Analysis of Waykichain Technology — The World Leading Blockchain Technology and Ecosystem
In this article, I’m going to be deep diving into Waykichain. From giving the problem it’s aiming to solve, the solution they’re currently developing for that problem and my own deep-dive into the technology they’ve built so far.
As the new decade unreels, a new wave of disruption seems to be coming to the shores of the global financial system. That wave is called decentralized finance protocols. Decentralized finance, or DeFi, simply refers to financial software that is built on the blockchain to make it easy for anyone to piece together digital assets and financial smart contracts. Think of DeFi as a Lego system for the finance industry.
The DeFi platform is challenging the current mode of operations of modern industries. DeFi platforms form the base on which this DeFi revolution is established. The projected demand for DeFi applications in the future has lead to the creation of new platforms with unique features, such as WaykiChain.
According to Defi ecosystem technology waykichain is TOP 1 Defi public chain which is developed on the public chain in the world. Based on technology , Waykichain owns an industry-leading public chain and Defi ecosystem with high-performance transaction processing capabilities (TPS3300), efficient mechanism of consensus (DPoS + pBFT), powerful smart contract, as well as the blockchain ecological decentralized control ability, WaykiChain can provide various major industries and key areas of vertical industry with infrastructure services and industry solutions.
What is Waykichain and what’s their goal?
First of all and foremost, to give the tagline on their website Waykichain :
WaykiChain is a technology innovation company focusing on underlying blockchain technology research and development and related operations, owns leading public chain for commercial applications in the industry.
To people who aren’t really technically minded and haven’t worked with business on any blockchain that supports them, that may not mean much at all. You may even think, since smart contracts are immutable pieces of code, aren’t their inputs and outputs already tamper-proof by design?
To people who aren’t really technically minded and haven’t worked with smart contracts on any blockchain that supports them, that may not mean much at all. You may even think, since smart contracts are immutable pieces of code, aren’t their inputs and outputs already tamper-proof by design?
The answer to that question is both yes and no. If you as an end-user are directly interacting with a smart contract (think a decentralised exchange like IDEX), then what you’re inputting is tamper-proof data. This is due to your fingertips inputting that data (as long as your keys aren’t stolen) and forming consensus with yourself to what’s right and wrong. There’s no way that the data your inputting can be manipulated and misconstrued once you’ve sent it, you signed it with your keys after all.
Based on guessing as a starting point, it provides enterprise-level blockchain infrastructure and industry solutions through the advantages of blockchain technology including decentralization, non-tampering and fairness
With high-performance transaction processing capabilities, efficient consensus mechanisms, a powerful smart contract engine, and improved blockchain-powered management capabilities, WaykiChain can provide major industries and critical verticals with blockchain infrastructure services and industry-level solutions.
The aims of WaykiChain is to make blockchain become a dominant force in providing enterprise-scale solutions that will enable the growth of other industries and the goal of their platform is to offer individuals who would utilize it a fair and safe place to make bets that is free from corruption due to a central authority figure who stands to profit by not playing fair. Due to the reduced infrastructure of the blockchain, this also creates an environment with lower fees in addition to the benefits of the ledger’s transparency.
The final goal of WaykiChain is to make a decentralized, community-autonomous big platform and big ecology. WaykiChain hopes to continuously generate excellent creations through the thought collaboration and collective decision of the whole community, and which are implemented by start-up team and community together.
WaykiChain is a public chain platform, similar to Ethereum and EOS, that others can build upon. It is a blockchain platform that supports Turing-complete computing ability WASM VM + Lua VM , at the bottom layer. Lua is a lightweight and compact scripting language that allows DAPP developers to develop smart contract rapidly. WASM VM is a powerful, highly efficient virtual machine that supports multiple programming languages, which allows developers to implement advanced.
The third-generation blockchain commercial public chain independently researched and developed by WaykiChain is at leading level in the industry. With high performance transaction processing capabilities, efficient consensus mechanisms, powerful smart contract engines, and the blockchain upgrade management capabilities, WaykiChain is able to provide enterprise-level blockchain infrastructure and industry solutions.
Many decentralized networks reach consensus mechanism using various algorithms or logic schemes like Proof of Work (PoW), Proof of Stake (PoS), and Delegated Proof of Stake (DPoS).To ensure security model not proven to work waykichain using Delegated Proof of Stake(DPoS) + pBFT(practical Byzantine Fault Tolerance) .
DPoS was presented. In a traditional PoS, anyone can act as a stake node. However, DPoS has elected delegates. In any context, delegates are chosen by their colleagues to perform a particular role. In a DPoS environment, only elected nodes are allowed to choose blocks and contribute to consensus and for pBFT model mainly focuses on providing an ultimate practical Byzantine replication machine that permits Byzantine faults (malicious nodes). It is assumed that there are independent node failures and manipulated messages distributed by specific, independent nodes.
The goal of all honest nodes is to agree on the system’s state based on the opinion of the majority. It is important not only to prove that messages came from a specific peer-to-peer nod but also to make sure that the message was not changed during transmission.
