USECHAIN - A SOLUTION TO IDENTITY THEFT
This article will highlight that blockchain technology can be used to empower individuals to take charge of personal identity. The records on the blockchain ledger will be immutable providing accurate information and to deter malicious acts by hackers or data custodians. Beside putting individuals back in charge of their own personal information, the article also emphasized that it is important ‘’to determine how to securely and accurately connect individuals’ physical and digital identities. Blockchain only exists in the digital world and cannot guarantee the physical identity of the user, so this puts the burden on businesses to verify, link, and navigate the two.’
Have you ever wonder when you make an online purchase or use an online service, how will organisations safeguard private information? Even if information is secured, are these centralized repositories capable in protecting user identities from identity theft? There are currently no realistic answers or solutions but this is what Usechain is trying or will do .
The team is building a blockchain-based mirror identity ecosystem where users can have the convenience and privacy to transact without any worries of data security breach. Using the mirror identity mapping protocol, Usechain is able to provide the infrastructure to bridge the digital world and physical identity of users without compromising their private information. The need of a strong and secure privacy infrastructure is what Usechain is committed to established. A transparent ecosystem to deter identity theft, to give back users control of their identities, to eliminate our flawed and centralized financial industry, as well as to promote a secured and trustless decentralized network for peer-to-peer transaction .
Compared with public blockchains such as BTC, ETH, and LTC, Usechain solves the Trinity Among Scale. And it uses decentralization and security to provide a new method of designing the application scenarios based on the use of identity since it receives multi-level reorganizations on its blockchain.
Usechain uses adding value to identity as its main idea. The project aims to make a new commercial model of blockchain based on the MIP (Mirror Identity Protocol) and multilevel reorganizations that go beyond traditional models such as the “identity trust model” and the “identity data economy.”
Secure And Reliable infrastructure
The platform uses a secure infrastructure that focuses on sole identity mapping thus improving its application to scenarios that need identity.
The platform supports the participation of everyone worldwide. Usechain supports mining by use of even mobile devices because of its ability to use low resources and low energy consumption.
Low Energy Consumption
Through the platform's characteristic of identity mapping, it can reduce its dependency on the hashing power of the Bitcoin and thus be able to reduce consumption of energy and computing resources.
The platform inputs resources of the highest quality to assist the global community to develop its ecosystem. This, in turn, unites application platforms and leading companies
Usechain innovative creation of a new consensus algorithm RPOW emphasis on the importance of ‘’decentralisation’’. It uses a randomised method to assign different probability for people to mine the next block, so everyone has an equal chance get the block reward. RPOW is able to control the parameters on the mining probability. The difficulty parameters will be adjusted based on an individual hashing power and mining frequency.
Everyone will have an equal chance to mine the block rewards. This promote a decentralized network where there is no concentration of hashing power, mitigating the risk of a network attack or hack.
In addition, the combination of RPOW with mirror identity protocol help to eliminate the duplication and creation of anonymous accounts for mining, where the technology of identity mapping provides mapping data on-chain, but identity off-chain remain anonymous. This ensure privacy security and transparency within the decentralized network.
In short, RPOW algorithm consensus can reduce the collective hashing power of the mining pools, minimize power wastage and increase scalability for the entire system by more than 100 times.
Many people have compared Usechain with GXS and Ontology, but the comparison is superficial. GXS is focused on the transmission of identity information and not the empowerment of identity accounts while Usechain’ s main purpose is to conduct real transactions in a peer-to-peer network .
The Usechain team have ambitious goals which will enable them to set new standards for the crytocurrency market. To achieve this goal a strong Team is built with all the necessary skills, talents and long-time experience needed for the project . Leading the team of founders is Henry Cao, a professor at Cheung king Graduate School of Business and also co-founder Baohong Sun, a marketing Professor at Cheung king Graduate School of Business, founded Usechain
Other participants that belong to design the realization of this ingenious network are Shengli Zhang, Feng Zhang, Erik Xu, Andy Zhou, Lin Zhao, Amanda Shen, Gengnan Song and Liang Zhang. These individuals have contributed in their own way using the wealth of knowledge that they have gathered to support the establishment and growth of this technology.
Usechain will provide something very unique, and very useful to the Blockchain ecosystem, I believe users will not have to worry about their identities being lost or stolen within the platform. For me, am highly interested in the project and certainly will invest . Usechain is in town and here to take us on a journey of advance innovation enhancement in the Blockchain.
Follow 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