Yuan Chain is a cryptocurrency-based platform being developed with a focus on blockchain commercialization. The Yuan Chain token was released on the basis of the Ethereum ERC-20 standard in January 2018. The software company behind the project bears the same name and is located in Hangzhou, China.
The enterprise that launched Yuan Chain wants to create a corporate-level SaaS platform enabling different industries to integrate blockchain technologies into their business activities seamlessly and delivering technical support and assistance with on-chain and off-chain management.
Yuan Chain pays much attention to intellectual property. Though patents are a controversial subject in the cryptocurrency industry as most projects are established on open-source code, blockchain-related patents still exist. Yuan Chain has filed more than 100 patent applications in the sphere of blockchain and is one of the leaders in this area. It’s important for the company that its partners use technologies protected by patent.
The team members consider that being in its infancy, blockchain requires strong development. Though the arrival of smart contracts initiated many fantastic projects, numerous fundamental problems are still waiting for a solution. The team tries to solve the problems Bitcoin and other cryptocurrencies encounter. For instance, the scaling issue affects the whole industry of cryptocurrency payments and prevents its growth.
The specialists of the team blame the scalability problems for the lack of mass adoption of cryptocurrencies as a payment method. According to them, Bitcoin issues make micropayments impractical, and Ethereum doesn’t save the situation either. Due to the low throughput indices, the abundance of transactions slows down the network increasing transaction costs.
Yuan Chain developers also work over other challenges but they warn that there is, probably, no perfect solution for some problems as the priority given to one aspect makes people sacrifice others. In the opinion of the company’s experts, people always face the “Trilemma” when they consider such aspects as Security, Decentralization, and Scalability of the blockchain network. Theoretically, the technology should function perfectly but it seems to be hard to implement it in reality. Yuan Chain tries to solve the problem developing a high-performance public blockchain for commercialization.
Yuan Chain wants to create the largest financial supply chain service platform based on blockchain, delivering technical, financial support and blockchain-related services. It should be a corporate level service meeting requirements of immense corporations. Besides, it plans to establish a blockchain-based credibility system helping small and medium-sized companies overcome financial complications.
The Yuan Chain platform
Though the project was launched in 2018, the team started working over R&D much earlier in 2013 with the main focus on the integration with business applications. The company postponed the launch of public blockchain until its successful engagement in business adoption performed by a range of private corporate blockchain projects. Now it can proudly demonstrate its results.
The team has created a blockchain-based supply chain financial platform and worked over its efficiency and liquidity. A special matching system contributes to a better workflow of notes, drafts, and bills for a giant Chinese airline company. The platform also helped to arrange royalty points exchange thus increasing usage of merchants’ points. There are other projects performed within the ecosystem such as asset digitalization of financial securities and hard metals and the provenance of artwork. Also, there are projects carried out together with electronic companies, automotive industries, and banks.
The Yuan Chain software
The company understands the importance of technical upgrades and maintenance to perform business processes. Also, much attention is paid to users’ privacy that is essential to numerous corporations as they are afraid of data leakage. Therefore, Yuan Chain created a powerful architecture to achieve these goals. In particular, the team has developed parallel chains supported by the main chain with the nodes shared between them. The system proved its efficiency and flexibility giving companies the possibility to upload certain data on the main chain leaving the sensitive data on the other chains private. Computational resources are needed to run different apps and execute transactions, while nodes are used for their verification and validation.
The innovative patented features are used to make the platform safer for users and make it more flexible and less complicated so that the developers could easily run smart contracts on it.
The platform presents a combination of different innovative technologies with Hot Replacement Smart Contract being one of them. It is initiated when a bug is detected within a smart contract to repair it without delay. The platform also uses inter-blockchain technology creating a unique mix along with other technologies. Thus, the system acquires a new blockchain network architecture.
Smart contracts on Yuan Chain are heterogeneous meaning that smooth execution of a contract is guaranteed even when different programming languages are used for the nodes.
The YCC token
YCC is a utility token with a total supply of 10,000,000,000 YCC that fuels certain functions of the platform. It is needed, for instance, to run smart contracts, to pay for services and execute transactions. The cryptocurrency can be stored on a wallet similar to imToken or a hardware wallet like a Ledger Nano. It is traded on Huobi, Binance or Kucoin.
YCC is distributed in the following way. 1 billion YCC is allocated to early contributors; 2 billion YCC - to technical department; 1.5 billion YCC – to the business team; 2 billion YCC to the enterprises conducting their operations in YCC on Yuan Chain platform; 1.5 billion YCC to public welfare that supports public service projects; 2 billion YCC to YCC team.
The Yuan Chain team
The key figures of the team include Andy Yuan who worked for Oracle before as a senior software engineer. Jackie, the expert in promotion and finances, is a former senior manager of the US Dow bank hedge fund.
Many members of the YCC team used to be Alibaba employees, for instance, Paul who is responsible for control engineering, or Maggie, the expert in financial product operation who had been working for Alibaba for 13 years and was involved in the operation process of large scale activities. The team also includes the former employees of such giants as Huawei and Motorola. The official website doesn’t provide full names of the team members, neither they can be found anywhere else on the web.