News


  • How does UChain help the sharing economy re-emerge?
  • 2018.12.05
  • If you look closely at the list of those dominant global companies, you will get an amazing discovery, which most of them are from the sharing economy. For example, sharing travel Uber, Didi, sharing housing Airbnb, sharing office Wework, knowledge sharing community Quora, and China's new four major inventions – bike sharing, can be described as stars.

    This is an era of sharing. People share their idle resources to those in need, avoiding waste of resources and gaining benefits, which is the best of both . With the gradual deepening of the sharing economy, shared resources extend from physical objects to time and services, which many people participate makes the entire social resources scientifically and effectively allocated. This is now the main reason for the service (such as helping errands) is hot. However, our research has found that Uber, Airbnb, and China's Didi have encountered some common problems. If these problems cannot be solved, the sharing economy may not continue to benefit mankind.

    The extreme centralization model of the sharing platform brings excessive transaction costs. A sharing platform is a centralized approach to the transaction between the resource suppliers and users, from which a high commission is charged as a profit. The data shows that Uber's commission from drivers is as high as 20%-40%, and Airbnb's commission on landlords and tenants is more than 20%. These platforms have to build a sizeable operational team to meet the needs of hundreds of millions of users, resulting in huge operating costs, which are ultimately passed on to users and service providers. To sustain the platform, it is more of creating a balance between increasing revenue and retaining users. In other words, if the platform benefits are high, and the revenue of user/service providers (the user can also be the service provider) will become less, which further reduces the possibility of the service provider putting more resources into the platform. That is to say, rather than a cooperative relationship, it is the competitive relationship between the centralized sharing platform and service providers. This phenomenon is more common in industry-leading companies because these companies already have possessed considerable market share. They dare to continually test and challenge users' acceptability of cost and price, resulting in the increasing transaction costs driven by big data technology.
     
    Increasingly serious credit problems. Credit is a passport to the sharing economy. Both the supply and demand of the market need to establish a mutual trust relationship to reach a sharing deal. A long time ago Internet has never been able to solve the problem of trust between people through technical means. The centralized sharing platform lacks an effective credit mechanism and can only use the method of collecting deposits and collateral to control the risk of loss of trust. However, this has created a new problem which a huge amount of deposit paid by the user has been diverted by the platform and even absconded with the money, and ultimately the interests of consumers have been damaged. The credit relationship among users, service providers, and platforms have fallen into a quagmire.
    User data is leaked and abused. User data leakage poses a security risk. As users use sharing services, data is continuously collected and most companies store user data in a centralized database. If the server is compromised or improper internal management issues happened, a large amount of user data will be at risk of being stolen and leaking at any time. Uber leaked more than 57 million user personal information in 2016; Equifax, the largest credit rating company in the US, leaked 140 million user data in 2017, which is equivalent to nearly half of US population information. Data leakage and abuse have become a serious social phenomenon. After obtaining user information, some companies did not strictly abide by the user agreement, but used the data for other purposes. It is indicated that the information was sold to black market, not long ago. the Facebook data leakage illustrates this.
    How does UChain solve the problem of the traditional sharing economy?
    Based on the above pain points, the UChain Foundation will use the blockchain technology to transform the traditional sharing economy. The essence of the blockchain is a decentralized trading network. The original intention of Bitcoin is to use the idle computing power to realize the peer-to-peer electronic cash system. The sharing of economic attributes coincides. That is to say, UChain’s network is no longer a traditional centralized structure, but a completely decentralized one. All parties are completely peer-to-peer cooperative relationships rather than competing relationships. Everyone achieves a same goal collaborative network, and realizes decentralized operations through community autonomy to maximize benefits. There will be no one being able to  completely control over resources.
     
