Blockchain technology is a transparent digital ledger of transactions and records that are immune to change or deletion. Offering additional traits of increased security, lower costs, time efficiency, and error resistance, blockchain has risen, fluctuated in 2017. The utility of blockchain technology is limitless, sparking the growing list of companies, industries, and government exploring its potential adoption. The blockchain is an immutable public ledger that records digital transactions.
Usechain is a Singapore based firm committed to getting self-sovereign identity Block local community substitute to the very famous BTC and ETH Block chains. Use chain incorporates a lot of impressive ecosystems these as Randomized Proof of Do the job a multi tried sharded system, connection with federal GOVTs IDs, and Social Media based mostly credit rating making, securitizing, lending plan on which lot serious, the regular living application might well be designed. Opportunity purpose includes IOT, Finance, Social Community, Supply chain and Internet Games. Usechain is committed to developing the first mirror identity blockchain ecosystem by shaping itself into a worldwide platform with a rich variety of application scenarios, the largest communities and the most advanced technologies. Usechian empowers identity and makes everyone on-chain with a very low barrier. Individuals can participate in the ecosystem by investing time, attention, asset, etc. to create value. Subsequently, participants will be rewarded fairly in the ecosystem, allowing value to be given back to the original users, thus eliminating monopoly and third-party giants in the current society.
Usechain Innovative Blockchain Solutions 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. Usechain is built on mirror identity protocol merged with high-level innovations in structure design and technology to eliminate the delays in the process of developing blockchain and bring a perfect balance between scale, security, and decentralization. Usechain, as an ecosystem is growing fast and will hold thousands of credit-based and identity-based applications in the future.
A number of new protocols and algorithms have been introduced into the system:
Multi-level system of user authentication.
Allows the user's personal data to be kept secure, showing only traces of activity in the blockchain structure.
The bypass authentication system serves as an optimizer and an accelerator for the logon process.
Sharding also improves performance and reduces the time to approve the transaction, thanks to the ability to request approval only from the sector in which the address is registered, and not from the entire network.
Usechain will work fine in the financial sector, and where the identity of the counterparty matters. This also includes banking operations, registration of insurance, stock exchange crypto-currencies, etc.
Mirror Identity Blockchain will provide a public blockchain which will be open towards the verification of a real users while fully protecting personal privacy, keeping the information on the chain fully transparent, and accord every address on the chain to a natural person in the society. Usechain will becomes the first public blockchain to be build on Mirror Identity Protocol (MIP) and integrated with multilevel innovations in technology and structural design, that can be used to break the ineffectiveness in the development process of blockchain, provide infrastructure of technology for the virtual and parallel world in the future, build an identity blockchain system that is build on a new technical structure and develop more widely used Dapps and also support underlying technical support for the application explorations in finance, consumption, entertainment, socialnetworking, games, IOT, supply chain management, asset management and social management and add more value to identity by allowing people to be connected to the financial services provided by Wallstreet in an easy , convenient and instant way.
THE ROLE OF IDENTITY VERIFICATION IN IDENTITY BLOCKCHAIN
The main address is the user’s main account, which is created when the user generates the wallet. Every user has only one main address that is linked one-to-one with identity. The main address uses the Elliptical Curve Secp256k1 to generate the public and private key, and then uses the public key to generate the address. Both main and sub addresses require verification to start transactions. There’s not limit on the number of sub addresses, which will be generated based on the user’s needs, using the user’s main account public key, and are kept separately from the main address. Therefore, the dependence relation between main addresses and sub addresses are not visible.In the upper level applications, first there is a need to verify the real name of the identity chain address. The identity chain will achieve the verification and construction of every real entity’s main address through multiple publicly trusted third-party agencies. The process is as follows:
The user applies for the CA certificate to the third-party agencies, and the third party verifies and returns to the user the certificate. This process will only occur once.
Then, the user can prove to the blockchain that they have the verification using zero-knowledge proof (but there’s no need to publicize any information about the CA). The address generated by the user will be recorded by the blockchain smart contract and becomes the user’s only main address. There is no identity information on the main account, so the identity information stays confidential.
The user uses their public and private keys and a randomly selected public key on the blockchain to apply to the committee for secondary address authentication through the ring signature strategy.
