Usechain foundation aims to enhance the blockchain make it fit the current fast paced world, meet up with every type of business ecosystem/industry, execute faster transactions and secure user funds to the maximum.
It will be more like an upgrade to the current blockchain ecosystem, because all of the amenities that Usechain aim to provide is exactly what is lacking in the current blockchain system.
The Usechain foundation is made up of professional teams that are well advanced in the knowledge of the blockchain technology and other various cutting edge technologies capable of enhancing the blockchain.
Team Usechain will create/design it's own special architectural designs that will aid in enhancing the blockchain, in this article i will mention and explain these designs.
MIRROR IDENTITY:This is a unique multi-level confirmation mechanism designed by the Usechain foundation. The Mirror Identity protocol if applied on the blockchain will establish a type of secure connection between the on-chain address and the identity of the authorised user. In this case, the address of the user will be exposed online including transaction proceedings, but every other offline information will be kept private and secure.
The benefit of the Mirror Identity protocol is that it will terminate fraud/malicious hacking of a user's blockchain account as every transaction van be fully traced thereby preventing loss of funds. Secondly, It's application on blockchain will enhance the efficiency of verifying transaction which will be capable of meeting up with the demands of present/future industries wanting to bring their business on the blockchain. Note that this protocol (mirror identity) will never compromise an authenticated user's privacy security.RPOW CONSENSUS ALGORITHM:This is another unique innovation designed by Usechain in making the blockchain better. RPOW is full for Randomized Proof Of Work.
The bitcoin and Ethereum blockchain make use of Proof Of Work (POW),while the EOS blockchain makes use of Delegated Proof Of Stake (DPOS) types of Consensus Algorithm.
A Concensus Algorithm is a type of mechanism that is used by blockchain's network participants to reach an agreement when distributing and since an essential characteristic of the blockchain is it being distributive nature, an agreement must be concluded upon and thus the consensus algorithm mechanism is implemented.
Under this part I will be talking about the POW, DPOS consensus algorithms and how RPOW consensus mechanism surpasses them all.
- Proof Of Work (POW): This is the first type of consensus algorithm to be ever developed and it's used on the first blockchain (bitcoin). In this mechanism, a very hard cryptographic puzzle is created and left for interested miners to solve and attached to it is a Block containing lots of bitcoins as the reward, any of the miner who solves this puzzle claims the block alone.
Advantages
- There is low impact of stake on mining possibilities.
- POW is very expensive to use therefore any type of attack upon it is very useless.
Disadvantages
It is very expensive to execute
It consumes lots of energy and requires high tech/grade computers.
Delegated Proof Of Stake (DPOS): The DPOS consensus algorithm is more like an update to the POW. In DPOS, delegates are elected by coin holders who will be in charge of confirming transactions and maintaining the blockchain, they also propose other charges such as Block sizes, transaction fees etc. All behaviors exerted by delegates are always recorded on the blockchain system so that they can be monitored.
Advantages
- It consumes low energy
- It enhances decentralization.
Disadvantages
It is not fully decentralized
Randomized Proof Of Work (RPOW):This is the latest type of consensus algorithm created and designed by Usechain in enhancing the current blockchain system.
Advantages
- High frequency transaction verification is achieved with just very low energy consumption.
- It creates a very good environment for mining.
- It is fully decentralized and can resist cyber attacks.
As noted above about the other algorithms, i pointed out their problems and those problems are what is limiting the blockchain from unleashing it's full potential, those problems cannot pave the way for industries to conveniently grow their business on the blockchain but with the application of RPOW consensus algorithm, the blockchain will be better for every type of business purposes.
NETWORK SHARDING TECHNOLOGY:"Shard" simply means a small part of a whole. In terms of technology, sharding is a type of database partitioning that separates very large databases into smaller, faster and more easily managed part. The Usechain team will be applying the sharding technology into the blockchain system, it will be able to validating transactions faster and easily.IDENTITY VIRTUAL MACHINE:Usechain will make use of this machine as a new standard for building high performance smart contracts, which are essential in execution and are capable of interacting with external data to help in the expansion of application scenarios.LIGHT-NODE CLIENT:Usechain will adopt higher level Merkle Tree BCMT which is used to achieve transaction and verification of status it also reduces amount of data light-node clients need to synchronize and confirm the accuracy of transactions.ONLINE FAULT TOLERANCE:When a specific node is compromised in any way, that faulty node will get frozen based on sole Identity mapping while other nodes can continue to generate blocks and execute usual transactions. That compromised node will be handled by a special committee board.
With the above architectural designs i highlighted above, if applied to the current blockchain, it will truly revolutionize and unleash the full potential of the blockchain.
For further information please refer to links below;
Website: https://www.usechain.net/
Whitepaper: https://www.usechain.net/usechain_en.pdf
Twitter: https://twitter.com/usechain
Facebook: https://www.facebook.com/UsechainFoundation
Telegram: https://t.me/usechaingroup
WRITER'S INFO
Name: thaddaeus
Bitcointalk username: beneze
Bitcointalk profile link: https://bitcointalk.org/index.php?action=profile;u=2190968;sa=summary