SINGAPORE, March 31, 2019 /PRNewswire/ -- "Wall street lost its soul in chasing money without any moral limits," says Professor Huining Cao. After 15 months development work, the first mirror identity blockchain project Usechain (USE) Mainnet alpha is now live. Blockchain enthusiasts and developers can track the operations of the network via http://mainnet.usechain.cn/#/ .
Huining Cao, the finance professor with outstanding academic achievements and founder of Usechain told CNBC Africa's Ran Neuner in an interview that Usechain wants to be the NO.1 public blockchain in the world in Mirror Identity area, and the network is designed to be legally compliant with the regulation.
Innovative MIP & RPOW
So what makes Usechain different from any other blockchain?
"We map each person to the blockchain using Mirror Identity Protocol(MIP), so that each person can only have one account on the blockchain, there is a one-to-one correspondence. This allows us to use new consensus algorithm call Randomized Proof of Work(RPOW). Using RPOW, each account will receive a random number and this random number will be compared to a public random number to determine the likelihood of them to mine the next block. In this way, it will be very fast and energy efficient," says Professor Cao.
In terms of regulation, if someone commits a crime, like tax evasion, terrorist funding, or money laundering, a committee on the Usechain network can use multiple signature to have access to the ID information and have the person in check on the basis of MIP.
"However, the users also want privacy, so the hurdles to get to the intervention must be high; that's why we use multiple signature.That is what we call a mirror identity. It is a muddled up identity that needs to be unscrambled. With this technology, we can build a blockchain platform that is compliant with regulation and provide financial services," Professor Cao explained.
Usechain network also supports sub-chain technology and will introduce lightning network-like channel technology in the future to scale up to one billion users.
Usechain Applications & Business
Usechain has been devoted to the Dapps development apart from the public blockchain development in the past few months. According to the Usechain APP, the team have designed lottos and games, futures contracts, derivatives, and prediction markets using volume as part of the parameter.
Dapps for stock futures, options, crypto futures and options and commodity futures and options trading, crypto loan markets, stable coins and collateralized borrowing on line are in the future development plan.
"In addition, we employ a mixture of centralized model with a decentralized infrastructure. That is the actual transaction flows is centralized, however the net positions will be reported to the blockchain soon after. So we have both the speed of a centralized system and the trust of the blockchain. It is well received in China and we have about 50,000 users now," Professor Cao added.
Usechain is working with diners, hotels, vineyards, tourist resorts and insurance companies to help them issue tokens to do fine granular level marketing using tokens. USE payment is well accepted in Usechain ecosystem merchants according to USE holders.
In addition, the fact that transactions are transparent on blockchain, Usechain believes this feature must be explored in length using smart contracts for blockchain to have any advantage over a completely centralized platform.
"I view blockchain as a way to create trust in transactions by strangers on line; it has huge ramifications for finance as finance is built on trust. I believe once the regulators can work out an efficient way to avoid abuses, It will be the future of finance. My startup of Usechain is to participate in this process, and I believe it will take about 20 years to be fruitful," Professor Cao added.
Usechain is a Singapore-based company committed to developing a mirror identity Blockchain community alternative to the well-known Bitcoin and Ethereum Blockchains. Usechain incorporates many innovative technologies such as RPOW (Randomized Proof of Work), a multi-tiered sharded network, integration with government identities. Potential applications Include finance, IOT, supply chain, social network, and games.
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