UChain: The Next Generation Distributed Smart Network Blockchain for the Sharing Economy

UCHAIN is a public infrastructure blockchain network specially designed for the global sharing economy, along with other sharing economy enterprises. The idea of building a network like UCHAIN is to build a decentralized sharing economy worldwide to sharing economy ecosystem where every user can exchange value and publish contents openly without intermediaries through UCHAIN as well as its decentralized environment. In this, all individuals and also merchants will certainly be equipped. Since if we understand the possibility of the sharing economic climate which is anticipated to get to 520 billion USD in 2018.

There are some reasons behind the existing global sharing economy faced some drawbacks.

Excessive transaction cost

The problem of trust

Data leakage and abuse

Because of these problems, companies which involve with the sharing economy will take commissions from private providers, which leads to the increase of service costs. User data is also at risk of being leaked or theft in case intermediary companies sell user data for money or do not have a strong security system to prevent their data from being hacked.

Uchain Solutions

Blockchain applications are disrupting virtually all industries, and sharing economy business model is not excluded from this disruption. A trustless and open system can be created on blockchain to undercut the traditional systems that have enabled the sharing economy. By creating a peer-to-peer network with transparency and security, blockchain promises to build new industry controls that will change the way business is transacted and the way consumers relate and interact. The idea behind the community autonomy would inspire people around the world to participate in and benefit from the development of UChain

EXCESSIVE TRANSACTION COST- UChain will establish a decentralized Blockchain network. During the peer-to-peer transaction settlement between user and service providers, intermediaries will be cut off and we estimate to reduce the transaction fee by nearly 20%.

During the transaction, UChain's token will be used as a transaction certificate when the user subscribes to or purchases a service, such as booking a room. The user may need to freeze a certain amount of tokens as a deposit, which will be released upon completion of the transaction. The whole transaction process will be handled by smart contracts and cross-chain hosting technology to ensure the authenticity, legality, and compliance. With users and merchants using UCN for transacting, we will be able to achieve a real-time settlement and eliminate the risk and cost involved with the usual way of payment on existing platforms

USER CREDIT PASSPORT- UChain records transaction activities on the Blockchain, which is broadcasted and stored by nodes in the network. This distributed ledger is tamperproof with and fully traceable, creating a decentralized and unbreakable "chain of trust."

UChain will be integrated with a variety of sharing economy enterprises specialized in travel, travel, accommodation, knowledge, and education industry. In the nearby future, users can use it on different occasions for various services, bringing them a much smoother experience.

USERS' DATA SECURITY- With the distributed storage scheme, data will be encrypted, split, shredded and scattered on different nodes. Retrieval of any single piece of data stored by a node will not be complete or readable. It ensures that if a single node is compromised, it does not reveal full information.

When UChain records data on the Blockchain, it is actually storing the address where they can retrieve this data. UChain is able to modify a user’s data access through a smart contract, only under the user’s authorization. When users authorize the merchants to access their data, the authorization information such as access time and operation log, along with the user’s public key signature will be recorded on the blockchain, making all actions traceable, eliminating the possibility of data misappropriation.

History of the sharing economy

The sharing economy is nothing new. Initially, trade was being effected through barter which although it had its limitations, enabled people to interact and gain real value in return. The introduction of money created a faulty solution to the same with a lot of trusts needed to maintain trustworthy relations. The digital age has restored some of the trust between peers. Recently we have seen the growth of companies such as Uber, Airbnb, and other sharing economies. They have empowered individuals but they still retain the core characteristic of Internet 2.0 projects, most of the wealth is unfairly distributed to a few individuals and a lot of data breaches. Blockchain technology will be able to improve and make it possible for users of the ecosystem to reap more benefits at the pleasure of their data security.

CHALLENGES FACING EXISTING SHARING ECONOMY

Highly Increased Transaction Costs

The already established Sharing Economy platforms serve as an intermediary connecting member on the platform in order for them to engage in any form of transaction. This centralized method of sharing is a common and universal system which is practiced by most of the Sharing Platforms and this generates an extra cost for transactions. Aside from the cost of commissions that these platforms charge members for their transactions it gets worse when members use fiat currency through our central banking system to make payment for transactions. These banking systems also charge users certain fees and taxes which further increase the cost of the transaction.

Insecurity of Member’s Data

There are various instances whereby some sharing economy platforms had their data storage servers breached and the information that users entrusted into their hands are accessed by the third-party system without authorization. Users share valuable information with these platforms and because they don’t have the safest form of data storage services they allow hackers to have access to this information which is not right. Technology has an advanced way forward to sit for such circumstances to happen all at the expense of your noble users because these are sensitive information which should be kept securely.

High Level of Uncertainty

In as much as members believe they are on this platform to share items for their own benefit, you can never trust whether someone would deliver his part of the deal at the end of the day or not. This caused some established sharing economy platforms to use the system of Escrow accounts to receive funds from both parties to ensure that they both go according to the terms of the agreement. This further increase the stress and transaction cost that users have to bear in order to complete transactions.

Team/Advisors/Partnerships

UChain is a global team with many years of experience specifically in the technological field with skillset ranging from big data, distributed systems, P2P network to Internet-of-Things and blockchain. The founders and most of the C-Level executives come from U-Bicycle, a bicycle sharing service that already has over 30 million registered users, meaning that they have acquired experience in the sharing economy.

