Remember when you were younger and your parents were always telling you to avoid strangers? 'Never talk to strangers' they said, 'Stranger Danger!' they told us. These are phrases we grew up hearing all the time. Maybe too much such that some of them even became so implanted in my minds that even to this point we're grown up but still having issues relating with strangers.
So based on this alone you could assume the sharing economy would never transalate into a viable business, some of the startups founded at the turn of the decade have even beaten the odds and grown into companies worth billions of dollars (Uber < $60B, Airbnb < $30B, WeWork < $20B). But what made these companies nobody believe in become successful so fast? It's tied down to a combination of these factors: Existence of supply and a lot of demand, the efficiency and speed of the applications, Advancements in technology allowed for better technology and the ability to scale faster within regions. But i'll talk further about those down below, right after we've talked about - Uchain - the actual reason why your here.
Uchain is a person to person blockchain technology network that utilizes smart contracts and algorithms to enable individuals or corporations within the sharing economy to use their platform to build applications and even issue tokens. Uchain allows members of the sharing economy to skip the middleman and offer services direct to the consumer. The service givers can also design and develop their own branded currency or token that they can distribute among their users, if this isn't an option Uchain makes it easier for DApps to use UCN (Uchain's own tokens) to handle transactions.
But how will Uchain and all it's amazing technologies make the sharing economy better. You can argue and say it's estimated value is already pushing on $600 billion, Does it really need to get any better? 🤔 All i can say is yes there's so much room for growth, let me put this into perspective, the combined worth of the world's economy is $250 trillion, so the entire sharing economy's $600 billion value is only contributing 0.24% to the world's economy.
There are a number of factors actually hindering it's growth, and Uchain is the key to getting the sharing economy to its full potential.
The biggest problems affecting the sharing economy include: Failing trust, expensive transaction costs and issues with data privacy:
Uchain has a solution to all these problems but in this blog i'll only discuss how Uchain will help protect user data and solve the failing trust issue because user security is tied to trust. It's tough to trust a platform that keeps losing or misusing your data. It's also close to impossible for service providers to provide stellar service is they can't trust the data provided by the user.
Various news outlets have covered stories that involve assault accusations credited to the sharing economy, whether it's sexual assault cases involving drivers raping riders on Uber or getting scammed online when you hire someone to carry out a task for you on freelancer, trust is a big issue, unfortunately once you take it away it can't be gotten back. It gets worse, have you heard of the Uber scandal, where it was alleged that Uber technologies was hacked where personal data including email addresses, phone numbers of 57 million customers was stolen? What escalated the scandal is that authorities found out that Uber had gotten wind of the situation and kept quiet about it even paying the hackers $100,000 to delete the data and bury the story.
This is exactly the reason why we need to move away from a centralizied system of handling data, Uchain uses a distributed method of storing data, whereby user data is not just encrypted - it is split, shredded and spread out across various nodes within the system. This means even if hackers wanted to get through to that information, they'd have to find a way to decode the data because all the data will be unreadable and won't reveal the user's full information.
Here's how it works in a nutshell, when someone logs in and records his or her data on Uchain, the system only stores the address where the user or any other permitted individual can follow to actually retrieve this data. Courtesy of smart contracts, and only under the user's explicit instruction can the Uchain alter the users data access. So in this case, say Uber wanted to access your data, all their actions would be traceable because authorization info such as the operation logs and access times are recorded by the blockchain. The user's public signature is also recorded. Definitely a trust builder!
Another cool feature is to add a new trust factor, Uchain implements a platform-unique form of middleware innovation, one that blends blockchain and traditional database technologies. This system allows data to be converted at a faster rate between local databases and blockchains. This technology ensures compound data within the sharing economy DApps are stored intact, these same capabilities make information on the platform tamper-proof.
Uchain doesn't compromise on user security, by implementing the Elliptic curve cryptography for extra security, it can establish itself on security. ECC uses an elliptic curve equation to create faster, tinier and more efficient cryptographic keys. ECC helps establish top-level security similar to the diffie-hellman key exchange and public key infrastructures, with a lower computing power and lower battery usage. ECC is supported by the biggest players in the industry: Motorola, Siemens, VeriFone, Cylink etc, and Uchain is depending on it to handle key agreements, digital signatures and pseudo-random signatures.
Now to be fair, users are partly to blame for the trust issue, for example when Airbnb guests from hell trash apartments incurring expensive damage costs for the host. Who can also forget about the infamous headline: "E Umbrella loses 300,000 umbrellas within 3 months of opening"? Yes, that's right a Chinese umbrella sharing startup lost 300,000 umbrellas because people took the umbrellas back, put them away and forgot they even had it in the first place. Sure the customer had to deposit something in the line of $2 to actually access the umbrella but that does sound like a poorly thought out business model. You can't really blame E umbrella through they were riding the curve of the sharing economy. Maximizing on opportunity. Just the Uchain is, fortunately for uchain, they have the best technology and solid business plan in place - Which is to create a revolutionary system that provides a full body experience to get rid of the middleman and let service providers and service users coexist.
In-order to prevent any inconveniences like this from ever happening, platforms that decide to build on top of the Uchain can utilize the already available smart contact management module, to create smart contracts that will handle every transaction.
The benefit of using smart contract technology is the contract will be distributed through a peer to peer network and stored on blockchain once it is executed its impossible to try and tamper with it, smart contacts are also golden because multiple users can be incorporated to participate in it's formulation (think witnesses).
This is the process Uchain uses to formulate smart contracts
- The user registers on the platform thanks to an account management module that is responsible signing up and signing in into the platform, if the user demands extra security and more privacy he/she can pick the irrelevant processing option so that all their transactions are not recorded by the system, otherwise the user will receive two keys: A public key that is used as the account address and the private key: the key that manages the account. Once done
2.) both parties agree on the rights and terms of the contract, if there's an understanding both parties will use their private keys to validate the contract. If this is successful the contract will be submitted to the blockchain network.
Uchain is already halfway past implementing its roadmap, with an experienced team already in hand and the private sale completed. You can however still be there for the completion of the wallet and blockchain explorer as well as participate in the public pre-sale and crowd-sale.
Token Sale
Of the 35,000 Ethereum offered only 35% of them will be offered during the token sale, 40% of the tokens will be used in building the ecosystem whereas 15% and 10% will be saved for the team and company reserves respectively. Trust me you'd want to get yourself some tokens before they run out, of which i am sure they will.
Make sure to Visit this link to check their website and learn more Website
The user credit passport system, U-bicycle DApp(a bicycle sharing platform that also happens to be the first sharing service platform based on the blockchain) and the company's P2P transaction platform will all be released in 2019. You can read their Whitepaper
Uchain Roadmap
For more information feel free to check these resourceful links:
UChain Website
UChain WhitePaper
UChain One Pager
UChain Team and Patners
UChain Telegram Channel
UChain Twitter
UChain Medium
UChain Reddit
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