News


  • UChain, possibilities for the future of sharing economy
  • 2018.12.04
  • In 2017, capital make the sharing economy to the front line. At the craziest period, data, users and business models are no longer indicators. It seems that as long as the word “sharing”  is put on, it can become the target of capital.

    IT Orange shows that in 2017, a total of 190 sharing economic enterprises were financed, with a financing amount of 115.95 billion RMB in 11 hot field such as sharing bicycles, sharing cars, and sharing power bank. 

    At that time, the hotspots and the concept of the project were endless, the “sharing Seat” with the QR code appeared on the streets of Beijing and lost more than half of the first day. The most controversial “sharing power bank” emerged and become silent quickly. "shared sleeping capsule" involves multiple hidden dangers being stopped by the police. It remains unknow that how the "sharing basketball" will end up.
    After this big waves, the winners who survived the competition will step into the new era of sharing economy and find new outlets in the current dilemma.
    What is the sharing economy?
    In fact, the concept of shared economy in modern society can be traced back to 1978. It was jointly proposed by American sociology professors Marcos Felson and Joan Spans. In their paper, "Community Structure and Collaborative Consumption: A For the first time in the "Regular Methods", the term "collaborative consumption" appears.

    The so-called collaborative consumption means that people need the value of the product, not the product itself, and the lease is more affordable than the purchase. But at the time, this kind of collaboration or sharing was not based on the practice of the Internet.
    In 2016, the National Information Center Informatization Research Department and the China Internet Association Sharing Economic Work Committee jointly issued the "China Sharing Economic Development Report 2016" to define the sharing economy as follows:
    Utilizing modern technologies such as the Internet to integrate and share the vast amount of decentralized idle resources to meet the diversified needs of economic activities.
    The essence is to redeploy social idle resources so that the public can enjoy these resources at a low price.
    In short, this new economy model refers that all social resources are involving everyone, everyone can receive or contribute with a certain reward.
    Blockchain and sharing economy
    What is the core of the blockchain? It is a distributed ledger technology, with encryption algorithms, a consensus mechanism, a point-to-point network and an incentive mechanism.

    The blockchain supports true peer-to-peer communication through distributed nodes and de-mediated trust.
    Blockchain is the first technology that can truly de-intermediate trust, which means that it is possible to go through any third-party sharing economy. For example, Airbnb can achieve peer-to-peer car sharing and space sharing without going through Didi. From this perspective, the blockchain will continue to subvert many future business forms.
    The blockchain market has also become the rudiment of today's navigation channel. Various coins/chains have appeared in competition and they have been in full swing.

    The original intention of the decentralization of the blockchain economy has been realized, and it has to rely on the market's intention, ideas and practices. Only investment and execution can bring the blockchain economy into bright future.
    When people spend a huge amount of time on figuring out the basic concepts such as “decentralization, consensus algorithm, bitcoin, traceability, and tampering”, there is also a generalized economy that pursues a sharing economy and is eager to be in this emerging economy. In the middle, it injects a clear vision that truly shows the essence of the block-chain economy.
    how will UChain grow in sharing economy
    Rather than getting a smart contract to make a token, UChain is a project that attempts to solve the sharing economic problem through the blockchain. This direction is what the blockchain should do.

