The creation of bitcoin gave rise to the era of blockchain technology.
Ever since the creation of bitcoin, the blockchain technology has really changed our outlook to business and life.
The blockchain has brought about many innovative ideas into the business world.
Sadly. The blockchain technology is not yet generally accepted in our everyday activities largely due to its weaknesses.
The present blockchain consensus algorithms which is regarded as bedrock of the blockchain are not 100% effective , as they are fraught with some issues ..which have exposed the weaknesses of the blockchain.
The single chain structure of the blockchain makes it almost impossible for different blockchains ecosystem to communicate, interact and share data and resources among themselves. The single chain structure does not support multi- facet business needs.
It limits the flow of value as well.
The scalability challenges makes it difficult for transactions to be confirmed faster. The blockchain technology is still stuck with 7-25 transactions per second when other main stream systems have all passed that level.
The slow transactions confirmation is insufficient to meet the global business demands.
The number of people who get defrauded of their digital assets is on the increase coupled with the prevalence of increase money laundering , drug trafficking , terrorism funding. This is as a result of the anonymous structure of the blockchain. The digital assets are not linked to offline addresses of their owners ......making it almost impossible for them to be traced.
This is where usechain comes into the mix.
Usechain is the first public blockchain to be built on mirror identity protocol and integrated with multi- level innovations technology and structure design.
HOW WOULD USECHAIN SOLVE THESE CHALLENGES?
Usechain hopes to leverage off the blockchain technology to develop the first mirror identify blockchain ecosystem based on existing technologies..... Which can be used to break the bottlenecks in the development process of the block chain, provide infrastructure of technology for the virtual and parallel world and add value to identify be enabling the connection of people to the financial services provided by wallstreet.
Usecahain would solve the various challenges of blockchain by providing a new way to design the application scenario based on massive use of identify .
It will make it possible for values in any form to flow and operate efficiently.
Usechain would provide a lasting solution to the impossible trinity from the new dimension of identity and reach a perfect balance among scale, security and decentralization and provide new way to design application scenarios based on massive use of identify since it is built on MIP and receives multi- level reorganisation in underlying level of blockchain.
Usechain would build a new commercial model of blockchain based on MIP.
Develop more widely used Dapps and provide underlying technical support for the application exploration , finance , consumption, entertainment, social networking, games , IOT, supply chains management and allow more more value to identify.
Provision of an efficient transaction process management and support for millions of DAPPs and billion of users.
Usechain would link the onchain addreses to offchain address of the account holder to meet KYC and AML requirements. This will significantly reduce the prevalence of money laundering, fraud , trafficking and terrorism financing.
Improve on the smart contract structure by increasing its flexibility and usability , so that it would be easy to build and integrate applications on the existing block chain infrastructure.
Usechain 's consensus algorithm:
The sharing Consensus algorithm comprises of two layers , which are the upper consensus node runs a main chain.
The main consensus node receives the sharding transactions collected
from the sharding consensus nodes and then processes the transactions of the consensus nodes. The sharding consensus node handles the transactions within the shard on its own..... this makes it possible for the number of shards to increase proportionally to the number of transactions. It means then that with the usechain sharding consensus algorithm, more transactions can be processed compared with the 7- 25 transaction per second of the present blockchain.
Random Proof of Work(RPOW) consensus algorithm, which will greatly improve on efficiency and security, and the scalability challenges.
The RPOW consensus algorithm will make it possible for improved smart contract structure by increasing its flexibility and usability , so that it would be easy to build and integrate decentralized applications on the existing blockchain as compared with the present blockchain that does not allow that. With the random proof of work consensus algorithm, power will not be concentrated in few hands in the mining space .
The RPOW will improve the transaction confirmation time.
Reduce the energy consumption .
Its not prone to attack.....which means its capable of balancing the attack of the 51% hash power and reduce significantly the prevalent of fork and the centralization degree of hashing power. This will enhance security.
Information on token sale
Total supply= 20 Billion UST
45% for ICO
5% allocated for marketing and partner support.
20% allocated for community reward.
15% allocated for technical community reward
15% allocated for core team.
For more information please kindly visit
Website http://www.usechain.net/
Whitepaper http://www.usechain.net/usechain_en.pdf
Medium https://medium.com/usechain
Telegram https://t.me/usechaingroup
Author's btt profile https://bitcointalk.org/index.php?action=profile;u=2170542
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