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INTRODUCTION
The digital world is experiencing a sharp development. The blockchain is gaining rapid exposure every day as new innovations and technological advancements are being established. Meanwhile, the first cryptocurrency (bitcoin) which was established in 2009, received a lot of scepticism and today, has proven the doubters wrong. With thousands of coins being launched every year, stopping cryptocurrency is like using a tissue paper to quench a flood. Even with the growth in the digital world over the years, the system has been plagued with plethora of challenges. These challenges however restricts the economic advancement of the blockchain. The high energy consumption of the domestic tokens like the bitcoin, the low performance and delay in transactions, the sophisticated trading technologies which is difficult to understand by inexperienced traders and lots more has made it difficult for the existing blockchain systems to be integrated into the market for mass adoption. These challenges however attracted the attention of some technological veterans and prompted the proposition of the USECHAIN project.
THE USECHAIN PROJECT EXPLAINED
USECHAIN is a decentralised platform that utilises mirrored authentication technology in the blockchain to ensure secure user authorisation. This is done by attaching personal data to the internet purse. The platform proposes a secure and safe storage of personal information like certificates, KYC information and so on. The system aims at utilising the blockchain technology in achieving a commercial value and to also make an impact to the society. The system proposes to combine the existing technologies of the existing blockchain systems in order to resolve the issues plaguing the blockchain. The platform aims at integrating one of the most feasible consensus algorithms which is known as the Randomised Proof of the Work (RPOW) which is solely based on identity mapping.
WHY RANDOMISED PROOF OF THE WORK (RPOW)? WHY NOT ANY OTHER CONSENSUS ALGORITHM?
The Randomised Proof of Work (RPOW) consensus mechanism is secure, and posses a high performance ability with embedded anti – attack which is a hardware built by Trusted Execution Environments (TEEs). This embedded mechanism is however designed to maintain a high frequency transaction verification even with the consumption of a very minimal energy and a friendly mining environment. Other consensus algorithm is plagued with the issue of high energy consumption, low performance, delayed transactions and so many other challenges. The Randomised Proof of Work (RPOW) consensus algorithm however outsmarts the existing consensus algorithm with a high frequency transaction verification while communicating perfectly and also resisting cyber bullying. The speed, cost and convenience that accompanies the Randomised Proof of Word, (RPOW) is what makes it unique from other consensus algorithms.
THE PRIME ROLE OF IDENTITY IN IDENTITY BLOCKCHAIN: WHERE WILL USECHAIN COME TO PLAY?
The identity in the blockchain will play a vital role by improving efficiency in verifying transactions. The USECHAIN platform however banks on the strength of mirror identity public blockchain in meeting infrastructural requirements for general market application and also aims to increase the flexibility of smart contracts while decreasing the deployment cost of transactions. The identity mirror is proposed by USECHAIN to power large scale transactions in order to meet the high demand of numerous participants at the same time.
WHAT MAKES THE USECHAIN TECHNICAL FRAMEWORK MORE UNIQUE?
The USECHAIN platform is designed into layers which comprises of the smart contract layer, the data layer, network layer, incentive layer and the consensus layer. These layers however work in synergy to provide a fast, secure and convenience operation in the platform. Some of the mechanisms employed in the system is discussed below:
IDENTITY NETWORK SHARDING (INS) AND IDENTITY TRANSACTION SHARDING (ITS) NETWORK PROTOCOL
The USECHAIN platform proposes to integrate the Identity Network Sharding (INS) and the Identity Transaction Sharding (ITS) in the system in order boost transaction speed. With the network sharding technology proposed by the USECHAIN platform, transactions can be confirmed within the sharding which the address belongs to, this method however eliminates the need of confirmation through all nodes of the network. This mechanism however increases bearing capacity under the condition of resisting double spending attacks in the system.
IDENTITY VIRTUAL MACHINE (IVM)
The USECHAIN system also proposes to integrate the Identity Virtual Machine (IVM) which is a new standard for building a high performance smart contract for a well defined adaptation. The system intends to build a transitional communication layer that will serve as an intermediary to power interaction between the Identity Virtual Machine (IVM), external APIs, underlying blockchain, sub chains etc. This however helps to build an interaction with external data in order to extend the application scenarios and to also broaden system usability.
THE USECHAIN TEAM
The USECHAIN platform is engineered by a combination of veteran technologists led by Henry CAO as the founder and CEO of the platform, Baohong Sun as a co-founder and CSO, Shengli Zhang as the chief scientist, Feng Zhang as the senior financial advisor, Erik Xu as the COO, Andy Zhou as the CTO, Lin Zhao as the CPO, Amanda Shen as the CMO, Gengnan Song as the global community developer, Liang Zhang as the technical architect, and a solid advisory body.
CONCLUSION/ WAY FORWARD
The USECHAIN platform proposes to paint a new future in the blockchain, a future that does not require legal regulations in order to shine bright. The Randomised Proof of Work (RPOW) which is integrated in the system would no doubt resolve the underlying issues of delay, poor performance and the crawling growth experienced across the blockchain.
For more information on the usechain project please visit
• Website: https://www.usechain.net/
• White Paper: http://www.usechain.net/usechain_en.pdf
• Face book： https://www.facebook.com/UsechainFoundation/
• Twitter： https://twitter.com/usechain
• LinkedIn: https://www.linkedin.com/company/usechain/
• Medium: https://medium.com/usechain
• Reedit： https://www.reddit.com/user/Usechain
• Telegram group: https://t.me/usechaingroup
The RPOW algorithm adopted by usechain will ensure fast secure transaction and while providing and all-round improvement to block chain technology.
Usechain RPOW is technically efficient more than others in that The Randomised Proof of Work (RPOW) consensus mechanism is secure, and posses a high performance ability with embedded anti – attack which is a hardware built by Trusted Execution Environments (TEEs). Thank you for this enlightenment
A well articulated article on the Usechain project. Very interesting read, nice one buddy
Usechain consensus algorithm protocol is one we need in blockchain technology. They will indeed do a great job
Yeah, the RPOW consensus algorithm is second to none and will ensure a better blockchain experience
Usechain innovative creation of a new consensus algorithm RPOW emphasize on the importance of ‘’decentralization’’. It uses a randomized method to assign different probability for people to mine the next block, so everyone has an equal chance get the block reward. This promote a decentralized network where there is no concentration of hashing power, mitigating the risk of a network attack or hack.
The randomised proof of Work (RPOW) is one of the features i like most in Usechain project and this would really bring massive adoption for the tokens. Nice informative sir!
The platform aims at integrating one of the most feasible consensus algorithms which is known as the Randomised Proof of the Work (RPOW) which is solely based on identity mapping.