WaykiChain Super Node Election: The Value of Synergy

Super Node Apply Portal:https://forms.gle/p3VUbC9eoacAayAz8

On January 5, 2021, WaykiChain announced its public Super Node Election. This step is of great significance for the project because the idea behind it is the increase of consensus robustness, realization of decentralized governance, and enrichment of the ecosystem.

The Super Node election greatly affects the Super Nodes themselves and WaykiChain users. It enables sharing of the public chain foundation and ecosystem value. Users will be able to get direct ledger keeping rewards, contribution rewards, and Foundation subsidies.

I. Sustainable Increase of the Ecosystem Value on the Self-developed WaykiChain Public Chain.

1. The Leading Public Chain with a Sound and Stable Infrastructure

In May 2017, WaykiChain project started along with public chain construction and ecosystem app development. In May 2018, WaykiChain public chain and wallet launched. Up till now, the project has had three major iterations (Dragon, Fly, and Tiger), ensures the stable operation of the public chain infrastructure, and boasts of unique advantages.

V1.0 Dragon 2018.05

V2.0 Ascend 2019.10

V3.0 Tiger 2020.07

V4.0 Leap 2021.Q4

The powerful double smart contract engine LuaVM + WASM. LuaVM engine is easy to operate, light, flexible, and needs no deployment environment. It can meet the development needs of ecosystem DApps. It was the only engine used before WaykiChain 3.0 Tiger. In 3.0, WASM was introduced. Currently, WASM is recognized as the most efficient smart contract virtual machine in the blockchain industry. It can help develop secure, reliable, powerful, and advanced smart contract applications efficiently and improves the operation efficiency greatly. WASM is very friendly, supports multiple languages, and can meet a wider range of developer needs. It helps WaykiChain attract more talented developers to the upper-layer application construction and promote the growth of ecosystem applications.

The high-efficiency DPoS + pBFT consensus mechanism. Gen 1 public chain Bitcoin produces blocks every 10 minutes and requires a 6-block network confirmation. Gen 2 public chain Ethereum needs about 15 seconds to produce a block and requires a 6–12-block network confirmation. On the basis of DPoS consensus mechanism, the new-generation public chain WaykiChain introduces pBFT technology to ensure final confirmation of each transaction in 3–6 seconds. This greatly improves the confirmation speed of each transaction and enhances the user experience.

High-performance transaction processing and Cross-chain. WaykiChain continuously optimizes the underlying layer (including the data persistence layer and state cache management) and reached the average on-chain speed of 4,500+ TPS. This is a significant improvement over the current public chain level (Bitcoin, Ethereum, and EOS have 7, 12, and 3,000 TPS, respectively). In its next iteration dubbed 4.0 Big Leap, WaykiChain will consider further TPS optimization through side chains and sharding. It has also realized the cross-chain functionality and supports mapping of various assets of the Bitcoin and Ethereum blockchains to WaykiChain to generate the corresponding tokens. Safe and free unmapping is available to promote the interconnection between WaykiChain and other public chains.

II. The Valuable Integrated DeFi Ecosystem

WaykiChain positions itself as the DeFi public chain. It has launched stablecoins, lending, a DEX, synths and formed an integrated DeFi ecosystem of great value.

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抵押借贷collateral lending

去中心化交易所decentralized exchange

去中心化合成资产decentralized synths

1. The Decentralized Stablecoin WUSD and the Collateral Lending System Wayki-CDP

In April 2019, WaykiChain pioneered the three-token model and issued WUSD, the world’s first stablecoin based on the bottom layer of the public chain.

In October 2019, the decentralized collateral lending system Wayki-CDP launched. It supports WUSD stablecoin borrowing through WICC pledging.

In August 2020, CDP TVL reached its peak. The number of pledged WICC broke 46 million tokens and WUSD loans amounted for 2.7 million. The WUSD was mainly used for cryptocurrency trading, investment in pre-IPOs of innovative Hong Kong stocks in W Broker, and overseas payments.

2. Wayki-DEX

In October 2019, WaykiChain launched its Wayki-DEX and added support of WICC and WUSD. Up till now, the total trading volume of DEX reached 31 million WICC, 57 million WGRT, and 6.7 million WUSD.

