The Sharing Economy is a trading ecosystem in which individuals or organizations borrow or rent assets or goods rather than buying and owing them. It is also called a collaborative or peer-to-peer economy. It gives individuals the chance of getting along without really having valuable things like houses, cars etc. For instance, during a trip, you can stay in someone's house for some times rather than in an hotel and get the person paid for that. Various sectors exist in the present sharing economy. they include: shared accommodation (Airbnb), shared transportation (Uber), shared knowledge (Quora) e.t.c. However, despite the numerous benefits of the sharing economy, the ecosystem is still plagued with challenges such as lack of trust between consumers and suppliers of services, high cost of transactions, leakage of supplied data during registration on platforms, to mention a few. In order to proffer a solution to these challenges, a platform named UCHAIN was birthed.
WHAT IS UCHAIN?
UChain is a platform incepted for the purpose of revolutionizing the global sharing economy. It aims at solving the current existing problems in the sharing economy which has deprived the system of its efficiency.
PROJECT OVERVIEW
The global sharing economy has been operating in a centralized mode. The system consists of agents who acts as intermediaries between service providers and users. These agents have certain amount they collect as commission, this in turn lead to high cost of services. Other challenges plaguing the ecosystem include:
LACK OF TRUST: Establishing trust is a problem which has lingered on in the system. The system often requires the interference of an intermediary who vouches for both parties during a transaction. A form of collateral is obtained by the intermediary from both parties until the transaction is completely executed, this act in turn increases the cost implication of utilizing the sharing economy service
INSECURITY AND MISUSE OF DATA: In order to gain access to shared economy platforms, users are required to fill a form and supply their personal information for the purpose of registration. However, rather than use the data solely for the purpose for which it is meant, some companies use them for other purposes. Also, supplied data are at risk of being hacked and stolen as they are stored on decentralized databases. Therefore, users of sharing economy system are at risk of data insecurity.
UCHAIN SOLUTIONS
• UChain aims to solve these issues by leveraging on blockchain technology. By incorporating the application programming interface and software development kit, sharing economy enterprise would be able to build applications on the Uchain network, thus making Uchain a fully autonomous peer-to-peer ecosystem.
• Transactions would be conducted on the blockchain network with smart contract technology. Rather than use external intermediaries and middlemen, Uchain tokens will be used as a means of transaction on the platform.
• Instead of storing users’ data on centralized database. Data would be stored on distributed storage scheme using private keys. Thus data would be encrypted and will only be available for access by the real owner. This will ensure the security of customers’ data and sensitive information.
OTHER UNIQUE FEATURES OF THE UCHAIN PLATFORM
Transactions will be done using local tokens rather than fiat.
Service providers are awarded with tokens as they contribute their resources to the community.
Users can issue their own token.
Availability of digital wallet services for users to store their tokens
Decentralized exchange (DEX) for the liquidation of tokens.
Users can build dAPPS on the platform.
TOKEN
The platform has a digital currency called UCN. UCN is the basic means of transactions on the Uchain platform. Users on the platform are rewarded with UCN tokens in order to increase their participation and ensure that service providers and consumers are kept engaged on the platform
TOKEN USE CASES
TOKEN INFORMATION
Token Ticker: UCN
Hard Cap: 35,000 ETH
33,000 UCN will be sold during private sale while the remaining 2,000 will be sold during public presale
Token Price: Private Sale: 1 ETH=7500 UCN (50% will be locked for 6 months)
Public presale: 1 ETH-5750 UCN (750 UCN will be locked for 3 months)
For more information about UCHAIN, kindly visit:
Website: https://uchain.world/
Whitepaper: https://uchain.world/css/img/pdf/uchain-whitepaper-dbe5656d6c.pdf
Telegram: https://t.me/UchainEcosystem
Medium: https://medium.com/@uchain
Bounty goblin link: https://www.g0blin.com/uchain/
Bounty bitcointalk Thread: https://bitcointalk.org/index.php?topic=4587074.0
Writer: Crypto4ruby
Writer’s bitcointalk URL: https://bitcointalk.org/index.php?action=profile;u=1788350