WaykiChain - provides enterprise-grade blockchain infrastructure and industry solutions

in #waykichain • 2 years ago

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What is WaykiChain?

WaykiChain is an innovative technology company focused on blockchain technology development and related project operations. The third generation blockchain commercial public chain independently researched and developed by WaykiChain is at the forefront of the industry. With high-performance transaction processing capabilities, efficient consensus mechanism, powerful smart contract engine, and blockchain upgrade management capabilities, WaykiChain is able to provide enterprise-grade blockchain infrastructure and industry solutions.

At present, with the team’s incessant investment in R & D and the active participation of users and community ecological developers, the bottom layer of WaykiChain public chain has been continuously upgraded and optimized. Remarkable results have been achieved to continuously empower developers and application layers. As one of the important infrastructures to the De-Fi field promoted by WaykiChain, the stablecoin project built on the bottom layer of the public chain has been constantly improving the potential for decentralized business development.

Thanks to continuously developing and innovative blockchain technology, widely used business applications and the advantage of proper governance.

WaykiTimes

  • Wallet: One-stop WICC shop: operation, transfer and collection.

  • Applications: Games, tools, financial management, one-click ICO generation and other DAPP.

  • Information : Connect to third-party API (such as Jinse and BKBT to collect industry newsflash promptly).

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WaykiMax

WaykiMax is the browser plugin for WaykiChain. It allows users to manage their account information, add tokens, check balances, create/import/export mnemonics, WICC&token transfers etc. Meanwhile, WaykiMax provides developers with the WICC Wallet interface.

While developing DAPP, developers can sign in and broadcast their WaykiChain transactions. This feature allows the to use DAPP in their browser.

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Technology Characteristics

  • Consensus Algorithm: WaykiChain (WICC) uses the DPoS+pBFT consensus algorithm to balance overall performance and consensus efficiency. A total of 11 super nodes are arranged by voting, and a new block is generated every 3 seconds. After stress testing to the latest version of the WaykiChain mainnet, it was agreed that WaykiChain's trading capability reached an average of 3300+ TPS and peaked at 7800+ TPS.

  • Multiple Instances: WaykiChain provides dual machine smart contract technology, which implements Turing-complete computing capabilities: LuaVM + WASM VM, in the lower layer. Lua is a lightweight and compact scripting language that allows DAPP developers to quickly develop smart contracts. The WASM VM is a powerful and highly efficient virtual machine that supports multiple programming languages, enabling developers to implement advanced functionality in DApps.

  • Cross-chain Technology: WaykiChain will support heterogeneous cross-chain and decentralized atomic technologies, such as Bitcoin and Ethereum, which supports several isomorphic sub-chains of core technologies in the WaykiChain ecology (eg high-frequency DEX sub-chains). Industrial grade applications targeted by WaykiChain will also have separate sub-chains built into WaykiChain. Application data are independent and parallel to each other. Application sidechains can define their own protocols, such as consensus algorithms, sidechain assets, and block intervals.

  • StableCoin Technology: The stablecoin system is based on the lower layer of the WaykiChain public chain. Stablecoins are pegged to market value, and can be generated by pledging twice the value of the assets on the chain. It can be freely circulated between accounts to meet the demands of various top-level applications. Stability is calculated by the decentralized feed price and the reference feed price of each block on the chain, to ensure that the values are referenced. When the price of the collateral asset fluctuates, a liquidation mechanism will be triggered (artificial liquidation and systematic liquidation) to ensure that the overall value of the collateral asset can be backed by stablecoins throughout the ecosystem. Stablecoins can be freely exchanged and circulated between users. At the same time, the stablecoin system will implement automatic pending orders and matching on a decentralized exchange (DEX) on the chain. For the interest that users pay and the penalties generated during the liquidation process, some of them will enter the risk pool, and the rest will be repurchased and destroyed in a decentralized exchange.

