WaykiChain's (WICC) network is focused on dApp solutions of various kinds, and this is what I'm going to be writing about today. Do read the other guides I've written, like FunFair (FUN), VeChain (VET) and Ziliqa (ZIL).
WaykiChain is another third-generation blockchain platform that supports Turing-complete smart contracts to ease adoptions from the non-crypto community. You can compare it with the likes of EOS because WaykiChain also implements Delegated Proof of Stake (DPoS) for its consensus algorithm.
At first, WaykiChain was designed to be the blockchain platform for the online gambling industry, but the current expectation is to be used for other different types of dApps as well.
The challenge is huge, but Waykichain core team still believes they can do it and eventually come out on top of its competitions. So, how does Waykichain work, and what’s the story behind it? Let’s find out together!
History of WaykiChain
The main figures behind WaykiChain - image source
Just like most Chinese-based cryptocurrency companies, there are not many details on how the team started. What we know is that the main founder of the project is Wayki Sun, who acts as the Chief Security Officer for WaykiChain. Apparently, the name WaykiChain is inspired by Wayki Sun’s first name.
And it looks like Wayki Sun is also one of the early investors for the project itself with more than a decade of experience in the financial and internet industries.
Then, we have Hang Gao, who acts as the Chief Executive Officer. Hang Gao joined the team in May 2018, about one year after Wayki Sun founded WaykiChain. Hang Gao has an impressive track record, he was the Senior Business Associate at Alibaba for one year, and he spent another one year at Fishbowl as Marketing Analytics.
Another important figure of the team is Richard Chen, the Chief Technology Officer of WaykiChain. Apparently, he was promoted to CTO role in July 2018. He used to be the Chief Technology Officer at Zeta Finance Management and the Senior System Architect At Alibaba.
And according to ICODrops, WaykiChain finished its Initial Exchange Offering (IEO) on June 18, 2019, with a simple $250,000 token sale to the public.
The team itself has made good progress, in general. The mainnet was officially launched on May 13th, 2018. And then, the first version of WaykiBet (1.0) was launched. By June 2018, the same dApp was upgraded to the second version.
WaykiBet application from WaykiChain team - image source
Just a few months later, particularly in September 2018, WaykiChain cooperated with CAITEC to start research together for the sole purpose of aiding commerce industries in China.
Purpose of WaykiChain
At first, the main purpose of WaykiChain was to become a decentralized online gambling platform. WaykiChain even created a solid dApp that is linked to its branding. They call it the WaykiBet.
However, as the development keeps going, the purpose of this project has gone beyond the gambling industry. It looks like nowadays WaykiChain is promoting itself as yet another “better Ethereum,” which makes it more appealing to a wider audience, but it will also compete with the rest of other “supposedly better Ethereum” altcoin projects.
Technology of WaykiChain
WaykiChain technology supports multiple features and various applications
As we have mentioned earlier, WaykiChain is a third-generation blockchain that supports Turing-complete smart contracts. For your information, being Turing-complete means the ability to recognize or decide other data-manipulation rule sets. WaykiChain caters to this idea because theoretically, mainstream programming languages are always Turing-complete.
And to support its vision to be the dominant player in the public blockchain space, WaykiChain claims that it is able to process up to 3300 transactions per second (TPS).
To achieve such speed, WaykiChain uses the popular consensus algorithm that’s also being used by other new altcoin projects, which is DPoS (Delegated Proof of Stake) combined with Byzantine Fault Tolerance (BFT). WaykiChain has 11 accounting nodes with a new block being generated every 10 seconds.
And of course, because it utilizes DPoS, the community can choose to lock their Waykichain tokens (WICC) for their votes. As a reward, the users will be granted a 5% yearly interest, which will gradually decrease one percent by one percent every year until it goes to a simple 1%.
WaykiChain’s smart contract system itself has several advantages over its competitions.
