WaykiChain CTO: The Extreme Technology Is for the Purpose of Creating Value for Users
The extreme technology is for the purpose of creating value for users
We are on a path of thinking simultaneously doing to the kingdom of WaykiChain era. This is also a kind of model that with exploration and execution. As there is not a specific way so we do more exploration than execution at the beginning. WaykiChain is exploring the way, the way that full of certainty in the future but full of uncertainty currently.
Basically, the value of users made the dominant place among the market. And the value of technology is to help the enterprise to achieve the goal of contributing value for users faster, better and more advanced.
Focusing on internal skills training and seeking for technological breakthroughs in the expectation at the changeable market is the main melody of WaykiChain in this strategic stage. But focusing on internal skills doesn’t mean working behind the closed door. During this process, WaykiChain reinforces its top position in the industry as a pioneer that incubates new business models based on own technological advantages.
WaykiChain Co-Founder & CTO Richard Chen
Today, blockchain technology has been able to host many applications and serve the entity industry. However, many blockchain project teams in the industry are still at the level of just “saying” about the implementation of the application, or they are still building the basic level like consensus mechanism and other underlying technologies and expect the third party to build the application. But WaykiChain believes that only blockchain team took aim at the direction of the industry, and build infrastructure at the bottom layer of public chain, and promote launching of industry application, finally realize the depth of the industry amalgamation can really for value creation, to make the whole social and economic development so as to make the whole society to embrace and accept blockchain, and further promote the development of blockchain technology.
And WaykiChain is a team with these features above, and through continuous efforts to explore and innovate these values and applications to create sustainable development value for the whole society.
Build the infrastructure of Defi platform and ecology. Create infinite imagination for implementation of business
Traditional technologies improve efficiency at a single point, but only a certain kind of functional enhancement, not a large-scale and individualized impact on the whole process and system. However, the technology implementation of blockchain should not be promoted and changed in a single point, but systematic changes should be made in the business process, cooperation process and economic model, etc., whose impact on the whole ecology is unpredictable. This means that our technology is not just a single point of functional improvement, but a number of factors to achieve breakthroughs. Together, these technologies gradually build the infrastructure of Defi platform and ecology, realize the prosperity system of finance platform and ecology, and lead the upper Defi application and service, and open to the community to maintain the ecological community to form everyone’s finance, so that the business can be implemented in the infinite imagination.
Since the release of WaykiChain v1.0 (code-named dragon) on May 13, 2018, WaykiChain has undergone several v1.0 branch versions of the upgrade, making important progress in the security, stability, efficiency, and ease of use. The features of the new version of WaykiChian (v2.0) are not simply iterative optimizations, but breakthroughs and leaps in the functional framework while ensuring the best experience for both users and developers. At the same time, WaykiChian has launched the stablecoin WUSD developed based on the bottom layer of its own public chain. WUSD will effectively promote the implementation of applications outside the community so that players who have no experience in cryptocurrency but have the demand for playing can have the opportunity to easily access and use DApp. At the same time, as a decentralized financial instrument, it will more safely, widely and efficiently meet the needs of investors. The mutual promotion of users inside and outside the community, the mutual promotion of the stablecoin and the public chain will ultimately greatly enrich the ecology of WaykiChain.
（1）Global pioneer — — 3-token economic model based on the bottom layer of WaykiChain（WICC）
The 3-token economic model of WaykiChain is composed of public chain assets: WICC, stablecoin WUSD and the governance coin WGRT. Through the mutual promotion and balance of three different types of currency, the whole stablecoin system can be provided with a stronger ability to resist risks, governance and development potential. The complementary functions of the three different types of currency can be roughly summarized as the following three pairs of relations.
Compared with the universal single token economic model, WaykiChain’s three-token economic model has the following unique advantages:
Single token economic model:
1. Governors gain benefits and no relevant risks
2. There is the only carrier of assets but no carrier of payment
3. As a single usage scenario, the consumption of Gas cannot support the market value
4. There is no other way of deposit except cryptocurrency to cryptocurrency trade on the exchanges. ( legal tender or other asset is unavailable)
5. Except for the tokens from the main net, there is no other token available as a payment for service fee of accounting. It results in that users need more than 2 kinds of token to close the deal.
6. Due to the high-value fluctuation, the value of speculation is greater than the value of use.
Three-token economic model
1. Governors gain greater benefit simultaneously assume risks for wrong decisions
2. Different tokens for assets and payment, so that matched various scenario.
3. Except for Gas consumption, investment, financial management, borrowing, risk reserve fund, interest, handling fee, pledge incentive and other purposes ensure sufficient application scenarios to provide liquidity.
4. You can get WUSD from Dapp、OTC、DEX、CEX and so on.
5. WUSD can be used for paying service fee. With more various usage scenario, users don’t have to get token of main net
6. By distinguishing different usage scenarios, value fluctuation assets and value stability assets can be separated and mutually promoted to achieve common prosperity.
