Oct. 30th WaykiChain AMA Recap: WaykiChain x CryptoFun AMA session

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RECAP AMA Cryptofun X WaykiChain

Speaker: Mr. Gordon Gao | (CEO of WaikyChain)
Date: Friday, October 30th 2020 in Cryptofun group

There is 3 session
1. Project Introduction
2. Question From Twitter
3. Live Question

CRYPTOFUN:
Welcome to the CryptoFun community, thank you for taking the time from your busy life to attend the AMA today!
We are glad to meet here @WaykiChainGordonGao
We really appreciate your coming to AMA today, to tell our community about WaykiChain

Mr. Gordon Gao:
Sure, glad to be here.

CRYPTOFUN:
So before we start, can you please introduce yourself to our community? @WaykiChainGordonGao 😊

Mr. Gordon Gao:
I am the co-founder and CEO of WaykiChain. I graduated from University of Hong Kong and I got my master degree from Columbia University. I was in big-data field before joining blockchain industry. I had experience serving as the lead data scientist in a NY-based consulting company called Fishbowl and was a senior business analyst in Alibaba Group.

WaykiChain is a public blockchain which aims to provide all-in-one DeFi services and open protocol. WaykiChain has been online for more than 2 years. And now we have a collateral lending product called WaykiCDP, order book based DEX Wayki-DEX, and synthetic assets trading platform called Wayki-X.

CRYPTOFUN:
Thank you for the introduction, we are happy to know and motivate us to be as successful as you👏👏
Allright, in the first session we will give a little question about WaykiChain, So, are you ready? @WaykiChainGordonGao

Mr. Gordon Gao:
Ready.

SESSION 1 PROJECT INTRODUCTION

CRYPTOFUN:
Q1. Can you please describe what is Waykichain?
Mr. Gordon Gao:
WaykiChain is a 3rd generation blockchain. And this blockchain aimes to provide all-in-one DeFi services and open protocal. We started this project since 2017 and it has been only for nearly 3 years.

We entered DeFi industry since the beginning of last year. And now we have products like WaykiCDP, WaykiDEX, Wayki-X, etc. WaykiCDP is a collateral lending platform, the best record we achieved this year is more than 11million USD worth crypto assets are collaterized and more than 2.74 million USD were lended out

CRYPTOFUN:
Q2. What are the advantages of WaykiChain that make it unique compared to other alternatives in the blockchain field?

Mr. Gordon Gao:
There are too many to distinguish ourself from other blockchains. I will illustrate several things that I think is important to the state here.

1. Performance and user experience. We adopt DPos + pbft consensus mechanism and the blockchain can deal with more than 4500 transactions per second. And transactions can be confirmed within 3 seconds.
2. Security. We made a lot of effort to improve the security of our entire DeFi system. For example, our CDP system are developed at the core layer of the blockchain which makes it difficult to attack. Also, the collateralized assets are not in smart contract address, but in your own address with a different status. In this way, only yourself can have authority to move the assets. But on ETH or other blockchain, once the smart contract is attacked, all the assets there are gone. We have seen so many cases this year.

CRYPTOFUN:
Q3. WaykiChain has a 3 coin economy model, made up WICC, WUSD & WGRT. What is the function and benefits can be gained by holding them? how much supply is available? And where will the tokens be allocated?

Mr. Gordon Gao:
WICC is the mainnet token on WaykiChain and its a token used in the DPoS concensus mechanism. This is the token with best liquidity and can be regarded as an assets. The holder are making decision of the entire blockchian.

WUSD is the stablecoin whose value is pegged with USD. This is the currency in this economy entity and the price unit of most of the on-chain assets.
WGRT is the governance coin of the lending & stable coin protocal WaykiCDP. The holder manange the lending & stable coin system and enjoy the benefit of the system.
To make things eariser, you can think WaykiChain as a country. WICC’s market value is the capacity of this economy-system, like GDP. WUSD is the currency. And WGRT holder is the share holder of the central bank.

CRYPTOFUN:
Q4. Now that many DeFi projects are popping up every day and investors have adapted to DeFi projects, what is WaykiChain view on this, and how can WaykiChain handle this to stay ahead?

