UCHAIN: Redefining the Sharing Economy with a Dedicated Blockchain

We have a real cracker to review today, in the form of Uchain. Uchain is no silly dApp or yet another currency, but is a real innovation looking to redefine the sharing economy through creating the world’s first blockchain specifically designed for the global sharing economy; their unique vision, along with their impressive line-up of partnerships serving more than 100 million users combined, are making Uchain look like a seriously solid project.

In Brief (the section for those too lazy or busy to read on)

The global sharing economy is growing now more than ever. This has led to excessive centralization in related businesses, with negative effects on the overall sharing economy. This rapid industrial growth comes with issues such as exorbitant transaction costs, as a result of high charges in the form of commission fees for services charged by platforms who can dictate these at will.

Then, there is the problem of trust and data leakage and abuse due to a centralized data storage mechanism. Thanks to Uchain the usual issues affecting trust- data misuse and leakages- can be resolved because Uchain is building a decentralized worldwide sharing economy ecosystem where every user can publish and exchange contents freely without intermediaries. Through the Uchain decentralized autonomous blockchain ecosystem, everyone who decides to be part of the space would be empowered by Uchain to do so, as it is a public infrastructure blockchain network specifically designed for those who act within the global sharing economy. It’s built for purpose from the very start!

What are the specific problems Uchain are looking to tackle?

The truth is, communication is not peer-to-peer. People routinely still utilise matchmaking services through a centralized platform. All exchange of services and value currently need to be managed and distributed through intermediaries, creating some substantial shortcomings.

Data abuse is a universal social norm for users having to provide their personal information such as phone numbers and email addresses to the sharing platform of their choice, while many of these companies cannot be trusted to not abuse this information for profit in one way or another. Excessive transaction costs and fees have always been the order in the centralized sharing economy, and this of course isn’t ideal to promote industry use and growth.

(From the Uchain Onepager https://uchain.world/css/img/pdf/onepager-a7836e0f88.pdf)

How does Uchain intend to use blockchain to solve these issues?

Uchain is using a blockchain network which is of course inherently an independent peer-to-peer ecosystem. Imagine knowing that any information you provide is maximally secured- that’s true security of users' data. That’s what Uchain offers because it records user and service providers’ data on the Blockchain. Data is stored and extracted through a distributed storage scheme with the use of a private key.

Transaction processes will be handled by cross-chain hosting technology to ensure authenticity, legality, and compliance. With this settlement mechanism the usual methods of payment on existing platforms would be clearly inferior. Uchain also provides "chain of trust" by establishing a credit passport mechanism, open to all sharing service providers, which helps to keep track of all participants' behavior once the service provider verifies the user's credit passport. This will undoubtedly promote a healthy sharing economy ecosystem.

So how about the team? Are they up to the task?

(From the Uchain Onepager https://uchain.world/css/img/pdf/onepager-a7836e0f88.pdf)

Well I have to say in the case of Uchain I was very pleasantly surprised to read more about the team behind the project.

Ian Yu is the founder and CEO of Uchain. He is an investor, and his wealth of experience founding relevant businesses makes him a force to be reckoned with. Grace Min is another co-founder; having acted as CEO of U-Bicycle North America and with a background as a sociologist, Grace certainly shows the ability to cater for the needs of Uchain customers. The core management team, as displayed on their website, comprises of six other brilliant individuals who have displayed considerable beneficial qualities in various fields to aid in Uchain’s journey.

The most notable aspects of the team which particularly made me look twice are their accomplishments- for example CEO Ian Yu has been recognized with awards multiple times for his entrepreneurial brilliance, and Will Zhou the project’s CTO has previously held the impressive position of Technical Director at eBay.

The Cryptographer’s Verdict

Projects like Uchain are clearly going above and beyond most to provide a vision of true innovation within a specific space, this time looking to redefine the global sharing economy. Utilising blockchain within the ecosystem will undoubtedly make for a more secure, efficient and trustworthy environment for all players involved, and the specific vision of Uchain is one of impressive insight and foresight.

Moreover, the members of the team are all notable professionals in what they do; together the Uchain team certainly make an impressive force to be reckoned with, and are focusing their energies on redefining the global sharing economy with a huge vision.

Read more about the Uchain project at their website: https://uchain.world and if you have any questions the best place to ask is their Telegram group:

Happy hunting!

PLEASE NOTE THIS IS NOT FINANCIAL ADVICE. YOU MUST ALWAYS DO YOUR OWN RESEARCH AS WELL AS READING OTHERS’ OPINIONS, ESPECIALLY IN THIS SPACE.