USECHAIN: RESOLVING THE PROBLEMS OF CURRENT BLOCKCHAIN PLATFORMS

in #ico6 years ago

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INTRODUCTION

The blockchain technology is gaining increasing acceptability and therefore experiencing rapid growth in the recent past. Bitcoin and Ethereum have introduced innovations and ideas like decentralized currency and Smart Contracts to the field of blockchain technology.
The result is a blockchain and cryptocurrency that has made the society independent and safe. Nevertheless, inefficient performance, rigidity and high technicalities demanded has restricted blockchain technology to just cryptocurrency transactions occurring in exchanges alone.
Even, in spite of the numerous underlying blockchain platforms that has impacted a lot on the blockchain system, it is yet to become a widely-acceptable and adopted platform because it lacks commercial value and is distant from the market. The big latent value of blockchain industry is not yet totally appreciated.

CHALLENGES WITH CURRENT BLOCKCHAIN PLATFORMS

In current market conditions, the demand is for a blockchain that can be easily incorporated into everyday life, allow several transaction instances, and introduce value into the public blockchain.
Although there are quite a number of challenges confronting blockchain technology, the huge ones are poor performance, the absence of real identity and high technical threshold.
Under the current blockchain technological framework, prominent platforms like Bitcoin and Ethereum can only allow limited transactions per second which are quite low when juxtaposed alongside the processing capability of other platforms like VISA that supports numerous transactions per second.
The low pace of transaction in the current blockchain system makes it not fit for use in the mass market.
The anonymity which is the crux of the blockchain technological application is yet another challenge of the blockchain platform. The activities carried out on the platform cannot be traced to any real identities and this makes the platform susceptible to crimes such as laundering, trafficking and all such ills. This is why it is not acceptable in situations where real identities are needed.
The high technicalities required in using the current blockchain platforms is also a factor impeding its acceptability in the public market.

HOW USECHAIN PLATFORM RESOLVES THESE CHALLENGES

Usechain foundation is building the first blockchain network that will offer efficient transaction management and allow several decentralized applications for several users. The Usechain platform is identity-based and has low technical barrier through the use of smart contracts.
The Usechain is a blockchain platform that can be used in the mass market. It contains features such as a new basic framework of blockchain mechanism with genuine identity. Usechain solves the problem of poor performance by featuring a high-performing, safe and dependable infrastructure that can process massive data at a time.
Leveraging on the solid technological basis, as well as efficient performance and safe infrastructure that bothers on sole identity mapping, Usechain can be applied to a number of application instances where identity is needed.
Usechain engages meaningful collaboration with commercial and known business schools, and it keeps getting high-quality inputs and powering top companies and applications through the influence of blockchains, aiding the worldwide community in boosting the growth of the Usechain platform.

PARTICIPANTS HELPING TO PROMOTE THE GROWTH OF USECHAIN ECOSYSTEM

The participants of the Usechain ecosystem contributes to the growth of the platform in their own unique ways. By working closely with these participants, Usechain achieves its aim of being the first mirror identity blockchain with cutting edge technologies.
These participants are;
a. Users: This can be Individuals, objects etc making use of the verification system made available by Usechain, thereby processing functions or operations such as address mapping, identity verification etc.
b. Application Participants: This is made up of Individuals bestowed with identity certification by Usechain, thus having the power to endorse identity verification for other Individuals. This goes a long way to contribute to the growth of the ecosystem.
c. Technology Participants: These are the most important within the Usechain ecosystem. These individuals or participants are responsible for the architectural framework of the platform, development of protocols, operations of protocols, bringing partners together in order to work on the technology of the ecosystem etc.

PRINCIPLES USECHAIN FOUNDATION RELY ON

The foundation principles of Usechain were implemented so as to ensure the ecosystem is always in line with the laid down goals and objectives.
a. The Usechain platform is an independent legal system, thus having a very strong governance background.
b. Usechain treats all participants, users etc fairly without segregation of any sorts.
c. Usechain being a non-profit system aims to serve its token holders, develop a scalable and reliable blockchain network, in the long run, contributing to the wide adoption of blockchain technology globally.

CONCLUSION

The three major problems that limit the wide acceptability of the blockchain as a platform for the mass market are poor performance, anonymity and high technicality threshold. Usechain foundation counters these challenges by building a high-performing, safe and real-identity based platform where the off-chain address of users are linked to a real identity.

USECHAIN TEAM

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USECHAIN ADVISORS

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USECHAIN PARTNERS

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IMPORTANT LINKS

Visit the Website: https://www.usechain.net/

Visit GitHub: https://github.com/usechain

Whitepaper: https://www.usechain.net/usechain_en.pdf

The Community;

Telegram Group: https://t.me/usechaingroup

Twitter: https://twitter.com/usechain

Facebook: https://www.facebook.com/UsechainFoundation/

Medium: https://medium.com/@usechain/

Usechain ANN Thread: https://bitcointalk.org/index.php?topic=3432061.0

Author's Details;

Author: Chuky92

Author's Btt Profile Link: https://bitcointalk.org/index.php?action=profile;u=2084586

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