    UChain cuts off intermediaries and minimizes transaction costs. UChain will establish a decentralized blockchain network, enabling peer-to-peer transactions among users. The traditional centralized platform will be cut off, and we expect transaction costs to be reduced by more than 20%. During the transaction, when the user orders or purchases a service (such as booking a room), UChain's Token is used as the transaction equivalent. The user only needs to freeze a certain number of Tokens and release them after the transaction is completed without paying a deposit or collateral. The entire transaction process is handled by smart contracts and cross-linked hosting technology to ensure legitimacy, authenticity and traceability. Trading through UChain's official Token UCN will be settled in real time without any fees.
    UChain is a machine that generates user credits. UChain records all transactions in distributed nodes in the blockchain. This distributed ledger is super-encrypted, untamperable, transparent and traceable throughout, creating a "trust chain" that is decentralized and difficult to crack. As user transaction records continue to increase, user credits will accumulate. To a certain extent, UChain is a machine that can create user credit. In this “chain of trust”, UChain will establish a user credit passport mechanism open to all sharing service providers. Once the user's credit passport has been verified by the service provider, it can be traded directly without pledge and reduce intermediates. UChain will work with all sharing economic companies, including traditional sharing businesses that specialize in travel, accommodation, knowledge, travel, and computing. By transforming the blockchain of these companies’, users can easily use UChain service in various scenarios in the near future.
    UChain returns data right to users and guards data security. UChain stores users’ and service providers’ data in the blockchain, including account data, asset data, transaction data, consumption data, etc. We believe that the right of the data belongs to the user, and any third party other than the user has no right to query and delete, subtract user data. Instead of storing and accessing data in a centralized database, we store and extract it through a distributed storage scheme with a private key, which means that the data is not tampered with and can only be decrypted by the owner’s private key. If users and service providers want to modify their information, they must also sign in with their private key and all changes are fully traceable. Data is not only multi-encrypted, but also distributed on different nodes (one data will randomly store multiple nodes). Any single piece of data stored in the retrieval node will be incomplete, which ensures that in case a single node has been attacked , there will be no leakage for the complete information.

    UChain's core technology and product architecture
    In order to meet the high-performance and high-concurrency requirements of the sharing economy, UChain temporarily adopts the consensus algorithm of Ripple Consensus Protocol, and will launch our own sharing economic proprietary consensus algorithm in the future. In terms of smart contracts, UChain's main network is compatible with smart contracts written in languages such as C++, Solidity and intelligent contract systems that support multiple nested structures. Due to our blockchain database storage capabilities, our smart contract storage system provides SQL command. It must be emphasized that UChain’s distributed data storage is based on DHT (Distributed Hash Table) storage protocol, where data is indexed by file content (Hash) instead of file path (URL), so that large files can be divided into fixed-size data blocks and stored in a parallel storage on multiple nodes. UChain also uses elliptic curve cryptography to encrypt user transactions, data assets,  credit assets, and verify them with multiple digital signatures. UChain has a strong core technology architecture. In the future, UChain's main network will adopt a self-developed consensus algorithm, and TPS will be exponentially upgraded.

    The four core technologies of UChain's main network include: unique sharing economy proprietary consensus mechanism (under researching and developing), multi-layer nested structure of intelligent contract system, distributed hash data encryption and storage technology, cross-application credit rating algorithm. At the same time, UChain product architecture can be divided into four layers: core blockchain layer, API / SDK layer, service layer and application layer. UChain will use middleware technology combining blockchains with traditional database technologies to create a similar database model on the blockchain, enabling rapid conversion of platform data between local databases and blockchains.
    As the world's first sharing economic blockchain, UChain ecosystem is a peer-to-peer network of multiple roles’, including users, application developers, enterprise servers and node providers. These roles deliver value through UChain's distributed intelligence network. In essence, UChain is a multi-party shared network infrastructure that allows UChain users to interact with the community and build unique UChain values that make UChain a benign global ecosystem.
    The era of sharing economy 2.0 built by UChain is approaching!
    To be continued...
  • How does UChain help the sharing economy re-emerge?
  • 2018.12.05
  • If you look closely at the list of those dominant global companies, you will get an amazing discovery, which most of them are from the sharing economy. For example, sharing travel Uber, Didi, sharing housing Airbnb, sharing office Wework, knowledge sharing community Quora, and China's new four major inventions – bike sharing, can be described as stars.

    This is an era of sharing. People share their idle resources to those in need, avoiding waste of resources and gaining benefits, which is the best of both . With the gradual deepening of the sharing economy, shared resources extend from physical objects to time and services, which many people participate makes the entire social resources scientifically and effectively allocated. This is now the main reason for the service (such as helping errands) is hot. However, our research has found that Uber, Airbnb, and China's Didi have encountered some common problems. If these problems cannot be solved, the sharing economy may not continue to benefit mankind.