When the user wants to send a transaction, the validity of the transaction must be verified. Usechain verifies the address through the CA contract, determines whether the transaction is legal, and then executes the transaction if it is legal.
In necessary cases such as if the account is suspected of illegal activity, the committee scans the network for account relevance.
FEATURES OF USECHAIN PLATFORM
Commercial & Technical Strategy
“Usechain, the self-sovereign identity blockchain, is ultimately aiming to solve the trust issue in this society,” says Usechain CEO and Cheung Kong Graduate School of Business (CKGSB) Professor Henry Cao.
“KYC(Know Your Customer) is important to the financial industry. We have came up with a new concept that can map every person, every business and every asset to the blockchain,” says Professor Cao. “Every person or business will have a real account. We then transfer through smart contracts to build deeper trust.” By identity mapping, it will allow Usechain to meet the critical KYC standards of traditional financial institutions, shifting the focus on “who you are” to “what you can do”,making it more compliant to applications outside of its own ecosystem. It will also greatly reduce the cost of identity assurance and reform financial industry.
A centralized identity management system also encounters other issues such as:
Our current personal data and information are not well protected and vulnerable to potential privacy breached. This is because many of the activities that we do, we have to identify ourselves such as registering for an online service, buying insurance, taking a loan or even going oversea. We are prone to doing multiple KYC and sharing of our information. This process has become repetitive.
Our information and data have been constantly shared with various business companies and online platforms so that we can access to the places or purchase products that we need. However, many of us did not realize that these actions put our identity at risk, potentially identity theft, breach of data, data leakage and misuse of information. This happen because E-commerce, social media and business companies have control of our personal data. Our private information is at risk of security breach in the hands of these centralized platforms and entities.
Rise of Self-sovereign identity
It shows that centralized identity management system has deficiencies. Self-sovereign identity allows individuals to have more control over their information and at the same time to be able to share minimum amount of information that the given party needs for identification. Usechain will be the first mirror identity project using blockchain technology to address the issue on centralized identity management.
TOKEN AND ICO DETAILS
UseChain UST Token ICO Details
Token symbol: UST
Pre-Sale is ongoing now
TOKEN SALE STARTS
Accepted payment method: BTC and ETH
TARGET 500000000 UST
With 49 supporters as of date and time, you can be part of this great project, here.
Usechain's third AMA is coming soon,this time,Usechain's Technical Architect Liang ZHANG will answer your quetions,ask eveything you want to know,especially the technical question. https://www.reddit.com/r/UseChain/comments/91zw1w/official_ama_3_post_your_questions_here_regarding/
ROADMAP AND DEVELOPMENT PERSPECTIVE
Above you can see the roadmap — how the team sees their nearest and long-term future.
TEAM MEMBERS AND ADVISORY MEMBERS TO THE PROJECT
Team seems to be the strongest part of this project. It consists of innovative and talented people. Of course I cannot complain if we talk about their professional level, guys indeed are experts on their field. Engineered by a world-class technical team, Usechain will achieve a balance between scalability and security by fusing their unique “Randomized Proof of Work” (RPOW) revolutionized consensus built on identity with a multi-tiered sharding network to make transactions safe and efficient. Real identity information will be encrypted for privacy and mapped for legal assurance so as to be available to governments for investigations against criminal actions.
The Founder, CEO, Henry CAO, is a finance professor and founder of the first finance MBA program in China. He is also the managing director of China Blockchain Application Research Lab and also taught at many universities.
The Co-founder, CSO, Baohong SUN, is a marketing professor, and a distinguished chair professor of market.
This is a great project with great potentials. Accompany with this, are great partners and investors associated with this project.
Usechain is committed to developing the the first mirror identity blockchain ecosystem by shaping itself into a worldwide platform with a rich variety of application scenarios, the largest communities and the most advanced technologies. The ecosystem of Usechain Blockhain includes application service, application protocol, application components and core framework of underlying Blockchain. Be a part of this tremendous project and follow these links for more information;
White Paper: http://www.usechain.net/usechain_en.pdf
Technical White Paper: http://www.usechain.net/usechain_tech_cn.pdf
Telegram English: https://t.me/usechaingroup
Telegram channel: https://t.me/usechain