Mr. Gordon Gao:
No matter how many products are coming out, the essence of business is more or less the same. In my opinion, there are 4 major categories of DeFi, lending, yield earning, trading and derivatives. We have been developing DeFi products since the beginning of last year and now we have lending products WaykiCDP, yield earning products W-broker (a pre-IPO HK stocks trading platform can provide relatively stable profits), trading platform Wayki-DEX, and derivative trading protocal called WAykiX. Its quite complete for now and the next step for us is to attract more users to the products.

The potential market is larger than the current DeFi players can handle. So I dont regard anyone as a competitor.

CRYPTOFUN:
Q5. Finally, what are the major milestones WaykiChain achieved so far & what are in the future pipeline?

Mr. Gordon Gao:
For milestones, I can give you several numbers about our project.
Now we have 50,000 token holders. The DAU of our wallet is 1,000. WAykiCDP has reached over 46Million WICC pledged and over 2.74 million WUSD generated.
Pineline is quite simple, we should further polish the products to attract more users. For example, for WaykiCDP, we will update another version which allows BTC and ETH as the collateral assets. For WaykiX, for now we only accept 26 kinds of different synthetic assets but this number need to be larger. In the future, we plan to accept more than 1000 different assets around the world in this product. Also, the margin trading function needs to be added. We need to do this step by step.

CRYPTOFUN:
Alright, the first segment is over, thank you for explaining about WaykiChain a lot of great news and advantages that we can find out about and I think the community can’t wait for more information about it in the second segment 👏👏👏

SESSION 2 QUESTION FROM TWITTER

CRYPTOFUN:
Q1. From Twitter: @Winterkom
Why does Waykichain want to cover so many things at once? Brokers, Exchanges, Cryptos, Shares. What are the advantages of this diversification? Won’t it prevent a good development of all areas?

Mr. Gordon Gao:
These products will generate synergy to each other. The most important thing of DeFi is the liquidity. That’s why a lot of DeFi protocols will motivate liquidity provider. Liquidity can be improved by balancing the demand and supply of a token. Let me give you an example. In WaykiCDP, a lot of users have the demand to pledge WICC to the system and borrow WUSD out and they have the demand to cash out WUSD to some other cryptos like USDT. In the contrast we need people who have the demand to buy WUSD using USDT or fiat.

Who will have this demand?
1. People who need to close their CDP.
2. People who wants to buy HK pre-IPO stocks in Huatong Broker.
3. People who wants to trade synthetic assets
If we don’t do 2 and 3. The supply of WUSD is much higher than the demand, that will cause imbalance and thus the liquidity of WUSD will be affected. The same issues happened to the early time of DAI. But we solved this issue in our early time.

CRYPTOFUN:
Q2. From Twitter: @ Emidm28
What are the main benefits and advantages of using a dual-engine smart contract technology LuaVM + WASM VM?

Mr. Gordon Gao:
This gives some flexibility to developers. LUA is smart and light. WASM is powerful and the performance is good. We developed Wayki-X using WASM.

CRYPTOFUN:
Q3. From Twitter: @ mai18315
WaykiChain joins the Asian DeFi Alliance (ADA), what is the reason for joining the alliance? What is WaykiChain’s role in the Asian DeFi alliance?

Mr. Gordon Gao:
As I said before the most important thing in DeFi is liquidity. Joining ADA will make protocals to share liquidity in the future. Also, different projects should work together to push DeFi to mass adoption together. No one should work alone without allience.

CRYPTOFUN:
Q4. From Twitter: @ Mary47229678
What critical problems do you see occuring in the blockchain industry nowadays ?? How does you #Wayki_Chain aim to solve these problems?

