Usechain, the first mirror identity blockchain, will launch a public blockchain testing network known as a testnet. This network has been anticipated since its debut in a Silicon Valley roadshow in May. Usechain will unveil a new vision of blockchain, which aims to make the technology legally compliant via Usechain’s Mirror Identity Protocol.
Protecting User Privacy
The world’s first mirror identity blockchain, Usechain seeks to alleviate the worries associated with users who provide identity information on a decentralized network.
Usechain will launch its signature Mirror Identity Protocol (MIP), which maps out and protects user privacy, an aspect often deemed as the security of an entire network. Usechain is the first to propose such a protocol and form the multi-level accord system between user on-chain addresses and users verified as real.
Under Usechain’s MIP, every ordinary user address undergoes verification and has a relatively high credibility, with no other information ever getting divulged. Thus, the system provides full privacy protection.
Huining Cao, a Finance Professor, Founder and CEO of Usechain, explained how the Mirror Identity Protocol (MIP) provides ultimate privacy on the Usechain platform.
The CEO said:
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. 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 are any illegal things happening, the government can collect information from both parties and find out who you are.
The First Legally Compliant Financial Services Blockchain
Usechain was introduced to the public in May 2018, though it had already been known to major cryptocurrency investors and funds in late 2017, when the concept of mirror identity was first proposed.
Its native token, the USE, has successfully completed its ICO’s pre-sale and public sale, allowing it to quickly thereafter be listed on different exchanges.
After developing its testnet, which is called the Moonet, Usechain will make it go live, empowering communities with a transparent view of Usechain’s progress.
Usechain’s first technical debut, the Moonet executes identity verification, encryption algorithm, hidden functions, block explorer and an alpha version of RPOW (Reusable Proofs of Work). This blockchain project also consisted of the mainnet, a foundation of all upper-layer architecture.
Furthermore, Usechain will optimize identity to develop high transaction performance and will also provide basic financial functions that support large-scale ecological applications.
The Usechain CEO made clear which financial services the mirror identity blockchain ecosystem would be made out of.
The CEO said:
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.
Usechain bears 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 the CEO.
Usechain plans to become the first legally compliant financial services blockchain, which includes serving all governments. In essence, the company works to ensure entities from the financial services sector are not operating illegally on the blockchain.
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