    In the world of blockchains, a good project should be highly consistent with blockchain features. If such a project team and project technical ability are reliable, with its ambition and strong execution, it deserves deep attention. 
    First of all, UChain solves the three major problems which restrict the development of sharing economy, such as high commissions, lack of credit or security.
    (1) Transaction cost problem
    The UChain will create a distributed blockchain network. The peer-to-peer transaction will be proceed between the user and the service provider, during which the intermediary will be cut off, and the transaction cost is expected to be reduced by 20%.
    The entire transaction process will be handled by smart contracts to ensure authenticity, legal compliance and irreversibility.
    Users and merchants who use the pass for trading will be able to achieve real-time billing and eliminate the risks and costs associated with common payment methods on existing platforms.
    (2) User credit passport
    The UChain records transaction activity in the blockchain. This distributed ledger is tamper-proof and fully traceable, creating a decentralized and unbreakable “chain of trust”.
    In this “chain of trust”, the UChain will establish an open credit passport mechanism for all shared service providers. Once the user's credit passport is verified by the service provider, by tracking the behavior of all participants, they can use it as an authentication and trade directly without paying a deposit.
    (3) Security of user data
    In the UChain, instead of storing and accessing data in a centralized database, we store and extract data through a distributed storage scheme with a private key, which means that the data cannot be tampered with and can only be accessed by owner
    If users and service providers want to modify their information, they must sign with their private key.
    With a distributed storage scheme, data is encrypted and split, eventually spread across different nodes. Any single piece of data stored by the retrieved node will be incomplete or unreadable. It ensures that if a single node is attacked,   entire information will not be leaked.
    As Smith, the president of the Global Blockchain Council, once said: Blockchain is not a token, it will allow us to accomplish tasks more efficiently and safely.
    Recent updates
    While the project R&D team is carrying out the original plan, the project team went deep into the shared enterprises in various industries to conduct relevant research and interviews, explore the actual technical needs and pain points of the blockchain application in the sharing economy field; at the same time, continue to pay attention to the global blockchain. The latest advances in cutting-edge technology.
    After deep communication with local companies and partners as well as internal discussions, we decided to make major adjustments and upgrades to the technical framework proposed in the original white paper. The upgrade content mainly includes:
    1. Partial core code changes to C++, which will improve the efficiency of TPS. The embedded language offers more powerful support for system development and upgrade.
    2. Switch from "Account Balance Model" to "UTXO Model".
    3. User account system UID, adding user credit (score, rating), equity (voting, community governance, node application).
    4. The original PRCA consensus mechanism will be changed to Chain’s “UPOS" (User Proof of Stake) which is mechanism dedicated for sharing economy.
    5. The main encryption method is changed from the secp256k1-zkp to a stable version of secp256k1.
    How to deploy?
    The biggest advantage of the sharing economy is to improve resource utilization, minimize waste of resources and extend the coverage of society fairness.
    However, the realization of the sharing economy cannot be realized by slogans. It also needs the ability to integrate resources, the opening of the right to use, the updating of information platforms and the effective flow of resources.
    1. Strong strategic partner U.B. Group
    U.B. Group Holdings is a leading global pioneer focusing on sharing travel. The company is registered in the Cayman Islands and has successfully completed four rounds of financing. The company's shareholders include several listed companies and first-tier international investment companies, also:
    More than 100 million users can be merged
    Operating in more than 200 cities on 4 continents, 8 countries
    More than 100 million App downloads
    Over 1 million daily transactions
    More than 30 million active users per month
    100 million+ users are expected to become potential customers of the platform’s
    2, About U-Bicycle
    U-Bicycle will launch a sharing bike DApp in UChain, which will also be the first sharing infrastructure platform based on blockchain.
    The U-Bicycle APP has been developed on iOS and can be easily migrated to the UChain after the launch of its Mainnet .
    Users can rent bicycles on the platform or donate idle bicycles in exchange for rewards. All user and transaction data from the U-bicycle DApp will be stored in the UChain. Through UChain’s technology solution for sharing enterprises and its iconic community management, U-Bicycle will achieve faster growth, increased user engagement and greater operation efficiency.
    3, Digital wallet
    UChain will provide digital wallet services to all participants in the ecosystem. Users can deposit eco-passes and tokens in any ecology into their wallets. In order to make UChain into a healthier, a more dynamic ecosystem, UChain also integrates Decentralized Exchange (DEX) into the wallet, enabling the exchange of different tokens in each eco-system of the UChain to meet the needs of all participants. 
    4. Providing humanized services for enterprise suppliers
    They will receive a variety of value-added services, including the ability to acquire new customers and tokens, critical chain data queries, user credit ratings and a range of marketing functions.
    A transparent accounting and data management system that increases project credibility by publishing and performing necessary actions such as data analysis, automated installment payments, reward programs, key data queries and pass-through transmissions.
    Improve data collection capabilities and more accurate data analysis to generate user reports, including: daily applications, application environments and personal data models.
    Better data assessment, structural improvements and lower operation costs.
    What the UChain has to do is a phenomenal application.
    Users of different countries, cultures, and languages can share blockchains and digital currencies through undifferentiated media such as sharing bicycles, short-term rentals and sharing car Thus, the application scenario be no longer limited to secondary market transactions, but truly embrace global users.
    It will become the reality that we hope to realize the sharing economy 2.0, and with practical solutions, trying to solve the established gaps inherent in the blockchain industry, to achieve the perfect combination of blockchain and sharing economy.
    Conclusion
    The sharing economy has encountered a blockchain that can create a real sharing economy. This is also a new thing that the blockchain can bring to the world, which will have a major impact on business organizations.
    UChain attempts to create a sharing economic eco-network that can be shared through idle resources such as accommodation, travel and knowledge, all shared contributors receive financial returns, and sharing service recipients enjoy cost-effective services.
    Ultimately, the success of the UChain depends on whether its ecology can be built, depending on how many eco-friends use the UChain and whether it can bring enough value incentives to both sides of the shared demand. Only more and more partners using UChain protocol will have more partners to join.
    More importantly, the blockchain + sharing economy has great potential.
    Blockchain can truly solve the problem of trust (deposit, transaction rate) in the sharing economy. Sharing economy is a kind of generalized model through market education, There are already certain user volume (such as 400 million sharing bicycle users). Compared with other scenarios, the blockchain sharing economy can take off quickly and bring benefits.

