AMA Recap: WaykiChain CTO Richard Chen on OKExJumpStart AMA Series
The AMA was held on the OKEx Official English telegram group on August 18th, 2020 at 13 pm UTC. WaykiChain CTO Richard Chen was invited as an honored guest.
1. Recently, the WGRT DeFi project is very popular. Charts say WGRT has been rising for over a week. Many users are worried about an abrupt price drop. How can WaykiChain ensure a stable price?
A: First of all, during the 1st year, we’ll only release to circulation a maximum of 10% of the total supply. There will not be any sudden dump, as you would have experienced in other oversupplied projects.
Second, WaykiChain core team has gained substantial knowledge and developed strong skills in stabilizing/smoothing the curve over the years in the native token WICC. WaykiChain core team will work hard to increase the brand and value awareness of WGRT worldwide along with top crypto projects.
Last but not least, WGRT has a source of continuous deflation, the stablecoin lending system built right within the core layer of WaykiChain. It keeps generating interest used to buy back and burn WGRT. Meanwhile, WaykiChain core team will strenuously drive the WUSD stablecoin adoption, add a margin to crypto investment through collateralization and borrowing, and introduce WUSD as an intermediary token to Wayki-DEX, micro-payment solutions, and critical use cases.
2. One of the keys to a large user base of Ethereum is that their yield farming can bring more benefits. Why doesn’t WaykiChain have yield farming? Is there a plan in the making?
A: Yield farming is certainly the new fad these days. But it does have high risks. I think it is also full of bubbles since many of the touted mining/farming projects have way too high APY (2,000%+) and we have already seen prices of several such tokens dumped insanely to almost zero in a very short time. The risks include smart contract bugs, high Ethereum gas price, slow and highly congested Ethereum network. But the number one risk is the lack of sustainability in the incentive model. Therefore, most of the projects are doomed to be Ponzi schemes.
However, the idea of adding incentives for liquidity providers (i.e. farmers) or engagement in other DeFi activities like lending and borrowing can be intriguing. It basically creates a ripple effect of getting more crypto assets locked in DeFi. The more assets are locked, the higher the prices of the assets and the more yield the farmers get. This logic works on early stages but will certainly collapse over time once very few new assets are added/locked in the pool and the incentive holders (esp. whales) decide to dump to the market. Farmers are generally relatively safer than investors are, though.
WaykiChain team is well aware of all aspects of the incentive models used in the DeFi space. Compared to many DeFi app providers, WaykiChain team has been building a holistic DeFi platform from bottom up. It will offer many exciting DeFi services, including staking, lending, borrowing, trading, and derivatives. With the official launch of Wayki-X, this killer app will provide incentives and rewards for pledging, minting, and trading global assets. Besides, with WaykiChain’s latest cross-chain technology, our native assets WGRT and WUSD can be mapped on Ethereum to participate in more DeFi activities. All these will create huge traction and momentum for WaykiChain’s entire DeFi ecosystem.
3. 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?
A: WaykiChain blockchain successfully upgraded to 3.0 in July 2020 with 7 great achievements: 1) WASM VM engine, 2) DPoS + pBFT consensus, 3) Account Model + UTXO, 4) decentralized cross-chain mechanism, 5) DEX+, 6) CDP+, 7) avg. 4,500+ TPS (2.0 had 3,300+ TPS).
Rather different from Ethereum’s account model, WaykiChain allows new asset issues and management for WICC, WUSD, WGRT, and other user issued assets under individual accounts. Users can directly engage in WaykiChain’s core-layer implementation of DEX, CDP, and smart contracts in a highly efficient, coherent, and secure manner.
As you have probably figured out from the above description, WaykiChain has been striving to create an open protocol for DeFi that not only works but also is highly efficient while ensuring security and decentralization to cater for the long-term success and prosperity of the DeFi space.
4. In terms of volume, WaykiChain is different from Ethereum. From a technical point of view, what are the advantages of WaykiChain? What have you done for future ecosystem development?
A: WaykiChain has many technological superiorities compared to Ethereum. First, WaykiChain has a high-performance core layer with 4,500+ TPS vs. Ethereum’s 12 TPS. Ethereum has been trying hard to fix this issue by revamping its core-layer implementation with a switch from PoW to PoS and addition of sharding in 2.0. However, it has been delaying for more than a year already. There’s still no clear sign of when Ethereum 2.0 will arrive.
Second, WaykiChain team is a firm believer in DeFi. We have been building the fundamental DeFi capabilities right into the core layer of WaykiChain software. These are asset issuance and management (akin to ERC-20 but implemented on the bottom layer of WaykiChain), a collateral-backed stablecoin system for on-chain assets called CDP, and a DEX. Further, WaykiChain’s built-in support for decentralized cross-chain interactions allows connecting both Bitcoin and Ethereum chains for asset pledging and mapping, which adds an even bigger momentum to WaykiChain’s ecosystem.
Third, WaykiChain has successfully integrated WASM Virtual Machine in 3.0, while Ethereum plans to integrate it (eWASM) in 2.0. WASM allows faster development as well as execution of smart contracts, which paves the way for creating superb DeFi services.
