At the moment, we are at a key stage in the development of the ecosystem of blockchain technology. Every day, we are increasingly meeting new projects from around the world that offer us the solution to the main problems of all the blockchain already existing today, such as Bitcoin, Ethereum, EOS, these are problems of complete decentralization, security and scalability. These are really key problems that are the main barriers to the mass adoption of this technology by all the major online industries of the global industry around the globe.
The Chinese project Usechain Technology Asia Foundation Ltd. headed by Henry Kao , who has been a professor of finance for 14 years and head of the department of the Higher School of Business and Finance in Cheng Kong, also announced his intention to solve the above problems of the blockchain industry and presented us with his own project called UseChain.
What is UseChain and how do they try to solve these problems?
UseChain is a blockchain project with a new, own consensus algorithm and "mirror identification" technology, which also belongs to this project and its developers. Actually these two innovations make this project unique and distinguish it from competitors, which are already quite a lot on the market. Also, in the future, developers of decentralized applications will be given the opportunity to build them on the basis of this blockchain UseChain.
Also, to perfectly balance high performance and high security, and apply multi-level authentication and encryption, this blockchain will combine the following technologies: Zero Proof, Identity Virtual Machine (IVM), Identity Network Sharding (INS), Identity Transaction Sharding (ITS) and Enhanced Smart Contract, which you can read about in the technical documentation of this project or other projects that have already successfully implemented them.
Also in the project it is possible to find the following table, where the team compares itself with the main blockchain for today:
Having considered this table, we can conclude that the UseChain blockchain system promises to be completely decentralized, highly scalable, to have an improved consensus algorithm and also to provide the highest level of security for users and their data.
Let's find out what is remarkable about this new consensus algorithm, called RPOW (Randomized Proof of Work).
The team argues that the choice of this consensus algorithm is because they want to squeeze the maximum of decentralization out of their own detachment. Technically, it differs little from the traditional POW, but the approach to selecting the participant of the pool mining has been changed to more honest, rational and decentralized - randomized. This means that this algorithm uses a randomized method to determine the likelihood that the miners will be able to obtain the next blockchain, so that everyone has an equal chance of getting a reward for the blockchain. RPOW can control the parameters according to the probability of extraction. The difficulty parameters will be adjusted based on the individual hashing capacity and the frequency of the pooler's production. For example, if we take someone who has never before engaged in mining, and compare it with someone who has a large hashing capacity, then the first person will have a higher probability of getting a reward for forming the block, while the latter will be given a higher level of complexity. That is, everyone will have an equal chance to get a reward for the block. This facilitates the creation of a truly decentralized network, in which there is no focus on the number of hashing capacities, and it also contributes to mitigating the risk of a network attack or hacking.
In addition, the combination of RPOW with the mirrored authentication protocol, which we will discuss below, helps to eliminate duplication and the creation of anonymous development accounts, where identity matching technology provides data representation over the chain, but offline authentication remains anonymous. This ensures the security and transparency of confidentiality in a decentralized network.
Similarly, according to the project team's statement, the use of the RPOW algorithm can reduce the collective hashing power of mining pools, minimize power losses and increase scalability for the entire system by more than 100 times, but how it will work, I hope we will see in real time very soon.
Let's turn to the technology of "Mirror Identity".
"Mirror identification" in relation to this project can be defined as a protocol for mapping the addresses of identifiers that are used in the project ecosystem. This protocol ensures that personal information outside this network remains anonymous and confidentially protected, only the public address will be displayed in the transaction history of this unit. Such records of transaction from addresses will be open and transparent, as well as at the majority of existing blockchain.
UseChain will use the ID mapping system, which can be applied to a wide range of decentralized applications, both private and public. The command promises to establish a multi-level mechanism of correspondence between on-chain addresses and authenticated objects, and only that information that relates to on-chain usage can be written on the network, and the other, private information is not disclosed. The mechanism for authenticating a person is realized with full protection of confidentiality.
Using this technology, the UseChain team seeks to bring out the mass perception and approval of blockchain technology as a whole to a whole new level, at the level closest to the state or directly to it.
This "ZI" protocol allows creating an environment through which personal information of users can be integrated with blockchain technology without compromising privacy and security and can be widely used around the world due to the ability of regulatory authorities to effectively counter money laundering and other illegal activities using an absolutely decentralized, scalable and reliable network based on blockchain technology, that's what exactly interested me in this project , and that's why I'm writing about it here.
Useful and compulsory to study the project links:
Website: https://www.usechain.net
Whitepaper: https://www.usechain.net/usechain_en.pdf
Facebook: https://www.facebook.com/UsechainFoun ...
Twitter: https: // twitter. com / usechain
Telegram: https://t.me/usechaingroup
Bitcointalk: https://bitcointalk.org/index.php?topic=3609821.0
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