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[ICO REVIEW] UCHAIN: Public infrastructure blockchain for Sharing economy

Emilygrace - 29/05/2018 - 5689 view
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https://icogens.com/uchain?lang=en

  1. Official channels

Website: https://uchain.world/

Telegram: https://t.me/UchainEcosystem

Medium: https://medium.com/@uchain

Twitter: https://twitter.com/UChainEcosystem

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

  1. Technological ideas

Realizing the potential of the sharing economy which is expected to reach 520 billion USD in 2018, Uchain is developing an infrastructure blockchain for the global sharing economy. In the sharing economy, companies are intermediaries between users and service suppliers. Therefore, those companies will take commissions from private providers, which leads to the increase of service costs. User data is also at risk of being leaked or theft in case intermediary companies sell user data for money or do not have a strong security system to prevent their data from being hacked.

That is the reason why Uchain came up with the idea of creating an infrastructure blockchain in which information about transactions between customers and suppliers as well as their identification is stored. Thanks to the decentralization of blockchain, there will be no intermediaries so that the transaction fee will be reduced. Also, large files will be partitioned into file fragments saved across multiple nodes instead of being saved centralizedly by enterprises. As a result, it is challenging for hackers to hack the complete file of the network and enterprises cannot sell user data without being discovered.

Uchain has its own digital wallet. Furthermore, enterprises can build Dapps on the top of Uchain platform and issue their own token. Its consensus algorithm is RPCA (Ripple Protocol Consensus Algorithm) which is used by Ripple.

With RPCA, transactions which need to be verified will be collected into a ‘candidate set’ by a trusted node (A). There are many other trusted nodes who will verify A’s candidate set by vote while A will also vote to verify the candidate set of other trusted nodes.

  • The idea of developing blockchain for the sharing economy sounds catching and creative. Using blockchain can address the problem of data security. Also, when the network will take the place of enterprises to become an intermediary between suppliers and customers, the transaction costs can be reduced by 20%. Those goals are achievable. However, it would be more ideal for the team to think of an blockchain infrastructure for the community instead of enterprises specifically. 

     3. Team

a. Advisor

Uchain has a large number of advisors. Most of them are from different capital groups such as Red Pulse, Ledger Capial, Draper Dragon, Badwater Capital, ZJ Capital. In those advisors, there is Jonathan Ha who is CEO of Red Pulse, a tokenized research ecosystem for China's economy and capital markets. Ray Valdes who is CTO of ConsenSys (a blockchain software technology company) and Aaron Choi who is vice present of BTCC

  • A large number of advisors from venture capitalists who are interested in cryptocurrency help Uchain to draw more attraction from the public

b. Core team

- Ian Yu (Founder): senior software officer, technical director, product research director, film business department general manager at Dianping - China’s largest service e-commerce platform

- Grace Min (Founder): CEO at U-Bycicle North America (an Internet startup specializing in shared travel), Founder at SG International Travel LTD, CEO at Dozenfresh International Trading. SG International Travel LTD and Dozenfresh Internation Trading are startup ventures which have Grace Min as one of their founders.

- Will Zhou (Chief Technical Officer): Senior Engineer at Telenav (a leading provider of connected car and location-based services), Director of Technology at Dianping, Technical Director at eBay, Technical partner at HiCTO, CTO at U-Bycicle.

- Jason Wu (Senior Architect): Senior Developing  Engineer (IBM China; 2 years) ystem Architect at Dianping, Co-founder and Technical expert HiCTO, Co-founder at HiCircle_a tech consulting firm providing Blockchain related consulting services and training services to enterprises and businesses.

- Chris Tao (Chief Strategy Officer): Senior Enterprise Strategist and Business Intelligence Tech Lead at Microsoft

- Benny Liao (Chief Product Officer): Former product director for Alibaba’s Auto Navi (a Chinese web mapping, navigation and location-based services), Meizu (a Chinese consumer electronics company), EMG (international B2B communications agency), IPC (Technology Consulting company)

- Mandy Chan (Chief Marketing Officer): Brand manager at Glaxo Smith Kline (a British pharmaceutical company), Global Marketing Manager at Microsoft, CMO at Bicycle North America.

- Raviv Litman (Operation Director): Operation Director at Dozenfresh International Trading, City Operation Director at U-Bicycle North America.

  •  The team gathered members who have necessary skills including technology, marketing, product growth, operation for a startup.

  1. Community

Telegram: 14623 members

Medium: 239 followers

Twitter: 1,095 followers

Reddit: 99 subscribers

  1. Roadmap

Q1-2018: Technical feasibility examined. Final whitepaper made available and put website online

Q2-2018: Public Pre-sale and Crowdsale. Token distribution and UCN made transferable.

Q3-2018: Development of the wallet and blockchain explorer completed. Testnet made available

Q4-2018: Uchain Mainnet made available. Enterprise Open Platform released.

Q1 – 2019: User Credit Passport System released. U-Bicycle Dapp migrated and launched on Uchain.

