USECHAIN: An Identity Blockchain Ecosystem

Miracle24

Introduction

A lot of happenings has shock the world over the years. The collapse of the Lehman Brothers in 2008 will be remembered by bankers or financial experts. Other things have happened to humanity but what happened in October 2008 is revolutionary. This was when a pseudonymous cryptographer dubbed Satoshi Nakamoto came up with Bitcoin (Blockchain 1.0).

Ever since, the technology has continued to grow. New and advanced blockchain systems and its application continues to emerge. Bitcoin and Ethereum (Blockchain 2.0) have been innovative with the idea of a decentralized currency and smart contracts respectively.

UseChain is the latest innovation in this category. They aim to develop the first mirror identity blockchain ecosystem.

What is Usechain

UseChain is a Singapore based company poised to eliminate the shortcomings (lack performance, security) of existing blockchains by introducing a mirror identity protocol which is a major point of difference compare to other blockchains. Their aim is to develop the first ever mirror identity blockchain ecosystem. This implies that smart contracts and apps run or executed on UseChain’s blockchain have as its core value data privacy and security. This will enhance the utilization and use of blockchain technology.

The UseChain platform is built on a Randomized Proof-of-work consensus mechanism (RPoW) which is combined with a sharding architecture. The combination of this provides the necessary scalability for the next generation blockchain which in turn improves and increases performance.

UseChain centers on the introduction of a new consensus mechanism which allows low energy mining and reduction in resource used in support of the network. The combination of this new consensus mechanism and a randomized proof of work gives a strong security and a high performance.

In the bid to take blockchain technology a step further, UseChain will use authentication method, multi-level encryption, zero proof, identity virtual machine, enhanced smart contract with other advanced technologies.

UseChain is going to address first hand services that requires verification and secure identity. Financial services, digital payments, IoT, internet games, sharing economies, and later the development of a DEX (Decentralized Exchange) are some of the projection of UseChain and hopes that their advanced blockchain technology will make a huge impact.

Individuals or corporations can participate in the ecosystem by investing asset, time, attention etc. to create value and they will subsequently be rewarded in the ecosystem which gives back value to original users. This eliminates third party and monopoly.

How Mirror Identity Blockchain Works

As earlier discussed, UseChain is built on a mirror identity protocol. This technology and structural design is to eliminate the delay that comes with blockchain development and fulfil the 3 core value of blockchain which is security, scalability and decentralization.

Why UseChain

To hasten the mass adoption of blockchain technology and maximize social contribution and commercial value, UseChain has taken a step further by upgrading some core aspect of blockchain and making it different from existing blockchain.

It includes;

High Performance

Performance is enhanced through a random algorithm. Miners are given a different difficulty by the block. This helps to distribute and adjust virtual hash power which in turn increases transaction confirmation efficiency. This is based on POW.

High level security

The network uses a secure infrastructure to give identity to where it is needed. This guides against double spending attacks.

Low Energy Consumption

Through identity mapping which is one of the characteristics of the network, the network can reduce hashing power dependence which reduces the energy and computing resources consumption.

Public Participation

The 3 reasons given above leads us to the 4th one. With a higher performance, high security and low energy consumption, UseChain can be mined even with a mobile device. This gives everyone the opportunity to participate in the network globally.

To attain a high level consensus algorithm, UseChain in the future will build a secure, attack resistant, high performance and a hardware based Trusted Execution Environments (TEEs).

Team

Token

The UST token will be an Ethereum blockchain based (ERC 20) token prior to mainnet launch. The token will be used to provide mining rewards and execute transactions on the blockchain.

ICO Details

Token symbol: UST

Total tokens: 20 billion tokens

ICO supply (private & public): 9 billion tokens

Soft cap: 1350 BTC

Hard cap: 4500 BTC

Price/Conversion rate: 1 BTC = 1000000 UST

Projected crowd sale date: 20th June, 2018

Token Distribution

Maximum token for sale: 45%

Marketing & Partner Support: 5% (+ bounty comprising 6%)

Community Rewards: 20%

Technical Community Rewards: 15%

Core Team: 15% (initially locked and 25% vesting every 12 months)

Roadmap

Conclusion

UseChain is the world first mirror identity blockchain which makes them a pioneer in that aspect. With a strong team and well experienced advisors who are capable of making the project a success, then UseChain is going to be a big project for now and the future.

UseChain has a use case which cuts across security and identity industry and since the UST token will be used to pay for services in the network, it is a valuable project to invest in.