UseChain Project/ICO Review - The World's First Mirror Identity Blockchain

orcunland (6)in #cryptocurrency • 6 years ago (edited)

In April 2010, Facebook announced the launch of a platform called Open Graph to third-party apps. This update allowed external developers to reach out to Facebook users and request permission to access a large chunk of their personal data — and, crucially, to access their Facebook friends' personal data too.

If accepted, these apps would then have access to a user's name, gender, location, birthday, education, political preferences, relationship status, religious views, online chat status and more. In fact, with additional permissions, external sites could also gain access to a person's private messages.

Twitter generated 1.99 billion U.S. dollars through global advertising and is expected to earn over 3.26 billion U.S. dollars in 2017.

In 2017, Google's ad revenue amounted to almost 95.4 billion US dollars. That year, advertising accounted for the majority percent of the online company's total revenues, which amounted to a total of 110.9 billion U.S. dollars. In the most recent fiscal period, advertising revenue through Google Sites accounted for 70.9 percent of the company's revenues. Advertising through Google Network Sites was ranked second with a 16 percent share.

Advertising generates the vast majority of revenue in the search and social media portions of the Internet industry. Google, Yahoo, and Baidu all rely heavily on income from advertising. According to Search Engine Watch, 47% to 64% of total website traffic comes from search engines. This allows search providers to charge vendors for display ad placement or sponsored search results. Popular social networks such as Facebook and Twitter have become common mediums for communication and entertainment, resulting in heavy traffic and access to substantial user data. User volume and targeted advertising are attractive to businesses that are trying attract customers, and social networks have exploited this advantage substantially.

Advertising generates the vast majority of revenue in the search and social media portions of the internet industry. Google, Yahoo, Twitter and so many internet companies all rely heavily on income from advertising. According to Search Engine Watch, 47% to 64% of total website traffic comes from the search engines. This allows search providers to charge vendors for display ad placement or sponsored search results. Popular social networks such as Facebook and Twitter have become common mediums for communication and entertainment, resulting in heavy traffic and access tı substantial user data. User volume and targeted advertising are attractive to business that is trying attract customers, and social networks have exploited this advantage substantially.

I believe you got the idea behind the ads. You are being watched, and your data is being taken by the companies who are heavily needless for your data to survive. Because those companies are not taking any fees for the services which they provide to you. So they are needless for the data. Your data.

You may want to address the reason for this problem. It is just because of so many identity-based service platforms and systems are operating as centralized services.

So what to do?

Or in another words.

Why don't we have better alternatives?

We have one now, with the help of Blockchain.

What is UseChain?

Let's hear this description from the CEO.

Usechain, the self-sovereign identity Blockchain, is aiming to solve the trust issue in this society. Also, our Mirror Identity Technology solves the problem of privacy and technical performance.

In another word, Usechain tries to solve the trust issue in our society. The platform aims at improving performance by providing a transaction management and support process that is efficient, identity-based, and with low technical barriers applicable in the mass market.

The idea is basic, but providing it by blockchain service is a pinpoint solution and amazing work. Usechain platform's main focus is introducing a new mechanism and randomized proof of work to balance perfectly strong security and high performance.

In order to bring a new generation of blockchain, Usechain will use multi-level encryption and authentication methods, Identity virtual machine, zero proof, enhanced smart contract as well as other innovative technologies.

What exactly is Mirror Identity

As a basic explanation, the meaning of Mirror Identity can be defined as Blockchain based Identity Address Mapping tool. Usechain platform ensures the situation that your identity is being safe as it will be stored and will be shown to others as anonymous data. While address transaction records will be transparent, your address stays anonymous.

How will Mirror Identity Keep Safe My Identity?

Usechain will use identity mapping system to implement mirror identity. By doing so, authenticated user entities and addresses on-chain will be mapped. Hence, only the mapped relationship is recorded, while other information stays undisclosed.

This way, the mirror identity protocol is creating an environment where the users' private information stays uncompromised with the help of blockchain technology.

For more info, please check out Usechain Medium article.

What is the Purpose of UST Tokens

The platform's official token is UST. It will use Ethereum Blockchain first, so it will be based on ERC20 protocol. The idea is basic. UST will allow participants who hold tokens to use the dApp. But the main aim is having a community who will support the app and help Usechain platform to grow. And like every other project, usechain will use UST tokens to reward developers and every supporter of the platform.