5. Can you share with us why you chose DeFi? What are your views on the financial sector?
A: I believe most of us have experienced a bunch of problems in Centralized Finance like low efficiency, long KYC, high cost, lack of transparency, autonomy, or individual freedom, poor inclusion into finance to name a few. What’s more, cross-border or international finance has been really challenging and costly, sometimes simply impossible. In many parts of the world, people still lack proper financing tools and products for the betterment of their life. Centralized technologies and systems cannot stand up for the above challenges.
At this historical turning point, blockchain technology arrives as the icebreaker for tackling these problems. It creates an openly accessible trust machine that is highly efficient and reliable as well as secure. Meanwhile, it requires no central permission to work 24x7, which just fits the bill of an open financial system.
It is such a great context of history that directs my team and me to the DeFi world. We continuously develop purpose-built DeFi blockchain by understanding the challenges of the financial system as well as the limitations of blockchain technology, instead of creating a general-purpose blockchain (like Ethereum) where DeFi app developers need to either fill the puzzle themselves or pick components from other unknown developers while suffering from compatibility issues and security bugs.
We believe we are heading in the right direction. Our current technology stack for DeFi is to build a range of composable financial services that can be consumed by application developers and even end-users out-of-the-box with little customization or configuration. Therefore, we advocate the idea of self-financing and decentralized financing that will bring prosperity and opportunities to everyone on this globe. You Own Your Own Financing! You can be either a DeFi consumer or a DeFi provider or both, whatever suits your interest best.
Q1: A lot of projects same as WGRT. What is the difference dictionary of WGRT that cannot be found from previous projects?
A: WGRT — is akin to MakerDAO project, except safer and more efficient, and was built from the bottom or core layer of WaykiChain, instead of from inside smart contract as did by MakerDAO project.
Q2: In the public chain ecosystem of WaykiChain, you have innovatively used the three token economics model. People can’t understand it well. So Could you explain a bit more to us about it?
Answer: WICC is the backing asset to generate WUSD stable coins, which is like a cause that generates interests as the profits. WGRT holders are the shareholders of this cause and enjoy the profits while undertaking the risks and duties to cater for collateral price fluctuation situations.
Q3: What are WaykiChain plans for global expansion, what are your currently focusing on, expanding or listing more exchanges, or building your ecosystem or marketing and partnerships?
Answer: We have already set up a global marketing team and global ambassador program to help us reach out to every part of the world. Of course, we have been continuously trying to get us to be listed on top crypto exchanges. We welcome strong market players to collaborate with us on many fronts and international talents to joins to even become partners.
Q4: How different is Wayki DEX compare to Uniswap?
Answer: WaykiDEX is order-book based and built in the core layer while Uniswap is algorithm-based (AMM) built within smart contracts. WaykiDEX can cater to high-volume and serious traders while Uniswap is mostly meant for small volume and casual traders.
Q5: When I read your Whitepaper I especially see that $WGRT is developed at the bottom layer Waykichain ecosystem. What is this bottom layer and What specialty brings this technology to the $WGRT token?
Answer: In blockchain’s jargon, layer-1 means the main chain. Layer-2 means a side-chain or off-chain network. WGRT system is built with a low-level/bottom layer of the layer-1 blockchain that provides an extensible account and asset model with the core logic built as part of the blockchain. This way it is safer, more flexible, and much faster than a smart-contract based system.
Q6: Please tell me the reason why users and investors should invest in WaykiChain? What are the benefits of holding WICC in the long-term?
Answer: WaykiChains has achieved many technology advantages and leadership both in performance (avg. TPS 4500+) and functionalities. The core team does not stop at building blockchain technology but continue to build DeFi applications and services to bring values to people from all around the world.
Q7: How does the smart engine work with Lua WASM? How was this solution integrated with DPoS and pBFT? How does this solution contribute to the decentralized control capability of the blockchain?
Answer: Yeah. We do support dual-VM engines currently, i.e. LuaVM and WASM VM. They are quite independent of each other during execution so transaction executions are independent of each other. We adopted WASM in our latest v3.0 release for embracing the functional extensiveness, superb execution performance, and rich developer language options.
Q8: What freedoms does Wayki provide to Developers?
What are the incentives and benefits you provide for more developers to join the WaykiChain ecosystem?
Answer: We embrace the idea of openness and decentralization. We provide all possible technical support to external developers to help them build great DApp on top of WaykiChain. We also organize Hackathon in various cities to get more community developers with rewards for the best DApps. The bug bounty program is also always active if one finds bugs in our technology products!
Q9: As users, can we experience the most innovative features in the Tiger stage of the Wayki chain?
Answer: yeah. We have UTXO implementation with 5 so-called smart lock feature. One is a password lock. You can manufacture scratch cards with a password embedded in a QR code and use WaykiTimes to scan to collect tokens to your WaykiTimes wallet account in a very fast way!
Q10: In the bad situation of the Covid-19 epidemic, every industry was heavily affected.
Does it affect the growth of WaykiChain and its team?
What are your plans to turn challenges into opportunities for #waykichain development?
Answer: My condolence to those affected! Stay safe & be strong!
WaykiChain team was also affected but quickly adapted. We believe we are in a better situation than before. We experienced working from home on building our technologies and products as well as connecting the community members.
Moving forward, I believe blockchain and DeFi will become more and more important and maybe indispensable one day! So we will tirelessly work to make that happen with all of you!
For more details and all updates about WaykiChain, please do follow us on:
Official Website: https://www.waykichain.com/
Wallet Download: https://sw91.net/appdl/waykiTimes/download.html