Issues with current sharing economy platform

Though sharing economy emerged to facilitate its users, this has now been bit confusing whether it truly complies the concept of “peer -to-peer” owing to some major issues we come across. One such problem is its high transaction cost due to centralized platform which charges much for service matchmaking. There, services and values are matched through intermediaries causing substantial shortcomings. Most of the large companies try to maximize their profit as soon as they reach operational KPI where they limit their sharing services and when achieving a considerable market share. Second problem we encounter is the mutual trust. The traditional technology was not able to build up trust between the service provider and the beneficiary. Hence the platform stood up as an intermediary to vouch for both parties eliminating the financial risk which also in turn caused for an extra transaction cost. Another problem seen in this case is the data leakage and abuse. The users provide their data and identity information to the sharing economy platforms for registration purposes where these are stored in a centralized database which is very susceptible for data breaching. At the same time if any internal management conduction is performed, data is in high risk of theft and leakage. Typical examples are such like data breaching taken place in Uber and Equifax like service providers.

Solutions through Uchain

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UChain pioneers to begin a true sharing economy platform as it is interpreted by creating an autonomous ecology where everyone can participate in and benefitted while being tamper-proof and decentralized. UChain expects to reduce the cost on transactions nearly by 20% by cutting off intermediaries between user and the service provider. If UChain token is used, transactions will be handled by smart contractors and cross chain hosting technology to ensure authenticity, legitimacy and compliance through a credit passport mechanism. There UChain keeps a record of all transaction activities in distant nodes created in the blockchain making a tamper-proof, decentralized condition along with the concept “chain of trust”

In “chain of trust” a credit passport mechanism is opened by UChain for all service providers and it keeps tracking of all participants’ behavior. Once user’s credit passport is recognized by the service provider, it is used as the identity authentication and user does not have to pay a deposit no longer. In, future UChain will be integrated with different sharing economy enterprises like travel, accommodation, knowledge, and education industry for a smoother experience.

Chain of trust concept

In “chain of trust” a credit passport mechanism is opened by UChain for all service providers and it keeps tracking of all participants’ behavior. Once user’s credit passport is recognized by the service provider, it is used as the identity authentication and user does not have to pay a deposit no longer. In, future UChain will be integrated with different sharing economy enterprises like travel, accommodation, knowledge, and education industry for a smoother experience.

Data storage in UChain

UChain records data of users and service providers in a decentralized data base where the data is encrypted, shredded, split and scattered on different nodes. Hence retrieval of data in a single node cannot make data readable .The user will have a private key to log in to his data base making it more secure .The access time ,operation log, user’s public key signature will be recorded on the block chain. There, UChain deploys a distributed storage technique applying a DHT (distributed hash table) based storage protocol, data being indexed in file content (Hash) despite of a file path (URL).Kademlia DHT algorithm retrieve the data from numerous nodes where the data chunks are stored from to make a complete file. The possible conflicts such like redundancy and reliability of data can be overcome through backbone nodes and token incentives. Back bone nodes provide a highly reliable service for data which need a high protection. Low- reliability files can be stored accessed with lower cost or free of charge.

Uchain Technical framework
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This can be divided in to four layers including core block chain layer, API/SDK layer, Service layer and the application layer. UChain uses a middleware technology that combines traditional data base technology with the innovative block chain technology enabling rapid data conversion between them while ensuring data storage in intact form.

Core block chain layer

Distributed shared ledger

Distributed shared ledger is what interpreted under the topic, data storage in UChain.

Consensus mechanism

After concerning several algorithms such like POW, POS, DPOS, DBFT, and RPCA (Ripple Protocol Consensus Algorithm) ultimately RPCA was selected due to its remarkable transaction speed complying with different scenarios in shared economy. More over this algorithm was proven to be robust and effective in ripple. Soon when the consensus is obtained, UChain generates a block in every few seconds and each block is unique to the block chain.

Elliptic Curve Cryptography (ECC)

ECC is used by UChain to sign digital assets as it reliable and secures the transaction. More over ECC is regarded as the most powerful asymmetric algorithm in the bitcoin network.

The basic service is deployed on all blockchain to check the validity of the request and to record a valid request after reaching consensus. After the transaction or contract is signed and encrypted, it is added to the block and broadcasted to achieve consensus between nodes. If consensus is achieved, it will be added to the next block

User management

It performs here described activities including maintenance of identity information of all block chain participants, maintenance of public and private key generation, key storage management, establishment of user’s real identity and the blockchain address.

