The blockchain revolution is challenging the current mode of operations of traditional industries. Blockchain platforms form the base on which this blockchain revolution is established. The projected demand for blockchain applications in the future has lead to the creation of new platforms with unique features, such as WaykiChain.
What Does WaykiChain Do?
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 smart contracts.
The aim of WaykiChain is to make blockchain become a dominant force in providing enterprise-scale solutions that will enable the growth of other industries.
Waykichain boasts of being able to process 1,000 transactions per second.
Currently, WaykiChain is able to provide a stable and secure environment for transactions in a prediction market through decentralization. Transparency is important in prediction markets and while centralized models can be corruptible, a decentralized model has no central or controlling party that can alter or distort the process.
While WaykiChain has chosen the online betting industry as an entry point, its use cases are expected to go beyond that.
WaykiChain improves on the traditional prediction industry by providing some key functions such as:
- Crypto-pegged coins can be used as chips in predictions
- Everyone can be a bet builder
- Anyone can create and share their own “prediction room”
- Users can bet data on blockchain
- Users can develop and launch prediction apps with SaaS platform
To make it the platform more accessible to users, entry into the WaykiChain ecosystem is low as developers and dapp operators need not develop from scratch. Dapps can be developed from the template published by the WaykiChain team.
With this pre-built template, developers do not require sophisticated knowledge of blockchain development to develop dapps.
It’s a win-win structure as dapp deployers benefit from the profit generated by their dapp while WaykiChain benefits from the new transactions and growth of the dapp ecosystem.
One unique feature of WaykiChain is that users do not pay for gas, unlike most other blockchain platforms. Instead, the smart contract owner pays for the gas.
The hybrid architecture of centralized and decentralized functions that allows this also makes it possible to improve the performance of the system without hampering public credibility.
The ecosystem currently has 2 functioning dapps:
- WaykiBet is designed for making betting transactions without trust cost or handling fee and the payout is delivered automatically via smart contract.
- WaykiTimes includes the wallet to hold WICC coins, community modules and the official channel for Waykichain news and updates. Community engagement is possible on Waykichain as users can freely post and comment discussing hot topics with others in the community.
Consensus
Waykichain uses a Delegated Proof-of-Stake (DPOS) consensus mechanism. It has 11 accounting nodes and generates a new block every 10 seconds.
When a new block is generated, an accounting node is selected randomly from the 11 nodes with the most votes. The accounting node gains all the transaction handling fees in its accounting block.
Users can earn interest by locking Waykichain coins (WICC). The user is granted the corresponding number of votes which can be cast for 11 candidates at most. Then the user will be awarded according to the corresponding interest.
The rate of interest for the first year is 5% and will keep reducing by 1% every year until the rate becomes 1%. The rate will then be fixed at 1%.
WaykiChain Achievements So Far
The WaykiChain project started in May 2017, and work began on the underlying blockchain system in August 2017. In January 2018, the project officially launched and WaykiChain coin (WICC) was listed on 5 exchanges including Huobi Pro.
On May 13, 2018, the WaykiChain mainnet was launched. WaykiBet V1.0 was created, with AEX supporting the token migration. In June, the dapp was upgraded to V2.0.
WaykiChain and CAITEC reached strategic cooperation in September 2018 which enables both parties to take advantage of the other’s platform to conduct research for the purpose of aiding commerce in China.
On October 31, 2018, the WaykiBet V2.5 was launched as shown in the snapshot above. This was followed by the official launch of WaykiTimes about a week later.
In December 2018, the WaykiChain Developer Portal was launched with the aim of increasing the developer-friendliness of WaykiChain for developers and companies.
As shown above, WakyiChain started 2019 strong with WaykiTimes entering mainstream app stores such as Google Play Store, Tencent MyApp, and iOS App Store in January.
This was followed by an upgrade of their mainnet in February, as well as the launch of their English version of their developer portal.
The WaykiChain Team
WaykiChain was founded by Wayki Sun who is also the Chief Security Officer (CSO) of the platform. He is one of the earliest digital currency investors in China. Sun is the founder of Xinhuo Network, the founder of Ou Lu Zhong Chou and the Managing Director of Jufeng Digital Asset Management Co., Ltd.
The CEO of WaykiChain is Gordon Gao. He has experience as a Lead Data Scientist on Wall Street, and also as a Senior Data Analyst at Alibaba Group.
Richard Chen is the CTO of WaykiChain. Richard was formerly at Alibaba, worked as a senior VP of Morgan Stanley for 3 years and as a Chief Architect for Intel for 8 years.
The Chief Brand Officer (CBO) is Tony Chau who is also the co-founder of WaykiChain. He has experience in industrial surveys and commercial analysis at Hongshang Asset Management Co., Ltd.
Xi Zhang is the WaykiChain’s Chief Procurement Officer (CPO). He was formerly the Senior Product Manager of Tencent, and has been involved in the internet industry for 14 years.
The WICC Token
The WICC token is the official coin in the WaykiChain ecosystem. The WaykiChain token started as an ERC-20 token on the Ethereum blockchain. The token migration to the Waykichain mainnet coin took place in June 2018.
The token can be used in all WaykiChain wallet applications, including the wallet in WaykiTimes, WaykiBet and the web plug-in wallet. WICC is a kind of fuel consumed in the ecosystem which allows the user to have access to the applications on WaykiChain.
WICC can be bought with Bitcoin or Ethereum on several exchanges such as Huobi and AEX, and they can be stored in any WaykiChain wallet application such as WaykiTimes.
The market price of WICC is currently $0.15, with a circulating supply of 189 million and a total supply of 210 million.
Challenges and Competitors
WaykiChain is a blockchain platform just like Ethereum and EOS. It is more similar to EOS because they both use the DPoS consensus mechanism.
The uniqueness of the WakyiChain platform is their developer-friendliness and zero gas fees for users.
The major challenge a platform like WaykiChain is the onboarding of developers and the attraction of enterprise users, and there is stiff competition among blockchain platforms.
While Ethereum is currently leading this race, the marketplace is very large and there is room for other platforms to gain a slice of the pie.
What Makes WaykiChain Unique?
There are many blockchain platforms that are similar in that they want to create an enterprise-level blockchain infrastructure to produce the next generation of web connectivity. However, the approach of each one differs.
Here’s what differentiates WaykiChain from other blockchain platforms:
- Developers and dapp creators can develop dapps from the template provided by the WaykiChain team, instead of building from scratch. This makes WakyiChain much more accessible.
- Smart contract owner pays for gas, not users.
- The performance of the system can be improved without losing public credibility because of the hybrid of centralized and decentralized technical structures.
Conclusion
While cryptocurrencies are gradually going mainstream, it is important to note which projects are adequately prepared to be adopted by the global community. WaykiChain looks to compete in the market with its hybrid architecture to gain an advantage over other similar platforms.
WaykiChain has a working product that is already in use, and it is among the few cryptocurrencies outside the top 100 that has a working product. With a small market cap of about $31 million at the time of writing, there’s a reason to be optimistic about the future of WakyiChain.
Learn more about WaykiChain by joining their community on Facebook, Twitter or Telegram.
