#Usechain is developing the wold’s first mirror identity blockchain. Currently, top public blockchain like BTC, ETH, and EOS, they have issues with impossible trinity among scale, security, and decentralization. Usechain able to solve the current problems by building it on Mirror Identity Protocol (MIP) and receives multi-level reorganizations in the underlying level of the blockchain.
Identity in Identity Blockchain
Identity verification is crucial if blockchain going to become a mainstream technology. The transaction needs to be transparent and traceable so any illegal records can be traced and reflected on address identity blockchain.
#Usechain is developing a platform that will make the connection between on-chain addresses of cryptocurrency wallet and off-chain real identity. Using Multi-level Authentication Mechanism, Usechain aims to map on-chain addresses with off-identity of authenticated users. This ensures the privacy of the transaction while the identity of users is traceable.
The strength of mirror identity public blockchain
In Usechain Ecosystem, the meaning of “Mirror Identity” can be defined as the identity address mapping protocol that is being utilized in the ecosystem. The protocol ensures that only the address will be mapped on the blockchain, while the identity off-chain remain anonymous and privately secured. Such address transaction records will be transparent and traceable.
#Usechain will ensure the identity authentication mechanism is implemented while providing complete privacy protection. A wide range of commercial applications can be applied by using the identity mapping system. It will build a multi-level correspondence mechanism between the addresses on-chain and the authenticated user entities. All private information is undisclosed and only the mapping relationship is recorded on-chain.
The mirror identity protocol(MIP) has created an environment whereby the users’ private information can be integrated with blockchain technology without having their privacy or security being compromised. This can be used in various application scenarios such as identity token, decentralized exchange, global payment, financial services, etc.
Furthermore, the mirror identity protocol(MIP) can allow regulatory agencies to have the better efficiency to facilitate and managed AML activities, as any illegal records such as money laundering, drug trafficking, smuggling and illegal fundraising can be traced.
Comparing Usechain with Bitcoin, Ethereum. and EOS
For the consensus mechanism, Usechain use the unique RPOW, Bitcoin & Ethereum use POW, and EOS use DPOS.
POW(proof-of-work) consensus mechanism in BITCOIN and Ethereum. Proof of work is a requirement to define and complex computer calculation which is also called as mining. As a result, a reward is given to the first miner who solved each complex block problem.
DPOS consensus mechanism in EOS. Delegated Proof-of-Stake (DPOS), a method invented by Dan Larime. In a Delegated Proof-of-Stake system, a technological democracy is created by a community of block producers and staked users that agree to a certain set of rules. With the DPOS system, every wallet that contains coins is able to vote for representatives. These representatives validate transactions and form a consensus, and are paid for their efforts through the system.
Understanding of Usechain’s original RPOW consensus algorithm.
#Usechain is using a unique consensus algorithm which is randomized proof of work (RPOW), RPOW is a core to explore a new solution for blockchain. With a lower energy consumption and fair environment for mining, RPOW consensus algorithm even can achieve high-frequency transaction. Trough the combination of distributed ledger and decentralization, it able resist attack and gain collaboration trust as well as reached the level required by the application in terms of speed, cost, and scale.
To increase the commercial value and social contributions, Usechain plan to upgrade in the following aspect, which makes it unique with current technology in blockchain:
High-level security, High performance, Low Energy Consumption, and Public participation
In the future, Usechain will build secure, high-performance, attract-resistant, and harder-base trusted execution environments (TEEs) to achieve a high-level consensus algorithm of RPOW to further enhance security and performance. The hardware can be easily found in people’s daily life such as phone, Pad, PDA or even smart watches, bands and other smart devices.
In term of security, Usechain, Bitcoin, and Ethereum have higher security compare to EOS.
With the performance comparison, Usechain and EOS and able to done thousand transactions per second(TPS), Ethereum able to perform 25 TPS while BTC able to perform at 7 TPS only.
Usechain, Bitcoin, and Ethereum are completely decentralized while EOS is partly decentralized.
For more information on #Usechain, please visit the following useful links:
Website: https://www.usechain.net/
Telegram: https://t.me/usechaingroup
Twitter: https://twitter.com/usechain
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