First of all, the smart contract on WaykiChain can be used for asset initiations to generate dividend sharing rules. The rules themselves are then created by a different set of conditions. And by the way, smart contract fees in the WaykiChain blockchain are paid by the smart contract creators and not by the users.
For betting terms, they can also be started through a smart contract. Considering WaykiChain was started for betting, it’s no wonder why they made this adjustment in the first place.
Gamblers here can start betting contract transactions, which then can be easily tracked by the block browsers. When the bet session is finished, the bet initiation can publish the results, and then the gains will be shared fairly. In other words, everything can be automatically issued after the results come out.
One other thing to note, WaykiChain team claims that application developers on WaykiChain can easily develop dApps from “pre-made templates” that are provided by WaykiChain core team itself. They do this to ease the platform adoption.
The Importance of WICC In The WaykiChain Ecosystem
The native cryptocurrency of WaykiChain is called WICC. When WICC was launched the first time, it was only an ERC20 token, like most newer altcoin projects out there. However, at the time this post was written, WICC has migrated to WaykiChain’s own blockchain platform since 2018.
WICC token is used for all applications in the WaykiChain ecosystem, which include WaykiTimes (WaykiChain’s official mobile wallet application), WaykiBet, and other apps. WICC works similarly to other blockchain 2.0 and 3.0 platforms, where the native token is used to pay for gas or fuel in the network.
Competition And Challenges
Because WaykiChain is yet another “supposedly better than Ethereum” dApp platform, naturally, it has to compete with the likes of EOS, Tron, NEO, and many other similar platforms. While WaykiChain was focusing its efforts on gambling, but now it is targeting a much wider audience, and it hopes to be able to attract average dApp developers to its platform as well.
And keep in mind, even in the niche of gambling, many dApp developers have developed gambling-based applications on top of EOS or Tron or others. So, even if they chose to focus on the betting industry, they would still have to compete with these mainstream dApp platforms.
The problem with WaykiChain is actually not unique. In a super-competitive world of cryptocurrencies, having a “better speed” and better consensus model is not enough, especially when every other newer altcoin project out there can also copy your idea and implement it into their own blockchain platform.
The challenge here will be to attract both users and dApp developers to WaykiChain. If they don’t provide enough incentives, it will be very hard to attract these dApp developers to WaykiChain. And obviously, without enough interesting dApps, users won’t ever come — a matter of chicken and egg.
Even the most famous dApp platform right now, Ethereum, finds it hard to attract casual users to use their dApps regularly. After years of development, most of Ethereum dApp users are still your average crypto traders.
There is a lot of potential for WaykiChain, but only if they can find a unique way to attract both users and dApp developers into their blockchain platform. Whether they can do it or not, it will depend on multiple factors, such as the overall popularity of dApps, and their long-term plans to beat their competitions.
WICC In The Crypto Market
At the time this post was written, one WICC token was worth $0.116206 USD with the market cap of $21,962,911 USD. The daily trading volume was slightly above $800,000, with 210 million tokens as its total supply.
You can trade WICC on various crypto exchanges such as CHAOEX, BKEX, Huobi, Bithumb, CoinTiger, HotBit, DragonEx, or BitZ. WICC used to be part of the top 100 crypto rankings but it has been going down recently. What will happen to this token in the future? Nobody knows. It might be able to climb up the crypto rankings again.
Where To Store WICC Token
WaykiTimes - wallet app to store your WICC tokens
If you are interested in storing WICC token with your own crypto wallet, you should download the official wallet application called WaykiTimes. It is endorsed on the official homepage itself. Because WICC token is not an ERC20 anymore, you cannot store it on typical ERC20-compatible wallet applications.
WaykiChain is an interesting project, and the team has made good progress in the past two years. However, the competition in the dApp platform space is extremely hard. It will take huge marketing and branding efforts before WaykiChain can attract a decent amount of developers and users to the platform.
But, just like every analysis and prediction out there, it is always hard to see where the crypto space is heading. We will never know if WaykiChain can finally become one of the top altcoin projects or not. Only time has the answer.