One of the most fundamental problems of p2p interactions is information asymmetry. In most value exchanges, one side of the transaction is likely to have at least a small amount of information that allows them to make the transaction more favorable for them.
Sharing or collaborative economies are meant to be comprised of p2p interactions. However, a middleman is necessitated due to information asymmetry; this middleman makes sure the value transfer remains. Ironically, the fees taken by the middleman waive any benefits received by the information equality the middleman provided.
UChain is creating a blockchain that will empower everyday people to build fluid shared economies where the p2p interactions do not need to involve an intermediary. A kay challenge to achieving this goal involves mitigating one of the most difficult economic challenges ever. However, blockchain is designed to resolve this issue by providing transparency.
A Market with Information Symmetry
One of the most impressive benefits of blockchain technology is that it has resolved the Byzantine General’s Problem.
In short, Byzantine General’s Problem is a reference to when lack of transparency on a system’s interactions can lead to system failure.
As on-chain interactions involve a transparent transaction, blockchain technology resolves systematic problems that can occur due to information asymmetry. A direct value of this in a p2p sharing market would be the fact that prices would be just.
At present, a middleman ensures Individual biases or information asymmetry would not impact pricing. If p2p interactions surface in a shared market, there has to be an underlying force ensuring interactions are valued justly to make sure information asymmetry does not lead to exploitation, i.e. a service provider over-charging a naïve buyer.
The fact that any providers’ interactions will be transparent, service buyers will know what the interaction has been valued in the past. Without the need of any middleman, the blockchain provides transparency on interaction value.
Transparency and Beyond
UChain goes beyond blockchain’s transparency feature when it comes to building information symmetry. It issues credit passports to individual and these record behavior of each user within the UChain ecosystem. This is able to provide features that even centralized entities of today cannot.
User data is far to segmented and exists among many different applications. The result of this is that there is no complete profile of any individual and thus it becomes difficult to monitor user behavior with other users across different services. UChain seamlessly records user behavior and thus, without directly interfering, is able to ensure users act ethically within the ecosystem.
As UChain is just the foundation of the decentralized shard economies that can be built atop it, the credit passport provides fluid data across the services that utilize UChain. This adds additional measures to ensure information symmetry is sustained to create fair p2p interactions.
Essential UChain Links
🌐 Website: https://uchain.world/
💡 Whitepaper: https://uchain.world/css/img/pdf/uchain-whitepaper-dbe5656d6c.pdf
👨 ANN Thread: https://bitcointalk.org/index.php?topic=4631038.0
💻 Telegram: https://t.me/UchainAnn / https://t.me/UchainEcosystem
Connect with me:
https://bitcointalk.org/index.php?action=profile;u=1700741;sa=summary
Never knew about Byzantine thanks for the information.
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You're welcome.
It's one of the prime features that this technology is revered for.
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great concept..and thanks for info @hatu ..you are my favourate steemains
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A lot of blockchain are in development but UChain is taking the technology a step further when it comes to resolving information asymmetry.
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Oh that's nice
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UChain seems pretty beneficial than many other blockchains.
thanks for sharing the information
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Correct.
Actually, I can explain how this blockchain advances many features against competitors in a new post.
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waiting for new post :)
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Here
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Really Helpful for all
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Sharing economies are a growing market, so, yes it'll be benefitting a lot of people.
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technology changing very fast now a days keep sharing info so we can update overself
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Yes, there's rapid development in this market.
I try my best to keep Steemian updated on major blockchain developments :)
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Great information@hatu
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Thank you :)
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Very very nice information sir
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UChain utilizes the RPCA so understanding of the Byzantine General's Problem is important.
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Unkown news I got from you.
So Please once visit my profle too you too may get some news I that you have never heard Iike I got from you @hatu
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Happy to provide valuable updates :)
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Great post as always Hatu
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Thank you :)
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You are welcome
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Lovely more information on Uchain.
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This post has received a 8.56 % upvote from @booster thanks to: @hatu.
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Nice blog I up vote u hope do for me
https://steemit.com/africa/@sdas/many-thing-about-africa-continent
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I'm going to consider this as spam as it adds no value to this piece.
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@hatu
I am looking forward to uchain
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