ICO Uchain: Blockchain solution for sharing economy

Share

Uchain will eliminate the existence of intermediaries by using smart contracts and stores personal user data in the peer-to-peer (P2P) network

Is “sharing economy” really such a new idea?

The term “sharing economy” still seems to sound strange for most Vietnamese people. However, in the big cities with a high level of education (such as Hanoi, Ho Chi Minh City, etc.), most people know the companies such as Uber or Grab, which are typical examples of the sharing economy. In sharing economy, everyone can become a seller, provided that they have idle resources (vehicles, educational services, health care, accommodation, etc.), and the whole idea is to concentrate them all in one platform to which   buyers will have access.

Uchain, Uchain ICO, enterprise service providers, Dapps, Uchain platform, blockchain

The sharing economy is growing more and more 

Source: Uchain whitepaper

Sharing economy is not the best solution

It cannot be denied that the purpose of the sharing economy is to connect sellers and buyers more quickly and efficiently. However, in order to achieve this, the service providers such as drivers of Grab or Uber still have to pay a brokerage fee (for example, in the case of Grab is over 23% of the transaction value). This generally increases service fee, especially during rush hours or holidays. Furthermore, in order to log in the system and use the service, users must provide certain personal information (such as phone number, location, etc.), and with the centralized data management, some dangerous situations like information leakage, system hacking, the use of our personal data for commercial purposes, can happen easily.

Uchain, Uchain ICO, enterprise service providers, Dapps, Uchain platform, blockchain

Source: CKGSB Knowledge 

Uchain: “All in one” platform

Uchain will eliminate the existence of intermediaries by using smart contracts that can help to connect buyers and sellers directly. Now, customers just need only one platform to be able to call a car, book a room, buy a book etc., or even to become a seller by letting out or selling their idle assets through Uchain. As estimated by the project team, Uchain can cut cost by as much as 20%.

In addition, Uchain stores personal user data (name, account number, location, transaction, etc.) in the peer-to-peer (P2P) network, which is not easily changed. In the case that a node is hacked, information in other nodes remains secure.

But Uchain is different

There is another project also focusing on sharing economy, that is Origin Protocol. Origin Protocol connects buyers and sellers without third parties, helps them to discover other people who like themselves want  to sell or buy services. In other words, Origin Protocol is like a supermarket, anyone with idle resources can become a supplier on the platform.

Uchain is not similar. Uchain has created a platform for enterprise service providers to let them build  their own Dapps - Decentralized applications (we could say that the platform is a birthplace of many existing Dapps). When asked about their goal by users of Telegram group chat, the project representatives said they mainly want to provide tools to help individuals and small businesses which have no competitive advantage or not enough resources to create such a great application like Grab, Airbnb, etc. Or simply saying, with Uchain, a new driver who has just entered the industry can also have his own application. However, this may result in poor users experience (because data is not stored centrally,  as in the case of Facebook, Google, etc., so that not everything will be customized to suit users’ demand).

Uchain, Uchain ICO, enterprise service providers, Dapps, Uchain platform, blockchain

Source: Uchain website

The Uchain token

UCN - Uchain's token is mainly used for payments between sellers and buyers. UCN is also used to reward users after making special deals (bulk orders, loyal customers, etc.) or to reward those who wish to share their data.

For the development of Dapps, the service providers also have to pay for using API services (provided by Uchain) in UCN. Additionally, UCN is also awarded to users who are actively involved in the development of the community, in particular by inviting more users, creating content, and the like.

Uchain, Uchain ICO, enterprise service providers, Dapps, Uchain platform, blockchain

Source: Uchain whitepaper

Uchain’s partners

Although Uchain has not had a real product, it has a list of big partners, including U.B. Group Holding - a company that owns a number of transport sharing services such as U-bicycle, X-bike, GrabCycle, U-park, U-car, etc.

Uchain also collaborates with Alipay, Grab, Translink, etc. In terms of investment, Uchain is backed by big names such as Ledger Capital, Max Capital, Light-up Capital.

Team

Uchain, Uchain ICO, enterprise service providers, Dapps, Uchain platform, blockchain

Source: Uchain website

Ian Yu (Founder & CEO): Founder and CEO of U-bicycle, co-founder of Dianping.com (a billion-dollar startup in China), CEO of the Year Award given by International Double Entrepreneurship New Waves and Entrepreneur China.

Grace Min (Co-founder): co-founder of Oval Town Properties and SG International Travel LTD, CEO of U-bicycle (currently).

The CTO of the project, Will Zhou, is also a prominent figure. Will Zhou worked as senior engineer - Telenav (a wireless location-based services corporation), director of technology - Dianping, technical director - eBay, technical partner – HiCTO, and most importantly, he is currently the CTO of U-bicycle.

Information about Uchain

Overview

With the great potential of the sharing economy in the future, plus the advantage of being one of the leading projects in this field, Uchain is expected to solve the problems  working backwards and create breakthroughs. In addition, Uchain's team and its partner network are reliable professionals. These are not just words, let’s just look at the facts. The core team can claim to have many outstanding achievements, most of the Dev team comes from U-bicycle. Besides, among Uchain partners appear names such as Grab, Alipay, etc. If successful, all sharing economy projects (such as Grab, Uber, Airbnb) will be able to use Uchain's platform to develop Dapps; this idea is similar to Ethereum which, as we know, enables the developers to create decentralized applications.

Written by nami.today

Share