Hello. I want to tell you about the Usechain project
When only bitcoin and blockade appeared, basically everyone was skeptical about this, although there are still people who do not realize the full potential. Over the years, people began to pay more attention to this technology and realized that the blockade is a real product, which can be an ideal option for storage and data transfer. More recently, the blockbuster has become increasingly spoken, and as a result it has been considered a very important discovery for mankind, along with the invention of the Internet. People who look at this technology from the ordinary layman think that this is so.
In fact, no matter how unique the product was, there are still some disadvantages, namely:
Relatively slow processing of transactions. Unlike the centralized ways of processing the transaction, the main actors bitkoyn and etherium have not so high indicators, hence the problem of mass implementation of the blockade. This is understandable if people are satisfied with methods that are well known to them, then why change anything?
High degree of anonymity in transactions. It's no secret that the block system is used not only for the safe storage of data. It is also widespread in the criminal world. Money laundering, corruption among officials, financing of various kinds of groups, and so on.
Complexity in understanding the entire technological process. Most people can not understand the whole potential of implementing a detachment in real life, they are satisfied with the usual methods of using centralized platforms.
Only by eliminating these problems, society will be able to really feel the power of a centralized machine called a blockade.
As you know, the progress of the development of the blockade does not stand still, there are always unique projects with their vision of solving these problems and new ideas.
We will talk about one of these projects today.
The main goal of the project is to build a decentralized platform, based on a new innovative block system based on the Mirror Identity Protocol (MIP) principle. This means that the platform will be binding each purse to a real person. Any user can look at information about another, but at the same time can not see personal data. Thanks to this, the developers are planning to increase the use of blockage in real life.
The whole system of the Usechain platform will rely on the RPOW consensus algorithm, Randomized Proof of Work, which is not familiar at the moment.
The consensus algorithm is RPOW - Randomized Proof of Work.
RPOW - what is this algorithm and how does it differ from all the familiar POW and POS?
As is known, the construction of a new block in a blockage network can be represented by different algorithms. Let's start by looking at the basic consensus algorithms.
For example, there is a widespread consensus algorithm POW (Proof of Work), which is based on the complexity of computing work. The steeper your iron, the more power, therefore the faster you will make all the computing work and thereby get paid for the created unit. This algorithm leads to large energy costs.
There is another very common algorithm - POS (Proof of Stake). To create a block, use the node that has the most amount of crypto currency in the wallet. The node receives a reward only for the transaction. This method of building blocks can contribute to the creation of a centralized network, because in the hands of one node there can be a large part of all coins.
DPoS (Delegated Proof-of-Stake) is an improved algorithm in which delegates select by voting a proxy to create a block. Here there is no minimum threshold for participation and it is not required to have a huge number of coins.
The main differences RPOW.
Unlike the above consensus algorithms, RPOW will select random images of miners, despite the balance of its purse, as in the case of the POS algorithm, and not taking into account the power of the iron - POW.This algorithm will ensure the verification of more transactions, while consuming less energy.
In the compartment with the MIP mirror authentication protocol, the RPOW algorithm will reduce the risks of control in the hands of most nodes due to the anonymity of the system, in which a person can create several addresses. This helps increase the transparency of the network.
Unlike POW, the RPOW consensus algorithm will have a higher degree of security.
RPOW will reduce the degree of centralization of power in the same hands and reduce the probability of fork, starting with 51% of the hashing capacity, which contributes to security and bias in the network.
The RPOW algorithm will assign individual complexity parameters to each miner, depending on its throughput calculation, thereby improving network performance and productivity of transaction-based authentication based on the POW protocol.
An important difference between RPOW and other protocols is the low level of power consumption, due to the decrease in dependence on hashing powers.
Involving a large number of the public in the system, by providing access to the mining in the Usechain system through smartphones. This will be possible due to low energy consumption and computational capacity.
The developers are building serious plans for the future to involve more users in their ecosystem from around the world, providing them with complete security, high productivity and the possibility of widespread use in everyday life.
RPOW will also serve as the basis for the decentralized Exchange Usechain. The algorithm will also be used to create a central service that will match all transactions and maintain the accounts. Due to the high performance in the compartment with the authentication protocol, the platform will create a decentralized exchange, in the priority of which will be security and efficiency.
Conclusion: At the heart of the project is still a little-known algorithm of consensus RPOW. I hope in the future the algorithm will seriously compete with its opponents, thanks to high performance, low power consumption and a more equitable distribution of awards. Using the RPOW algorithm and the principle of mirror authentication protocol, the developers set a goal to introduce blocking technology into our daily life. I'm sure the Usechain project has all the prerequisites to become a real competitor in the market.