Everyone is talking about the possibilities of Ethereum. It has a lot of options for developers who don’t want to create a whole new blockchain. But it also has its limits, and that’s why competitors like Stellar or ICON are on the rise. Today I want to have a closer look at another new promising guy in the ring and its upcoming ICO — Usechain.
What exactly is Usechain
Usechain is a platform that aims at developing the first ever mirror identity blockchain ecosystem that improves the use and utilization of blockchain technology. The platform aims at improving performance by providing a transaction management and support process that is efficient, identity based, and with low technical barriers applicable in the mass market.
The platform focuses on introducing a new consensus mechanism and a randomized proof of work to balance perfectly strong security and high performance. In order to bring a new generation of blockchain, Usechain will use multi-level encryption and authentication methods, Identity virtual machine, zero proof, enhanced smart contract as well as other innovative technologies.
Background of Usechain
SINGAPORE, May 3, 2018 /PRNewswire/ — “Identity is the new money.”New blockchain project Usechain is becoming the first-ever blockchain ecosystem to achieve self-sovereign identity for individuals and institutions. Usechain aims to fuse innovative technologies with off-chain identities to create a public blockchain ecosystem based on real identities, addressing the issue of distrust due to anonymity in current blockchainprojects, while maintaining uncompromised security.
According to a 2014 study from CTRL-Shift, the cost of identity assurance processes exceeds GBP3.3 billion per annum in the UK alone. Signaling reputation is very costly in the current financial industry and any other place that requires identity assurance.
What are the key features of UseChain
To increase adoption and utilization of blockchain technology, cryptocurrency and its underlying blockchain system , Usechain offers the following solutions:
Performance and Scalability: Provides efficient transaction process management and support for millions of Dapps and billions of users. Usechain has features like a new underlying framework of blockchain technology and real identity. It is built on high performance, secure and reliable infrastructure to hold massive value.
Identity Based: Usechain establishes a connection between the on-chain addresses and the off-chain identity to meet requirements of KYC and AML, making it possible to be massively adopted in daily consumption, loans, insurance etc. Because of solid technological foundation and the high-performance and secure infrastructure centering on sole identity mapping, Usechain will be able to be applied to a wide range of applications scenarios requiring identity.
Low Technical Barrier: Usechain’s continuous optimization and enhancement of smart contract, more sophisticated and flexible definition of application protocol and promotion in accessibility can provide a user-friendly interface for existing internet technologies and low-cost and low-risk docking mode for mature technologies.
Tokensale Details
Road Map / Timeline
Q2 2018
Develop privacy protection system.
Form core community and achieve 50000+ people.
Q3 2018
Develop software-based RPOW consensus algorithm.
Develop enhanced smart contracts.
Develop TPOS consensus algorithm.
Launch beta version of main chain.
Achieve 100000+ people in the community.
Launch the first DApp.
Q4 2018
Set up sub-chain structure.
Develop cross sub-chain communication.
Build Usechain eco-fund to accelerate ecosystem development.
Develop multi-industry vertical community.
2019
AI system of address behavior analysis.
Develop tokenized multi-node system.
Develop hardware-based RPOW consensus algorithm.
More multi-industry identity-based DApps.
Launch decentralized exchange.
Team & Advisors
So this looks like a well thought and massive project. But who are the people behind it? Again I will quote the texts directly from their website.
Team
HENRY CAO — CEO & Founder
He is the founder and CEO, a finance professor at Cheung Kong graduate School of Business, founder of the first finance MBA program in China. He was 13 years old when he was admitted into the USTC gifted class, I taught at the University of California at Berkeley.
BAOHONG SUN — CSO & Co-Founder
She is a co-founder, CMO and marketing professor at Cheung Kong graduate School of Business, Dean’s Distinguished Chair professor of market, Associate Dean Chaired professor at Tepper Buisness school, editorial board member of marketing science.
SHENGLI ZHANG — Chief Sciencist
He is the chief scientist and senior blockchain specialist, wireless network technologist, presenter of physical Layer Network coding, professor of Shenzhen university, senior member of China electronics society and a holder of 3 national invention patents of blockchain, USTC BS and MS CUHK PhD.
FENG ZHANG — Senior Financial Specialist
He is the senior financial advisor, an expert in thousand talents with about 30 years of experience in QIHF globally, MD of Asset management department of CitiGroup/ Morgan Stanley
ERIK XU — (COO)
He has about 10 years of experience in internet and information security industry in general management and marketing. He is a serial Entrepreneur, Head of information security project at national information security Engineering centre, member of national information security.
ANDY ZHOU — (CTO)
He is the technical director of Beijing United Electronics Co, Serial Entrepreneur in IFLYTEK, Huawei, technical director in Chukong technology, deep understanding of big data, artificial intelligence and distributed system, Double a bachelor’s degree from University of science and technology of China (USTC) and MS from Chinese Academy of sciences (CAS)
LIN ZHAO — (CPO)
He has about 10 years of experience in internet and new retail industry, experienced in platform building for horizontal e-commerce E co-friendly product and service specialist.
AMANDA SHEN — (CMO)
She is the public Relation and marketing experience for 12 years, marketing strategy manager of FedEx China
Advisors
LUCAS LU — Advisor
He is the senior advisor, senior expert of blockchain, founder and CEO of 5miles and cybermiles (CMT), the first general manager of Mobile Taobao, China university of science and technology BS, SMU PhD
YIN CAO — Advisor
He started his research and promotion of blockchain application in 2015 and was among the first to propose the concept of Energy internet in China. He is a co-founder of the first energy blockchain Lab in the world, major member of the technical working group China of Hyperledger project
How UseChain Mirror Identity Blockchain Works
Usechain is built on mirror identity protocol merged with high-level innovations in structure design and technology to eliminate the delays in the process of developing blockchain and bring a perfect balance between scale, security, and decentralization. Usechain, as an ecosystem is growing fast and will hold thousands of credit-based and identity-based applications in the future.
If you wish to get more information, you can visit website and read whitepaper.be sure to join social media for get updates. I think this article will helpfull to you for get an idea about Usechain.
Website：https://www.usechain.net/
White Paper: http://www.usechain.net/usechain_en.pdf
Technical White Paper: http://www.usechain.net/usechain_tech_cn.pdf
Facebook：https://www.facebook.com/UsechainFoundation/
Twitter：https://twitter.com/usechain
Github: https://github.com/usechain
Reddit：https://www.reddit.com/user/Usechain
Linkdin: https://www.linkedin.com/company/usechain/
Medium: https://medium.com/usechain
Telegram group: https://t.me/usechaingroup
Telegram channel: https://t.me/usechain
Bitcointalk: https://bitcointalk.org/index.php?topic=3432061.0