AmA with WaykiChain(WICC) CEO Gordon Gao
Q: You were previously working in Alibaba, why did you leave Alibaba to start WaykiChain? What was the inspiration?
Gordon: Blockchain is paving the way for something new. It’s the charm of blockchain industry’s freshness with its unlimited extension. Every day would be an adventure. And I see myself as a challenger. I see myself as an individual who loves challenges and are driven by a desire to contribute. Challenges are an excellent opportunity for growth. They test your resolve and commitment to your goals. And when you overcome them, you develop your strength that makes sense at all. The achievement you made all come from the obstacles standing in your way. Consider them as opportunities to get sense of achievement, the reward you will get is infinite.
The other reason why I join blockchain industry is its idea of decentralization. Rather than relying on a central authority to securely transact with other users, blockchain utilizes innovative consensus protocols.
I believe this will reconstruct social relations of production, by this I mean, once you are in this industry, your work somehow could be considered as establishing a new social order. Everyone performs the division of labor according to this order. The whole society is built from zero to one. It’s more like you are building your own empire and rule it by your governance.
Back then, I compared several projects. Some of the projects simply intend to build a big ecosystem at one go, and others only focus on technology. Neither of them seem to work at all. Cause an ecosystem is not a castle in the air that you can build at the first place. It requires you a well- complete entry point, a practical path closely related to reality. So I appreciated and approved WaykiChain’s development path of business model in collaboration with technical strength in parallel. These two powerful supports will serve our project as a step towards development like a man walking on two legs. And that’s why I’m here. It’s an honor for me to serve for WaykiChain, and I’m making all my effort to fulfill my diligence and intelligence to make it a blessing for our team.
Q: WaykiChain uses DPoS, similar to what EOS uses a consensus mechanism. DPoS has been criticized for being centralized. What do you think?
Gordon: First of all, DPoS is a consensus mechanism that allows the highest TPS performance because of its capacity expansion. Another case to this is that DPoS retains the idea of decentralization. DPoS provides the basis for deploying governance patterns in blockchain applications. In some cases, DPoS can be seen as a kind of democratic representation in circulation, in which votes can be assigned to other participants and can also be changed at any time.
DPos is easier to govern since its govern right is held by the nodes, hence the governance costs are relatively low to this part.The basic mechanism of DPoS empowers each block producers the right of election so to guarantees the general control of token holders, which is also the core meaning of decentralization, and which is also like the economic model of mankind existed for thousands of years setting down from experience and wisdom. Election, as an universal use as a tool for selecting representatives in modern representative democracies is in contrast with the practice in the democratic archetype, ancient Athens. It has been proved over and over crystallization of human wisdom such as presidential election, leader election and so on.
Q: What makes Waykichain unique from others blockchain?
Gordon: The basic core of WaykiChain laid a solid foundation with its advanced feature 3-body system with superb transaction processing speed (3200+ TPS), stablecoin and governance coin.
As the WaykiChain’s economic is already better than other projects, above the basic core of WaykiChain, we built our various application scenarios, for instance like prediction, asset issue, like our cooperation with CTFEX, and decentralized exchange. These are for our vertical application scenarios. We build our vertical application scenarios in depth, and for our landscape scenario,s we intend to make it broader. So we leave more play space for our community. I named it “community driven”. Spaces governed automatically by communities, such as our DApp Funding Program. WaykiChain believes a vigorous public blockchain eco-system shall not be only developed by its core team but also its whole community. Waykichain’s core team launched T2D2 program. Also WaykiChain’s foundation launched a co-building plan to encourage talented developers to bring their best product on WaykiChain.
Q: Waykichain is releasing its own stablecoin WUSD. Can you tell us a little more about it?
Gordon: Our upcoming stablecoin: WUSD is developed on the bottom layer of our blockchain with rather high-performed reliability, manageability to support extensive usage scenarios. It will become one of its kind in the crypo-asset backed stablecoin technology offerings from the crypto industry.
The release of WUSD adds a very practical and extensive application scenario to WaykiChain ecosystem, which can effectively improve the value of WICC. In addition, in terms of publicity, the promotion of the WUSD stablecoin will also increase the world’s
US dollar, build a bridge of industry ins and outs and will be integrated into WaykiChain’ s network to make it the de facto currency for buying and using DApps on the blockchain.
However, our stablecoin is not just an application scenario of our public chain. Stablecoin is a bridge that connected the decentralized world and the world outside for various users.
And it is not just limited to this. By this I mean no matter it is the gold standard or the silver standard, monetary issue of our mankind from time immemorial are all utilize the mortgage model to issue currency. So by now, all currency issuers are countries and institutions that have the right to issue money. In fact, our stablecoin WUSD adopts the model that allows anyone be the issuer of currency. Anyone of us can issue currency individually. This is something historical. This is an innovation itself. As long as you put the assets as collateral, you can issue the currency that could be circulated in the market.
In the future, in addition to WICC collateral, we will take the decentralized assets as collateral assets to issue currency in the next step. So one can mortgage ETH, BTC to issue currency. So any cryptocurrency can be used as collateral. Take it a step further and coordinate the release of assets. As you know, we reached our strategic cooperation with CTFEX. If one day, the equity of Jinritoutiao is released on WaykiChain, it will become the token of WaykiChain, which can also be mortgaged into the system to issue currency. This means that any equity and any future assets can be mortgaged on WaykiChain. In the future, as long as the price of the asset is fair and transparent, it can be collateral on WaykiChain to issue currency. As you know, some monetary issue in small countries are not as fair and transparent as in some developed countries or China, which leads to the underlying inflation and so on.
But with the economic model of WaykiChain ecosystem, anyone can pledge any asset to issue a global currency. This is a revolutionary innovation for economics, and even for human history. Because no individual has ever been able to issue currency on their own before. Other stablecoin project are not using the model of personal mortgages. They issue currency through companies, institutions that pledge USD to issue currency.
Q: Everyone talks about DApps but no one has a killer app. What do you think are going to be killer DApps?
Gordon: A killer DApps I defined is a DApp that can be used by ordinary people outside the industry. The reason the market lacks killer DApps is that the bar is always too high for them. Let me put it in this way, when a user plays DApps, such as TronBet, you have to go to the exchange first, pay a commission to withdraw USDT with fiat money, then convert it into TRX, after that you have to recharge it to your wallet. And a wallet requires mnemonic and a private key to create your address.Then recharge your TRX into your wallet. And maybe you put a dollar in the DApp the first day, it depreciates to 0.8 dollars the next day. When you try to buy a game prop, it turns out that your coin is insufficient for it. Even if you figured out all the procedures I mentioned above, after you use the DApp, you have to re-submit your coins in your wallet to the exchange, which will give you the co-responding USDT, and then you can exchange the USDT and get your money back.
This whole process is comically complex. Who would choose to play such a game? But, if you have a stablecoin, the value of your stablecoin is fixed, the process becomes simple and practical. I think the fact there are no actual killer DApps on the market is because in many cases, people haven’t found any smart contracts that are attractive enough for the broader public in real life.
Anything old to be replaced will not happen just because the new one is better, but will happen when the value brought by the new thing is greater than the value of the old + conversion cost. If we want to produce killer DApps, we have two steps to take in this case. The first step is to find the value of the new and maximize it as much as possible. The second step is to reduce the conversion cost as much as possible. Our public chain is extremely as much as possible to improve the value of new things. Our stablecoin WUSD is extremely as much as possible to reduce the conversion cost. This exactly makes for a killer DApp that I’m talking about.
