Privacy coins has gone through lots of heavy regulations by the government in the last two years. It gives government no opportunity to check the activities on those blockchains, Bitcoin gives enough headaches to the authorities, they are not prepared for more headaches from alt coins. Example of those coins are Monero, Verge, Zcash and Dash. It is true that we live in a time when our privacies has been overtly invaded on the internet, cryprocurrency enthusiasts see privacy coins as a big opportunity to transact without fear of reprisal from the governments. While this is cool, its underlie problems clearly outweigh the positive part. So what is Usechain doing to fix this?
Let's Talk About Usechain Structural Design / Watch this video
Nothing To Hide, Everything To Gain
This project is the first that will match identity of real users with chain address. Every address would be verified to guarantee high credibility. This does not mean that your information will be revealed to the public. Every node that helps to confirm blocks and process transactions, can identify the real users behind every address, even when multiple addresses are used by same individual or organization. By implication, all transaction details that point to the address can be tracked on the blockchain. This verification process is outsourced to a trusted third party agencies. The Mirror Identity Protocol (MIP) provide governments a way to trace everything.
No place to hide on the blockchain, no illicit deal.
What About Mirror Identity Protocol?
It is the pivot upon which the blockchain will rest, combining innovation and technology on multiple level, this will give birth to two new consensus mechanisms and sharding. These are important to achieve unprecedented low transaction cost on the blockchain, high scalability and speed. According to Usechain Whitepaper, two algorithm will be used;
- RPoW
- RPoS
But the blockchain will adopt RPoW (Randomized Proof of Work) first because of network identity and sharding. Using this consensus algo is important to achieving high efficiency and low transaction fee. A new standard for smart contracts will be implemented too, it is called Identity Virtual Machine (IVM). With this concept, Usechain will make up for EVM (Ethereum Virtual Machine) to improve efficiency of the smart contracts.
What's In For Usechain Adopters?
The fact that your real identity is known using MIP does not in any way mean that you have lost your freedom to transact. The only time that your transactions would be questioned is when you are involved in illegal deal.
As long as you are law abiding citizen, your identity is private.
Why Do I Need Usechain?
You need it for asset security, when government descend on privacy coins, your stakes will be safe as Usechain is the most transparent blockchain available in modern world. Similar to what happened in Japan, where government force exchanges to delist privacy coins, it will happen in many other countries 1.
Highly Decentralized Governing System
Usechain has formulated transparent voting system, it will be one-user-one-vote system which will give equal voice to everyone. When malicious acts, hacking or malfunctioning is detected, the entire community will vote and decide if it is cool to trace the culprit. Technically, there will be no breach of identity except you violate protocols. In order to put a stop to actions of bad actors, culprit can be handed over to the government, it is the extreme penalties because Usechain have series of other penalties designed to handle bad guys.
Conclusion
Usechain is an hybrid of centralization and decentralization, the world already experienced both worlds, and it is time to combine positive feature of both, to achieve a near perfect world.
For More Information
Visit the official website: Usechain
. Read about the project Whitepaper.
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