ROLE OF IDENTITY IN IDENTITY BLOCKCHAIN AND THE STRENGTH OF MIRROR IDENTITY PUBLIC BLOCKCHAIN
Blockchain technology started with the Blockchain 1.0 in 2009. At that time, Bitcoin was the main source of exchange. However, Bitcoin consumes lots of power and has a low transaction performance. Afterward, more innovations gradually took place and led us to the era of Blockchain 2.0, which is based on Ethereum. With the Ethereum model, it is easier to exchange different currencies and has also proven to be a reliable crowdfunding platform which provides a pathway to link blockchain technology with the capital investment for the global development of the blockchain technology. Asides from creating and developing token, Ethereum has not been able to provide a viable platform for value exchange that can be utilized by the public for their daily activities. The fact is that people need an ecosystem that can meet their daily needs, support various transaction processes, and benefit them in the long run.
Due to the massive participation of global communities, the blockchain industry is gradually evolving into blockchain 3.0. It is expected that the Blockchain 3.0 is the period whereby blockchain technology will become the mainstream technology to transform the cognitive and innovative abilities of humans. Also, it is the era when large-scale ecosystems built on blockchain structure and technology will expand rapidly, users are connected via the large-scale Dapps coupled with the reformation of humans' cognitive abilities. For more acceptability, blockchain technology, cryptocurrency and its underlying system need to provide support several Dapps, bridge the gap between the off-chain identity and the on-chain addresses, and advocates the continuous advancement and enhancement of smart contracts, application protocol, and provide a user-friendly interface. In order to satisfy the conditions highlighted above, Usechain foundation is building the first blockchain ecosystem embedded with the Mirror Identity Protocol.
Based on the advancement of blockchain technology, Usechain will become the first blockchain platform embedded with the Mirror identity protocol coupled with the integration of cutting-edge innovations in structure design and technology to break the barriers in the development stages of blockchain, provide the needed infrastructure for future purposes, create an identity blockchain system built on a robust technical structure, develop Dapps use for several applications and provide the basic technical support for the application processes employed in various sectors thereby adding more value to identity by facilitating the connection of people to the financial services offered by Wallstreet in a seamless, convenient and instant manner.
With the use of the same security apparatus for privacy between the anonymous public blockchain and the identity blockchain, Usechain provides infrastructure that support Dapps applied in several industries through MIP and separation of the identity verification and the identity. Also, through cutting-edge innovations in structure design and technology, Usechain can eliminate the impossible trinity that accompany the new identity dimension and attain an ideal balance among scale, decentralization and security. With adequate support from the commercial and academic resources from the leading business schools, Usechain will collaborate with established companies from several industries to attract numerous users and fast-track the development of Usechain ecosystem.
Usechain will build the first mirror identity blockchain platform by starting from the innovation of design based on blockchain infrastructure. This improves the efficiency of transaction verification to enable the infrastructure meets the requirements required to decrease the cost of deploying smart contracts, mass-market application and enhance the usability and flexibility of the system. Asides this, virtual machines will be enhanced to simplify development, reduce resource usage, and reduce entry barriers. In addition, Usechain will be built to handle numerous transactions to meet demands from the multitudes of users at the same time and to also handle the numerous ranges of social and application applications on the platform.
For future financial services, this platform will support the decentralized Dapps. For instance, a simple and transparent channel can be built to bridge the gap between the digital world and the real world which will be powered through the personalized identity token. This makes it easier to turn assets, institutions and even people into identity tokens. The incorporation of decentralized and high-performance exchange into Usechain ecosystem makes it easier to all values regardless of their form to operate and flow efficiently. Everybody can easily access the instant and transparent financial service offered by Wallstreet on blockchain.
website whitepaper telegram twitter facebook
Author - Coltpython