WaykiChain Super Node Election Series 03: Why Should WICC Holders Vote?

WaykiChain Super Node Election Series 03: Why Should WICC Holders Vote?

Within our blockchain ecosystem, Super Nodes are responsible for ensuring the safe and stable network operation, development of products and applications, promotion of application adoption, and expanding the community scope. Their main rights are submission of governance programs, voting, and reconsideration. As you can see, Super Nodes play a decisive role in development of the whole WaykiChain ecosystem. Therefore, it is vital to select the strongest Super Nodes.

Selection of outstanding Super Nodes requires not only rigorous evaluation by WaykiChain but also sincere voting by the community. Only when Super Nodes represent the will of community and expand WaykiChain’s value can the true decentralized governance arrive and can WaykiChain give its development results back to each and every user. Naturally, users who vote in favor of a Super Node can also directly receive some reward set by the Super Node.

I. Democratic Voting for True Decentralized Governance

The estimated voting process is the following: the person or team willing to run for a Super Node submits an application, WaykiChain performs a rigorous evaluation and ensures that this Super Node can set up a server, operate it in a stable way, and meet the respective technical specifications and standards etc. After passing the evaluation this person/team becomes the Super Node candidate. Finally, community users holding WICC vote for the candidate they choose.

Deployment of Super Nodes has no appointments. The community chooses them in democratic voting and exercises the governance right. The prevention of oligopoly promotes the highly decentralized governance. Compared to the “top-to-bottom” model, the “bottom-to-top” governance can better reflect the will and attitude of the community users and suits the current blockchain development aim and trend.

II. Promotion of Decentralized Governance for Smoother Public-chain Infrastructure Experience

WaykiChain has undergone three major iterations, namely Dragon, Ascend, and Tiger. It adopts the WASM + Lua VM dual smart-contract engine where the former is light and agile while the latter is powerful and highly efficient. This is a very developer-friendly setup that helps WaykiChain attract more developers to build its ecosystem. Besides, WaykiChain boasts of the average 4,500+ TPS that ensures final confirmation of each transaction within 3 to 6 seconds.

Currently, WaykiChain has been working on the big upgrade dubbed 4.0 Big Leap. It will further optimize the underlying infrastructure of the public chain and improve all aspects of performance. On the other hand, selection of Super Nodes with the top technical abilities and resources by users is favorable for ensuring the safe and stable operation of WaykiChain’s public-chain network and the upgrading and iteration of WaykiChain’s public chain and lays a solid foundation for various ecosystem applications. After ensuring this infrastructure, the community users will be able to enjoy a smoother and more stable experience in the basic infrastructure functions such as fast transfer, trading, etc.

III. Boosting the Value Appreciation, Sharing the Development Results

Normally, Super Nodes have partners and communities of their own. Naturally, a public chain running on DPoS consensus can get to use these resources. It is similar to an influx of new power from the outside world. Therefore, voting for strong Super Nodes with rich resources has an important impact on the expansion of WaykiChain use cases and community and helps accelerating the development of the whole ecosystem.

WaykiChain works on creation of integrated DeFi. It has developed the decentralized underlying public-chain stablecoin WUSD and the decentralized collateral lending system Wayki-CDP. In Wayki-CDP, users can pledge WICC to borrow the WUSD stablecoin. WUSD has numerous use cases, e.g., as an important payment method in the famous Turkish construction company Atlas Mimarlik and the global hotel chain Vintage Boutique Hotel Alacati. Similarly, selection of Super Nodes with rich partner resources is favorable for attraction of more institutions and teams to become strategic partners of WaykiChain and promote the adoption of WUSD.

Super Nodes are the community representatives. They gather big numbers of users so as to expand WaykiChain community, increase the user base of the decentralized exchange Wayki-DEX, and thus increase the transaction volume of WICC and WUSD. Besides, in the decentralized synthetic asset protocol Wayki-X, it is possible to buy popular US and Chinese stocks with cryptocurrency, so more users can invest in global high-quality assets easily.

Actually, the adoption of Super Nodes by WaykiChain is favorable for expanding the usage scale of all its products, promoting the prosperity of the whole ecosystem, and promoting the value appreciation of the whole project so that in the end all community members can share the development achievements!

IV. Super Node Rewards

Besides the above true decentralized governance, quality service experience, and sharing of development results, users who vote in favor of Super Nodes can also receive direct rewards set by the Super Nodes, while Super Nodes get accounting (voting) rewards and contribution rewards.

WICC yearly inflation is 1% of the initial supply, i.e., 2,100,000 WICC. These WICC tokens will be divided equally between the 21 Super Nodes as the accounting (voting) reward. Besides this, WaykiChain Foundation will provide quarterly subsidies to ensure that each Super Node gets yearly accounting (voting) rewards of not less than 210,000 WICC. WaykiChain team encourages Super Nodes to set aside a part of their yearly WICC rewards to subsidize their voters. Super Nodes can set the reward ratio themselves. Note that all these rewards have no lock-up and can be used freely after receiving them.

Super Nodes must participate in WaykiChain ecosystem construction to their own abilities. This includes maintaining network stability, product development, information dissemination in China and globally, product promotion, and customer conversion, etc. According to the performance in the above, WaykiChain has 5 reward levels, A, B, C, D, and E. They correspond with 60,000, 30,000, 20,000, 10,000, and 5,000 WICC quarterly contribution rewards, respectively. Super Nodes may also use these additional WICC to reward their community users as they deem suitable so as to expand the scale and influence of the community. Actually, the more the Super Nodes reward their community users, the more user support they can get and thus benefit their own development.