UChain has been recruiting developers, community operators, and team members who are interested to create the next generation sharing economy. The project is led by Ian Yu, who is also the founder and CEO of U-Bicycle. He's also the founding team member of DianPing. Alongside Ian is UChain's co-founder Grace Min, who is leading the operations of U-Bicycle in North America as the CEO. She's an accomplished serial entrepreneur who has also founded Dozen Fresh International Trading and SG International Travel Ltd.

What I like about the team is that most of the members have experienced working together in the same company (e.g. U-Bicycle, DianPing). They should have a stronger working relationship by now, which will help UChain gain traction. Besides, the team has built successful companies before venturing into the UChain project and Ian, himself, has won several entrepreneur awards in China.

They also have a number of solid advisors who are all experts in their respective fields. I believe these advisors could be instrumental to UChain's success as they have great networks in the sharing economy. At the same time, the team has been looking for partners around the world and has reached strategic cooperation with some outstanding companies in the sharing economy industry:

Organisation partners include:

Features:

• UChain is an Open infrastructure block-chain developed for the worldwide sharing economy.

• UChain database trade activities on the Block, which is broadcasted and saved by nodes in the platform, this allocated ledger is tamperproof and completely reachable, developing a resilient and decentralized "chain of trust"

• UChain is capable to adjust user’s info access via smart agreement, just below the consumer’s verification. When consumer approves the merchants to access their info, approves info such as an access term and process log, alongside with consumer’s open key signature will be stored on the block, making entire acts traceable, reducing the possibility of info misappropriation.

• The platform develops a new in Block every few moments by reaching contact via the RPCA system, assuming that agreement procedure is successful and there’s no fork in the network. The freshly generated block-chain is sole across the complete network.

• The UChain uses Elliptic Curve Cryptography or ECC to sign virtual assets to make sure the safety of each trade. The crowd key can be counted from a recognized private key. ECC is hugely regarded as the most energetic asymmetric algorithm offered the main length, which has been completely exercised in the BTC platform.

Roadmap

Question 1-2018: Technical feasibility was examined. The final white paper was made available and the website was kept online

Question 2-2018: Public pre-sale and crowd Token delivery and UCN made transferable

Question 3-2018: Development of Wallets and Blockchain Explorer is completed. TestNet made available

Question 4-2018: Uchain Mennet made available. Enterprise open platform release

Question 1-2019: User credit passport system has been issued Launched on U-Bicycle Damp Myint and Uchain.

Q2-Q4 2019: Uchain works relentlessly to bring partners and present various companies on the platform so that they can successfully increase the "sharing economy 2.0".

201 9 +: P2P Transaction Platform Provided

UCAN has a long roadmap. However, until Uchain is already achieved, much information is not given. Apart from this, Uchain has no links to Gitanbu.

Token Name	Uchain
Token Symbol	UCN
Currency Accept	ETH
Token Type	ERC20
Language	English
Token Sale	12000 ETH
Hard Cap	42000 ETHs

Token Distribution

40%	Token Sale
30%	Ecosystem
15%	Team
10%	Company
5%	Partners

Verdict

If you look into the statistics, the sharing economy is growing fast and is expected to grow from about $14 billion in 2014 to $335 billion by the year 2025. When you consider the success of Airbnb, Uber, and Grab, the sharing economy is definitely here to stay. But, we just have to make it better for everyone. And I believe UChain can create a better ecosystem that's instrumental in the success of "Sharing Economy 2.0", which will restore trust and prevent data abuse using blockchain.

However, UChain must be prepared to face tough competition in the space with similar projects like ShareRing and Origin Protocol. The key will be development progress and most importantly, partnerships that drive adoption. Origin Protocol seems to be leading with their development as they have released a working demo and have several partners building on their protocol. But most of Origin Protocol's partners are startups that probably don't have large user base yet, unlike UChain's. ShareRing, on the other hand, has not released an MVP at the time of writing. Partnerships are also unknown.

If we consider UChain's partners, these are big reputable companies with large user base at their disposal. For example, Grab is already leading the transportation sharing economy in the South East Asia region and recently expanded their operations with GrabCycle to focus on bicycle sharing. U.B. Group Holding is also the world's leading Internet organization that focuses on shared travel. They currently own U-Bicycle, X-Bike, U-Park, U-Car, LocalKing (Taiwan), and invested in GrabCycle. These are great connections that will realize UChain's success in gaining mass adoption as these platforms can be early adopters of UChain.

The recent changes in EU Global Data Protection Regulation (GDPR) has imposed stricter data governance and much heavier penalties for non-compliance of data protection. Therefore, in my opinion, companies in the sharing economy can use UChain to easily integrate blockchain along with several features into their platforms, which will save them a headache to enforce data security as it already comes embedded within UChain's solution (Distributed Data Storage).

All in all, I expect UChain to shake up the sharing economy as it brings trust back to where it belongs while cutting out unnecessary intermediaries. I can't wait for mass adoption to happen because a blockchain-based sharing economy could really steer the industry towards a true peer-to-peer, community-driven marketplace it was intended to be.

Thanks you for your time. Here are all links in one place:

Website: https://uchain.world/
Whitepaper: https://uchain.world/css/img/pdf/uchain-whitepaper-dbe5656d6c.pdf
Onepager: https://uchain.world/css/img/pdf/onepager-a7836e0f88.pdf
Telegram: https://t.me/UchainEcosystem
Twitter: https://twitter.com/UChainEcosystem
Medium: https://medium.com/uchain
Reddit: https://www.reddit.com/r/UChain/

Author:
Username bitcointalk: Booli123
Url bitcointalk: https://bitcointalk.org/index.php?action=profile;u=2150359