When blockchain was created in 2009 nobody really thought much of it, but as more and more enthusiasts started coming to the fold it, interest grew, more people started looking out for ways disributed tech could be applied into our everyday lives, the result was unanimous. It's security aspect, levels of transparency that define it. Everyone could see that distributed technology was going to turn out to be a winner that's why its valuation soared. Compare it's 2009 price of basically zero to its high valuation of $17,000 in 2017. No investor could have predicted this kind of growth leave alone jump on it.
But see here's the thing - even with all its upsides, most cryptocurrencies aren't perfect. Yes, i am talking about the big boys, bitcoin and Ethereum. First of all, they are slow! In the case at least Ethereum can handle at least 25 TPS as compared as to bitcoin which only manages a measly 7 TPS which is tortoise slow and can't therefore be feasible for modern day applications.
Say somebody needs to send bitcoins to somebody he or she should consent to the arrangement utilizing a private key and after that communicates the agreement to the system and sit tight for it to get affirmed. Once the sender broadcasts the transaction to the wider Bitcoin network, it will be queued for confirmation. All the transaction in the Bitcoin Blockchain remains in an unverified pool of transaction before it is checked and added to a block. This implies the senders transaction will remain in an unverified pool of transactions until the point when a mineworker takes it for confirmation and adds it to a block. And, after its all said and done the sender should hold up longer until the point that an miner picks his transaction confirms it and adds it to a block. Some of the time to push a transaction quicker the sender should pay a higher transaction charge for essentially particular treatment. Once in a while colluding miners can spam the blockchain with an end goal to get more benefit.
Usechain uses its own network sharding technology described as Identity Network Sharding and Identity Transaction Sharding which will work to overcome all of blockchain's current shortcomings. See current blockchain technologies uses the Proof of Work (PoW) protocol to validate all of the agreements that take place within their network and although the PoW protocol is the most solid and secure way of validating transactions it does has some significant downsides, the main one being since the PoW protocol uses a mechanism where every node on the network stores and processes all transactions that take place on the network. It does enforce network security, but the process also means slower transaction times. Usechains's sharding methods works like this, because only a small subset of nodes (Shards) out of the entire network nodes are used to carry out each single transaction the resources needed won't be that intensive and all agreements will happen at a faster pace. The same way companies have different departments to deal with individual functions is the same way the sharding protocol will work, every process will be divided into multiple node segments (shards) so that specific nerds can be handled by miners in that present shard alone. This means a lot more transactions can be validated at the same time, it allows for deeper flexibility and more scalability. This usechain strategy does all this all while maintaining security and transparency for its users and developers.
Light = More speed and More Security.
To ensure every transaction happens faster and more securely, Usechain also utilizes a consensus algorithm called the 'Randomized Proof of the Work' or RPOW and a light node client. They all work in perfect harmony with each system building upon what the other technology has left behind. In this case the light node client is meant to dispel the notion that for transactions to occur the entire block must be verified this slows down speeds as well as performance on applications such as IoT which typically run on low power hardware. Therefore, the light node client is meant for users or applications that don't need a as much computing power to get secure assurance regarding details of the state of blockchain, it basically ensures every transaction isn't processed by every node, the light node client reduces the amounts of data clients need to get in sync and verify the accuracy of data or transactions.
RPOW 101.
The randomized proof of work consensus algorithm is great because it consumes lesser energy and creates a fairer environment for mining and allow for more seamless communication between networks
the RPOW consensus algorithm will be developed in the third quarter of 2018.
They say behind every successful company there is an experienced and skilled team behind it guiding it and calling all the shots to ensure the overall mission is attained. Usechain too has its very own power team of founders and advisors that are ready to take the company where it needs to be:
Leading the charge is Henry Cao. The founder of Usechain and current CEO, who will be responsible for the everyday management of the company, Henry will also be charged with implementing and making all the company's short term and long-term plans happen, but does Henry have what it takes to bring Usechain, the blockchain 3.0, to the masses? Henry Cao has had quite the eventful corporate and business career, he was admitted to a gifted class at the University of Science and Technology of china when he was only aged 13, which is impressive especially because he went on to hold PHDs from some of the most prestigious schools in the world, Yale University and the University of California. Mr. Cao went on to become an esteemed professor at UCLA, the University of North Carolina and the Cheung Kong Graduate School of business where found the first ever finance MBA program in china. You might be thinking wow! but is he really the right guy to lead a revolution. Henry Cao sits at the top of China's blockchain application research lab that's backed by the Chinese IT ministry to perform tasks such as conducting research in blockchain, as well as creating a platform for specialists to share their knowledge around the very prospective technology. This means Henry Cao will always be on top of the latest technologies and advancements and rising talents in the industry which Usechain will need as they develop. He can also push for specific projects to be directed toward his company, in a non corrupt way of course
Henry will be partnered up with Baohong SUN, who was the cofounder of Usechain and will serve as the chief strategy officer performing the very important task of formulating, facilitating and communicating the company's plans for the foreseeable future. Ms. Sun is also an expert in her field having sat on the editorial advisory board of the - Marketing Science, Journal Marketing and Journal of Marketing Research - providing expert advice on content, ways of attracting new authors and readers and encouraging submissions. Ms. SUN has also been a marketing professor at the Cheung Kong Graduate School of business, served as a chaired professor, endowed professorship at the Tepper Business school and the Carnegie Mellon University. SUN's experience will prove vital in getting people to adapt to usechain, Usechain in particular. Because of her marketing background she can also oversee all the marketing and outreach efforts usechain needs to not only survive but to thrive.
In the role of Chief scientist is Shengli ZHANG, who will oversee the scientific roles inside Usechain which include basic and applied research projects as well as managing teams that develop new technologies, processes and products. Shengli is a senior blockchain expert and wireless network technologist and will use his in-depth skills in blockchain and blockchain works to guide the overall direction of the company. Mr. ZHANG will also use this knowledge to design and develop blockchain DApps for the platform.
Details about the company's token sale and how you can participate.
Usechain will be holding its public sale on 8th August 2018 with a soft cap target of 2,700,000,000 and a hard cap target of 9,000,000,000. *Please note: If this target won't be reached all the tokens that remain will be destroyed. The funds raised will be divided as follows: 35% of the funds will be used to hire finance, blockchain and web experts, 20% will be used in branding and advertising efforts, 5% will be spent paying for all the company's operation cost and 20% will be put into the company's emergency fund the last 10% will be split between (6%) for project development, consultation and expertise fees (4%) legal fees and compliance regulations.
Read more about usechain plus all off their offering from the company here - read more about what Usechain has in store by reading the company's
Whitepaper
Website
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Bitcointalk Thread
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