WaykiChain Super Node Election Series 02: 21 Global Public Super Nodes
On January 5, 2021, WaykiChain announced the global Super Node Election program and encouraged individuals, communities, teams, and institutions run for 21 Super Nodes.
Why does WaykiChain deploy Super Nodes? Why does Super Node Election happen this year? Why are there 21 Super Nodes? The setup behind the program is not random. It has appeared after thorough consideration and has an elaborate logic and sense.
I. Why Deploy Super Nodes?
Deployment of Super Nodes by a DPoS-run public chain is a natural requirement and a vital development step. It both achieves the inevitable decentralization and promotes new ways towards a fully developed ecosystem.
1. Guarantee of Increased Safety, Stability, and Efficiency
Traditional network systems adopt centralized management where a central system controls the operation of the whole system and severe security issues exist. When the central system stumbles, the whole system may break down. However, if an extreme event occurs in a DPoS public chain system, even if a part of Super Nodes or all of them get disconnected, just one node with the complete blockchain history needs to recover network connection to make all the data accessible again. Thus, the network can return to normal operation and the network security and stability are effectively ensured.
The main duties of Super Nodes are provision of servers, collection, verification, and packaging of transactions into blocks, broadcasting of blocks to other blocks, and adding blocks to the node’s own local blockchain. Super Nodes will undertake a part of the work, reduce the unnecessary network burden, avoid the loss of working sets, and in the meantime increase the operating efficiency.
Besides, in the first-generation consensus mechanism PoW, production of a new block requires power-consuming calculation and checking of thousands of hashes, which wastes energy. WaykiChain adopts Delegated Proof-of-Stake (DPoS) where Super Nodes produce blocks, efficiency is high, and energy is saved.
2. Product Development, Broader Commercial Adoption
Up till now, WaykiChain has developed the decentralized collateral lending system Wayki-X, the WUSD stablecoin, the decentralized exchange Wayki-DEX, and the decentralized synthetic asset protocol Wayki-X. WUSD is used for investment in Hong Kong innovative pre-IPOs and overseas payments through W Broker, circulates in the secondary cryptocurrency market, and participates in individual and corporate capital turnover.
Super Nodes with technical development capabilities and resources will bring their advantages into play to iterate and optimize WaykiChain’s native products and develop new products according to the market demand so as to increase the commercial adoption of the WUSD stablecoin and meet more financial needs.
3. Common Community Construction and a Broader Consensus
With the help of this election, Super Nodes who have no community of their own can establish one and Super Nodes who have a community can promote themselves more actively to attract new followers and increase the community scale.
Naturally, Super Nodes must exchange information, discuss market trends, and build strong mutual trust with their community to be able to actually represent its will and voice. Establishment of such trusted relationships is beneficial for effective publicity and promotion of WaykiChain technical advantages, products, and commercial adoption by Super Nodes so as to provide a complete and deep knowledge of the whole WaykiChain ecosystem.
II. Why Deploy Super Nodes This Year?
There are two main reasons for rolling out Super Node election this year: 1) WaykiChain infrastructure is relatively complete and stable, 2) three years since the launch of WICC is a good occasion.
1. The Complete Infrastructure
Originally, WaykiChain Super Nodes weren’t public and were in custody of the team. This was due to the desire to build the public chain infrastructure quickly and complete the product app transformation and development more effectively.
The project has undergone three major iterations (Dragon, Ascend, and Tiger). It developed a series of DeFi apps, including the decentralized collateral lending system Wayki-CDP, the WUSD stablecoin, Wayki-DEX, and the decentralized synthetic asset protocol Wayki-X.
2. The Three-year Journey
The construction of public chain and products has completed and they can operate in a stable way. Overall, these directions are relatively mature. We think that the conditions to deploy Super Nodes have been met. Besides, WaykiChain launched in 2018 and the three-year anniversary is a good commemorative occasion. Thus, 2021 is the year of Super Node deployment.
III. Why 21 Super Nodes?
First, 21 is an odd number. This setup fits the majority rule well. Besides, following the rule “the longest chain is true”, the existence of only one longest chain can be guaranteed only when there is an odd number of nodes. This objectively prevents forking.
Next, for irreversibility purposes, at least 2/3 of nodes have to confirm a block. The bigger the number of Super Nodes, the longer the confirmation. The smaller the number of Super Nodes, the easier the risks during system delays, although the confirmation time decreases.
WaykiChain has set up 21 Super Nodes as a balanced solution between decentralization and performance based on the total supply and circulation of the public chain asset WICC. If someone were to take over this number of Super Nodes to attack and double spend, the enormous cost would make the attacker give up on the attack.
However, WaykiChain is a community-driven project and the number of Super Nodes is not set in stone. When development needs call for an increase or decrease in the number, Super Nodes can initiate a proposal. When it passes, the respective adjustments will be made.