Mr. Gordon Gao:
No matter blockchain or DeFi. It is still a game for some small people. I have talked with someone from BlockFi today and we both see that the USDT saving rate is over 9% but for USD is 0%. The gap doesn’t make sense in the textbook of economy. However it do exists in the real life. This shows that DeFi is not accepted by the public yet. Otherwise the gap of interest rate will be wiped out.
We believe the mass adoption can be acheieved by lower down the entry barrier of crypto currency and make the product (wallet) easy to understand by common people.
Let me give you an example here. If you have received some USDT (ERC20) in your wallet and wants to invest in some DeFi products. You can only do so if you have some ETH in your wallet, too. Otherwise you cannot pay for the gas fee.
This doesn’t make sense to common people. Why should I have another coin to make the transaction happen?
However, in WaykiChain, we made the logic tracker. If you receive some WUSD in your wallet, you can pay the gas fee using WUSD, which makes it earier for most of the people.
We have a lot such details in our product. In one word, the product should not designed only to the crypto holders. But we are trying to design it for a boarder group of people

CRYPTOFUN:
Q5. From Twitter: @ Enderdogukan67
Users often care less about technology, but rather the value of the token. How do WaykiChain manage to strike a balance between developing the technology and also improving the value of the token?
Mr. Gordon Gao:
First of all, you need to design a proper business model, or token economy. This is to make sure the token can capture value from the business increase.
Secondly, keep improve the prodcut and attract more users to your eco-system and make the business size growing larger and larger.
Techology support products, products supports users, users support business, business support token value
Thats the logic of what we are doing. Done.

CRYPTOFUN:
Second segment has been over, thanks for your answers we really hope WaykiChain will be a great project in the futures

SESSION 3 LIVE QUESTION

1. Oleta Dickens:
What’s the focus of the WaykiChain now? Build and develop products, win customers and users or partnerships? Are there any plans to burn or block unsold $ WICC tokens? control flexibility, cost and security?

Mr. Gordon Gao:
Yes, exactly as what you describe. We focus on polishing the products and attract more users. WICC is quite distributed and we dont have plans to burn any of them. However, in WaykiCDP, people can pledge WICC into the system and get stable coins out. In this way, a lot of WICC will be locked from selling.

2. Gwendolyn Will:
How can users stay updated with this project? Are there channels, including local communities where users can get the latest updates about $ this project?

Mr. Gordon Gao:
We publish information regularly on Twitter, medium, reddit and in our Telegram group. We have weely report every week for community members to understand whats going on. Make sure you can follow the pages I mentioned

3. Patsy Bednar:
what if I have a savings in the bank, then I want to save the money in the savings by investing in WaykiChain while I don’t have etherium assets. Can I deposit directly from my bank account without changing it to ETH?

Mr. Gordon Gao:
It depands on where are you located. For now we only have fiat trading pairs of KRW on Bithumb. But we are trying to list our coins on more fiat-friendly exchanges.

4. Carmen Bartoletti:
2020 is the year of Defi and Farming yeild, so does WaykiChain predict that 2021 will be a trend of any field? And what is the strategy to keep WaykiChain from falling behind?

Mr. Gordon Gao:
We dont chase hot words, we lead it. We will focus on DeFi in the following 2 years. We believe DeFi is not end yet, and will not end in a very long period.

5. Stephania McDermott:
What really is the mission and vision of this WaykiChain project? simply achieve the highest number of registered users of all exchanges?

Mr. Gordon Gao:
We aimed to build an all-in-one DeFi service provider. By lower the cost and improvment of efficiency, in the end, we make everyone of this world can enjoy the benefit brought by finance.

6.Reck pond 🥳💚:
Many Project talks only about their Strenghts, Can You talk about the weak point that You project is Currently Dealing With?

Mr. Gordon Gao:
Great question. Most of our communities (90%) are from China since we started here. We are try hard to enlarge our community to more regions.

CRYPTOFUN:
The answer is very detailed and complete, we went through the AMA session, thank you for accompanying me with the AMA session today, and for clarifying WaykiChain and the technology and utilities it brings to people.

Mr. Gordon Gao:
Thank you. Sorry I cannot answer all questions at limited time. Make sure to follow our twitter, I will keep answering questions there occurently.

CRYPTOFUN:
For the community if you want to know more about WaykiChain you can watch and join.

MORE INFO ABOUT WaykiChain

Website: www.waykichain.com

Twitter: https://twitter.com/wayki_chain

Telegram: https://t.me/wiccofficial

Facebook: https://www.facebook.com/WaykiChainWICC/

Instagram: https://www.instagram.com/waykichain/

Reddit: https://www.reddit.com/user/Waykichain

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