To Become World's First-ever Self-sovereign Identity Blockchain
New blockchain project Usechain is becoming the first-ever blockchain ecosystem to achieve self-sovereign identity for individuals and institutions. Usechain aims to fuse innovative technologies with off-chain identities to create a public blockchain ecosystem based on real identities, addressing the issue of distrust due to anonymity in current blockchain projects, while maintaining uncompromised security.
According to a 2014 study from CTRL-Shift, the cost of identity assurance processes exceeds GBP3.3 billion per annum in the UK alone. Signaling reputation is very costly in the current financial industry and any other place that requires identity assurance.
Usechain Empowers Identity
"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.
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 solid academic background of team members makes Usechain rigorous in designing and developing a blockchain ecosystem, and the business school resources make a great potential to fully utilize blockchain technologies in business scenarios.
The Usechain project is currently at the alpha stage. The beta version will be launched soon.
Product Features
- Hardware-Based Performance Improvement
- Privacy-Protected Identity Application
- Boundaryless Identity Ecosystem
- Top Business School Supported
Solutions
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.
Token Distribution
- Volume: 20,000,000,000 UST
- Finite amount of UST created
- No inflation
- Maximum token amount for sale: 45%
- Marketing & Partner Support: 5% (with bounty comprising 6%)
- Community Rewards: 20%
- Technical Community Rewards: 15%
- Core Team: 15%
- Softcap: 1350 BTC
- Hardcap: 4500 BTC
- ETH(Ethereum), BTC(Bitcoin)
RoadMap
2016
● Determine identity-based blockchain.
● Research on algorithm of identity-based blockchain.
● Put forward the concept of identity tokenization.
Q1&Q2 2017
● Determine design principles and objectives.
● Compile development plan.
● Officially launch the Usechain project.
Q3 2017
● Design system architecture and basic protocol.
● Integrated planning of ecosystem.
Q4 2017
● Develop underlying public blockchain.
● Cooperate with partners to explore application scenarios.
Q1 2018
● Develop fundamental functions of underlying public blockchain.
● Develop address-identity mapping system.
● Certification Authentication Center Service.
Q2 2018
● Develop privacy protection system.
● Form core community and achieve 50000+ people.
Q3 2018
● Develop software-based RPOW consensus algorithm.
● Develop enhanced smart contracts.
● Develop TPOS consensus algorithm.
● Launch beta version of main chain.
● Achieve 100000+ people in the community.
● Launch the first DApp.
Q4 2018
● Set up sub-chain structure.
● Develop cross sub-chain communication.
● Build Usechain eco-fund to accelerate ecosystem development.
● Develop multi-industry vertical community.
2019
● AI system of address behavior analysis.
● Develop tokenized multi-node system.
● Develop hardware-based RPOW consensus algorithm.
● More multi-industry identity-based DApps.
● Launch decentralized exchange.
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Author : Kelampok ijo
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