Friends - more and more often considering perspective platforms and ICO I start to catch yourself thinking that one of the most innovative and popular projects is the blockchain platform. They are able to show the full strength and advantages of decentralized platforms, expand the horizon and increase the massive introduction of blockchain systems into existing projects.
Even if we consider the ICO from the point of view of profit, then the blockchain platforms also go ahead of the rest of the companies, confidently collecting softcap and hardcap. This is facilitated by a number of factors, among which are the perspectivity, innovativeness of such platforms, which are taken into development mainly by experienced teams with the support of large advisors and investors. I will not give examples of such a comparison, if you find it necessary, you will be able to find all the necessary information. Personally, I am interested in developing the crypto-currency world in the long term and in my reviews, I consider companies that will be useful to society for a long time. And my choice as you might notice stops in most cases on blockchain systems, capable of solving a variety of tasks, including:
- ensure fast and reliable transactions;
- to give impetus to the development of new technological solutions previously unavailable without decentralization;
- significantly save companies and private individuals when transferring their tools to blockchain and further work with this technology;
- to stop the instability of the existing financial system, by introducing a blockchain into state-owned enterprises and not only;
- increase the general level of knowledge and interest in the crypto-currency world and much more.
Blockchain platforms, in turn, do not stand still and are constantly being upgraded. There is no clear definition of which generation should be blockchain 1.0, 2.0, 3.0, 4.0 - each company tries to assign its platform as high as possible in order to increase the attractiveness of its system for potential investors. At least we can say for sure that bitcoin is the first blockchain we know, etherium with the introduction of smart contracts has secured blockchain 2.0, and the name blockchain 3.0 has been using a lot of platforms that have implemented innovative principles of operation compared to previous systems. But we are dealing with projects not by name but by content and it does not matter to us what kind of blockchain it is, it is important for us what it is capable of, what functions it has and whether it is really so useful for the world as a whole.
Usechain
Each existing blockchain platform is important, but almost 99 percent of existing systems are anonymous and do not even try to eliminate this gap. After all, if you do not pay for the services that you use, such as facebook, twitter - then you pay with your personal data and advertising. Studies have shown that existing ways of checking identity are very expensive and in the UK alone they exceed £ 1 billion per year.
Huning (Henry) CAO - professor of finance, chairman of the financial department and director of the financial MBA in the CKGSB as early as 2016 conducted an investigation of the blockchain-based identification algorithm and put forward the concept of labeling identity. Henry concluded that the blockchain, built on identity, together with the chain and without chain information will increase the reliability of the global economic and financial system. In 2017, the launch of the Usechain project was announced.
Usechain-this is the next generation project that proposes to solve the following problems:
- limited execution efficiency - in existing blockchain systems only up to 25 transactions per second are supported, compared to many thousands of transactions per second in VISA and MasterCard. In turn, the use of KaZaA P2P, INS and ITS network sharing technology together with Randomized-Proof-of-Work (RPOW) will allow to create a more accurate and faster transaction check and to free up time and power for the miners;
- contributing to crime - as you know, anonymity in transactions can be used by fraudsters and criminals to launder money, purchase, and sale of prohibited items and easy theft. To date, many platforms use "know your customer" (KYC) and "money laundering" (AML) protocols. And since the existing blockchain systems are not ready for this, then the merging of such platforms is slowed down. The company Usechain solving this problem establishes a multilevel mechanism of correspondence between addresses and user identification. In this case, only the cartographic information will be recorded in the block of the circuit, without personal data;
- limitations built on technical thresholds - the existing blockchain systems are rigidly tied to specific platforms, which prevents applications from running on different platforms. The virtual identity machine (IVM) is able to create an intermediate link with blockchain systems, external APIs, and efficient execution subsystems. Usechain creates the basis for a number of tools, including decentralized payments, financial services, insurance and many other services using decentralization.
KYC is especially important for the financial industry since most of the financial world is afraid to join the crypto-currency world, just because of the lack of identification. Usechain conforms to the KYC standards of traditional financial institutions, shifting the emphasis from "who are you" to "what can you do", which makes it more compatible with applications outside of your own ecosystem. The launch of the system will significantly reduce the cost of identity identification and reform the existing financial industry.
RPOW
In the world of the blockchain, there are various systems and methods used to reach the agreement and prevent a network attack. They are called consensus algorithms. Currently, several similar algorithms are used and there is no definite opinion which one is better, more reliable and more efficient. Let's consider the basic algorithms:
- Proof of Work (POW) - the very first and the main algorithm, which is built on the reward of participants (miners) for the solution of the tasks presented by their equipment and subsequent reward with coins. So each participant is interested in buying expensive equipment as possible to get more profit. Due to the nature of this algorithm, more than 50 percent of this equipment is pooled in China, where cheap electricity and because of this, it is difficult for ordinary people to engage in mining. The most common example is bitcoin;
- Proof of Stake (POS) - the algorithm that came to replace the non-deficient POW. In POS, you do not need to have expensive equipment and do mining. It is enough for you to have a certain number of coins in your wallet, the more coins you have, the more reward you will receive. In this case, there is also the possibility of uneven mining. An example is peercoin, nxt, blackcoin;
- Delegated Proof of Stake (DPOS) - is an advanced POS algorithm in which participants can vote for trusted parties to verify transactions and create blocks improving consensus building. An example is bitshares, steem, lisk, eos;
- Randomized-Proof-of-Work (RPOW) - in this algorithm, a random method is used when selecting people to create a new block. In this algorithm, everyone has an equal chance of getting a reward, because the complexity parameters will be automatically adjusted based on the individual capacity. For example, a person with a low capacity for extraction will solve light algorithmic problems, and a person with a huge capacity will solve complex algorithmic problems. This helps reduce the risk of network attacks and reduce the risk of hashing power concentration, which we see in previous algorithms.
In addition, RPOW together with the identity protocol helps to eliminate duplication and the creation of anonymous accounts for mining, which provides increased security and transparency in the decentralized network.
Team
Advisors
Conclusion
As you can see, blockchain technology does not stand still, constantly evolving. One algorithm replaces another, constantly solving existing problems. The company Usechain is ready to provide the world with a more perfect, honest and secure blockchain based on RPOW. With this algorithm, many companies that have not previously worked with blockchain because of the lack of KYC can now begin to use decentralization and reach a new level.
I am sure that this blockchain will take the leading place in our world and will find major partners even at the state level. Since for the state and world financial system, it is simply necessary to identify the individual in order to fight money laundering and crime. Also good for the development of Usechain support for work on different platforms, using a virtual identification machine(IVM).
Crowdsale
Token Sale starts 20 июня
Usechain - токен UST, совместимый с ERC20 Ethereum
Total Tokens: 20,000,000,000
Available for Token Sale: 45%
Hardcap = 32,100,000 USD
Official site - https://www.usechain.net
White Paper (project) - https://www.usechain.net/usechain_en.pdf
White Paper (technical) - https://www.usechain.net/usechain_tech_en.pdf
Bitcointalk ANN - https://bitcointalk.org/index.php?topic=3432061.0
Telegram - https://t.me/usechaingroup
Author:
Bitcointalk - lesnik_utsa
Telegram - https://t.me/lesnik_baunty
This publication is informational in nature. The article should not be seen as an investment recommendation or advice. Readers of this review article must make decisions based on their own judgments, taking into account financial circumstances, investment objectives and the risk limit before investing funds.