Investor Reviews ICO — UChain The Next Generation Distributed Smart Network

Blockchain for the Sharing Economy Nebo Follow Jun 12, 2018 · 6 min read

Current Market vs UChain

The market size of the global sharing economy is expected to reach 520 billion US dollars in 2018, according to Roland Berger’s report on the sharing economy. Along with the rapid growth, there are more problems exposed in this disruptive business such as: Excessive transaction costs — Centralized platforms charge high commission fees for service matchmaking. The problem of trust — There is no effective credit system reflecting both individual credit and organization credit. Data leakage and abuse — Centralized data storage mechanism can easily lead to data leakage and misuse.

Unicorns in the Sharing Economy

UChain is the first public infrastructure blockchain specifically designed for the global sharing economy. Along with other sharing economy enterprises, UChain aims to build its underlying blockchain network to solve the current problems of trust and data abuse. Exercising API’s and SDK’s provided by UChain, all sharing economy enterprises are able to issue their own token and build their application on top of the UChain network, together making UChain a better global autonomous sharing economy ecosystem.

In the sharing economy 1.0, intermediary platforms play an important role by facilitating the transactions between users, whilst charging commissions for this service. All transaction settlements are dealt with in fiat, however, in the new sharing economy 2.0 era, users are connected peer-to-peer without intermediaries and commissions, with all transactions being settled in the local token. In addition, the underlying Blockchain architecture will provide users and enterprises the opportunity to distribute their own tokens. Through UChain, users can easily share, pay, and settle sharing services. UChain also encourages users and service providers to contribute their idle resources to the ecosystem for more token rewards and community interaction.

Technology

Through API or SDK on UChain’s open platform, enterprises in the sharing economy can build DApps or simply migrate their existing app onto UChain. After completing registration as a third-party operator they will receive value-added services which include the ability to obtain new customers and tokens. The open platform will provide services that include the use of smart contracts, automatic split payments, key data on chain inquiry, UIP, user credit ratings and a series of marketing functions.

UChain open platform structure

There are two major roles that drive the ecosystem, users and developers. Users can be categorized in service users, independent service providers, and enterprise service providers. Independent developers or UChain foundation developers create and maintain the infrastructure. They interact with each other, establishing their distinct values to make UChain a better ecosystem.

The UChain ecosystem mechanics

UChain’s consensus algorithm is RPCA (Ripple Protocol Consensus Algorithm) which is used by Ripple. The main purpose of RPCA is designed for transaction speed, which also meets the scenarios in the sharing economy. The information can be broadcasted efficiently to every node in a few seconds with high performance and high Byzantine fault tolerance. Moreover, the RPCA algorithm has been proven robust and effective in Ripple.

Roadmap