1. I am just curious about this, in some cases, good public chain projects break loose from the king somehow, you’ ve got a fault emergency backup?
CEO: To ensure the technical security of the entire public chain, including security monitoring, such as black swan event warning and processing mechanism，emergency system and continuous repairing of public chain loopholes, our team is constantly testing the public chain for vulnerabilities every day. In addition, the company hired a professional code auditor to conduct a comprehensive and detailed code audit of WaykiChain.We also released a reward program for security breaches. Once a bug found, we reward the bug-finder.This needs to be done consistently in a long run.
2. Is WaykiChain TPS test a centralized test? Is it because of the full-node network so WaykiChain reached 3200 TPS? If it was a single node test, can you still achieve such high TPS？
CTO: WaykiChain TPS test is single node test, which is the unified test standard of the industry. It’s not inherently better or worse if you put it in a full-node network. Here’s the reason:
1) net delay will lead to test uncertainty;
2) full nodes’ participation in the test will not improve the performance, because each rotating node under DPoS needs to handle all unentered block transactions;
3) single node test has a bottleneck of submission of local transactions. Of course, higher machine performance can accept higher concurrent submission;
Therefore, the TPS test generally recommended in the industry is to simulate the overall network with a single node. For example, one node runs 11 mining threads, and simultaneously submits the transaction with stable blocks, so as to eliminate the network instability and then, to compare various public chain under the same machine resource configuration and the same test mode, The results of TPS test is naturally obvious.
1. Not a lot of information about stable coin on ur Twitter，since you mentioned it in the proposal, what so wise of ur stablecoin over the others’? any strengths?
CTO: Good question. For now, the core team is busy with building the stablecoin technology inside the bottom layer of blockchain. Hence, you won’t see much educational materials, esp. for English mediums/channels. But the team is for sure to thoroughly help educate the general public on the technology we are building and offering.
The key differences compared to those existing offerings from the market can be summarized as follows: High-performance, Simplicity, Governance and Stability. That’s becoz WaykiChain’s stablecoin technogloy is not reliant on Smart Contract but instead revamps the underlying core logic including the account balance model and caching mechanism and overall way better incentive mechanism by adding two new coin types to the chain and building an on-chain DEX for both performance and low-latency CDP related operations.
2. Is your stablecoin based on Smart Contract?
CEO: We develop our stablecoin on the bottom layer of public chain which is very different to the common method of developing stablecoins that relies on Smart Contracts. Building on the bottom layer means that developers can make changes swiftly with minimal impact on the system or users.
CTO: No. It’s not. We believe Smart Contract based technology is more for extensional features. While stablecoin technology is a cornerstone feature that the team wants to provide on chain for the investors/holders and ecosystem/community users. Hence, with bottom-layer approach, WaykiChain stablecoin can achieve better performance, ease of use and higher governance and stability as well as better structured incentive plan for stakeholders.
3. What’s your plan about WUSD?
CTO: WUSD is the stablecoin that can be minted from WaykiChain and traded from various markets like Exchanges. It is meant to be 1:1 pegged with USD in terms of its holding value with very low fluctuation level. As for its usages or market values, investors can use WUSD as investment leverage when they are in long position for WICC coins. Of course, the ultimate goal for WUSD is to bring its stability pegging feature to the ecosystem applications and services. E.g. DAPP game activities that require WUSD to be used as game coins or prediction DApps that require WUSD coins as stakes in the game. One could also use it for ERC20-style asset exchange since WaykiChain also supports WRC20 standard to issue new tokens for real-life assets. In our view there can be infinite amount of usages based on stablecoin usages and values.
4. Can we use WUSD in Binance too? Which pair will wicc will tarde if it’s get listed in Binance?
CEO: Every coin to be traded on Binance DEX or CEX has to go through their listing process. WaykiChain core team will continuously work with the community to get WUSD etc. base coins to be listed on as many influential exchanges as possible. The initial Binance DEX trade pair will be WICC_BNB.
5. How will you ensure that your WICC-backed stablecoin remain stable in price given that DAI has been having problems maintaining its peg despite being collateralized by ETH which is a token with a far longer legacy that your token?
CTO: In general, MakerDAO has done a good job in keeping DAI relatively stable and its risks in control. It is just that DAI has largely not been put into typical application usages(E.g. payment or staking) other than ETH investment leverage, which has caused generating more supply than demand overall. By contrast, WUSD stablecoin from WaykiChain was hailed out of urgent needs from the WaykiChain’s ecosystem needs in application/service payment or gaming staking etc usages. But we believe WUSD stablecoin also shares many technical advanges than smart contract based solutions in following ways:
But we believe WUSD stablecoin also shares many technical advanges than smart contract based solutions in following ways:
Highly efficient & streamlined process due to blockchain account balance model based implementation, which cannot be easily achieved with a smart-contract based solution;
WUSD provides double guarantee instead of single guarantee in blackswan events: a) governance coin inflation (same as MKR inflation); b) Risk Reserve common pool. The second is our innovation by spliting some portion of loan interests into the risk reserve pool to add another layer of firewall to counter high-speed price dump risks.
High agility in resolving over-collateralization thanks to low-latency and seamless on-chain CDP (collateralized debt position) state management and fast bottom-layer DEX implementation than smart-contract based DEX;
WaykiChain (3200+TPS) vs Ethereum (25 TPS)
5. When will WaykiChain stablecoin be released?
CTO: We are striving to released WaykiChain Stablecoin, WUSD in Q3.
