WaykiChain (WICC) CEO and CTO AMA in WaykiChain Iranian Community (English version)
In January 20th, WaykiChain CEO and CTO jumped in WaykiChain-Iran community (https://t.me/waykichainiran) Share their opnion on WaykiChain and answer users’ questions.
Gordon Gao, an alumni of Columbia University in New York, ex-Lead Data Scientist of Fishbowl in Wall Street, ex-Senior Data Analyst of Alibaba Group, senior member of Mensa International Club, currently serves as WaykiChains CEO. WaykiChain aims on buiding a building a global leading public chain and a Defi ecosystem.
Richar Chen: Master of Computer Science from the National University of Singapore and Bachelor of Communication Engineering from Shanghai Jiao Tong University. Richard worked for Alibaba and was responsible for the internal and external information security system construction of the entire groups Customer Service Department. Prior to this, Richard also served as Senior Vice President for the worlds top investment bank Morgan Stanley for 3 years and Intel Chief Architect for 8 years.
AMA Part forwarded from group message
WUSD has similar mechanism with MakerDao, A emergency plan developed by WUSD in the event of a market crash.Will the community of WGRT token holders come to the rescue as a last resort? Does WaykiChain have the strong community to support?
[Forwarded from Gordon GAO]WUSD has simillar mechanism with MakerDAO, but we made a lot of improvement, including the risk reserve fund. When a market crash happens, we will not let WGRT token holders to recue the resort at the very beginning, but risk reserve fund will.
If you have read through our white paper, you will find that the part of the panalty fee charged by the sytem when liquidation happenes will goes into risk reserve fund. And the value of risk reserve fund is stored using WUSD, a stable coin.
There are two major advantages of doing this. First, the liquidation itself means the market is not under good condition. At this time, the system need to store some money to prevent worse things happen. Therefore the system take part of the penalty fee as risk reserve fund.
Secondly, makerDAO is recuing DAI’s value with MKR, which is a coin with unstable value. When market are crushing, all coins will drop in its value. This is saying the rescuer itself is shrinking. However, in WUSD system, we use stable coin to save the market, which is more reliable.
However, WGRT holder will still be the last guard when the risk reserve fund dry up.
Thats all. Thanks for the question
Iran is looking for a crypto-solution to its unstable economy cause United States has turned the Worldwide Interbank Financial Telecommunication (SWIFT) against the Iran.Our government plans to issue stablecoin anchored in gold. What do you think are the advantages of WaykiChain WUSD compared with Iran’s upcoming currency?The gold standard broke down for whatever reason
[Forwarded from Gordon GAO]First of all, good to hear Iran’s government will issue stable coin. This is saying crypto currencies are being embraced by more and more governments. Compared to the stable coin you mentioned anchored in gold. WUSD is more trustworthy in terms of its value. The biggest issue of gold-issued stable coin is that you will never know the amount of gold which is used to support the value of the stablecoin.
The entire mechanism is like a black-box to the public. People cannot see the gold behind the stablecoin and those “gold” can be traded, transferred, or even used to by annmunition. I am not saying the goverment is not honest, but the public will never know the true story behind.
In the contrast, every WUSD is supported by enought BTC/ETH/WICC which can be tracked and seen on blockchain .The entire process is fully decentralized with no one can actually embezzle the collateralized assets. And the value of stable coin and supporting assets can be verified anywhere at anytime.
That’s the answer, thanks.
WaykiChain Twitter announced that you went live your own DEX. Will WaykiChain realize trading peer to peer? Versus centralized exchange，decentralized exchanges currently handle only a small fraction of centralized transactions, so they can’t really convert large amounts of money back and forth, is it a difficulty you are facing with?
[Forwarded from Gordon GAO]In terms of trading peer to peer, not yet but will in the next version of DEX. For now our DEX is based on smart contract and requires a centralized server to match buy&sell orders . But in the next version of DEX ( released with WaykiChain 3.0 , “Hu” version) is developed on chain-level. At that time we can realize peer to peer trading on WaykiChain.
For now, compared with centralized exchange, the user’s base and liquidity of DEX is much lower. There are several reasons causing this phenomenon. The first reason is its user experience. DEX cannot work as fast as CEX as every transaction need to be confirmed by the blockchain before it really happens. But on WaykiChain, we are trying our best to improve the user experience. WaykiChain can deal with 3300 transactions per second and block producers generate blocks each 3 seconds.
The second reason is that the entry barrier is high for starter to use DEX. People need to have their own wallet before using DEX. However, I believe when more and more people realize the importance of secuirity. DEX will have more users.
That’s the answer. Thanks for the question
What is the development direction and plan of the team in 2020 in Defi area, why do you think Defi, this immature term can have a future? What results do you expect to achieve?