On Wayki-DEX, users manage their private keys themselves and have full ownership of their cryptocurrency assets at any time. Order placement, matching, and settlement are on-chain and information query is real-time, which helps ensure the security of users’ assets.

In July 2020, with the 3.0 upgrade, Wayki-DEX became innovative. Now everyone can use WaykiChain to open a decentralized exchange quickly and at low cost.

3. The Decentralized Synthetic Asset Protocol Wayki-X

In September 2020, WaykiChain launched the Decentralized Synthetic Asset Protocol Wayki-X, the first synth project in China.

In Wayki-X, users can trade assets without having to hold them. Currently, it supports 12 cryptocurrencies, 6 global stock indices, and 130 US stocks. Among them, the most popular cryptocurrency synth is xETH and the most popular stock synth is xBILI.

The total trading volume of synths has been rising steadily and reached USD 270,000. Down the road, Wayki-X will list precious metals and more quality US stocks, add contract trading, and further reduce the transaction fees.

II. Share WaykiChain Resources and Get Rewards

WaykiChain has started public election of Super Nodes. Anyone can run for a Super Node, be it an exchange, a mining pool, a cryptocurrency media, or an individual. Both Super Node candidates and voters can share the technology, community, and other resources of WaykiChain both during the election and in further development and get rewards.

WaykiChain is a global cryptocurrency project with independent communities in the United States, Japan, South Korea, Turkey, Vietnam, and Indonesia. The Super Node election will bring more users to exchange platforms, including Wayki-DEX, help build the global community consensus, further broaden the project scope, and achieve complementary development.

For traditional large-scale pools, participation in WaykiChain Super Node election will help expand operations. Currently, pool operations are no longer limited to PoW mining. While keeping stable PoW operations, traditional pools also need to be on top of the game in PoS, DPoS, and other new coin generation mechanisms. Becoming a WaykiChain Super Node will add to the reputation and competitive advantages of traditional pools.

For cryptocurrency media, becoming a WaykiChain Super Node means getting access to the user resources of the WaykiChain community, combination with its own user base and traffic advantages, and further influence increase in the industry. After getting the user voting support and becoming a Super Node, media can get WICC rewards and convert traffic successfully.

No matter what identity you have, when you run for a WaykiChain Super Node, you can share the technology, media, business implementation, community, and other resources of WaykiChain. According to the election rules, each Super Node gets not less than 210,000 WICC ledger keeping rewards (including subsidies from the Foundation) yearly and 5,000–60,000 WICC quarterly contribution rewards.

III. Better Decentralization and a More Prosperous Ecosystem

Super Node deployment is the essential requirement and important feature of a public chain running on DPoS consensus mechanism. It is only way for it to achieve decentralized governance. After the basic development work was completed, WaykiChain immediately started the public Super Node election. It is a necessary step to further strengthen the security and performance of the consensus mechanism, achieve decentralized governance, and make the ecosystem prosper.

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Super Node obligations will include provision of servers, collection of transactions in the network, transaction verification and packaging 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, and avoid the loss of working sets.

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Even if access to some Super Nodes is lost due to unexpected security incidents, in theory, a single node can keep the whole blockchain running. If an extreme event occurs, for instance, all Super Nodes 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.

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The 21 nodes distributed globally will represent the opinion of the respective communities. Their governance operations will include proposals and voting, expression of views and opinions, and submission of plans. The past situation when big token holders made decisions has changed. Now the real decentralized governance is possible. A Super Node becomes a community representative. It needs to be able to organize and lead the community development to further broaden the community consensus of WaykiChain.

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Super Nodes who join the network of WaykiChain public chain can be regarded as the new strategic partners. They bring community users, talents, and other resources to WaykiChain, promote, encourage, support the implementation of WaykiChain’s ecosystem, and play a positive role the development and prosperity of the public chain. This is a beneficial relationship because Super Nodes make WaykiChain and WaykiChain makes Super Nodes.

Through deployment of Super Nodes, WaykiChain steps up the decentralized governance and leads the ecosystem to new levels. The fundamental starting point and ultimate beneficiaries of these efforts are WaykiChain community users. The prosperous ecosystem will increase WaykiChain’s value and all community users will be able to share the development achievements!

Apply Portal:https://forms.gle/p3VUbC9eoacAayAz8

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