    The extreme centralization model of the sharing platform brings excessive transaction costs. A sharing platform is a centralized approach to the transaction between the resource suppliers and users, from which a high commission is charged as a profit. The data shows that Uber's commission from drivers is as high as 20%-40%, and Airbnb's commission on landlords and tenants is more than 20%. These platforms have to build a sizeable operational team to meet the needs of hundreds of millions of users, resulting in huge operating costs, which are ultimately passed on to users and service providers. To sustain the platform, it is more of creating a balance between increasing revenue and retaining users. In other words, if the platform benefits are high, and the revenue of user/service providers (the user can also be the service provider) will become less, which further reduces the possibility of the service provider putting more resources into the platform. That is to say, rather than a cooperative relationship, it is the competitive relationship between the centralized sharing platform and service providers. This phenomenon is more common in industry-leading companies because these companies already have possessed considerable market share. They dare to continually test and challenge users' acceptability of cost and price, resulting in the increasing transaction costs driven by big data technology.
     
    Increasingly serious credit problems. Credit is a passport to the sharing economy. Both the supply and demand of the market need to establish a mutual trust relationship to reach a sharing deal. A long time ago Internet has never been able to solve the problem of trust between people through technical means. The centralized sharing platform lacks an effective credit mechanism and can only use the method of collecting deposits and collateral to control the risk of loss of trust. However, this has created a new problem which a huge amount of deposit paid by the user has been diverted by the platform and even absconded with the money, and ultimately the interests of consumers have been damaged. The credit relationship among users, service providers, and platforms have fallen into a quagmire.
    User data is leaked and abused. User data leakage poses a security risk. As users use sharing services, data is continuously collected and most companies store user data in a centralized database. If the server is compromised or improper internal management issues happened, a large amount of user data will be at risk of being stolen and leaking at any time. Uber leaked more than 57 million user personal information in 2016; Equifax, the largest credit rating company in the US, leaked 140 million user data in 2017, which is equivalent to nearly half of US population information. Data leakage and abuse have become a serious social phenomenon. After obtaining user information, some companies did not strictly abide by the user agreement, but used the data for other purposes. It is indicated that the information was sold to black market, not long ago. the Facebook data leakage illustrates this.
    How does UChain solve the problem of the traditional sharing economy?
    Based on the above pain points, the UChain Foundation will use the blockchain technology to transform the traditional sharing economy. The essence of the blockchain is a decentralized trading network. The original intention of Bitcoin is to use the idle computing power to realize the peer-to-peer electronic cash system. The sharing of economic attributes coincides. That is to say, UChain’s network is no longer a traditional centralized structure, but a completely decentralized one. All parties are completely peer-to-peer cooperative relationships rather than competing relationships. Everyone achieves a same goal collaborative network, and realizes decentralized operations through community autonomy to maximize benefits. There will be no one being able to  completely control over resources.
     
    UChain cuts off intermediaries and minimizes transaction costs. UChain will establish a decentralized blockchain network, enabling peer-to-peer transactions among users. The traditional centralized platform will be cut off, and we expect transaction costs to be reduced by more than 20%. During the transaction, when the user orders or purchases a service (such as booking a room), UChain's Token is used as the transaction equivalent. The user only needs to freeze a certain number of Tokens and release them after the transaction is completed without paying a deposit or collateral. The entire transaction process is handled by smart contracts and cross-linked hosting technology to ensure legitimacy, authenticity and traceability. Trading through UChain's official Token UCN will be settled in real time without any fees.
    UChain is a machine that generates user credits. UChain records all transactions in distributed nodes in the blockchain. This distributed ledger is super-encrypted, untamperable, transparent and traceable throughout, creating a "trust chain" that is decentralized and difficult to crack. As user transaction records continue to increase, user credits will accumulate. To a certain extent, UChain is a machine that can create user credit. In this “chain of trust”, UChain will establish a user credit passport mechanism open to all sharing service providers. Once the user's credit passport has been verified by the service provider, it can be traded directly without pledge and reduce intermediates. UChain will work with all sharing economic companies, including traditional sharing businesses that specialize in travel, accommodation, knowledge, travel, and computing. By transforming the blockchain of these companies’, users can easily use UChain service in various scenarios in the near future.
    UChain returns data right to users and guards data security. UChain stores users’ and service providers’ data in the blockchain, including account data, asset data, transaction data, consumption data, etc. We believe that the right of the data belongs to the user, and any third party other than the user has no right to query and delete, subtract user data. Instead of storing and accessing data in a centralized database, we store and extract it through a distributed storage scheme with a private key, which means that the data is not tampered with and can only be decrypted by the owner’s private key. If users and service providers want to modify their information, they must also sign in with their private key and all changes are fully traceable. Data is not only multi-encrypted, but also distributed on different nodes (one data will randomly store multiple nodes). Any single piece of data stored in the retrieval node will be incomplete, which ensures that in case a single node has been attacked , there will be no leakage for the complete information.