In my previous articles about Usechain, we have talked a lot about its concept as well as its framework and utilities. So today I will be talking about a very crucial element of the Usechain, because without him, Usechain wouldn't have been born at all. He is the Founder and Father of the Usechain Project and his name is Dr. Henry Cao.
Fig 1: Dr Henry Cao
Dr Henry Cao, was born on Aug 20, 1966 and he is presently married with two kids. He is a Chinese citizen who lives in the United States where he is a permanent resident. He did Bachelor's degree in Molecular science at University of Science and Technology China in 1984, did his Masters in Biochemistry at Shanghai Biochemistry Institute China in 1985, had his first PhD in Pathology at Yale University in 1991 and his second PhD in Finance at UCLA in 1995. He is now currently the Chair of the Finance Department and the Academic Director of the Finance MBA at Cheung Kong Graduate School of Business (CKGSB). Before he joined CKGSB,he worked and taught in other schools such as UC Berkeley, UNC, USCD, Ohia State University, and Carnegie Mellon.
He has conducted a lot of researches and they have been published in high tier journals such as Journal of Business, Journal of Economic Theory, Journal of Financial Economics, Journal of Financial Studies, Journal of Finance and the Review of Finance and Marketing Science.
He is also the first person to found the Finance MBA program in China, the Co-editor of International Financial Review and a core member of the editorial board of Annals of Economic and Finance, and the China Financial Review.
Fig 2: Dr Henry Cao, first on the left, at a blocktrain event
Fig 3: Dr. Cao presentation at GDIS 2018, The Era of Blockchain, Silicon Valley
He has a very formidable academic records as well as very superb performance in the Financial Ecosystem and he came.up with a very strong belief; that blockchain will reform the financial department. With his thoughts in the new innovations of technology, he was the first person to bring the Randomized Proof of Work (RPOW) consensus algorithm and the Mirror Identity Protocol into the world of blockchain.
This will be a game changer in the world of blockchain and will improve it in great folds.
Prof. Henry Cao Concise Analysis of the Usechain Ecosystem
Prof. Henry Cao first came up with the ideas of Usechain in lectures and presentations around the year 2016. His idea was to make a blockchain that can be utilized for financial applications. This blockchain will have the capability to support KYC and AML on a different level that will ensure real accounts and identity traceability. It will also have a very high scalability and transactions confirmation as well as a reduced cost to ensure this identity processes to be a success. With all this in place, it has been concluded that with Usechain, its application will be pronounced in 4 areas
The first area of application is the use of identity accounts to create private identity tokens. This method was inspired with the creation of the Hayek Tokens in the 1990s and they can be used to embed private debts or tradable contracts.
The second area of application is the creation of a decentralised exchange that enables users to trade numerous kinds of tokens and it will be very immune to manipulation, fraudulent activities and other problems that have ruined the current blockchain industry. The exchange will be based on the RPOW that will give it a very efficient and very scalable design with the use of low resources to improve the user interaction, as well as the increased speed of transactions and the total eradication of problems associated with centralized exchanges.
The third area of application is in the use for decentralized payments. Presently the use of Bitcoin as a payment method is very inefficient due to the very high costs of transaction and its very slow. With the Usechain, it will have a very superb performance blockchain that will enable the use of P2P payments to be more efficient than ever and this will be used with a constant coin that can be generated in numerous ways such as money market funding, collateralized debts and by the virtual smart federal reserve bank.
Another application is the use on a special customised Arrow Debreu tokens which can either do a payout and a no payout under specialised conditions and they make the market complete.
He also stated that it can be used in other numerous financial applications such as bonds, stocks, mutual funds, insurance, investment banking, commodities, derivatives, loans and other financial ways that will be available in the future. Other applications that aren't financially related will be considered in the future such as medical records, REIT, property rights, etc.
All this above application will be made possible with the use of the identity feature as well as the high performance blockchain and this was one of the main reasons that prompted him to create his own unique blockchain that will promote the ecosystem growth and to provide a verifiable application for the use of the tokens in the ecosystem.