Cryptocurrency and blockchain technology started with the introduction of bitcoin. Bitcoin and it's underlying technology; blockchain technology kickstarted a ripple effect that resonated through different industries and lifestyles. This later gave rise to the Ethereum platform, which came with myriads of benefits for everyone, and it had a faster transaction rate per second. Just like all things, improvement is necessary for growth to occur. For this reason, the creators of Usechain decided to create a blockchain platform will solve the inconsistencies of the previous blockchain platforms. Usechain will be the first Blockchain to introduce mirror identity Protocol into its ecosystem.
What is Usechain
As mentioned earlier, Usechain will incorporate mirror identity into its blockchain platform, in order to solve the privacy and security problems that are facing the current blockchain platforms. Simply put, any decentralized app or smart contact operated on this platform, will have increased security and privacy as its core values. It is a blockchain technology that creates a database for identifying individuals and linking them with various services such as server software, cryptocurrency accounts, and so much more. Mind you, Usechain is not limited to just it's Mirror Identity Protocol, it also leverages the current technologies in the blockchain industry, in order to create a more scalable environment for users.
Yes, Usechain creates a more scalable environment for the generation blockchain technology; blockchain 3.0. Besides, this platform utilizes a Random Proof-of-Work Consensus Mechanism to reduce the cost of energy used in mining, which is way lower when compared to the cost of mining bitcoin and other high-value cryptocurrencies. Besides low mining energy and increased performance through its novel mirror identity protocol, Usechain will also use multi-level encryption, zero proof, and various authentication methods like KYC and AML.
Usechain Solutions To Current Blockchain Problems
Usechain's innovative solutions through mirror identity protocol and it will increase the security and performance of the entity hosted on this platform. Besides its mirror identity protocol, the Usechain innovative design also includes smart contract layer, consensus layer, data layer, and network layer. Each of these layers is specifically designed to meet the specific desires of different applications. Here are few ways in which these innovative layers were implemented.
Multi-level Authentication Mechanism
Usechain removes the veil of anonymity and obscurity that plagues current cryptocurrency platforms, yet still maintaining the privacy of its users. With the aid of a cryptography solution, this platform will create a multi-level authentication mechanism between the identity of its authenticated user and the on-chain address being utilized. Therefore, only the mapping relationship is exposed, and the user is not at any risk of privacy breach.
Network Sharing Technology
Current cryptocurrency platforms are plagued by low transactions speeds, due to a low TPS and a slow confirmation speed. With this new technology and strategies, you can easily confirm the identity of an address through sharding technology, in order to confirm the transaction carried out by a specific address. This greatly reduces the transaction confirmation time and reduces the incidence of double-spending attacks.
Identity Virtual Machine
This platform recognizes the need for an upgrade in its smart contract adaption, and it has achieved this through its identity virtual machine. This identity virtual machine is a novel way of creating a high-performance smart contract that can be incorporated into some applications. In addition, there will be a need for IVM to interact with external APIs and it's underlying technology. Therefore, Usechain will create an intermediary communications layer to bridge the gap. This will aid the efficiency of smart contracts, and enable many applications scenarios.
RPOW Consensus Mechanism
Usechain incorporates RPOW consensus mechanism into its core operations, in order to reduce the energy costs and to create a fair environment for mining. With the aid of its algorithm system and Trusted Execution Environment, this RPOW can activate a highly secure and fast transaction verification efficiency.
Light node client
The accuracy of transaction data needs to be verified periodically. However, this comes at a high energy cost. For this reason, Usechain has incorporated Merkle Tree BCMT, which is used to achieve a faster transaction and status verification at little to no energy costs.
Lastly, Usechain has an online fault tolerance that suspends the concerned account in cases when a specific node encounters a fork or conflict.
Usechain compared with other public blockchain
Usechain token mechanism
The ust token is an utility token that will be used to reward individuals within the usechain ecosystem for the services tgey offered. It is built on ethereum blockchain.
Ticker: UST
Token Type: ERC20
Platform: Ethereum (ETH)
Total Token Supply: 20,000,000,000
To find out more about Usechain, Kindly check the links below
Website: https://www.usechain.net
Whitepaper:https://www.usechain.net/usechain_en.pdf
Blog: https://medium.com/@usechain/
Twitter: https://twitter.com/usechain
Facebook:https://www.facebook.com/UsechainFoundation/
Telegram: https://t.me/usechaingroup
Authors details
Username: sweedy
Profile llink:http://bitcointalk.org/index.php?action=profile;u=1821234;sa=account
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