Hello cryptocurrency investor all, welcome back to the Thedailyico.com blog. On this occasion, the admin will discuss a unique and exciting new blockchain-based project, named Uchain. Uchain was created to solve the problems of trust and misuse of data in today’s global economic ecosystem.
The Uchain platform comes with innovative solutions to make the economic ecosystem share even better. The platform wants to empower service providers and users around the world. Check out the full review of Uchain’s new project below, making sure to read it out.
The problem Uchain wants to solve
Uchain is a platform developed to enter the global sharing economic ecosystem that continues to proliferate from year to year. Based on available data, by 2018 this global financial market share is expected to reach 520 billion dollars. This is the enormous potential that Uchain sees to grow his business.
So far, users and providers in various economic ecosystems still rely on platforms and centralized companies as intermediaries in every transaction. This is done to ensure the security of the operation of both parties. Traditional technology even cannot create trust between users and service providers.
Centralized companies and platforms will take advantage of up to 30% as fees for their services. This, of course, increases the cost of services. Not only that, often they collect collateral or deposits from users and service providers to reduce financial risk. Conditions like this make the economic ecosystem share filled with obstacles and high costs.
Not only that, but various global economic ecosystems are also vulnerable to data leakage. Users are required to provide their personal information to their preferred platform, such as email addresses and phone numbers. Instead of maintaining this vital information, many companies sell users’ data to get money and use it for other purposes. The user’s data is also vulnerable to being stolen by the hacker.
In response to this problem, Uchain was created.
What is Uchain
Uchain is the first platform to develop a public blockchain network for a global sharing economy. As explained above, Uchain aims to solve the problem of trust and misuse of data in the current global economic ecosystem, relying on blockchain technology. The Uchain platform will work with other various financial firms to realize that goal.
On the Uchain platform, all economic sharing companies can build their applications and tokens. Uchain has its digital wallet and will use the RPCA (Ripple Protocol Consensus Algorithm) consensus algorithm that Ripple also uses. Uchain will create an economic ecosystem of sharing that is autonomous and fully decentralized. Users and developers largely determine the development of the Uchain ecosystem.
Users are those who become independent service providers, service providers, and service buyers. They provide or use the services on the Uchain platform. Meanwhile, foundation developers or independent developers of Uchain are those who maintain and make Uchain infrastructure. Users and developers interact with each other, which will make the Uchain ecosystem even better.
Solutions gave by Uchain
– Peer to Peer Network
Uchain uses a network of peer to peer blockchain and smart contracts to facilitate transactions between buyers and service providers. Both parties can transact safely and without involving intermediaries. To reduce transaction costs by 20%.
– Distributed Data Storage
Uchain guarantees the security of all user data. Instead of storing it on a centralized server, all historical reviews, service provider transaction records, and other structured data will be stored on different nodes. Extensive files on practitioners become small files, then spread across various nodes. This is done to avoid hacking and the possibility of the company selling user data.
– User Passport Credit
Uchain will effectively record user behavior using proprietary credit ranking algorithms
– Token Incentive
Platforms have a great way to increase engagement and participation from users and developers, by providing incentives to both
Uchain is a blockchain-based project that has many strategic partners. Some partners from Uchain are China Unicom, Grab, U-Bicyle North America, Translink, Alipay, Dianping, WBO, Ledger Capital, and many more.
Uchain Token (UCN)
Token UCN is the official digital currency on the Uchain platform. The UCN token is used as a means of payment for transactions, in all DApps built on the Uchain network. Also, UCN tokens may also be used for Uchain API service payments, awarded to users for their data contributions, and vouchers to purchase assets owned by the service provider.
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