1. Please answer if you know this, So, how does your primary token used in your Dapps?
CEO: WaykiBet and many other DApps deveoped by the team or the community developers all make use of WICC coins for all kinds of application activities. The overall transaction amount is trending up on a daily basis.
From blockchain-level, it requires gas fees (WICC coins) to be paid for every transaction on the chain. Besides, there’s a continuous voting process in order to make a node to become a mining node or block producer. One shall stake a certain amount of WICC coins in order to vote for a candidate block producer.
With the introduction of the stablecoin (WUSD), one needs to collateralize a certain amount of WICC coins in order to mint the stablecoins. Collectively, the total amount of WICC coins to be collateralized can be quite big as long as it falls under the overall debt ceiling of stablecoin for the overall stability and healthiness of the stablecoin system.
2. What is funding platform CTFEX? Is it an exchange or? What’s the basic role of Wayki Chain in their cooperation?
CEO: Hi, there. CTFEX is a cryptocurrency-based fund investment and transfer platform who has already reached agreement with 100+ world’s famous target projects including MIUI, Daily News and Meituan
By making good use of the blockchain-level stablecoin system and its built-in onchain DEX , WaykiChain will provide CTFEX with blockchain technology to realize the assets cryptomonetization, help global investors get an easy and safe channel to ensure the authenticity, convenience and security of investment. WaykiChain aims to bring more assets (securities or fiat money) to the decentralized world and make them circulate globally with a fast, low-cost experience.
WICC & Mainnet
1. Which tokens of your triple token model will be BEP2? How will you handle the migration of the tokens to each type?
CTO: For a start, we plan to support this trade pair: WICC_BNB and will decide for other trade pairs in the future when we see fit.
2. Hi~Why would you like to swap your mainnet? In other word,why join Binancechain?Thank you!
CTO: We believe BNB DEX allows WICC to be traded with many other coins that are listed there including BTCB. Besides, we believe DEX is the future for trading. 3rd, Binance keeps the #1 position in crypto trading business. Hence it’s good to be early in the bandwagon and also expose WaykiChain to the worldwide. WaykiChain team and the community would love to co-develop together with Binance for a better crypto and non-crypto world.
3. Regarding the vote page on your mainnet explorer — it says coming soon
https://www.waykiscan.com/#/vote/list. Why is this so?
CTO: Okay. Now I got your question while I was too obsessed with Binance voting. About WaykiChain’s own voting mechanism, technically it has been built in and supported from the initial mainnet launch in May 2018. But throughout more than a year of operating the whole network together with many developers and ecosystem partners who also are running WaykiChain observation nodes, we fixed many bugs and also improved many parts of the blockchain including a big leap forward from 2000+TPS to 3200+TPS. But then we decided to develop one more strategic feature which is stablecoin right into the bottom layer of blockchain, which thus required a huge revamp from bottom up throughout of the blockchain implementation. Hence, we decided to postpone opening up the election/voting process before we complete the stablecoin implementation which will introduce two more new coins from inside the chain. Once the new feature is out, mostly by end of 2019 or early of 2020, together we will work with the community to help education and promote the community-driven network operation and governance. For now, the network is run by mainly the WaykiChain team and another open-source community team.
4. Please also answer this question — “What is your timeline for opening the token swap/bridge? Will holders be able to swap before listing starts on DEX?”
CTO: We are ready to swap WICC mainnet coins by locking them onto WaykiChain designated lock address and transferring the corresponding amount of WICC-01D coins on Binance DEX to their corresponding address ASAP. The whole process can be accomplished in a manual way within one hour for each swap request. But for the long-term operations, we can develop a swap-gateway to automate the process and provide a self-service page to let the investors do the swapping by themselves. We will swiftly develop a smart-contract based lock and PegZone type of swap/bridge within the four to six weeks after our token gets listed on BNB DEX and we have set aside dedicated engineering team and resources onto this project to ensure the timely swapping function can be available to the DEX users.
1. This is a domestic super fan of WaykiChain. I would like to know the ultimate prospect of WaykiChain. Will WICC technical team be able to ensure that this could be realized in the futrue?
CEO: The ultimate vision of Waykichain has never changed, which is to build a decentralized ecosystem through community autonomy. The path we have taken is a spiral of business models and technological innovation. These two powerful supports will serve our project as a step towards development like a man walking on two legs.
Take our upcoming stablecoin, WUSD as an example. Stablecoin is an indispensable tool to carry the decentralized financial ecosystem, and also a bridge to reach users outside the industry comforming to our concept “practice ins and outs” of WaykiChain’s business model. Therefore, high requirements are put forward for the stability and extensibility of stablecoin, friendliness to DApp developers, and performance of high TPS. Our technical
requirements, and develop the stablecoin on the bottom layer of blockchain rather than the contract layer in a very innovative way, which has proved that the technical team of WaykiChain is fully capable of realizing the vision. We don’t just focus on technology development for technology’s sake. In fact, our technical challenges are all going along with their business value and application scenarios.
1. I know your project is based in HK, so how about your Chinese community?
CTO: WaykiChain has deep roots in Chinese community. But the team is looking to gain more global presence by activities like getting listed on Binance exchanges.
2. What benefits can you bring to our community?
CTO: WaykiChain has a growing community and vigorous ecosystem to make Binance platform more populated and consensus of DEX values will be thus increased. We are confident that it will become a win-win-win relationship for WaykiChain team, Binance and the crypto ecosystem including those investors for getting WaykiChain WICC coin listed on Binance DEX.