  • UChain, possibilities for the future of sharing economy
  • 2018.12.04
  • In 2017, capital make the sharing economy to the front line. At the craziest period, data, users and business models are no longer indicators. It seems that as long as the word “sharing”  is put on, it can become the target of capital.

    IT Orange shows that in 2017, a total of 190 sharing economic enterprises were financed, with a financing amount of 115.95 billion RMB in 11 hot field such as sharing bicycles, sharing cars, and sharing power bank. 

    At that time, the hotspots and the concept of the project were endless, the “sharing Seat” with the QR code appeared on the streets of Beijing and lost more than half of the first day. The most controversial “sharing power bank” emerged and become silent quickly. "shared sleeping capsule" involves multiple hidden dangers being stopped by the police. It remains unknow that how the "sharing basketball" will end up.
    After this big waves, the winners who survived the competition will step into the new era of sharing economy and find new outlets in the current dilemma.
    What is the sharing economy?
    In fact, the concept of shared economy in modern society can be traced back to 1978. It was jointly proposed by American sociology professors Marcos Felson and Joan Spans. In their paper, "Community Structure and Collaborative Consumption: A For the first time in the "Regular Methods", the term "collaborative consumption" appears.

    The so-called collaborative consumption means that people need the value of the product, not the product itself, and the lease is more affordable than the purchase. But at the time, this kind of collaboration or sharing was not based on the practice of the Internet.
    In 2016, the National Information Center Informatization Research Department and the China Internet Association Sharing Economic Work Committee jointly issued the "China Sharing Economic Development Report 2016" to define the sharing economy as follows:
    Utilizing modern technologies such as the Internet to integrate and share the vast amount of decentralized idle resources to meet the diversified needs of economic activities.
    The essence is to redeploy social idle resources so that the public can enjoy these resources at a low price.
    In short, this new economy model refers that all social resources are involving everyone, everyone can receive or contribute with a certain reward.
    Blockchain and sharing economy
    What is the core of the blockchain? It is a distributed ledger technology, with encryption algorithms, a consensus mechanism, a point-to-point network and an incentive mechanism.

    The blockchain supports true peer-to-peer communication through distributed nodes and de-mediated trust.
    Blockchain is the first technology that can truly de-intermediate trust, which means that it is possible to go through any third-party sharing economy. For example, Airbnb can achieve peer-to-peer car sharing and space sharing without going through Didi. From this perspective, the blockchain will continue to subvert many future business forms.
    The blockchain market has also become the rudiment of today's navigation channel. Various coins/chains have appeared in competition and they have been in full swing.

    The original intention of the decentralization of the blockchain economy has been realized, and it has to rely on the market's intention, ideas and practices. Only investment and execution can bring the blockchain economy into bright future.
    When people spend a huge amount of time on figuring out the basic concepts such as “decentralization, consensus algorithm, bitcoin, traceability, and tampering”, there is also a generalized economy that pursues a sharing economy and is eager to be in this emerging economy. In the middle, it injects a clear vision that truly shows the essence of the block-chain economy.
    how will UChain grow in sharing economy
    Rather than getting a smart contract to make a token, UChain is a project that attempts to solve the sharing economic problem through the blockchain. This direction is what the blockchain should do.

