Usechain Aims to be the Best Blockchain Identity Project, Have Own Lightning Network with RPoW
Usechain has released its mainnet in order to build a “Wall Street On-Chain.” The project released a press release on March 31st, in which they inform that they have launched their mainnet. The finance professor Huining Cao, the founder of Usechain, explained that they want to become the largest public blockchain in the world in Mirror Identity area.
Usechain Launches Its Mainnet
During a conversation with CNBC Africa’s Ran Neuner, Huining Cao explained that they map each person to the blockchain using the Mirror Identity Protocol (MIP). In this way, each of the individuals can have an account on the blockchain, creating a one-to-one correspondence.
The main intention behind MIP Is to allow for a new consensus algorithm known as Randomized Proof of Work (RPOW). Each account will be receiving a random number that will be compared to a public random number and determine the likelihood of them to mine the ext block. This would allow the network to be fast and energy efficient, said Mr. Cao.
It is worth mentioning that Usechain claims to be compliant with regulations and it also protects privacy. As they explain, it is possible for law enforcement agencies to have access to those that use blockchain to evade taxes or launder money.
About it, Cao commented:
“However, the users also want privacy, so the hurdles to get to the intervention must be high; that’s why we use multiple signatures. 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.”
It is worth mentioning that the platform is also aiming at becoming highly scalable. They mentioned in the press release that they will be introducing lightning network-like channel technology in the future. This would allow the network to scale up to “one billion users.”