AMA Recap: WaykiChain CTO Richard Chen on CoinTiger English Official AMA
The AMA was held on the CoinTiger Official English telegram group on August 28th, 2020 at 19pm UTC. WaykiChain CTO Richard Chen was invited as an honored guest.
- First simple question — who are you?
Richard Chen currently serves the following roles:
- CTO and Co-founder of WaykiChain
- The chief architect of WaykiChain blockchain technology
- Visiting Professor to UDG, Montegoro.
- An invited member of China Chamber of International Commerce blockchain innovation association expert group
Prior to WaykiChain, Richard worked for Alibaba, Morgan Stanley, and Intel respectively in both technology and management role.
Richard holds a Master’s degree in Computer Science from the National University of Singapore and Bachelor of Communication Engineering from Shanghai Jiao Tong University.
2. WGRT is the governance token of the collateral lending system in the WaykiChain DeFi ecosystem. At present, there are still investors/traders who do not quite understand the role of governance token in the market. Could you please introduce the governance token WGRT in detail?
Very simple. WGRT to WaykiChain is like MKR to MakerDAO on Ethereum. By holding WGRT tokens, one can not only have the right to participate in governance activities for WaykiChain’s CDP system (like changing the interest ratio) but also enjoys a continuous influx of stable coin interests that are used to buy and burn WGRT tokens.
Of course, at times of black-swan events in the crypto market that might cause the price of collateral token WICC to drop drastically, WGRT holders will have to bear with the inflation of WGRT tokens used to purchase WUSD tokens from the market in order to force liquidate those bad loans (under collateralized) in CDP system. However, this should rarely happen and before triggering the inflation process, a safety net which is the risk reserve fund will be used first until unlikely depletion.
3. Investors are very excited about DeFi’s projects this year, so what makes WaykiChain different from other DeFi projects?
Many DeFi projects as you can see from Ethereum’s ecosystem are very short-lived and prone to burst once too much hype has been built up within.
Second, due to network congestion and high-gas fees, DeFi UX (User eXperience) on Ethereum is rather poor whereas WaykiChain’s DeFi will feel like a breeze to most of the users due to its superb transaction speed (TPS 4500+ avg.) and negligible fees (0.001 WICC/WUSD).
Third, WaykiChain believes in a holistic DeFi approach and design the DeFi services from the ground up and implement them in an organic manner. From asset issuance and distribution, a decentralized exchange (DEX) for assets, collateral loans (CDP) for stable coin generation and borrowing, to synthetized assets and trading, these are the key DeFi components and services and they work with each other seamlessly, promoting the unity and prosperity of the entire ecosystem. Technically it is also more secure and robust with much better UX compared to Ethereum based DeFi apps.
4. How does WGRT capture value through the main application scenarios of WaykiChain DeFi? What role does it play in the WaykiChain DeFi ecosystem?
Already covered as above. But let me summarize WGRT’s price driving forces in bullet points as follows:
1) Deflation power: WaykiChain CDP’s interests + WaykiDEX transaction fees (X/WUSD), used to buy and burn WGRT;
2) Market purchase by individual and institutional investors
3) Limited circulation (10% only for the 1st year; Most airdrops will be locked into a smart contract for 5 years)
As you can see already, WGRT has tremendous relation with both CDP and DEX systems and thus shall share the rights to govern these two systems, E.g. proposing CDP interest ratio parameter changes.
5. There is a view in the industry that the rise of DeFi is accompanied by the rise of Cross-chain. In the V3.0 public chain upgrade of WaykiChain, an important new feature has been implemented, namely, the decentralized cross-chain capability, which enables all kinds of assets from Bitcoin to Ethereum to be transferred to the WaykiChain.What impact will cross-chain have on the DeFi eco-system of WaykiChain? What will happen to WGRT holders?
First, the cross-chain capability is paramount important to WaykiChain’s ecosystem. We believe it is truly an open world with so many wonderful crypto public chains existing and interacting with each other. We built this capability into WaykiChain hoping that we can combine the power of Bitcoin and Ethereum communities and ecosystems with ours.
Second, decentralized cross-chain is critical for the success of briding other chains with WaykiChain because it gives the cross-chainers a peace of mind when doing the cross-chain transaction understanding that the assets moved/locked into custodial accounts are under the care of a group of responsible signers (through election) such that there exists no single party to control users’ assets.
It’s definitely a boon to WGRT holders since with more valuable assets crossed from other chains like bitcoin or ethereum, more stable coin interests, and DEX transaction fees can be reaped collectively for individual holders.
6. What are the main advantages of WaykiDEX — decentralized exchange of WaykiChain over DEX on Ethereum’s? What problems does WaykiDEX solve that currently exist in the industry?
WaykiDEX is not just a single DEX. It’s a DEX SaaS (Software as a Service) platform meaning everyone can open one’s DEX from WaykiChain by registering DEX# from on-chain and connecting users with the onchain software, meanwhile enjoying the influx of transaction fees for each order matched and settled automatically and transparently.
