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Usechain – The Future of Blockchain

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Words: 529 |

Page: 1|

3 min read

Published: May 7, 2019

Words: 529|Page: 1|3 min read

Published: May 7, 2019

Table of contents

  1. Challenges of the blockchain Technology
  2. Low Performance
    Anonymity
    Technical difficulties
    Usechain – what you should know
  3. Conclusion

There’s no gainsaying that blockchain has made phenomenal progress since its inception in 2009. While Bitcoin initiated the concept of decentralized currency, Ethereum which sprung up in the second generation facilitated the use of smart contracts—the whole blockchain concept has imbibed into the global community autonomy and security.

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However, it isn’t without its flaws - performance inefficiency, poor scalability and high technical threshold which have limited its application to cryptocurrency trading and exchange. True, there have been divers’ measures by blockchain communities to maximize its functions—it still hasn’t made an impression in the mass market; which could be attributed to lack of commercial support and a weak connection with the market.

Due to the many inadequacies of the blockchain technology, and the desire for the global market to adopt an ecosystem that would fit into their everyday lives, Usechain was born—to be the solution that masses crave.

Challenges of the blockchain Technology

Low Performance

Even though blockchain has recorded a lot of progress, it still hasn’t found a way into the hearts of the masses. For one, we cannot purchase groceries from the local store with Bitcoin or Ethereum. Also, the existing blockchain technology structure, Bitcoin and Ethereum only embrace 7 and 25 transactions per second respectively—which is pretty low. This slow transaction speed of blockchain systems make it difficult to be utilized in the general market.

Anonymity

In light of the on-chain cryptocurrency account that keeps the identity of users guarded—it makes it easy for criminal activities to flourish as criminals could mask behind the shadows to commit drug trafficking, smuggling, and illegal fundraising.

Technical difficulties

The demands associated with the creation of decentralized systems are still daunting. The creation of underlying public blockchain has high technical difficulties that need multidisciplinary and technological resources.

Usechain – what you should know

The first blockchain ecosystem is established by the Usechain foundation and it thrives to resolve all the challenges presently faced by the blockchain technology.

The Usechain ecosystem has new underlying framework of blockchain technology and real identity. It’s created on high performance, security, transmission of large valued data, and reliable architecture.

Due to its solid technological foundation, high performance, and the use of real identity of users; Usechain can be applied to a large number of activities that require security.

Usechain intends to create the first mirror identity blockchain ecosystem by mimicking the design of the present blockchain—it strives to improve the efficiency of transaction verification, reduces the cost of deployment of smart contracts, increases ease of use and versatility.

Usechain is designed with the resolution of scalability in mind; manage huge transactions to accommodate millions of users at once.

The architectural design of the Usechain includes application service, application components, application protocol, and core framework built from the public blockchain.

Conclusion

The Usechain ecosystem proposes the following benefits of high-level security, high performance, minimal energy consumption, public participation, multi-level authentication mechanism, RPOW consensus mechanism, Network sharing technology, Identity virtual machine, light node client, and online fault tolerance.

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Usechain will undoubted be the next blockchain that revolutionizes the perception of the majority of the masses that are presently side-lined by the hiccups faced by the present blockchain technology.

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Prof. Linda Burke

Cite this Essay

Usechain – The Future Of Blockchain. (2019, April 26). GradesFixer. Retrieved February 21, 2024, from https://gradesfixer.com/free-essay-examples/usechain-the-future-of-blockchain/
“Usechain – The Future Of Blockchain.” GradesFixer, 26 Apr. 2019, gradesfixer.com/free-essay-examples/usechain-the-future-of-blockchain/
Usechain – The Future Of Blockchain. [online]. Available at: <https://gradesfixer.com/free-essay-examples/usechain-the-future-of-blockchain/> [Accessed 21 Feb. 2024].
Usechain – The Future Of Blockchain [Internet]. GradesFixer. 2019 Apr 26 [cited 2024 Feb 21]. Available from: https://gradesfixer.com/free-essay-examples/usechain-the-future-of-blockchain/
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