Innovations and inventions continue to improve every part of human life. The internet has been able to proffer solutions to many problems that humanity faced. In the last decade, the most disruptive innovation that we’ve seen is blockchain technology. Blockchain technology provides a decentralized way of recording transactions and also the use of smart contracts. Blockchain technology helps in facilitating transactions by making these transactions easier and more secured. This unique technology has been described by many as the engine that will propel the global economy for years to come. One of the areas in which this technology has been massively employed is security.
Problems With The Current Blockchain Networks
Blockchain innovation started with the introduction of bitcoin porpularly referred to as blockchain 1.0. Bitcoin has been able to profer solutions to many problems but still come short in terns of security, transaction speed and performance efficiency. After bitcoin, came ethereum based on the use of smart contracts which made transactions much more easier and secured. But then again, there are some issues associated with this blockchain network. Basically, ethereum has not been able to provide what we call “Value Internet” i.e, a platform which could provide value exchange in people’s daily life. People needs blockhain technology to profer solutions to some of their daily problems and ethereum hasn’t been able to do this. These problems that existing blockchain networks face can be categorized into 3:
• Low Performance
• Autonomous Transactions
• High Technical Difficulties
Low Performance
Current blockchain systems are still characterized by low performance. The speed at which current blockcahin networks process transactions is still too low to attract massive adoption of this stellar technology. Millions and trillions of transactions happens per seconds in the world that we live in today and so with blockchain technology providing few transactions per second, there’s no way many people would want to adopt it.
Autonomous Environment
Another problem which is delaying mainstream adoption of blockchain technology is the anonymous environments in which transactions are being carried out. Blockchain provides a platform for anyone to carry out transaction without being able to be tracked. This makes it possible for people to carry out fraudulent activities without getting caught because these activities are not traceable. This is a major issue that is putting people off from trying out blockchain technology
High Technical Difficulties
There are also technical bottlenecks associated with the current blockchain networks. This is a technology is available exclusively to a set of people who are technically sound in the area of software technology and blockchain development. Building a decentralized platform requires you to write millions of codes which definitely not everybody can do. This makes it difficult for everybody to adopt this technology because of high technical knowledge required to navigate around it.
How Usechain Solves These Problems
From the problems associated with current blockchain networks highlited above, it is clear to see that blockchain faces the problems of security, identity verification, network consensus, value exchange etc. all of which are preventing massive adoption of blockchain technology. This is what gave birth to the idea of Usechain which is based on Blockchain 3.0 in order to solve most these problems thereby bringing about value internet to people. Usechain is trying to create a platform that will make it extremely easy for people to use blockchain technology is providing solutions to some of the basic problems that they face daily. It is the belief that with Blockchain 3.0, massive adoption can follow based on value internet that this system provides. Usechain in trying to move the boundary of blockchain technology further in the following areas:
• Performance and Scalability
• Identity Verification
• Low Technical Barrier
Performance and Scalability
Low performance and scalability issues still characterize the existing blockchain systems. This makes transactions to take awful longer time than required. Usechain is designed to handle large-scale transactions in order to meet demands of millions of people at the same time. Usechain is based on RPOW Consensus Mechanism which is designed to achieve high-frequency transactions while utilizing lower energy. It is absolute genius that Usechain is building a consensus that will help with scalability, speed of transactions while also reducing cost to the barest minimum.
Identity Verification
Identity verification is very important if blockchain really want to become a mainstream technology. Transactions need to be traceable so the activities of fraudsters can easily be monitored. Usechain is proposing a platform that will make connection between on-chain addresses and off-chain identity possible. This will definitely open doors for blockchain innovation to be widely adopted. Using Multi-level Authentication Mechanism, Usechain aims to map on-chain addresses with then identity of authenticated users. This ensures privacy of transaction while recording the identity of the initiator.
Low Technical Barrier
Technical knowledge of blockchain technology is also a bane to mainstream adoption of this wonderful technology. This is an area in which Usechain has made massive strides to try and make blockchain accessible to all and sundry. Usechain provides an optimized platform with massive enhancement of smart contracts and more sophisticated and flexible definition of application protocol all of whuch are geared towards providing a user-friendly platform that anybody can easily navigate even without the technical knowledge of blockchain.
Usechain is going to develop the world’s first mirror identity blockchain ecosystem by redesigning the core infrastructure of existing blockchain networks. This is to improve the efficiency and speed of transactions to meet the market demands, reduce cost of smart contracts and increase the flexibility and usability all of which are requirements for massive adoption of blockchain technology. Usechain aims to bring genuine commercial value and contribution to the society in terms of improved security and high-level performace.
For more information on Usechain, please visit the following useful links:
Website: https://www.usechain.net/
ANN: https://bitcointalk.org/index.php?topic=3432061.0
Whitepaper: https://www.usechain.net/usechain_en.pdf
Telegram: https://t.me/usechaingroup
Reddit: https://www.reddit.com/user/Usechain
Github: https://github.com/usechain
My Bitcointalk Profile: https://bitcointalk.org/index.php?action=profile;u=2077261;sa=forumProfile