao - Chief Product Officer
Chris Tao - Chief Strategy Officer
Mandy Chan - Chief Marketing Offcer
Raviv Litman - Operation Director
Jason Wu - Senior Architect
Important Links
Official Website: https://uchain.world/
Whitepaper: https://uchain.world/css/img/pdf/uchain-whitepaper-dbe5656d6c.pdf
Official Blog: https://medium.com/@uchain
Telegram Group: https://t.me/UchainEcosystem
Twitter Handle: https://twitter.com/UChainEcosystem