2009 witnessed the birth of Bitcoin, hence ushering in the era of
cryptocurrency. With Bitcoin pioneering the decentralised cryptocurrency
system, the feasibility and security of blockchain technology have successfully
withstood the tests over the past 8 years.
The starting of Ethereum in 2013 introduced the era of the smart contract.
In resolving the problem of inadequate expansibility for Bitcoin through design
means, Ethereum works on implementing a globally decentralised digital
computer that is able to carry out point-to-point contracts devoid of
In 2017, the industry enjoyed an explosive growth in the number of token users
and active users of digital wallets increased to over 20 million at the end of the
year from less than 5 million at the beginning of the year. There were more
than 12 million Coinbase users by the end of the year. The boom in the user
base of the industry suggests that the technology and applications related to
blockchain have extended beyond exclusive usage by the geeks and have
started to be recognised by general Internet users. The surge in users leads to
a sharp increase in demand. It is generally acknowledged that the blockchain
system is never meant to just act as a means of payment but is also expected
to become a new kind of Internet infrastructure in the future.
In 2017, the YOUChain Network broke new ground in the field of personal
digital value / personal virtual items as a application platform designed