Introduction
Few decades ago, the possibility of cryptocurrency existence must have been no more than a figment of imagination in the head of Bitcoin founder, Satoshi Nakamoto. But father figures, bitcoin and ethereum have brought the cryptoworld to the limelight in recent times. These two are the pillars of the crypto world today, and perhaps their massive media presence is responsible for the reasonably high influx of investors in the cryptospace and continued thrive of the industry.
Today, there is virtually no tech-savvy or more appropriately, avid Internet user that has not come across the words, bitcoin or ethereum before.
The Problem
However, majority hardly have an idea of what it actually means, talk more of reaping from it. The first impression is usually that its one of those regular ponzi schemes.
Even amongst crypto-users, only a few are well-versed in the subjects- cryptocurrency and blockchain. The implication of these is a continued existence of an ecosystem with no more than few million users when compared to the global human population, of which only a fraction actually understand how the crypto space works.
Of a fact, both bitcoin blockchain and the ethereum virtual machine has been beneficial for the information technology (IT) industry and finance industry in no small way. Smart contracts, decentralised apps (DApps), decentralised autonomous organisations- the list of applications is nearly endless. Notwithstanding, current blockchain technology has a number of inexcusable shortcomings too.
The most profound challenge is the issue of the processing speed for smart contracts. It is a known fact that the best obtainable today is a maximum of 25 transactions per second. It is indeed nothing when compared to the volume of transactions that are queued every second on the ethereum machine only. Coupled with the fact that for many crypto platforms, it is where the buck for all financial contracts must stop, the experience of the average crypto-user is only made worse.
Anonymity of actual addresses on the blockchain is another drawback. It leaves ample room for cyber thieves to exploit and steal the information of users. It is no rocket science that without even a strand of established and user-accessible link between users' address (public) and the underlying actual address, the risk of collateral data loss is inevitable and no one can be held accountable since it is meant to be decentralised.
A most significant challenge with cryptocurrencies and the current blockchain technology is the absence of any interaction with the real financial world that deals with real money.
USECHAIN: THE SOLUTION
USECHAIN is a pioneer in the area of Mirror Identity Blockchain Ecosystem. It is set to arrest the myriads of challenges that presently plague current blockchain technology.
The Mirror Identity Protocol is potentially more secure than the Anonymity protocol that is predominant today. Unlike the latter, the MIP is a solid one, built to avail a link between users' on-the-surface address and the actual address that is embeddded on the chain, leaving nothing desirable for potential hackers.
In essence, usechain is an assurance for improved security.
Random Proof of Work Consensus Algorithm
Random Proof of Work is the algorithm on which usechain is built. It is based on the computing power of the interconnected systems on the platform like the popular POW on bitcoin. The only twist to this is that the permission to execute financial operations and other computing tasks on the platform is now randomised amongst the network mesh. The implication is fast processing.
Sharding Technology
Network sharding is another feature of the usechain. It will ensure that the integrity of initiated transactions are confirmed by cross-referencing the address information on the chain.
Consequently, the specific node of which a transaction has originated can execute without having to seek permission from the other systems on the network. Source:
Some other benefits of usechain are:
Swift Transaction Speed
Invariably, the slow processing speed of current blockchain systems is attributable to huge dependence on the POW protocol which consumes a lot of energy.
On the other hand, usechain's RPOW computing power is not localized. The consequence is, financial operations will be processed at light speed.
Efficient and Stress-free App Deployment
Usechain's MIP will also save DApp developers from unnecessary time wastage. The infrastructures, purely state-of-the-art technology affords app developers with all they will need to deploy their respective decentralised apps in no time. Even better, it is cost effective too.
USECHAIN'S TEAM AND ADVISORS
For more information and resources, visit the following:
Usechain Website
Author: Michades97
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Bitcoin profile:
https://medium.com/@michades97
https://bitcointalk.org/index.php?action=profile
Nice work man
You really wrote in a lay man language
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Great work!...i really look forward to this usechain
Thank you bro. Please do well to visit usechain
Thanks for this educative piece. Highly comprehensive. I'll be rooting for more like this from you. Usechain it is then!
Usechain all the way truly. For more information, visit usechain website
Bravo!!!..really loving this project. I just hope usechain lives up to expectation.
Yes, they will bro. Do well to check out usechain
This is nice. All the best bro, you are talented.
Thank you. Please check out usechain's website to learn more
more will be coming soon. Thanks. I'd love for you go check out usechain. Its the next best thing on the crypto chain today.