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The blockchain is known for its decentralization. It was well-welcomed because it brought new opportunities to the cyber world. Nonetheless, the platform attained this great height since it uses distributed ledger technologies.
Distributed ledger technology is popular for its protection and anonymous nature. The technology when used on the blockchain entrusted power to diverse people. Consensus algorithms also featured in the blockchain. By tagging along with the distributed ledger technology, transactions are secured and mining of digital currencies is possible.
Usechain is one of such platforms that aim at using both the DLT and consensus algorithms. In this case, our concentration will be on its consensus algorithm. Usechain birthed a new consensus algorithm that’ll function differently from popular Proof of Work and Proof of Authority.
The platform entered the decentralized marketplace with great wind of change. Aside making identity verification faster, Usechain also birthed the Randomized Proof of Work consensus algorithm.
You might consider this an offshoot of Bitcon’s Proof of Work but their conceptualities and use cases are not same. In the light of dwindling security on blockchain platforms, a RPOW consensus algorithm will be of immense benefit to that regard.
Usechain’s RPOW consensus algorithm aims at bringing higher scalability to the platform. In the same vein, it uses available frameworks such as Identity Network Sharding and Identity Virtual Machine in achieving scalability.
Cryptographic currencies are to be mined (created) before use. The blockchain had featured in brining this to life and will keep the pace going. Given that current provisions on the platform cannot power all cryptographic currencies at once, there was need for a solution.
Usechain’s consensus algorithm (RPOW) makes creation of digital currencies faster. Hash power on the blockchain is known to be at the wrong side of 51%. Such case won’t be convenient for mining cryptographic currencies. The other downside is less transaction per speed and high transaction costs.
By using the Randomized Proof of Work consensus algorithm, has powers are reduced and portability is ensured in the creation of cryptographic currencies. It shouldn’t come as a surprise when you use your mobile device in creating cryptographic currencies.
Usechain also came up with different technical framework such as network sharding and Identity Virtual Machine. The platform also features frameworks such as Identity Transaction Sharding and Zero Proof.
The overall goal of Usechain’s framework is to verify users easily while tracking transactions. The platform also features multi-level authentication for protection of its users.
In a nutshell, Usechain’s frameworks help in making transactions faster. They also come in handy in confirming users on the platform and this was made possible by the concept of cryptographic applications. Available frameworks on the platform also make dApps creation easier for developers.
Usechain uses mirror identity features on its platform. The technology is better off than traditional identification modules on other platforms. The mirror identity feature comes in handy when a user is to be verified on the platform.
Usechain’s mirror identity maps its users’ addresses and thus, brings transparency and security to the platform. Only verified users can take part on activities on the platform. It also enables developers that want to create dApps to do so.
The intellectuals behind this great project are not amateurs to the system. Having traversed many technological terrains and gathering insights, Usechain is sure to be one out of many unique projects they’ll come up with.
Their positive input to this project will be of crucial importance to the blockchain. As posited by them, Usechain will in the long run, usher itself into the third generation of the technology.
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