    In the world of blockchains, a good project should be highly consistent with blockchain features. If such a project team and project technical ability are reliable, with its ambition and strong execution, it deserves deep attention. 
    First of all, UChain solves the three major problems which restrict the development of sharing economy, such as high commissions, lack of credit or security.
    (1) Transaction cost problem
    The UChain will create a distributed blockchain network. The peer-to-peer transaction will be proceed between the user and the service provider, during which the intermediary will be cut off, and the transaction cost is expected to be reduced by 20%.
    The entire transaction process will be handled by smart contracts to ensure authenticity, legal compliance and irreversibility.
    Users and merchants who use the pass for trading will be able to achieve real-time billing and eliminate the risks and costs associated with common payment methods on existing platforms.
    (2) User credit passport
    The UChain records transaction activity in the blockchain. This distributed ledger is tamper-proof and fully traceable, creating a decentralized and unbreakable “chain of trust”.
    In this “chain of trust”, the UChain will establish an open credit passport mechanism for all shared service providers. Once the user's credit passport is verified by the service provider, by tracking the behavior of all participants, they can use it as an authentication and trade directly without paying a deposit.
    (3) Security of user data
    In the UChain, instead of storing and accessing data in a centralized database, we store and extract data through a distributed storage scheme with a private key, which means that the data cannot be tampered with and can only be accessed by owner
    If users and service providers want to modify their information, they must sign with their private key.
    With a distributed storage scheme, data is encrypted and split, eventually spread across different nodes. Any single piece of data stored by the retrieved node will be incomplete or unreadable. It ensures that if a single node is attacked,   entire information will not be leaked.
    As Smith, the president of the Global Blockchain Council, once said: Blockchain is not a token, it will allow us to accomplish tasks more efficiently and safely.
    Recent updates
    While the project R&D team is carrying out the original plan, the project team went deep into the shared enterprises in various industries to conduct relevant research and interviews, explore the actual technical needs and pain points of the blockchain application in the sharing economy field; at the same time, continue to pay attention to the global blockchain. The latest advances in cutting-edge technology.
    After deep communication with local companies and partners as well as internal discussions, we decided to make major adjustments and upgrades to the technical framework proposed in the original white paper. The upgrade content mainly includes:
    1. Partial core code changes to C++, which will improve the efficiency of TPS. The embedded language offers more powerful support for system development and upgrade.
    2. Switch from "Account Balance Model" to "UTXO Model".
    3. User account system UID, adding user credit (score, rating), equity (voting, community governance, node application).
    4. The original PRCA consensus mechanism will be changed to Chain’s “UPOS" (User Proof of Stake) which is mechanism dedicated for sharing economy.
    5. The main encryption method is changed from the secp256k1-zkp to a stable version of secp256k1.
    How to deploy?
    The biggest advantage of the sharing economy is to improve resource utilization, minimize waste of resources and extend the coverage of society fairness.
    However, the realization of the sharing economy cannot be realized by slogans. It also needs the ability to integrate resources, the opening of the right to use, the updating of information platforms and the effective flow of resources.
    1. Strong strategic partner U.B. Group
    U.B. Group Holdings is a leading global pioneer focusing on sharing travel. The company is registered in the Cayman Islands and has successfully completed four rounds of financing. The company's shareholders include several listed companies and first-tier international investment companies, also:
    More than 100 million users can be merged
    Operating in more than 200 cities on 4 continents, 8 countries
    More than 100 million App downloads
    Over 1 million daily transactions
    More than 30 million active users per month
    100 million+ users are expected to become potential customers of the platform’s
    2, About U-Bicycle
    U-Bicycle will launch a sharing bike DApp in UChain, which will also be the first sharing infrastructure platform based on blockchain.
    The U-Bicycle APP has been developed on iOS and can be easily migrated to the UChain after the launch of its Mainnet .
    Users can rent bicycles on the platform or donate idle bicycles in exchange for rewards. All user and transaction data from the U-bicycle DApp will be stored in the UChain. Through UChain’s technology solution for sharing enterprises and its iconic community management, U-Bicycle will achieve faster growth, increased user engagement and greater operation efficiency.
    3, Digital wallet
    UChain will provide digital wallet services to all participants in the ecosystem. Users can deposit eco-passes and tokens in any ecology into their wallets. In order to make UChain into a healthier, a more dynamic ecosystem, UChain also integrates Decentralized Exchange (DEX) into the wallet, enabling the exchange of different tokens in each eco-system of the UChain to meet the needs of all participants. 
    4. Providing humanized services for enterprise suppliers
    They will receive a variety of value-added services, including the ability to acquire new customers and tokens, critical chain data queries, user credit ratings and a range of marketing functions.
    A transparent accounting and data management system that increases project credibility by publishing and performing necessary actions such as data analysis, automated installment payments, reward programs, key data queries and pass-through transmissions.
    Improve data collection capabilities and more accurate data analysis to generate user reports, including: daily applications, application environments and personal data models.
    Better data assessment, structural improvements and lower operation costs.
    What the UChain has to do is a phenomenal application.
    Users of different countries, cultures, and languages can share blockchains and digital currencies through undifferentiated media such as sharing bicycles, short-term rentals and sharing car Thus, the application scenario be no longer limited to secondary market transactions, but truly embrace global users.
    It will become the reality that we hope to realize the sharing economy 2.0, and with practical solutions, trying to solve the established gaps inherent in the blockchain industry, to achieve the perfect combination of blockchain and sharing economy.
    Conclusion
    The sharing economy has encountered a blockchain that can create a real sharing economy. This is also a new thing that the blockchain can bring to the world, which will have a major impact on business organizations.
    UChain attempts to create a sharing economic eco-network that can be shared through idle resources such as accommodation, travel and knowledge, all shared contributors receive financial returns, and sharing service recipients enjoy cost-effective services.
    Ultimately, the success of the UChain depends on whether its ecology can be built, depending on how many eco-friends use the UChain and whether it can bring enough value incentives to both sides of the shared demand. Only more and more partners using UChain protocol will have more partners to join.
    More importantly, the blockchain + sharing economy has great potential.
    Blockchain can truly solve the problem of trust (deposit, transaction rate) in the sharing economy. Sharing economy is a kind of generalized model through market education, There are already certain user volume (such as 400 million sharing bicycle users). Compared with other scenarios, the blockchain sharing economy can take off quickly and bring benefits.