Smart contract management

Smart contract module is responsible for the registering of contracts and managing the trigger conditions and execution.

Transaction mechanism

UChain has designed several types of transactions and all of them contain an input list, output list, signature list and transaction type related data.

Credit rating system

Credit rating through UChain takes place user consensus together with coin days destruction. Blockchain transactions deal with time so the marginal cost of repeated consumption is no longer zero, it's proportional to coin days destroyed. Coin Days Destroyed is a very important concept in blockchain. For any given transaction it is calculated by taking the number of coins in a transaction and multiplying it by the number of days since those coins were spent. If someone has 10 coins they received 100 days ago and they spend it today, then 1000 coin days have been destroyed.

Service Layer

Account management

Identity authentication of the user’s account is done. Registration, log in & log out process, irrelevant private key processing of the account is done at the same time.

Policy management

UChain management module includes "policy configuration", "data security", "access control" and “regulation and audit”, which are responsible for permission control and management of user data, private key system, nodes joining and exiting, and data access. It also includes audit permission, account delegation permission, node consensus permission and data access permission.

System Management

In order for the sharing service provider to be able to quickly migrate its existing service on UChain, UChain provides a complete, express, and visualized operation monitoring system. It mainly includes system configuration, monitoring, alarm, release, and service analysis functions.

Smart Contract Management

UChain smart contract can be categorized into two types: standard contracts and custom contracts. Standard contracts include relatively simple logic, such as asset consistency check, automatic deal closure, multi-party mutual confirmation transfer, and automatic maturity settlement. User customized smart contracts support customized configuration and added business logic to existing contract templates, which also support complex programmed contracts that run in a separate environment.

Application Layer

•Through UChain, enterprises in the open platform can generate DApps or simply transfer their apps on to UChain.If register as a third party operator they will be benefitted tokens and new customers as value added services. UChain open platform provides services including the use of smart contracts, automatic split contracts, and key data on chain inquiry, UIP and user credit information and in advance through UChain

• Sharing companies can access the platform, integrate resources across the platform, and cooperate with others to achieve win-win results, thus developing a more competitive and valuable ecosystem.

• Companies can update their company database, uploading user data and delivering valuable contents. • Integrate company’s online software and offline hardware to grow into a complete ecosystem.

• Through data analysis, breach penalty, information encryption and enterprise alliance sub-systems, it supports various business scenarios, expanding UChain ecosystem and increasing users’ engagement.

• Transparent accounting and data management systems and improving the company’s credibility by publishing and executing necessary actions such as data analysis, automatic split payment, incentive schemes, key data inquiry and UCN token transfers.

• Improved data collection capabilities as well as more accurate data analysis to produce user reports including; daily application, application environment, personal data models.

• Better data evaluation, structural improvements and a reduction of operating costs.

• Through UChain’s wallet sub-system: Provide companies and users with improved account information management for a better utilization of their UCN tokens.

• With gateway access to smart hardware/shared products censors, it integrates user’s data along with big data analysis thus improving the user experience.

Roles in UChain ecosystem
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Service providers and the developers are the two main characters

Service users - can pay UCN for any interesting service provided on the DApps based on UChain or simply make transactions on UChain’s P2P transaction platform.

Enterprise service providers - can develop specialized DApps with UChain infrastructure to provide services. They will be paid with a matching amount of UCN by the automatic payment functionality implemented in smart-contracts, after user’s use of the DApp along with the incentive UCN provided by the ecosystem.

Independent service rs - can acquire UCN eithprovideer by contributing their idle resources or properties through the DApps.

UChain developers A formidable force that contribute to construct an open and trustworthy platform through UChain.

Capable individuals and organizations are welcome.

UChain reward Program

UChain rewards distinguished contributors, individuals or organizations, by POA (Proof of Activity) algorithm. This program will update the reward token pool by dynamic elasticity and recalculate the incentive at fixed intervals to distribute corresponding tokens to the wallets. UChain provides the ability of issuing and managing of tokens for the sharing service providers and they have the opportunity to share the digital assets according to URC- 1 standard.

What’s URC-1 Standard?

The URC-1 standard is an interface standard for token issuance on UChain. It is a markup API that allows tags to be implemented in smart contracts. The standard provides basic functions for transferring tokens and allows the token to be approved so that it can be used by the third party. The standard interface allows any token on UChain to be reused by other applications from wallets to decentralized exchanges.

Digital asset registration platform

This is the platform through which asset holders contribute to UChain. Their assets have to be registered which has become one important service why to create DApps.