  • Decentralized Exchange (DEX): An efficient decentralized exchange based on the WaykiChain bottom layer, which supports the entire process of settling, matching, and settling pending orders. All transactions are chained to get a fully auditable transaction account. In addition, various types of crypto assets issued on WaykiChain can be used for transactions on the DEX.

  • Asset Issuance Standard: Currently, the basic application of WaykiChain has been completed. The team is making efforts to promote DApps landed on WaykiChain. A more refined asset issued standard than the ERC20 token was introduced to help users issue assets on the chain faster and more securely. Break the barrier between traditional finance and crypto assets on WaykiChain through a standardized formulation. WaykiChain supports five types of assets (underlying assets, collateral assets, user issued assets, cross-chain mapping assets, and smart assets) at the bottom layer of the public chain. So that it can become a strong and measurable settlement layer to meet the settlement and circulation demands of various commercial and financial industries.

  • Block Browser: Block browser is WaykiChain application data display system. Based on the blockchain application data, it will display information such as transfer records and address account balances. All data is open, transparent and immutable.

  • Browser Wallet Plug-ins: Browser wallet plug-ins (eg WaykiMax) are a kind of lightweight WaykiChain wallet that allows the web browser side to interact with smart contracts on WaykiChain, as well as various decentralized applications on WaykiChain. Barriers to use are greatly reduced and convenience is improved in future releases and transactions of assets.

  • Mobile Wallet: WaykiTimes is a mobile wallet for WaykiChain. It is designed mainly for crypto investors, blockchain developers and industry partners, helping users to more conveniently manage digital assets, experience De-Fi and other applications.

WaykiChain

The WaykiChain is focused on developing its own technology, bottom public chain layer and as well corresponding to that an ecosystem which will foster technology research and development, as well as project operation.

The independent research and development of the third generation of blockchain business reached the leading level in the industry, with high-performance transaction processing capabilities (TPS avg. 4500+), efficient mechanism of consensus (DPoS + pBFT), robust and smart engine (Lua + WASM) contract, plus the blockchain decentralized control ability. WaykiChain will provide expertise in critical areas of vertical industry with infrastructure services and industry solutions.

At present, with the team's continuous investment in research and development and the active participation of the community of developers and users, the base of WaykiChain has been continuously upgraded and optimized. One of the critical financial roots of blockchain developed by WaykiChain, stablecoin WUSD (built on the bottom layer of the public chain) is also enhancing the potential synergy of decentralized business development.

Public Chain Ecosystem

Each WUSD is backed by encrypted asset that has much larger value than such WUSD. Sucharrangement will ensure stability of WUSD. The growing volume of WUSDwill pushupvalue of the corresponding pledged asset.

The circulating volume of WUSD depends on the scenarios and scale of its use. At the initial stage, the use scenarios mainly involve the following three aspects:

  • Decentralized financial system’s demand for WUSD, such as using WUSDinasset financing or using it as the basic charge unit in decentralized exchanges.

  • Using WUSD as a bridge to provide more convenient and safer financial instrument for users, such as decentralized exchanges’ access to legal tender financial system.

  • Using WUSD as the infrastructure to provide better trading and payment experiencesfor DApp on public chain.

The stablecoin can boost value of pledged assets, create a good use scenario for publicchainand help the public chain ecosystem reach more users. The public chain’s inherent advantages and disadvantages will also impact the experiencesofstablecoin system developed by it.

WGRT (Coin Governance)

WGRT stands for governance coin. It also represents WaykiChain Great. TheWrepresents WaykiChain, G refers to Governance. R refers to Right. T refers to Treasure. WGRT acts as a regulator in the system. When the stablecoin system is functioning regularly, the system will buy WGRT from the market, to buy back and destroy the interest accruing from earning WUSD and the penalty from liquidating CDP. Therefore, WGRT will continue to deflate in long term operations. In a Black Swan Event, if the value of the collateral asset drops drastically, causing a portion of the CDP to enter a state of bankruptcy without liquidation (theoretically refers to a collateral level of less than 100%, but in practice no more than 104%), the system will use the Risk Reserve to resolve the bankruptcy. and closed the CDP, and issued a new WGRT to buy WUSD from the market to pay for the Risk Reserve（an additional number of issues subject to bankruptcy.

