Usechain(USE) Testnet Goes Live To Build A Legally Compliant Financial Services Blockchain
Classified in:Science and technology, Business
Subject: PDT
SINGAPORE, Oct. 8, 2018 /PRNewswire/ — On October 9th 2:00 (UTC), Usechain will launch its public blockchain testing network (“testnet”), which has been expected since the debut roadshow in May in Silicon Valley. Usechain will introduce a brand-new vision of blockchain that aims to make blockchain technology legally compliant through the innovative Mirror Identity Protocol.
What is Usechain?
Usechain is the world’s first mirror identity blockchain. “We plan to build the first legally compliant financial services blockchain. Basically for all financial services, all governments have strong regulations. So we want to make sure people who are using this blockchain, are not doing things illegally. This includes, Know Your Customer (KYC). You need to provide your personal information to service providers. Also, Anti Money Laundering (AML), so you can’t use this blockchain to transfer money illegally,” said Finance Professor Huining Cao, founder and CEO of Usechain.
Regarding user privacy, a buzz word in the centralized Internet age, Usechain hopes to allay worries of providing identity information on a decentralized blockchain.
Mirror Identity Protocol: Mapping yet protecting privacy
Nowadays, user privacy is seen as important as the security of the whole network.
Usechain is the first to propose the Mirror Identity Protocol(MIP) and establish the multi-level accord system between the address on-chain and verified real users. For the ordinary user, every address is verified and has relatively high credibility, without any other information being divulged, and therefore, fully protecting privacy.
“In our case, what happens is different from other identity chains that just put your identity on the blockchain, where everyone can see it and you have no any privacy. In our case, we use Mirror Identity Protocol (MIP), in which your identity is never on the blockchain. It’s privately collected, and preserved with a certify authority, and the certify authority will give you an index, and that index will be converted to a public address. So in this way, we have something like a China Wall between your identity verification and your public address. So nobody knows who you are on the blockchain. But if there is any illegal things happen, the government can collect information from both parties and find out who you are,” said Professor Huining Cao.
Usechain Testnet: Moonet is live
The public was introduced to Usechain in May 2018, but before that, it was already well-known to some of the big cryptocurrency investors and funds in late 2017 when the concept of mirror identity was proposed. Its token, USE, successfully completed the pre-sale and public sale, and soon listed on exchanges.
Usechain is developing step by step. Usechain’s testnet – Moonet – is now live, giving communities a transparent view of Usechain’s solid progress.
For the blockchain project, the mainnet is the foundation of all upper-layer architecture. The Moonet is Usechain’s first technical debut and implements identity verification, encryption algorithm, hidden function, committee, alpha version of RPOW and block explorer. For more information on Moonet, please visit www.moonet.usechain.net
Next, Usechain will make better optimization in terms of identity, to achieve higher transaction performance and provide basic financial functions to support large-scale ecological applications.
Building the Usechain ecosystem is the next big step worth attention.
“We are talking to collaborators to build an ecosystem including insurance, payment system, personal tokens, etc. We also plan to work with car services and house sharing services. So hopefully we can find a killer application for blockchain which is really needed.” Says Professor Huining Cao.
Usechain has the ultimate goal of building a “Wall Street on-chain”.
“Right now we are in the bear market, this is time to build the technology. Maybe 2 to 3 years from now, we will have something like the Goldman Sachs on the blockchain,” said Professor Huining Cao.
Contact info:
Website: www.usechain.net
Twitter: twitter.com/usechain
Telegram: t.me/usechaingroup
Email: [email protected]
SOURCE Usechain
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