Gurkan: Wellcome @Gordon_Gao . Now it’s our AMA time. In this session we are going to ask 5 questions and conduct a discussion on these 6 topics
- Lets start with this. It has been saying that WaykiChain is a rather well-known project in HongKong and even in China, what do you think it is the key reasons to make WaykiChain outstanding?
Gordon : There are several features that can make Waykichain outstanding. First of all, we developed a stable coin generation system based on the bottom layer of blockchain.
On the bottom layer means the rules are not written in the smart contract, but on the bottom layer. This increases the security level of the entire system. We often hear cases that smart contract are attacked, but we seldom hear blockchain itself is attacked.
Also , our stable coin can pay the gas fee itself. As I know this is the only stable coin can do this. For example, if you would like to transfer USDT to others, you will pay bitcoin or Eth, or Tron. But if you would like to transfer WUSD, what you need to pay is just WUSD.
Secondly, we adopt Dpos+aBFT concensus mechnism. And our TPS has reached 3300, with a peak value as 7800. This makes every transaction very fast on our blockchain.
Thirdly, we developed cross-chain solultion and you can use BTC or ETH or ERC20 tokens in Waykichain System. Since we will focus on De-Fi area, enbrace BTC and ETH will increase the market cap limit of our eco-system.
Fourthly, we developed decentralized oracle. And this will allow blockproducers or other people with a certain amount of staking coins to feed the price or other information to the blockchain.
And the moving median value will be adopted as the final value. Decentralized orcale is very important for De-Fi area. Last year, one of the largest De-fi platform compound was attacked, as their orcle is centralized and vunerable.
Another point is that we adopt LUA+WASM virtual machine. Which makes developers easy to develop Dapps on our blockchain. WASM is one of the most popular virtual machine in this industry and EOS is using that.Thats the answer for the first question.
2. Ok thats the second one.. Please explain the application senarios of WUSD? By which means WUSD will change the world economy structure?
Gordon : We decided to develop WUSD because we see so many limitations for the current stable coins on market. like USDT, or DAI.
For now, we believe the stable coin cannot be widely adopted because of several reasons. First, the transactions is very slow on POW chains. Secondly, USDT is like a blackbox, nobody knows how many USD are in the bank to be the backup of the stable coin. Thirdly, decentralized stable coin like DAI, their system is vunerable and their economic mechnism is not quite effective so DAI’s value is under 1USD for a long time.
WUSD’s transaction speed is very fast so it can be used in any Dapp. And for some gaming platforms who’s users are from all around the world, they need a micro payment solution which is fast and cheap. And for non-crypto users if they receive some stable coin, they cannot transfer them out directly because they need to pay BTC or ETH for gas fee. There is no such problem using WUSD.
Also, WUSD will be used in some cross-boarder finance situations. For example, A company called huatongzhengquan allow Chinese investors to purchase HK stock and US stock using WUSD.
Thirdly, WUSD system itself is a lending system. Users can ledge their BTC, ETH, or WICC in the CDP to get WUSD out. They can use these WUSD to buy more crypto assets or even cash out for daily spendings without losing their original crypto assets.
Fourthly, WUSD is the price unit of decentralized exchange. Also, it is the component of De-Fi products. With stable coin and other crypto currencies together with the WASM virtual machine, we can develop a lot of interesting financial products like smart contract futures or smart contract options.
3. What so many users has been criticizing about USDT is its uncertainly tranparency and doubtble additional issue, what is the solution of WUSD towards this?
Gordon : WUSD’s value is supported by BTC, ETH or WICC. And all the assets used to genereted WUSD can be seen on the blockchian. The entire process is transparent and every step can be tracked on the blockchain explorer. So nobody can do bad things on that.
4. WaykiChain ‘s vision is to build a brand new blockchain ecosystem to promote the userability and praticability. So what is the function of WaykiChain stablecoin WUSD in this ecosystem?
Gordon : In addition to the DeFi applications I have mentioned above. There is another functions it can contribute to the entire Waykichain’s system. which is DApp.
We can see that in the current industry. It’s very hard for Dapps to reach common people and get mass adopted. One of the biggest reason is that common people cannot understand the value fluctuation of crypto currency. They use the Dapp to purchase service or product. Nobody wants to suffer from the value fluctuation. So we believe a stable coin on the bottom layer of blockchain, which can be used in every DApp on WaykiChain system is very important to help Dapps on Waykichain stand out from others. In this case, we can regard WUSD as the bridge between users and crypto world.
In the future, maybe you will still see Dapps using EOS on EOS chain, TRX on tron Chain, but for DApps on Waykichain, people can use WUSD.
5. What programming languages can developers use and what will you do to attract them to your platform?
Also, although there are tons of useless dapps on other platforms, how can Waykichain manage to build useful dapps?
Gordon : We use WASM which is web-assembled. Developers can use major programming languages the are familiar with to develop things on WaykiChain. We dont pick Dapps as our blockchain is open-sourced. But we will develop important Dapps like DEX, CDP system, blockchian explorer and wallets ourselves.
Alright, all for my questions. I know you guys are keenly to ask questions, it’s time for your turns,we are going to pick up four lucky winners from those who asked great questions and give our 100 WICC to each.
Q1)Where do you see the Turkey in your applications and what is the importance of Turkey
Q2)For now WICC is not listed in much exchanges will you be listed in big exchanges like Binance and Kucoin(I know already listed in Huobi)?
We visted Turkey a month ago and realized that people here are very open to blockchain technology and we value the users here, not only for investors, but also users. WICC will be listed on more international fisrt-tier exchanges. WE have already signed contract with some of them.
Q3). If I am not wrong Waykichain was bep2 token. Why did you create your own mainnet ?
Q4).Can be Waykichain mainnet integrated or do something together with different technologies like eosio in the future ?
Waykichain is using its mainnet token WICC. The BEP-2 is just for the tradings on Binance-Dex. We developed cross-chain solution to enbrace BTC and ETH based assets. EOS might be the next but we will still see.
Q5).At the moment, there was a lot of blockchain tech that offer fast and secure tps. And in my opinion utility adoption will the be main role to chose which blockchain going to stay.
So my question is how you will provide more utility rather than other blockchain or how you ensure developer to use your blockchain rather than other?
Good questions here. Actually we have a large community in China. In 2018, our we-chat index ranks third in crypto world. First one is BTC and second is EOS. What we are lack of is the supports from global market. Thats why we value Turkey community. Let’s make things simple. To get more utilities, we need to build a great blockchain, then let more people know.
Thank you everyone, Thank you again Gordon. Now it is coming to an end of WaykiChain AMA, Please everyone download WaykiTimes wallet, and we will send tokens to your addresses.
Gordon:Very honored to be here and share the info. Good night to all.