[Forwarded from Gordon GAO]As you said, we will focus on DeFi area in 2020. We have 2 directions to work on, supply end and demand end. In the supply end, we will focus on the lending market, encourging people to collaeralize BTC/ETH/WICC onto the blockchain and generate WUSD.
On the demand end, we will expand the scenes of using WUSD. For now, people can use WUSD to invest in HK and US stocks, rent private jets and buy WICC on WaykiDEX. We will create more uses cases for WUSD in 2020, for example, we will introduce more assets onto blockchain and let people invest in these assets which they cannot or very hard to invest using their fiat moeny.
WUSD generated is a good KPI to see. For now it is 1 million, we will target on 20 million.
That’s all, thanks.
Q1: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?
A1:There are several uses of crypto currencies. They can be regarded as assets, gas or payment options. For example, Bitcoin was intended to be the digital cash. However, since the huge flucutation of its value and low transaction speed, few people use Bitcoin playing the function of cash.But WUSD can be regarded as digital cash and payment option.
Q2:How many partners are there in Waykichain? And the benefits that these partners bring to Waykichain and vice versa?
A2:In terms of partners, the most accurate answer can be found at our official website. Another good news is that we signed a MOU with Montenegro government to help them build a micro-payment system on blockchain
Q3:Will we be able to see you on other major exchanges after the Bittrex exchange?
A3:Yes, we are in contact with some of them.
Q4:In 2020 what is wicc main goals and plans?
A4:In tech area, we will update our blockchain into version 4.0, which is “Yue” version. This means the chain-level DEX, WASM virtual machain, Cross-chain thru BTC and ETH, 5 types of assets issued by the bottom layer and other features planned will be realized. In business area, we will try our best to generate 20 million WUSD.
Richrd(Due to too much questions post, WaykiChain CTO Richard Chen join in and helps to answer people’s questions):
Q5:What is meant by Dual VM & whats the benefits of Dual VM in waykichain ?
A5:Dual VM means we support two Smart Contract execution engines, i.e. so-called Virtual Machines inside WaykiChain. One is LuaVM which is our initial VM and another is WASM which was also implemented in EOS chain. We port WASM and optimize it for our chain such that more developer choices in terms of smart contract languages and development models are possible. Hence there can be much wider developer base and ecosystem to be developed upon.
Q6:For countries with weak regulatory authorities or high inflation rates, there is a risk that their local currencies will be abandoned in favour of foreign-currency stability notes.Will stablecoin undermine local economic growth, monetary policy and financial development?
A6:This is a very good question. My option on this is tha stablecoin is providing a choice to the people living in this world. People have the freedom to choose which coin to hold and believe. So I would rather see stable coin as a supplyment instead of a replacement. So the local economic growth, monetary policy and financial development will be reflected on contries own currency. There is no conflict between the two.
Q7:What are the important achievements WaykiChain has achieved so far? And what will you do to maintain its position as well as WaykiChain branding?
A7:1) Technical advancement: TPS 3300+ on avg and 7800+ max, Superior UX: 3-second onchain confirmation; DeFi capabilities: asset issuance, stablecoin (CDP) and DEX.
Ecosystem advancement: we got listed on more and more top-tier crypto exchanges. We have opened and executed global ambassador program and are looking to grow our internal community much bigger. We also have reached strategic coop agreement with some blockchain based service partners…
Q8:What has the journey been like till date and what lessons have you learnt and what future developments do you have planned for?
A8: We tried several directions to make blockchain being mass adopted, such as betting industry, gaming industry, etc. However, we realized that finance industry is where blockchain is most needed, especially when it comes to lending and investing. This is an area with more certainty. This is the reason why we enter DeFi area and decided to develop stable coin out. We will focus on DeFi in 2020. And our goal is to build a global decentralized open bank where people can borrow money and invest in different assets here.
Having your every question answered can make your holding experience delightful . It has become a standard for sizable platforms to provide 24/7 customer support with knowledge people solving technical problems real-time.
Q9:Can you tell us about Waikychain Customer Support?
A9:We have global ambassadors and community fans team which keeps growing. They will receive rewards for their contributions and many of them are volunteered to do more for the community since they are also beneficiaries of the value increase of WICC tokens. Besides, the core team is working on providing more and more documentation and also structured layers in supporting world-wide users/investors/app integrators etc.
Q10:As Developer, Which Programming / Coding Languages are supported by WaykiChain for creating Smart Contracts on WaykiChain? Also, Why any Developer or I should create smart contracts on Waykichain instead of any other blockchain?
A10:Lua Script is for our LuaVM smart contract development. With WASM to be released soon, a tons of dev languages will be added into the list: