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Digital Identity, Security & Online Fraud

Usechain to launch blockchain testing network

Thursday 11 October 2018 | 11:44 AM CET

Usechain has planned the launch its blockchain testing network (testnet) to make blockchain technology legally compliant through the Mirror Identity Protocol.

The mirror identity blockchain, Usechain, aims to build the first legally compliant financial services blockchain to make sure people who are using this, are not doing things illegally. The company takes into consideration aspects such as Know Your Customer (KYC), as one needs to provide one’s personal information to service providers, and Anti Money Laundering (AML), so one can't use this blockchain to transfer money illegally.

Usechain is the first to propose the Mirror Identity Protocol (MIP) and establish the multi-level accord system between the address on-chain and verified real users. Every ordinary user’s address is verified, without any other information being divulged, therefore, fully privacy protection is offered.

By using Mirror Identity Protocol, one’s identity is never on the blockchain. It is privately collected, and preserved with a certify authority, and the certify authority will give one an index. That index will be converted to a public address. 

Usechain's testnet, Moonet, implements identity verification, encryption algorithm, hidden function, committee, alpha version of RPOW, and block explorer. The further plan is to build an ecosystem including insurance, payment system, and personal tokens, as well as to work with car services and house sharing services.

More: Link
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