WaykiChain Co-Founder & CTO Richard Chen
Compared to other stablecoin that based on smart contract, WUSD is realized at the bottom layer of public blockchain, it has the security, decentralization, governability and upper application availability guaranteed by the natural underlying framework.
Before the construction of stablecoin, our team did large amount of rebuilding on current core code, and completed the overall normative construction, the adoption of efficient modular and layered design framework, laid a solid foundation for the development of new functions. This kind of decision is based on the philosophy of a good engineer — Do right things right, so that future developments and evolutions are possible.If you make a mistake in the beginning, finally you will pay for that.
In addition, the WaykiChain team’s cognition of technology and application development sticks to the deepest, furthest and widest expansion and exploration, only in this way can it maintain the leading position in the competition and development in the long term.
WaykiChain decentralized assets exchange(DEX) is based on the blockchain technology, so it can more safely, effectively and transparently support the transaction of digital assets products. Specifically, such advantages are mainly reflected in the following aspects:
First, with the blockchain technology, many distributed nodes, and high-performance servers are used to support the point-to-point network. The overall operation decreases the influence of a single attack to a great extent, thus improving the reliability, security, and stability of the overall asset transaction.
Second, blockchain technology is with the feature of decentralized and DPOS, this means there is no single node that can control the whole exchange, which is enough to demonstrate its fairness, openness, fairness, and transparency. At the same time, users don’t need to worried about the trust issue of exchange, as the objects of trust have shifted from traditional centralized institutions to blockchain technology.
In addition, due to the original intention of blockchain, a decentralized exchange change the expatiatory process into automation, let the issuers and investors can trade directly, and realizes real-time settlement and order, reducing the traditional centralized exchange in real-time to the account, the amount of time and a lot of manpower and material resources consumption. So users no longer need to pay for the high cost of time and service fees. And it does not have many of the restrictions of the old centralized exchange, allowing users to trade freely on WaykiChain DEX. Give each user the full right to dispose of their property.
Last, WaykiChain DEX also uses the consensus algorithm of blockchain technology and Immutable and distributed technology, which not only facilitates data sharing among trading parties but also ensures that all users’ transactions are recorded on the blockchain, ensuring that data immutable. And because DEX allows anonymous trading, users don’t have to worry about their trading information being snooped on, much less about counterparties relying on information advantages.
WaykiChain Co-Founder&CTO Richard Chen
With the concept of decentralization, we have realized the free, efficient and transparent unmanaged trading of managed assets on the blockchain, recover the disadvantages of centralized exchanges, and enabled both parties to achieve reliable trading and real-time settlement at the lowest cost. Through the incentive model of open cloud exchange, the third-party cloud exchange running on the WaykiChain can set up a quick, simple and satisfying independent and flexible business scenario.
(3)Realized that TPS surpassing 7 top public chain around the world
TPS is the system swallow metric, which means “transaction per second”.If the TPS is too low, it is easy to cause serious network congestion, so that the blockchain in the high value of the high concurrency business can not be landing. For example, due to the low concurrency rate of TPS per second, both bitcoin and ethereum suffer from high transaction costs, long confirmation time and poor scalability. Therefore, the bitcoin community is divided and hard bifurcation becomes a normal situation.
NewsBTC, a globally renowned vertical media of blockchain, released the latest comparison of the seven top global public chain TPS, and WaykiChain ranked the first with the measured stable mean value of 3300. WaykiChain is one of the most important infrastructure for future business development, as it implements higher TPS data throughput (3200TPS) for all kinds of large-scale business applications
WaykiChain Co-Founder&CTO Richard Chen
Through continuous optimization and improvement of our technology, the TPS of our public chain has now surpassed the seven top public chains in the world, which is a very proud breakthrough.
The TPS of blockchain is equivalent to the transaction processing concurrency capability of all nodes in the whole network.Improving the transaction processing capacity of TPS can meet all kinds of large-scale business applications, which is one of the important features of future business development.At the same time, we adjusted the block interval time from 10 seconds to 3 seconds, in order to greatly shorten the time after the user submits the transaction and is confirmed on the chain, thus greatly improving the user experience.
In the foreseeable future, it is inevitable that blockchain technology will generate more and more new area and development. WaykiChain will keep up the pace, with its own technical advantages and advanced business model actively adapt to new change, by deepening foreign communication and cooperation, gathering strength of everywhere, connect blockchain technology and the entity industry together, provide valuable industry breakthrough of technical and business solutions.
WaykiChain Co-Founder&CTO Richard Chen
“I put my heart and soul into blockchain industry, with no regret after this long journey. It is mainly from my unquenchable love for technology itself and my firm belief that technology can bring infinite social value to the world. My pursuit of whole life is to fairly use the technology, construct the technology and breakthrough various technical plateau and limitation, simultaneously realize the beauty of technology and the value of upper applications.”