Uchain - The Next Generation Distributed Smart Network Blockchain for the Sharing Economy

  06/07/2018

About UChain

UChain is an a platform the facilitates the development of dApps that utilize a sharing-based economy. The platform will use a proprietary credit rating system and aims to develop a decentralized exchange. UCN tokens will be used as the base currency within the ecosystem, which will also support the development of URC-1 standard tokens that enable subsidiary sharing economies. UCN tokens can also be staked in order to receive UCP, which provide voting rights.

Comprehensiveness: The document begins with a discussion of the difficulties with the current state of the sharing economy ecosystem: excessive transaction costs, requirement of trust, and data security. There is a lack of discussion regarding direct competitors. The technical content is presented thoroughly, primarily because most of the content is not unique to the project. The business-related content focuses on discussing the token economy as opposed to the business development plans of the organization. Publicly available GitHub repositories that show the progress of the platform are not included.

Readability: The document contains technical details that are not unique to the platform. It seems as though some technical details are included in the whitepaper for the sake of appearing comprehensive and highly technical (secp256k1).

Transparency: The GitHub page for the platform is not publicly available and the current stage of technical development is not discussed in the whitepaper in thorough detail. As a result, the current stage of technical development is uncertain. Details regarding the level of funding (if any) UChain has received thus far are absent from the whitepaper. There is a lack of discussion regarding the challenges that the organization faces or will face in the future (technical development, competitors, etc.).

Presentation of Business Plan and Token Model: Beyond discussing the token economics of the ecosystem and listing partnerships, there is little content that addresses the business aspects of the platform, specifically with respect to the development plan (revenue structure, marketing strategies, monetary projections, etc). Token economics is briefly discussed. The value proposition of UCN (earn/spend mechanisms) is presented, however specific details such as fee structure are not included. It is stated that UCN can be staked in order to receive UCP, but the voting mechanism is not effectively discussed.

Presentation of Platform Technology and Use of Blockchain: The platform will use the Ripple Protocol Consensus Algorithm (RPCA) to reach consensus which gives a transaction rate of approximately 1000 TPS (transactions per second). It is stated that various protocols were considered (POW, POS, DPOS, and DBFT), but RCPA was considered due to its “transaction speed, aligning with various scenario needs in the sharing economy”. The evaluation of the different consensus protocols and the justification for RCPA is quite weak.
The technical discussion of the platform is segregated into four components: the core blockchain later, the API/SDK layer, the service layer, and the application layer. The sequence of events in which consensus is achieved is discussed fairly thoroughly and in layman terms. A lot of content regarding secp256k1 (elliptic curve used in Bitcoin) is taken directly from a Bitcoin Wiki article. Other technical aspects of the platform (API/SDK, service layer, application layer) are discussed coherently but primarily discusses desired features of the platform as opposed to presenting informative content regarding implementation of the technology.

Legal Review and Risk Assessment: There is a disclaimer towards the end of the whitepaper which spans approximately one and a half pages. Residents from the People’s Republic of China and the United States of America are not permitted to participate at any point during the token sale. It is not evident whether the organization is currently working with reputable law firms or have individuals that have an extensive background in law.

UCHAIN ECOSYSTERM

UChain’s Solution

PEER TO PEER NETWORK
Decentralized peer to peer blockchain network with smart contract to cutoff intermediaries.

DISTRIBUTED DATA STORAGE
Encrypted data shredded and stored on different nodes to improve data security.

USER CREDIT PASSPORT
Cross application user credit passport with a proprietary credit rating algorithm to effectively record user behaviour.

TOKEN INCENTIVE
Tokenized ecosystem to increase participation and engagement of both users and enterprises.

Technical Framework

Consensus
Ripple Protocol Consensus Algorithm

Smart Contract System
Smart contract with virtual machines that support C++ and Solidity language and convenient SQL commands within smart contract storage system.

Distributed Shared Ledger
DHT (Distributed hash table) based distributed storage protocol with data being indexed by file content (Hash) instead of a file path (URL) and large files will be partitioned into fixed-size data chunks and distributed across multiple nodes.

Encryption Mechanism
Elliptic Curve Cryptography

System Performance
1000~ TPS

Ecosystem of UChain
There are two major roles that drive the UChain ecosystem, users and developers. Users can be categorized in service users, independent service providers and enterprise service providers. They use or provide services on UChain. Independent developers or UChain foundation developers create and maintain the infrastructure of UChain.They interact with each other, establishing their distinct values to make UChain a better ecosystem.

ROADMAP


Website: https://uchain.world/
Telegram: https://t.me/UchainEcosystem
Bounty: https://bitcointalk.org/index.php?topic=4587074.0

Author: 
Bitcointalk Username: vancuongdbj
Bitcointalk Profile URL: https://bitcointalk.org/index.php?action=profile;u=1667647
Telegram: https://t.me/vancuongdbj

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