Usechain is a platform that aims at developing the first ever mirror identity blockchain ecosystem that improves the use and utilization of blockchain technology. It aims to improve performance by providing a transaction management and support process that is efficient, identity based, and with low technical barriers applicable in the mass market.

Overview

Usechain will develop the first mirror identity blockchain ecosystem by starting from design innovation to improve efficiency of transaction verification to meet infrastructure requirements for mass market application, decrease deployment cost of smart contracts and increase the flexibility and usability of them.

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.

Usechain is using blockchain technology to achieve genuine commercial value and contribution to society. It combines the different technical and competitive advantage of existing blockchain models, and proposes one of the most feasible consensus algorithm called Randomized Proof of the Work (RPOW) based on identity mapping to explore a new solution for blockchain.

Problems

Current blockchain system goes through various technical problems, following are the main ones:

Low Performance: The slow transaction speed of existing blockchain systems makes it difficult for mass adoption.

The slow transaction speed of existing blockchain systems makes it difficult for mass adoption. Anonymous Environment: Most applications under daily scenarios need the support from KYC and AML so that existing anonymous cryptocurrency need get approved to be supplied for a wide range of applications.

Most applications under daily scenarios need the support from KYC and AML so that existing anonymous cryptocurrency need get approved to be supplied for a wide range of applications. High Technical Difficulties: The development of underlying public blockchain has high technical difficulties that requires the support of multi-disciplinary and technological resources.

Solutions

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.

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.

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.

Compared with current mainstream public blockchains like BTC, ETH and EOS, Usechain solves the Impossible Trinity among scale, security and decentralization and provides a new way to design the application scenarios based on massive use of identity since it is built on MIP and receives multi-level reorganizations in underlying level of blockchain.

Usechain Ecosystem

Usechain has rich resources in various industries and will collaborate with reputable companies to create identity-based applications. The goal is to create an identity-based blockchain ecosystem with the most advanced technology, richest application scenarios and largest user community.

Users: Individuals, assets etc can use the verification mechanism and service applications in the Usechain ecosystem to complete mapping of address and identity verification.

Individuals, assets etc can use the verification mechanism and service applications in the Usechain ecosystem to complete mapping of address and identity verification. Application Participants: Organizations can endorse identity verification for others based on their identity verification. Service providers will be able to develop their own applications.

Organizations can endorse identity verification for others based on their identity verification. Service providers will be able to develop their own applications. Technology Participants: Usechain developing team is fully responsible for the architecture framework, the development and operation of protocols and continually optimizing the ability to operate in underlying public chain, network layer and application layer and protocol layer within the ecosystem.

Benefits of Usechain

Usechain is using blockchain technology to achieve genuine commercial value and contribution to society.

High-Security: Based on POW, random algorithm with intellectual property rights can reduce the centralization degree of hashing power. It can resist double-spending attack and 51% attack and reduce the probability of fork ensuring the security and impartially of network to the most degree.

Based on POW, random algorithm with intellectual property rights can reduce the centralization degree of hashing power. It can resist double-spending attack and 51% attack and reduce the probability of fork ensuring the security and impartially of network to the most degree. Low Energy Consumption: Based on the characteristics of identity mapping , the blockchain network can greatly reduce the dependence on hashing power and reduce the consumption of computing resources and energy consumption.

Based on the characteristics of identity mapping , the blockchain network can greatly reduce the dependence on hashing power and reduce the consumption of computing resources and energy consumption. Public Participation: Usechain will be able to support mining through mobile devices due to low resource and energy consumption, allowing the public to participate in the ecosystem.

Usechain will be able to support mining through mobile devices due to low resource and energy consumption, allowing the public to participate in the ecosystem. High Performance: Through random algorithm, every block will give different difficulty to all miners which can dramatically increase the efficiency of transaction confirmation based on POW and lay the foundation for realizing the consumer use. \

Token Economics

Symbol: UST

Type: ERC20

Token sale date: 05/06/2018- 06/16/2018

Total token supply: 20 billion

The funds raised will be mainly used in the following aspects to support the operations of Usechain:

Team & Advisors

The Usechain’s team comprises of experienced members who have real knowledge of the industry.

Henry Cao — Founder: Finance Professor at Cheung Kong Graduate School of Business, Head of the Department of Finance, Founder of the first Finance MBA program in China, Member of the Finance Society of America.

Baohong Sun — Co-founder: Marketing Professor at Cheung Kong Graduate School of Business, Dean’s Distinguished Chair Professor of Market, Associate Dean, Former Chaired Professor at Tepper Business School

Other key members include Erik Xu (COO) , Andy Zhou ( CTO) , Amanda shen (CMO), Shengli Zhang ( Chief Scientist) , Feng Zhang ( Financial Specialist)

Major Advisors include Lucas Lu, Yin Cao, Shangjin Wei, Qian Ma, Allen Yan and Stewie Zhu.

Roadmap

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.

Conclusion

By developing the first mirror identity blockchain ecosystem Usechain’s project seems unique and solving a the real problems. The team seems quite experienced. It will be interesting to see how the project develops in the coming months.

Visit more details:

Website: http://www.usechain.net

Project Whitepaper: http://www.usechain.net/usechain_en.pdf

Technical Whitepaper: http://www.usechain.net/usechain_tech_en.pdf