PROJECT OVERVIEW - Usechain
PROJECT OVERVIEW
What is Usechain ?
Usechain is a project born to support the development of the first mirror identity blockchain ecosystem, and this will be the first blockchain in the world built on the Identity Mirror protocol. In addition to the existing technologies, the usechain will have a lot of changes and upgrades in technology and structure, … to help solve the current problems of other blockchain are encountered, especially blockage in blockchain development. If Dapps is not currently used and widely adopted, Usechain will be a project that will allow these applications to be widely accepted and used in many areas such as games, finance, management, internet of things, and many more field.
Why Usechain differs from other blockchain?
As you all know Bitcoin is known for its Blockchain 1.0 technology, Ethereum was later developed by Vitalik in conjunction with a smart contract known as Blockchain 2.0. And recently, a currency is very interested in by the community, known for its blockchain 3.0 technology and able to reach 10,000 transactions per second – EOS. What difference does Usechain have?
First, the blockchain of Ethereum and Bitcoin uses the POW (Proof Of Work) mechanism, which uses electrical and computer energy to solve algorithms, math equations for digging coin. This gave birth to the coin digging machines that used tremendous amounts of electrical energy globally and affected the environment. EOS uses a Delegated Proof Of Stake (DPOS) mechanism, đThis is consensus mechanism in form of vote-by-vote, next people will be responsible for confirming the transaction and maintain blockchain. DPOS was born to solve the problem of POW and POS(Proof of Stake). Meanwhile, Usechain uses the RPOW (Randomized Proof of Work), this is a significant step in the history of digital cash, this new technology will balance in all aspects such as transaction speed, security, encryption mechanism,…
The second is about security, while EOS is only good scalability but very bad security, bitcoin has average security layer, Usechain with Ethereum has very high security for users. In this virtual world, I think security is very important.
Third is about speed of transaction, Bitcoin’s TPS is probably too bad, slow, and expensive, as the technology only supports about 7 TPS (transactions per second). Ethreum, known as 2.0, only supports about 25 TPS, while Usechain, along with EOS, are two blockchain that will have expected trading speeds of up to thousands of transactions per second.
Fourth is about the decentralization, the three blockchain Usechain, Bitcoin, Ethereum are all decentralized, as affected by the DPOS mechanism as mentioned above, EOS will have a technological democratization layer but is influenced by centralized, so, it is only half-decentralized.
=> Usechain is a project bring into balance that guarantees all three elements of a blockchain, decentralization, security and scalability, while Bitcoin ensures security and decentralization, EOS is only about extensibility but less secure and affected by centralized. Ethereum is secure and decentralized, but its extensibility is slightly better than Bitcoin. Meanwhile, Usechain is a blockchain project balanced by all three, a very interesting project.
How it work?
This platform uses a multi-level system to authenticate users of a particular resource. For example, the address of a personal electronic wallet with the owner. Because the whole process is based on blockchain technology, this information will be reliably protected from unauthorized access and used for various purposes by intruders.
RPOW – Consensus will provide more transactions per second with less power consumption and will not require the technical level of the mining equipment. Yes, you are not mistaken. Usechain will allow exploitation. Moreover, a function is declared in the platform, which will allow cryptocurrency to be exploited by mobile devices. Therefore, this platform will provide a high degree of security, performance and high speed, as well as reduce power consumption.
In the Usechain platform, also introduced – shading technology. Sharding will only confirm that part of the transaction that it belongs to. This technology will speed up the transaction. A unique identification system will provide the opportunity to interact with users only with their personal information, applications and resources.
An important element in the operation of the Usechain platform is the stability of its operation with the influence of any external or internal factors. This is the advantage of blockchain technology. Even in the case of the appearance of a problem situation, simple blocks will freeze until the situation is resolved in a specific order.
TEAM
As an integral part of the project, the group has 10 managers and 6 consultants. It is a professional team with extensive experience in IT, finance, marketing and management of similar projects. Many representatives of professors and teachers, a considerable number of practitioners. Usechain’s founder and CEO is Henry Cao – a great business expert, an MBA expert.
Henry CAO – Founder,CEO: Finance Professor at Cheung Kong Graduate School of Business, Head of the Department of Finance, Founder of the first Finance MBA program in China, Member of the Finance Society of America, taught at the University of California at Berkeley, the University of North Carolina, Chapel Hill, admitted to the USTC gifted class when he was 13 years old, Yale University/ UCLA PhDs.
Baohong SUN – Co-Founder,CSO: Marketing Professor at Cheung Kong Graduate School of Business, Dean’s Distinguished Chair Professor of Market, Associate Dean, Former Chaired Professor at Tepper Business School, Carnegie Mellon University, editorial board member of “Marketing Science”, “Journal of Marketing” and “Journal of Marketing Research”, The world economic forum on future behavior, Renmin University of China, BS, USC PhD.
Advisors
UST TOKEN
Many people question the effect of UST, do not know what to buy for what? The UST is a form of utility tokens and is built on the basis of the ERC-20, which was born to reward and donate to developers who are technologically inclined. Usechain has a better and better ecosystem, or for those who help Usechain build and develop their business community. Although built on Ethreum’s ERC-20 platform, when Usechain developed its main net product, the UST will be used by the Usechain for its own chain, which will be implemented in the third quarter in 2018, and then the community estimate of Usechain will be over 100,000 people. The total quantity of UST is 20 billion UST. The distribution plan is as following:
CONCLUSION
Despite the complexity, it seems to me that the project will be a success. Around this platform there is a certain excitement and I think investors will not leave such a strong platform without attention. Secure work with personal information is becoming more common, and Usechain has ambitious plans and a strong developer team has the opportunity to do a technically complex project. More information about the project can be found in their white paper on the official website.
More information
Website: http://www.usechain.net/
Whitepaper: http://www.usechain.net/usechain_en.pdf
telegram: https://t.me/usechaingroup
ANN Thread: https://bitcointalk.org/index.php?topic=3432061.0
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