Q2-Q4 2019: Uchain workds tirelessly to bring on partners and introduce various companies to the platform in order to successfully grow into “Sharing Economy 2.0”

2019+: P2P Transaction Platform made available

  • Uchain has roadmap for a long run. However, until there is not much information referring what Uchain has already achieved. Also, there is no link leading to Github of Uchain.

  1. Token Sale

Token Sale Information

- June 10th: Whitelisting starts

- June 20th: Public Presale starts

- June 23rd: Public Presale ends

- July 10th: Crowdsale starts

Private Sale: 22,000 ETH with a 50% bonus, half the funds will be locked for 6 months Public Presale: 8,000 ETH with a 15% bonus, the bonus portion will be locked for 3 months. Crowdsale: 12,000 ETH with no bonus

On May 20, 1ETH ~ $570.07, I calculate the breakeven point for Uchain Market Capitaliation as following:

  • Private sale ~ $15.125 ml
  • Public Presale ~ 20.98 ml
  • Crowdsale ~ 27.44 ml

UCN Exchange rate: 1 ETH = 5000 UCN

=> The hardcap is relatively high. Until now there is no information released about how much fund Uchain has already raised although the project has started since early 2017.

Token allocation

- 40%: Token sale

- 35%: Ecosystem

- 15%: Team

- 10%: Company Reserve

  • There is one more issue in Token allocation. 35% of Token is used for Uchain ecosystem development. One of the main purposes is to reward developers and users that contribute to UChain ecosystem. However, the figure for that is quite high and it is not clarified how developers and users can contribute to the ecosystem. Also, instead of letting third-party developers to contribute to and improve the ecosystem which may cause troubles for Uchain team to control and mangage the network, Uchain team should collect feedback from users to improve Uchain technology and  operation

  1. Partners

a. Organizational partners

- Alipay: a third-party mobile and online payment platform in Hangzhou, China

- Grab

- China Unicom: a Chinese state-owned telecommunications operator

- Dianping

- WBO: The World Blockchain Organization

- Translink: Metro Vancouver's transportation network

b. Institutional partners

Uchain’s institutional partners include Ledger Capital, Badwater Capital, Chuxin, Black Hole, Max Capital, V-Capital, Empower Investment, Zhonglu Capital, Light-up Capital, alacrity foundation

=> Regarding organizational partners, there is no evidence in the websites or other sources of those organizations to prove their partnership with Uchain. Also, institutional partners mostly come from China and they seem to operate locally and their profiles are not really impressive.

Summary

Advantages

Uchain is more outstanding than other projects like Origin Protocol serving the sharing economy because it develops its own blockchain and wallet. It enables enterprises to develop their own Dapps. Meanwhile, Origin Protocol provides a set of protocols enabling buyers and sellers to created decentralized marketplaces on the blockchain. Uchain will help enterprises to easy develop their own Dapps based on Uchain platform and it is more convenient for users to choose services that they want to buy from a particular Dapp of each enterprises and then use UNC for payment.   

Origin Protocol aims to reach $28,500,000 however they have not published any specific information about Token sale.

It has a team with skill set necessary for developing its project. Especially, the CTO and CSO are quite impressive with their experience.

Things to note

Uchain aims to develop its own blockchain. However, based on what is released now about achievement of Uchain, it is challenging to Uchain to develop its platform and wallet according to the roadmap.

Also, while Origin Protocol develops a protocol for sharing economy marketplaces where buyers and sellers can discover each other to sell or buy services, Uchain provides platform specifically for enterprises to develop their own Dapps. However, due to blockchain, the transaction can be implemented faster but enterprises may lose their centralization to control user data and increase the fees to get more profit. So what will attract enterprise providers to use Uchain platform?

Concerning this issue, in Telegram group chat, Uchain stated that it focuses on offering services for smaller companies to gain competition advantage over ‘big names’ in the sharing economy. Uchain infrastructue blockchain will help to remove the bulky middleman system currently in use such as the large number of employees, which helps small companies to operate more effectively. Also, ‘I don't see a company such as Uber using Uchain as very likely. They are after all centralized and doing quite…uber and airbnb are middlemen, the ones we aim to take out of the equation’ said Klizza, the admin of Uchain’s Telegram group chat. Nevertheless, large companies now seem to account for the largest market share in the sharing economy and those groups are doing well. It is really hard for Uchain to achieve its goal.

In addition, though Uchain has a list of advisors and partners, it has not published how much it has raised. Its partners are mostly unknown institutions.

Last but not least, 2 founders of Uchain namely Grace Min and Ian Yu are currently working as CEO at U-Bicycle N.America and U-Bicycle respectively. It would be better for them to focus on one project only to develop it as much as possible.

 

 

Rate from Icogens.com:

HYPERISKROITERMICOGENS' SCORE
MEDIUMMEDIUMMEDIUMSHORTMEDIUM


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*Note: All the information (on icogens.com) including tokens sales, “interest level”, ROI rate, hype rate, risk rate are our subjective opinion and only for informational and educational purposes. The information ICO Gens provides is not an investment advice.

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You are reading [ICO REVIEW] UCHAIN: Public infrastructure blockchain for Sharing economy , from the section ARTICLES.

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