The concept of blockchain seems to be quite circumspect and foresight. But the creators of Usechain think otherwise. They’ve worked out the first-ever mirror identity blockchain ecosystem aimed at the improvement of existing limitations in blockchain technology. For instance, the specialists behind Usechain assume that their system will be identity based and highly efficient. Moreover, this ecosystem won’t have the technical barriers that are introduced in the mainstream market.
Do we really need such an ecosystem? Will it actually address all the issues inherent to the current blockchain technology? And, what is even more important, is the project worth joining? Let’s get it all now.
Bottlenecks of Current Blockchain Technology
What problems do the developers of Usechain are going to resolve? Here’s the list of challenges they focus on:
Low Performance. The specialists behind the new software say that even the greatest blockchain networks, such as Bitcoin and Ethereum, do not participate seriously in the everyday life of an average person. The core problem here, as they note, is that these systems can support only 7 and 25 transactions per second respectively, which is not enough for the current speed of life. The ecosystem of Usechain is intended to tackle this problem by higher performance and better ability to enter the mass market.
Anonymous Environment. The current blockchain technology is based on the concept of anonymity. On the one hand, it’s great. But on the other, the lack of any real identity documents results in the growing number of criminal activities. The ecosystem of Usechain, it its turn, will distinguish the users’ identity and identity verification, providing in such a way an ideal basis for zero knowledge proof. As a result, the software will support decentralized applications applicable for a wide range of industries guaranteeing at the same time, the highest level of security.
Technical Difficulties. It’s very difficult for today’s blockchain users to create mainstream decentralized applications meeting all their requirements. The issue is that most of these solutions are not flexible enough and they cannot be implemented in the existing blockchain-oriented systems. In order to resolve this problem, the developers of Usechain have decided to create the mirror identity ecosystem with a number of multidisciplinary and technological recourses, providing users with an excellent opportunity to develop mainstream decentralized apps.
What Is Special about Usechain?
- It features a multilevel process of authentication. Based on the cryptography technology, Usechain provides a multilevel system of authentication between the on-chain address and the user’s identity. Thus, the system saves only the interaction map, while the rest data remains hidden.
- It is based on the PROW arrangement engine. It lets the system provide every user with the opportunity of high-speed TA verification grounded on the principles of upright mining and low energy consumption.
- The ecosystem of Usechain resists multiple attacks. It is achieved by combining decentralization and distributed ledger. Moreover, the users of this platform get the opportunity to communicate synergetically.
- It has an Identity Virtual Machine. It’s an entirely new standard for building high-yield smart deals adapted to the users’ needs and ready for sandboxing. The intermediary communication level inherent to the ecosystem of Usechain will let IVM come into interactions with the basal blockchain, plus various sub-chains.
Major Advantages of Usechain
They can be united into four groups:
The structure of this ecosystem is centered, first of all, on sole identity mapping, which improves the scenarios requiring customers’ identification.
It is designed to meet the needs of users from all over the world. The platform supports mining even via smartphones, as it requires low energy resources.
Usechain is oriented on the highest quality resources only. This is why it is particularly attractive for leading companies and unites application platforms.
Token Data and ICO Details
Like all existing blockchain platforms, Usechain issues its own cryptocurrency that opens up a wide range of opportunities for the platform users. The system’s tokens are called UST. ICO will be reopened on 20th of Juny. In order to obtain this cryptocurrency one can use BTC and ETH. The total token supply amounts to 20 billion UST, while during the ICO the company is going to sell 9 billion UST.
What’s Then? It Usechain Worth Joining?
What we don’t like about it:
- The system lacks certain data concerning ICO. It’s hard to find the actual information about the price of UST, the maximum and minimum purchase amounts, and so on. Most reliable projects do share this data with their potential participants.
- The team behind Usechain is very scarce with the description of how the system operates. Naturally, you can read the White Paper and try to find all the answers to your questions in it, but most of the technical specifications offered there are very hard to understand.
What we like about the platform:
- It has quite a promising and far-reaching concept. Current blockchain technology does need certain improvements and upgrades.
- Usechain is not a new project. It was launched in 2016 and is well developed by the moment. Now, its website features a privacy protection technology and address-identity mapping system.
- The ecosystem of Usechain is supported by a number of strong advisors, such as Lucas LU, Yin CAO, Shangjin WEI, Qian MA, and others.
Thus, you’ll have either to refuse from joining Usechain or to become the member of this ecosystem. In any case, it’s up to you to decide.
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