So many times we’ve heard of Blockchain and the first thing that pops to heart is Bitcoin. Yes, Bitcoin has done a lot and has experienced a massive growth since 2009. Along with Ethereum, Bitcoin has really changed the face of technology. It brought about the idea of decentralized currency in which individuals can influence the flow of their “money” without the involvement of the government and other centralized third parties.
Ethereum on its part opened the eyes of the world to the possibility of Smart Contracts and Decentralized Applications (DApps). Where smart contracts are self-executing contracts by which the terms of agreement between two parties (buyers and sellers) is directly written into lines of codes which exists across a distributed, decentralized Blockchain network, totally eliminating the involvement of centralized third parties. DApps, on the other hand, are server-less peer to peer (P2P) applications, meaning, they don’t run on a single system. DApps run on Blockchain like Ethereum or use traditional P2P network like BitTorrent. They use smart contracts to execute commands and retrieve information from the Blockchain.
Blockchain has allowed the society to be autonomous and secured in its transactions but it is appalling to know that this great technology still lacks in some areas like performance efficiency, has poor scalability (kind of) and high technical threshold which has limited it to only be applied in cryptocurrency trading and exchange. Underlying Blockchain communities have made tremendous contribution to optimize the technology but because of the lack of support and weak connection with market, Blockchain is yet to be fully adopted by the mass market like the internet. Due to this, the potential huge value market of Blockchain industry has not been fully recognized.
WHAT IS USECHAIN AND THE ROLE IT PLAYS
Usechain as a platform aims at developing the first ever mirror identity Blockchain ecosystem that improves the utilization of blockhain technology. Its platform 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.
HOW THIS WILL BE DONE – Randomized Proof Of Work (RPOW)
Typically, Blockchain networks like Bitcoin, Ethereum and EOS makes use of consensus algorithms. Consensus algorithm is basically an agreement between nodes on who (miners) was able to solve complex cryptographic mathematical puzzles for which they get rewarded with certain amount of Bitcoins.
There are various consensus algorithms such as Proof of Work (PoW), Proof of Stakes (PoS), Delegated Proof of Stake (DPoS) etc., being used by the typical Blockchain networks, and hardly will you find any of these current algorithms that are fully scalable, effective and secure.
One of the ways Usechain plans to solve the existing problems in the Blockchain industry is through the innovation of a new consensus algorithm - Randomized Proof of Work (RPoW). Usechain aims at creating a decentralized network by using the RPOW consensus algorithm to reduce the collective hashing power of the mining pools, minimize power wastage and increase scalability for the entire system by more than 100 times.
COMPARATION OF RPOW TO OTHER CONSENSUS ALGORITHM
- The RPOW gives a fair advantage to everyone who wishes to mine with no special treatment given to people who has “special” machines like ASIC.
- The RPOW eliminates the duplication and creation of anonymous accounts for mining in combination with mirror identity protocol.
- Users can use DApps and concurrently mine UST with their mobile phones.
- The utilization of the identity mapping enables the network to considerably lessen its reliance on hashing power and also the amount of energy consumed providing an energy friendly system.
- The RPOW provides a higher security level than PoW and DPoS
- The RPOW provides a high performance system which enhances the efficiency of transaction confirmation.
- Provides balance between performance and security.
Token Information:
Name: Usechain
Total supply: 20, 000, 000, 000 UST
Type: ERC-20
Ticker: UST
Price: 0.0058 USD
Soft cap: 2,700,000,000 UST
Hard cap: 9, 000, 000, 000 UST
Token Allocation:
• Public Sale - 45%
• Core Team - 15%
• Community Rewards - 20%
• Technical Community Rewards - 15%
• Marketing and Partner Support - 5%
Allocation of Funds Raised During ICO:
Human Cost - 35%
Marketing - 20%
Risk Funds - 20%
Business Development - 10%
Company Operation - 5%
Advisor Consulting – 6%
Legal Compliance – 4%
The Usechain team
Roadmap
In all, the Randomized Proof of Work (RPOW) consensus algorithm provides a much better, secure, scalable and efficient algorithm that enables complete decentralization. It thereby addresses the issues with the current consensus algorithms.
For more information on Usechain and RPOW, Visit the following links:
Website: https://www.usechain.net/
WhitePaper: https://www.usechain.net/usechain_en.pdf
Twitter: https://twitter.com/usechain
Facebook: https://www.facebook.com/UsechainFoundation/
Telegram: https://t.me/usechaingroup
Medium: https://medium.com/@usechain/
BitcoinTalk: https://Bitcointalk.org/index.php?topic=3432061.0
WeChat: https://www.usechain.net/wechat
Weibo: https://weibo.com/usechain
Github: https://github.com/usechain
Technical Whitepaper: https://www.usechain.net/usechain_tech_en.pdf
Authours Profile: https://bitcointalk.org/index.php?action=profile;u=2077261
This is a project set out to resolve blockchain scalability issue , i am quite bullish on the project
Usechain using such consensus algorithms for their users, honestly this is what we need by using our mobile phone to mine UST tokens that's awesome idea from the team of Usechain project.
with usechain transaction Management will be very efficient due to the fact that usechain Supports processes that are identity based
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STOPTo support your work, I also upvoted your post!
GREAT review article Worth the read