Another great advantage is WaykiChain using DPoS with pBFT provides increased scalability. If the set of node delegates is known, many parameters can be optimized. Each time a block is created, an accounting node is randomly associated. The accounting node gains all of the transaction fees in its accounting block. Users can earn interest by locking WaykiChain coins. The interest is automatically determined each time the votes for the corresponding user account change. This consensus is very fast and the most suitable for use in a child chain. It adopts DPOS consensus mechanism, sets up 11 voting nodes, and generates a new block every 10 seconds. According to detailed calculation by WaykiChain team, currently, the confirmed transaction speed can reach 1000+tps and WaykiChain empowred with high-performance
transaction processing capabilities (TPS3300), efficient mechanism of consensus (DPoS + pBFT), powerful smart contract, as well as the blockchain ecologicaldecentralized control ability, WaykiChain can provide various major industries and key areas of vertical industry with infrastructure services and industry solutions.
WaykiChain persists in developing bottom layer technology of public chain, keeps its leading position of mechanism and technology, and layouts the development in the decentralized finance field to provide multi-level financial services to users and investors, WaykiChain launched its stablecoin system based on the bottom layer of WaykiChain public chain — stablecoin WUSD and governance coin WGRT (bechmarking to MAKER and DAI on the ETH).
The updated of waykichain public chain v2.0 version waykichain added the decentralized exchange and developed a CDP System at the bottom of the public chain for pledging WICC to get stablecoin WUSD. We developed a 3-token economy model (WICC, WUSD, WGRT) and increased the speed of block generation from 10seconds per block to 3 seconds per block, which greatly improving user experience. The version lays the foundation for us to achieve decentralized financial functions, and directly implements the three most important functions of DeFi at the moment: stablecoin, lending, and DEX.
About Decentralized exchange Waykichain has enabled everyone to have their own decentralized exchange. Anyone can set up a decentralized exchange and start trading their tokens or coins, and they will have high volume because all the exchanges will share the same liquidity. The 2020 projection for the WICC to be locked is 20 million USD, and it looks like the platform is going to surpass that amount. I expect WICC price to increase significantly due to CDP locks, but this is not investment advice and you should do your own research when investing.
WaykiChain’s 3-token economy model, and the world’s very first stablecoin supported by the bottom layer technology of the public chain, is about to start a new payment revolution, with its superiorities in risk resistance, manageability and development potential.
Stablecoins projects in crypto market can generally be divided in to two main categories according to their collateral: 1:1 fiat collateralized and cryptocurrency over-collateralized. Different types of stablecoin have their own focus on different market segments in application.
WaykiChain’s stablecoin system has been improved on the basis of MakerDAO from both economic models and technical mechanisms. It is the most advanced third-generation stablecoin system in the market. In the early stage, it was generated by pledging WICC. After the completion of the BTC and ETH cross-chain at the end of 2019, it can be generated by pledging BTC, ETH and other mainstream coins. In order to maintain the stability of its value, the system must ensure that there is enough decentralized asset to pledge as endorsement behind each issued WUSD.Its advantages are as follows:
- Self-paying fee brings better usability: WUSD is developed at the bottom layer of the public chain, WUSD can be used as a transaction fee when transferring. It does not need to pay BTC or ETH like other stablecoins e.g. USDT, DAI, etc. as transaction fee. WUSD is the only stablecoin that can achieve this.
- Faster transfer allows higher efficiency: WUSD is the bottom layer asset of WaykiChain public chain, and WaykiChain TPS is 3200, ranking NO.1 in the mainstream public chains. This makes the transfer speed of WUSD very fast, only 3 seconds to arrive.
- By increasing BTC as a collateral asset, the market value can be greater: because the fluctuation of BTC price is lower than other digital assets, WUSD is more stable in security, and the liquidity that can be pledged is theoretically up to $100 billion, far exceeding the billions of DAI.
- Decentralized mechanism developed on the bottom layer is more secure: stablecoin system of WaykiChain is developed on the bottom layer of the public chain, using a decentralized oracle price feeding system. Compared to MakerDAO’s stablecoin on the contract layer, it is safer and more reliable, and is not easy to be attacked.
- Four major risk prevention mechanisms make the system more stable: WaykiChain creates the world’s first risk reserve mechanism. In the process of declining the value of pledged assets, the system reserves the funds required for liquidation in advance in order to close the CDP when the assets are insolvent. Excessive pledge at the time of opening the position, timely liquidation when the pledge rate is lowered, risk reserve compensation when the assets are insolvent, and the melting of the Black Swan Event. The four mechanisms ensure the stability of the stablecoin system.
In the operating process of the stablecoin system, the interest generated by pledging WICC and generating WUSD and the fine generated when the bad CDP is liquidated will be automatically destroyed by the system on DEX. Therefore, when the system is active and the pledged asset is large, the total amount of governance coin will be continuously repurchased and destroyed. As a result, the value of governance coin will continue to rise. (The specific adjustment mechanism of WGRT is written in WUSD Whitepaper, also please refer to cdp.waykichain.com ).
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