Digital Economy Talk: WaykiChain at the 3rd Information and Communication Industry Summit Forum

On May 14, Shenzhen Communications Administration (as the host) and Shenzhen Association of Internet Application Technology (as the co-host) held the 3rd Information and Communication Industry Summit Forum in Shenzhen.

The forum theme was “Accelerating Digital Transformation in a Challenging Era”. The three major telecom carriers (China Mobile, China Telecom, China Unicom) and outstanding enterprises and units in digital technology services such as Huawei, Tencent, and WaykiChain attended the forum. All the attendees focus on digital technology-driven industrial innovation and transformation and support the trend of industrial Internet. The event was covered by XINHUANET, China Business Herald, Shenzhen Economic Daily, and Shenzhen Special Zone Daily.

WaykiChain VP Rui Lu joined the Forum, gave the keynote speech “Blockchain Technology Builds a New Fintech System”, and witnessed the achievements of the digitized information industry development together with other attendees.

Ms. Lu expressed that, in its journey since late 2017 till today, WaykiChain has experienced several industrial shifts in blockchain, communication, and fintech. It became not only a leading third-generation commercial public chain, but also a big promotion effort for the fintech system reconstruction.

Currently, social productivity has increased by a great margin. However, uneven distribution of resources still prevails and promotion of fintech innovation is a way to solve it.

Ms. Lu stated: “The essence of finance is to optimize the allocation of resources. This allocation will be greatly accelerated through fintech innovation, which will allow more social members to join the macro production chain, and which in its turn will result in better allocation of returns.”

In this realm, WaykiChain has remarkable results. It created a blockchain DeFi system on the third-generation commercial public chain of its own. After several technical iterations, the system sports high-performance transaction processing (average 4,500+ TPS), a high-efficiency consensus mechanism (DPoS + pBFT), a powerful smart-contract engine (Lua + WASM), and decentralized ecosystem governance.

WaykiChain’s development focus has been shifting to blockchain finance and decentralized commerce. In a sense, it will help reduce the cost of financial operations, increase the overall social efficiency, and accelerate the achievement of the above social goals.

Besides the blockchain-assisted fintech innovation, Ms. Lu also introduced a new concept currency proposed by WaykiChain founder Wayki Sun. It is called Energy Stablecoin.

“The concept of Energy Stablecoin appeared due to various drawbacks in existing stablecoins. As blockchain technology develops, it is bound to come up with a more advanced anchoring mechanism to bring the stable value into the future”.

Energy Stablecoin is a new product backed by the special commodity needed and recognized globally, which is energy. Its price units are power units. It has three constituents, namely, on-chain collateral, central credit, and a pegging algorithm. Its ultimate goal is to integrate the advantages of each stable pegging mechanism to offer a stablecoin of higher security and reliability. Thus, financial technology not only promotes the transformation and development of the industry itself, but also catalyzes and promotes of the whole socioeconomic development.

As the leader in public-chain technology and adoption in finance, WaykiChain has been committed to improvement of blockchain technology and broadening of its capabilities so as to push fintech into a new era.

In 2021, WaykiChain enters a critical development period. We will continue to follow new technological trends in the industry and combine the advanced blockchain technology with the real-world needs to offer more and better digital economy solutions and boost the digital transformation!