UChain – the foundation for sharing economy projects

The modern market of sharing economy continues growing rapidly – it’s a very efficient way of business organization. In 2018, the market is predicted to exceed the cap of $500 bln, but practice shows that we are not ready for such a huge expansion, at least technically. Why?

• Unbearable transaction fees. Centralized platforms and companies charge a lot for helping businesses find partners.
• Lack of trust. The system of both individual and corporate credit is far from being called efficient.
• The vulnerability of data. Due to centralization, the data is stored in one place and is prone to leaking, fake, and misuse.

Potential of sharing economy

Did you know that all of us are involved in sharing economy, too? Whenever you use Uber, or search for accommodation abroad, or post an advertisement in social media and special platforms, you become one of many contributors to the sharing economy. Since such projects represent the space developed and used by numerous members, so we enjoy a higher efficiency, better customization, and simply more diversity in services. The platforms with public participation (property or services offered by members) can provide so much more than minor businesses with a tight specialization!

In order to realize the potential of this sphere, look at the eight main branches of sharing economy and the corresponding existing projects:

However, those who have faced the above-mentioned problems when working on similar platforms have come to the conclusion that it’s a high centralization of businesses to blame. In order to reach the new development milestone, a more efficient P2P platform should be implemented and completed by a blockchain solution. For this reason, UChain project was established.

What is UChain?

Before we start, it should be mentioned that this project is based on the previous experience of the team who were involved in creation and development of U-Bicycle initiative – the Internet company that focuses on shared travel. The project has appeared to be pretty popular and even attracted about 30 mln users around the world. The company established a few brands (X-Bike, U-Park, and so on), and UChain will be added soon.

UChain is a public blockchain-based ecosystem for the development of shared economy projects. The blockchain technology in its foundation it serves to eliminate the issues of low trust level and info vulnerability. Offering its own API layers it gives businesses the chance to build applications with their own tokens.

Creation of a proprietary business platform becomes possible thanks to:

1. Decentralized data storage. Instead of being stored in one single server, the information is encrypted and broken into pieces (‘shredding’) and is sent over numerous nodes. That means that no one can get unauthorized access to it, fake or delete it. 100% data security is ensured.
2. P2P (peer-to-peer) network together with blockchain’s smart contracts allows for interaction and communication without middlemen.
3. Token incentives. The proprietary UCN coin will be used to incentive both individual members and companies for contribution and involvement.
4. Users will have a credit passport that reflects the level of their involvement and contribution. A smart rating algorithm will calculate this level.

Who can use UChain?

In fact, this project would be interesting for both individual and corporate users. Their roles are distributed the following way:

• Users. They can either exploit the services offered on the platform or offer their own independent services. How does it work? Say, you need some certain service: register in UChain, buy some UCN tokens and pay for the services provided by DApps on this platform. At the same time, independent providers will earn UCN for providing their property or services on the platform.
• Developers. Since UCNain is an open-source project, you can develop a DApp using its underlying infrastructure. UCN tokens should be paid to get access to the ecosystem and the tools for app creation.

Therefore, the users and developers contributing to the growth of UChain will be rewarded with UCN tokens – this is the driving power of the project.

Should I Invest in UChain?

The public token sale hasn’t started yet, but UChain has already made waves in the crypto community thanks to the glory of the previous U-Bicycle platform. Since the project is aimed at both individual and corporate users, it’s worth investing for all participants. One 1 UCN costs $0.0879 USD, which isn’t much, though the minimal personal cap is 2 ETH during the 1st day and 0.5 ETH afterward. Even if you don’t plan to build your own DApps, but will need some online services, UChain should be considered as a promising investment.

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