CONSENSUS ALGORITHM OF USECHAIN IN COMPARISM WITH OTHER BLOCKCHAIN TECHNOLOGY.

Blockchain technology has already spread its roots in various industries and domains including asset management, retail, monetary-use cases, digital currencies, e-contracts, decentralized exchanges, and more. However, like every other technology, blockchain isn’t perfect. There are certain operational related barriers that limit the effectiveness of blockchain technology such as scalability, security, high energy consumption and technical difficulties issues.
• Scalability: As the number of blockchain transactions increases, blockchain grow rapidly in size, resulting in slow transaction times. This is because the number of transactions a blockchain can digest never exceeds that of any of the network’s nodes. Blockchains become weaker as nodes are added to it, thus their inability to process more transactions, which manifests as low performance, slow transaction speed, low throughput etc.
• Security: With the growing number of nodes or blocks in a blockchain technology, the vulnerabilities associated with the entire blockchain also increases. Among all the possible security flaws that can affect the blockchain network, there is one unavoidable security flaw. If more than half of the computers working as nodes in a blockchain network validate a transaction then that’s considered to be true. Also, if more than half the nodes in a network tell a lie, then the lie will be considered as truth by the entire blockchain network. This is known as the 51 percent attack, which is an unavoidable security flaw in blockchain and its applications and may well be the most serious of all the blockchain limitations.
• High energy consumption: A blockchain network grows at an unprecedented pace, which will consume heavy resources. Every block in a blockchain network needs to be thoroughly validated and mined by the miners. As the blockchain network grows, the miners need to validate the blocks in a network also needs to be increased. Every miner needs a supercomputer or similarly powerful hardware resources to mine the blockchain. All these require heavy energy consumption.
• Technical Difficulties challenges: Being a nascent technology, blockchain involves a lot of new, processes and highly specialized terms and technologies. Blockchain has made cryptography and decentralization more mainstream, adding on to its implementational complexities. Blockchain involves various challenges in its functionality such as transactional speeds, verification process, and data limitations.

To solve the above highlighted challenges of blockchain technology and many more, Usechain was birthed.
Usechain is a platform built on mirror identity protocol (MIP), aimed at creating a new model of blockchain technology that can be adopted by all and sundry in their daily lives. Typical blockchains like Blockchain 2.0 based on Ethereum are yet to create a ground or a platform that encourages public utilization in their day to day activities- it is widely known by experts that people need an ecosystem that can be adopted and can adapt into their daily lives, aid transactions that don’t just border around crypto-currencies or exchange but instead would promote activities in banking sphere, finance, and most importantly bring value to them. Ethereum despite its resources is with limits and so cannot exceed in its purpose of utilization in areas Usechain would.

Usechain proposes to solve the challenges of existing blockchain technology with its consensus algorithm known as Randomized Proof of Work (RPOW) as opposed the algorithm used by bitcoin and Ethereum blockchain; Proof of work (POW) and proof of stake (POS) respectively. Consensus algorithm in blockchain is important to ensure consistency for all nodes. In a decentralized technology like blockchain, every transaction made must ensure that every block in the blockchain network must reach a common consensus. Depending on the network size and the number of blocks or nodes involved in a blockchain, the back-and-forth communications involved to attain a consensus can consume a considerable amount of time and resources. The POW used by bitcoin requires that every node need to participate and reach a consensus, however, since there are many nodes, delays in transmitting information from one node to another occur, thus leading to slowness in transaction processing manifesting as network downtime, low performance, inefficiency etc. Also, computational competitions that occur in mining consume lot of power and resources without producing tangible results. However, to proffer solutions to bottlenecks of POW, Usechain has proposed RPOW. RPOW consensus algorithm reduces the computing power concentration, thus leading to a reduction in resource utilization and at the same time increasing block production speed of the entire network. RPOW focuses on ensuring security and efficiency in the blockchain network while utilizing little or no energy consumption.

Usechain’s consensus algorithm (RPOW) functions in such a way that it has low technical barrier. It provides a user-friendly interface that eliminates delays allowing thousands of transaction per second. As a result of security and low energy consumption feature of usechain consensus algorithm, mining can be done through mobile devices, thus increasing community participation in the Usechain ecosystem

Conclusively, Usechain Randomized Proof of the Work (RPOW) has the ability to increase transaction speed, foster encryption mechanisms, and avoid problems like low-level security especially in a virtual world where security is prime. It promotes high performance as well as boast of low energy consumption; this is because the features of the algorithm promotes independence on hashing power (measuring unit of the processing power) and thus eliminates dependence on computing resources which in turn prevents excess energy consumption like in other blockchain technologies.

For more information about Usechain, kindly visit:
https://www.usechain.net/ for more information;
Whitepaper: https://www.usechain.net/usechain_en.pdf
Twitter: https://twitter.com/usechain
Facebook: https://www.facebook.com/UsechainFoundation/
Telegram: https://t.me/usechaingroup
Medium: https://medium.com/@usechain/
Author's details:
Username: Crypto4ruby
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