USECHAIN - World’s First Mirror Identity Blockchain

hirushaperera (38)in #bitcoin • 6 years ago

Usechain is a platform that aims at developing the first ever mirror identity blockchain ecosystem that improves the use and utilization of blockchain technology. It aims to improve performance by providing a transaction management and support process that is efficient, identity based, and with low technical barriers applicable in the mass market.

What is Mirror Identity?

In Usechain’s context, the meaning of “Mirror Identity” can be defined as the identity address mapping protocol that is being utilized in the ecosystem. The protocol ensures that the identity off-chain remain anonymous and privately secured, only the address will be mapped on the blockchain. Such address transaction records will be open and transparent. The mirror identity protocol has created an environment where private information of the users can be integrated with blockchain technology without having their privacy or security being compromised. This can be used in various application scenarios such as identity token , decentralized exchange, global payment, financial services, etc.

What will Usechain do?

Current Blockchains like Bitcoin and Ethereum have many challenges inhibiting their acceptance into our daily lives and industrial applications, though they also brought innovations like decentralized currency and smart contract applications. These innovations from present Blockchains has allowed the society to be autonomous and secured. However, performance, inefficiency, poor scalability and high technicalities have limited present Blockchain technology to only be applied into cryptocurrency trading and exchange as speculative assets. Though many Blockchain startups are working towards optimizing the technology, however it has not yet to be accepted by all and sundry like the internet because of lack of commercial support and its low performance compare to traditional technologies. The market value of blockchain technology has yet to be fully utilized.

Usechain aims to solve these problems faced by present Blockchains by developing the first mirror identity Blockchain ecosystem that will be able to solve the problem of performance, scalability and enable wider applications of Bockchain technology into our everyday’s live.

Usechain is using blockchain technology to achieve genuine commercial value and contribution to society. It combines the different technical and competitive advantage of existing blockchain models, and proposes one of the most feasible consensus algorithm called Randomized Proof of the Work (RPOW) based on identity mapping to explore a new solution for blockchain.

Solutions Offered By Usechain

usechain in a bid to strengthen mirror identity and speed up the adoption of the blockchain technology and network offers an array of solutions to its users. They include:

Minimal Energy Intake - the hashing power causes the large consumption of power during computing of the technology. Usechain due to its identity mapping feature minimizes this significantly by reducing the dependency on hashing power.

Enhanced performance - usechain is designed to facilitate an efficient transaction and accommodate decentralized apps. This network has a blockchain technology built with a real identity to take the decentralized system to a completely new dimension. The framework of this sovereign network is fashioned to promote a scalable, reliable, authentic and secure system to uphold the value of the blockchain.

Technical barrier remover - the smart contract integrated into Usechain is used steadily to enhance the performance of application protocol and providing a new definition to the interface of internet technologies by making them user-friendly. All of these are done at a low cost and risk-free for advancing technologies.

How Usechain Mirror Identity Blockchain Works

The ecosystem of Usechain Blockhain includes application service, application protocol, application components and core framework of underlying Blockchain. With the improvement in the ecosystem, the behavioral data that is generated by events and people will be transparent and irreversible on the identity-based ecosystem. Usechain has set a precondition where it uses the same level of security for maintaining privacy between identity and anonymous public blockchain. By doing so, the platform provides infrastructure that supports decentralized applications used in a variety of industries and at the same time bring a separation between identity and identity verification that has a basis on zero knowledge proof. Using cryptography solution, Usechain establishes a multilevel correspondence mechanism between the on-chain address and the identity of authenticated users.

Based on current algorithms and secure, high performance and anti-attack Trusted Execution Environments (TEEs) built by hardware, the Randomized Proof Of Work consensus algorithm can achieve high frequency transaction verification on the premise of a lower energy consumption and fair environment for mining. The Identity Virtual Machine(IVM) is a new standard for building high-performance smart contracts that can be defined and sandboxed with some adaptations. Usechain will build an intermediate communication layer so that IVM can interact with underlying blockchain, external APIs and sub-chain or even be directly programmed based on the intermediate communication layer to make up for the shortage of Ethereum virtual machine and build smart contracts which are efficient in execution, and can interact with external data to help extend the application scenario. The platform’s official token referred to as UST is based on the ERC20 protocol on the Ethereum Blockchain . Users can acquire the token during the initial Coin Offering. The main aim of creating the token is to give an opportunity for all participants to be involved in the building of the entire community. The token will also be used to reward the developers and supporters of the platform’s community as well as enabling the entire ecosystem to grow. UST will also allow every participant who hold tokens to use Dapp (Decentralized Application).

Use Cases for Usechain

the provision of security, ease, low cost and effective data transaction while maintaining cyber obscurity is one of the yearning demands of cyber users. An identity as seen by Usechain is immensely vital for an individual or an organization. This has been under threat since the inception of technology advancement.

usechain sees this is a necessity to engender the adoption of blockchain and the networks associated with it. Using innovative technology, Usechain makes the blockchain technology more credible, reliable and transparent. This way a healthy and unwavering growth will be maintained in addressing the blockchain identity.

Partners

conclusion

the team behind the invention of this innovative blockchain technology comprises of experienced persons who have acquired an immense knowledge of the industry. Henry Cao, a finance professor at Cheung king Graduate School of Business and co-founder Baohong Sun, a marketing Professor at Cheung king Graduate School of Business, founded Usechain.

usechain unlike their mainstream competitors Bitcoin and Ethereum offers and solves the identity of internet users. It paves a new path of achieving security and decentralization of the internet technologies based on a massive scale.

its only the address of the user that is mapped on the blockchain. Now, the users’ information can be on the blockchain technology without an intrusion from a third party. Usechain is absolutely a frontier of the blockchain revolutionary to offer a better and efficient decentralized transaction in our modern world.