User credit passport system

(UIP) User intelligent passport is created for every user and can be used to pass information through different blockchains. It connects different fragments left in different applications by users to create credit centers and are stored in a decentralized way. The problem of trust is solved via obtaining user’s information from different platforms and through a thorough analysis based on data. Whenever more data is collected, this digital image is matched with user’s real life characteristics. Here, user data is layered via credits and user’s credit level is reflected in applications built in UChain.

P2P transaction platform

Integration of basic features like map, payment gateway, and account management have been considered to initiate P2P transaction platform.

Data liberation- free and reliable upload, storage, transmitting and publishing platform is provided by implementing a DHT

Fast transactions- Safe and business level transactions can be made within milliseconds with the use of sophisticated technology

Enabling product- Through blockchain technology, we can stimulate personal contributions to expand the ecosystem, by facilitating production, distribution, and transmission of shared properties.

Digital wallet

All participants in the Uchain are provided facility of storing UChain or any other URC-1 token. Decentralized exchange in the wallet helps to realize exchange of different tokens in each sub ecological systems.

Strategic Partnerships
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U.B Group Holdings, world’s leading organization that focus on shared travel company has shareholders including several public companies and tier 1 international investment firms.

Over 100 million users combined

Operational in 4 continents, 8 countries, 200+ cities

Over 100 million application downloads

Over 1 million daily transactions

Over 30 million monthly active users

U.B Holdings company currently owns

U-bicycle (Fourth largest bike sharing platform in the world.)

X-Bike (also known as Campus Bike, frontier brand for sharing bicycles in Chinese Colleges)

LocalKing (The Taiwanese transport sharing market leader)

GrabCycle (holds shares in Grab’s Southeast Asia bike sharing brand)

U-park (Pioneering brand for Smart parking services)

U-car (Innovations brand for Car sharing services.)

The company has independent research, development and design teams, supply chains, logistics distribution groups, operations and maintenance teams, big data services, marketing and other travel industry chain services of bicycles, electric cars, and automobiles, parking lots electronic equipment and intelligent equipment for smart parking lots.

U-Bicycle DApp
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U-Bicycle, UChain sharing application in block chain is already developed on iOS. There, users can rent bicycles from U-Bicycle or else send their idle bicycles to the platform in exchange of rewards. Technical solutions presented by U- Bicycle and its tokenized community management will surely cause for faster growth, increased user engagement and higher operation efficiency.

This application helps the user to find the location of bicycles on real time Search function for nearby bicycles based on real-time location and other than it, map function with straight vacant bicycles illustration, unlocking function with an easy QR code scan, Payment function, Monthly bicycle service subscription Reviews and suggestions Red Envelope rewards. In the U-Bicycle DApp, Red envelope rewards are offered for the users who ride bicycles that have been identified below certain threshold limits which are referred as Red bicycles on the map. At the same time certain tokens will be added to their wallets depending upon the distance they ride. Users can use either their phone number or the email address which creates a unique identity linked to their account and it makes an easier access if their wallets are linked to the DApp. If the registration is completed, credit authentication has to be completed before using the sharing service. As all consumer details have been tracked in UChain with distinct user authentication, credit will be passed. Transaction details of U-Bicycle will be passed to and stored in UChain. This acts as the data source for updating user credit passport.

Official Token (UCN)

The basic unit of UChain is UCN and in order to join or leave the Uchain , UCN should be sold or bought.

Staked UCN (UCP)

UCP is just UCN with voting power.

Staking: UChain will incentivize holders who keep UCP for a long time by granting them UCN, the distributing rate will be dynamic so people who hold and lock UCN for a long time will get extra bonuses.

UCP is not exchangeable or tradable.

Value of UCN

UChain can be used for all kind of payments with regard to all DApps in UChain.It also can be used as an asset for payment for suppliers. Those who contribute for the development will be rewarded. UCN can also be used for payment of API services provided by UChain. Third party developers and community operators will be rewarded UCN. All fees will be denominated in UCN such as transaction fee from sharing services and DEX.UCN can also be paid for advertisements deliver through the UChain advertising system

Uchain Official Sites

Website: https://uchain.world/

Twitter: https://twitter.com/UChainEcosystem

Medium: https://medium.com/uchain

Telegram: https://t.me/UchainEcosystem

Telegram Announcements: https://t.me/UchainAnn

Reddit: https://www.reddit.com/r/UChain

I offer my gratitude for spending your valuable time to go through this blog and hope this certainly caused to give a good understanding