There are a couple of advantages of WaykiDEX implementation over other counterparties you might have observed or experienced:
1) fast transaction speed: TPS 4500+ avg
2) fast confirmation speed: 3~6 seconds
3) option of having zero-fee order submission due to meta-transaction support
4) opportunities to run/open your own DEX with near-zero setup/operation cost!
7. In terms of market value, WaykiChain is quite far from Ethereum. From a technical point of view, what are the advantages of WaykiChain? What have you done for future ecosystem development?
WaykiChain has many superior technological advantages compared to Etheruem. First WaykiChain has a very high performing layer-1 with 4500+ TPS vs Ethereum’s 12 TPS. Ethereum has been trying very hard to fix this issue by revamping its layer-1 implementation through replacing its consensus algorithm from POW to POS and adding the sharding feature in its v2.0 release. However, it has been hailed for more than a year already. There’s still no clear sign of when Ethereum will be upgraded to 2.0.
Second, WaykiChain team is a firm believer of DeFi and has been determined to building the fundamental DeFi capabilities right into the core layer of WaykiChain software, i.e. asset issuance and management (akin to ERC20 but implemented in the bottom layer of WaykiChain), onchain asset collateral backed stable coin system called CDP and decentralized exchange (DEX). Furthermore, with WaykiChain’s built-in support for decentralized cross-chain technology that supports connecting both Bitcoin and Ethereum chains for asset locking and mirroring, which allows adding even larger momentum to WaykiChain’s ecosystem.
Third, WaykiChain has successfully integrated WASM Virtual Machine in the 3.0 release, while Ethereum plans to integrate it (eWASM) in its 2.0 release. WASM allows faster development as well as execution of smart contracts, which paves the way for making superb DeFi services.
8. There are many DeFi projects on Ethereum, while WaykiChain wants to build its own platform and create an open protocol. How will WaykiChain provide an underlying public chain platform for DeFi?
WaykiChain blockchain was successfully upgraded to v3.0 in July 2020 with 7 great achievements: 1) WASM VM engine; 2) DPoS + pBFT; 3) Account Model + UTXO; 4) Decentralized Cross-chain; 5) DEX+; 6) CDP+; 7) TPS avg. 4500+ (v2.0: 3300+)
Rather different from Ethereum’s account model, WaykiChain allows new assets to be issued and managed underneath individual accounts such that assets like WICC, WUSD, WGRT or many other user issued assets can directly engage in WaykiChain’s core-layer implementation of DEX and CDP system as well as Smart Contracts in a highly efficient, coherent and secure manner.
As you probably have figured out from the above description, WaykiChain has been striving to create an open protocol for DeFi that not only just works but also highly efficient and performing while ensuring security and decentralization to cater for the long-term success and prosperity in DeFi space.
Free Q&A：
1. WGRT has chosen DEFI over another system, can you explain on the REASONS for choosing DEFI?
DeFi has been in our gene since WaykiChain v2.0 release where we built CDP and DEX within the core layer instead of Smart Contracts of our blockchain. We further enhanced and unleashed DeFi power to make DeFi as everybody’s opportunity, by either becoming a provider or user of DeFi service.
We are now at V3.0 release. It has CDP+, DEX+, etc powerful features. Everyone can run his or her own DEX on our chain to earn transaction fees. Cross-chain support is also built at the core fo WaykiChain such that more assets like BTC, ETH, USDT,…etc can be transferred over to engage in the CDP system to generate WUSD stable coins for borrowing or adding leverage in further investment.
2. Is there any business or national government that wants to partner with WaykiChain? what is the result of Global Witness of China’s Blockchain Industry Superiority Congress which has been followed by the WaykiChain?
Montenegro Gov is working with us for national micropayment solutions. I believe WaykiChain technology can benefit their future a lot! With my seat in China Chamber of International Commerce blockchain innovation association expert group, I believe we would get great exposure to international commerce-related opportunities in the near future.
3. What are the benefits of using DPoS + pBFT? Why did you choose this combination of protocols? How does this influence the platform and how different is it from PoS?
DPoS gives us the performance, i.e. we achieved 4500+ avg TPS and 7800+ peak TPS. pBFT however gives the users the speed to confirm their transactions on-chain. With pBFT, it takes only 3 to 6 seconds to confirm a Trx onchain, which is a huge win for applications. POS is better than POW in terms of TPS. However, it is still limited and prone to many security issues. That’s why you still can’t see Ethereum 2.0 to come with POS yet.
4. WaykiChain launches WaykiTimes, but with other crypto wallet platform. How will you attract users with so much competition? So, what’s special in WaykiTimes compared to other wallets?
WaykiTimes is and will be the portal for the entire crypto community (esp. WaykiChain community and ecosystem) to have the access to personal assets and wealth management that spans from crypto to traditional financial tools and products. Our upcoming WaykiX app that can be accessed from WaykiTimes will be a killer app in our view! We do not need to do much market promotion since the users will do the promotion automatically! That’s the magic of DeFi! It will be built for and by the community!
5. WaykiChain built 3 tokens model: WICC — mainnet token, WUSD — stablecoin, and WGRT — governance coin. So what are the functions and use cases of each token?
WICC — can be used as collateral, gas fees
WUSD — stable coin, a bridge between crypto and traditional financing
WGRT — DeFi business owners!
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