The total amount of WGRT issued is 21 billion, with an initial face value of $0.01USD. 30% for institutional subscriptions via private placement, partial locking positions by agreement. 15% is reserved for the development team, and will be locked for a maximum of 5 years. 15% is for strategic reserve placement, which is used for large-scale strategic resource exchange with a lock-down duration of more than 3 years, and the remainder is held by the foundation for a maximum of 5 years. 20% for the project budget of the DeFi marketing campaign, and all of it will be channeled to users of popular currencies such as BTC, ETH, HT, BNB and others as a community resource exchange, or to reward participants by holding offline events, all airdrop tokens can locked to 6 years. 10% for distribution through WaykiChain super node voting prizes, and 10% will be sent to WaykiChain currency holders and lockup users. Super node voting rewards and airdrop users can be locked for up to 6 years. Lockdown duration can be adjusted according to specific projects market progress and conditions, and WGRT holders use partial non-lockup positions to start voting to adjust, and the adjustment results will be publicly announced by the community.

Allocation plan for WICC

  • 60% for public sale: To ensure sufficient liquidity to start the project at an early stage and equality and credibility of all participants, 60% of WICC will be open for public sale. The funds raised from the public sale will be kept by the WaykiChain Foundation, and will be used to pay for operating costs including product development, technology upgrades, marketing, finance, legal consulting and community incentives, etc.

  • 15% to the development team, operations team and early investors: They have made a significant contribution to the early development of WaykiChain by providing manpower, resources and technology, etc. A portion of the reserved WICC will be awarded to them for their contribution. Most of this WICC share will be reserved as an incentive to encourage sustainable development and team maintenance. This WICC will be frozen for a certain period of time, and the holder cannot sell it during that period. The freezing period will be 6 months. The frozen WICC will open 5% quarterly from the 6th month after the public sale.

  • 15% for strategic planning: This part of the reserved WICC will be used for the deployment of WaykiChain's target industries. It is maintained by the WaykiChain Foundation and will regularly disclose detailed usage information. It will use token exchange and project support to engage interest with influential forces in the target industry, grow WaykiChain Influence in the target industry and accelerate the process of market expansion.

  • 10% for private investors: Initial private investors provide the necessary funds for team development and assume the risk of uncertainty in the early stages of the project. Therefore, 10% of the total WICC will be allocated to private investors. This share of tokens will comply with certain predefined freeze mechanisms.

WICC was launched in January 2018 with a total supply of 210 million tokens, of which 15% (31.5 million) will be distributed to development team, operations team and early investors for their contribution in the early stage of the project. This part of WICC was unlocked in July 2018, and then unlocked 10.5 million quarterly.

In order to prove the team's determination to develop WaykiChain project, the team decided to lock the unfreezing tokens for another four years. In July 2018, 21 million WICC were locked via WaykiChain mainnet smart contract for four years.

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Conclusion

Stablecoin WUSD is a transparent and stable economic activity that aims to support the development of public chain ecosystem and the entire blockchain sector. It can even promote a more efficient and fair value circulation in other sectors. The team and community will continuously upgrade and improve the system. We expect WUSD to be used in more diversified scenarios with better risk control, governance and user experiences, so as to gradually achieve the foregoing long-term goals.

Contact Information

Username : pijayplow93
Profile : https://bitcointalk.org/index.php?action=profile;u=2750501
Waykichain wallet address: WdADAC6dHaHXuD67Vfz2kPDSzi31ymQgF9
POA : https://bitcointalk.org/index.php?topic=5395308.msg59994444#msg59994444

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