Last Update
Sep 18, 2018
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Introduce a brand-new consensus mechanism, Randomized Proof of Work to perfectly balance high performance and strong security, and apply multi-level authentication and encryption mechanism, Zero Proof, Identity Virtual Machine (IVM), Identity Network Sharding (INS), Identity Transaction Sharding (ITS), Enhanced Smart Contract, and other innovative technologies to create a new generation of Blockchain, leading Blockchain 3.0.
Setting the enabling identity as the core ideal, Usechain intends to construct a brand-new blockchain commercial mode based on MIP as well as a multi-layer technical reconstruction at the bottom layer of blockchain, which is far more superior to the traditional modes in the current blockchain industry such as “identity data economy” and “identity credit model.” Usechain will be able to support the decentralized inclusive financial services. By virtue of the personalized identity token, it will realize a seamless connection between the real world and digital world as well as the identity tokenization of individuals, organizations, and even assets; it supports high-performance decentralized exchange, and the value of any forms in the ecosystem can be circulated and operated with extremely high efficiency; it will also provide each individual with a precise, convenient, and real-time on-chain Wall Street financial service.
Hardware-Based Performance Improvement;
Privacy-Protected Identity Application;
Boundaryless Identity Ecosystem;
Top Business School Supported.
Usechain is dedicated to developing a public chain based on mirror identity, establishing an ecosystem based on identity public chain, promoting the implementation of all sorts of blockchain applications that links blockchain addresses to verified real users, and realizing close integration between social credit, infrastructure, and commercial use. Through the Mirror Identity Protocol(MIP), based on zero-knowledge proof, we can realize separation of identity certification from identity information, enabling the identity chain to have the same privacy and security level as anonymous public chains, while realizing the mirror identity between the address on the chain and the identity of persons off the chain. By fully utilizing the mirror identity information, on the one hand, we can significantly improve currently existing blockchain algorithms such as network sharding algorithms, consensus algorithm, virtual machines and so on, and on the other hand, we can provide functionalities that existing anonymous blockchains do not have, such as one-person-one-vote, address penalties, etc., elevate the procedure performance of the blockchain itself, enable the blockchain itself to handle commercial usage on a large scale, and wield enormous commercial value.
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Verified 10%
Attention. There is a risk that unverified members are not actually members of the team
Verified 0%
Attention. There is a risk that unverified members are not actually members of the team
Positives
User Incentives: Users can create value by investing time, assets, attention, etc. and receive returns from the ecosystem. The identity value in Usechain’s ecosystem will give back to the owners that will possess the main rights of the after all of the participants to reach a consensus. This will eliminate oligopoly and interest center by helping to create a “virtual society.”
Built to Scale: Usechain is designed to support large-scale transactions to meet the demands of millions of users. This helps manage the huge range of social and commercial applications that are on the platform.
Identity Virtual Machine: The IVM (Identity Virtual Machine) is the new standard for creating a high-performance smart contract. This can be sandboxed and defined with some applications.
Negatives
Limited Location: Usechain is only used in Singapore. This makes it harder for users in the US to invest in the platform. We hope that Usechain can expand to other countries as it continues to develop in the future.
Whitepaper Clarity: The whitepaper has a multitude of technical speak and errors. This can be difficult for investors to get involved with the platform.
Team Experience: While they do have an established team, we don’t know if they have any experience in completing projects. So we’ll have to see how they’ll complete their roadmap over time.
The project has a large number of partners and extensive business support. This fact is important for maintaining attention to the project and improves its position relative to some competitors. The regional focus of such partnerships is somewhat embarrassing, but it often happens with projects from the Asian region.
All of the facts above indicate that the Usechain project is still at an early stage. Wide access to testnet has not yet been provided for the community. We see certain risks in the roadmap timing as a very large amount of development is announced before the end of this year. There is usually increased attention from the community to such a project and possible bugs may be criticized sharply. We hope that the team will make a huge effort to make a high-quality release.
There is some pressure on the project from the competitors. Frankly speaking, new generation blockchains are "diminishing". New projects cannot count on record amounts of funds raised as EOS. Therefore, in order to stimulate interest in the community, the project needs to show good real network tests.
