USECHAIN: THE FIRST MIRROR IDENTITY BLOCKCHAIN ECOSYSTEM

elvisdika1 (34)in #blockchain • 6 years ago (edited)

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INTRODUCTION:
Blockchain as an innovative technology has made a significant transformation in various industries that have adopted it. Industries that are yet to are seeking to do so to enjoy the huge benefits of the technology and be updated with modern day technology.
However, the development and mass adoption of the blockchain technology in various industries is affected by three main factors- low performance, anonymity i.e, there is no association of on-chain address of cryptocurrency accounts with the real identity of the account holders off-chain which makes it easy for these accounts to be easily used for fraudulent activities and the high technical difficulties experienced while using the technology. To tackle these problems and increase the rate of mass adoption of technology, it has to improve on its performance, create a relationship between the on-chain address of cryptocurrency accounts and the real identity of the owners off-chain and reduce the technical barriers to promote easy access and make the technology user-friendly.

USECHAIN provides feasible solutions to these. One of them is the Randomized Proof of Just like many other consensus algorithms adopted by a platform to gain reliability, RPOW is adopted by USECHAIN as a tool for an effective rendering of service. Comparing USECHAIN’S RPOW and Bitcoin’s POW, we can make careful conclusions and preferences. Bitcoin’s POW is used to discourage attacks on platforms in form of traffic on the platform, spam and different kinds of network abuse by requiring proof of procedure of work from the service requester before rendering the requested service, that makes such makes an attempt of misuse financially impracticable. However, RPOW provides a high frequency of verification of transactions on a secure, high-performance,anti-attack Trusted Environment,a lower energy consumption and fair mining environment. With this, the required level of application in terms of scale, speed, security and cost can be attained.
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The role of identity cannot be overemphasized since it is the basis on which trust is built. Without trust, some transactions may likely not take place because most users like to get the full information of the other party they are dealing with. Also, the knowledge of one’s identity removes the fear of fraud from some users hence, the absence of it will lead to fear of being defrauded which will stop the transaction from taking place. Since most blockchain technologies do not have the full identity of its cryptocurrency account holders, many industries find it difficult to adopt them in their transactions. USECHAIN sets in to provide an effective solution to this obstacle. USECHAIN proposes an innovative solution which will create a link between the on-chain address of cryptocurrency addresses with the real identities of the account holders off-chain while maintaining security and privacy of these identities. This technology is the mirror identity. Verified data on the real identities of account holders will be available on USECHAIN’s blockchain.
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The mirror identity creates a strong correspondence between the on-chain address and off-chain identity of users. However, while the information that points to the real identities of users will be available on the blockchain, they will not be made available to the public. Only details of that relate to on-chain address such as transaction details will be made available to the public. This proposed solution is feasible such that, while completely satisfying efficiency of the blockchain, security and privacy concerns of users are satisfied as well.
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Due to many factors which affect the usage and adoption of the blockchain, and the efficient and effective solutions USECHAIN offer these problems makes it distinct from other platforms in terms of the technical framework. The mirror identity innovation presently established on USECHAIN which is absent on other platforms gives it an advantage over these other platforms. USECHAIN is also designed to support many transactions and social applications at the same time.
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The relatively large performance of USECHAIN is also an advantage of the innovation over existing platforms. Whereas other blockchains like bitcoin and ethereum complete an average of 7 and 25 transactions per second respectively, USECHAIN records up to a thousand completed transactions per second.
In summary, USECHAIN provides solutions which have an all-around concentration in scaling, decentralization and security, unlike many public blockchains which its solution centres only in one or two of these problems.
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USECHAIN professional team is made up of individuals with high intellect, professional skills as well as quality experience over the years in various fields. The required knowledge in business management, internet security, technology, marketing, investment and any other, is abundantly embedded in our team of highly qualified personnel.