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WaykiChain Beginners’ Guide

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Recently, a cryptocurrency known as the WaykiChain has gained a lot of momentum in the cryptocurrency market. Unlike many mainstream cryptocurrencies, WaykiChain has already released a few of its projects and demonstrated real-world applications.

But what exactly is WaykiChain?

Problem Statement

Since the advent of the internet and computers as we know them today, there have been a lot of innovations in different industries. Many old processes and technology have been discarded and newer internet based solutions have taken over which have made the execution of several complex and time-consuming tasks easier. Resources spent on information exchange have also reduced. Later sensor technology was invented which made the process of verification easier in daily business transactions.

Despite these awesome inventions, there are still a lot of limitations in the entertainment, economic and business sectors. Simple tasks like sharing of data have their share of problems. There is a lack of trust factor in business and economic sectors for daily dealings. Thus, there is a need for a third party that can help in the validation of any party involved in a transaction.

What is WaykiChain

WaykiChain’s vision is to modify the current financial and information sharing practices. WaykiChain has positioned itself as an infrastructure that is based on both Ethereum and Blockchain. WaykiChain intends to trigger a collective growth of different industries by presenting an enterprise solution. WaykiChain also aims to revolutionize the conventional procedures and methods related to transactions and transfer of data on the internet through BlockChain.

Common people and financial corporations can utilize WaykiChain’s ecosystem to share information which can be verified by WaykiChain, thus solving the trust factor. Moreover, the communication features of WaykiChain can substantially aid dealings between clients and businesses.

WaykiChain’s Proposed Solutions

WaykiChain has provided many features in its whitepaper. Few of them are:

Smart Contracts

WaykiChain like other cryptocurrency platforms also supports the popular cryptocurrency feature known as a smart contract. These smart contracts can help in a variety of real-world applications including copyright issues, decentralized exchanges and asset problems.

WaykiChain’s smart contract can be built using the programming language Lua. Lua was developed in the early 1990s and has an extensive developer community. It has been used in desktop development, web development and the Internet of Things. It also is one of the easiest programming languages and hence it provides an incentive for developers to code on WaykiChain’s platform.

Released Applications by WaykiChain

The first smart contract that was delivered by WaykiChain’s team is the WaykiChain decentralized betting application. In this application, the smart contract will assign a time duration in which the user can engage in the betting process. All the conditions related to betting will be given. When a bet is finished, the contract will release the results. The smart contract will then reward the winners.

Decentralized exchange market is another well-known application of WaykiChain. In this application, a person can convert his real assets into a Wayki asset. They can then trade those Wayki assets in the market easily. The smart contract will be responsible to decide the dividends as well as analyze the market and choose the right price of the asset.  

Sidechain

The most popular smart contract cryptocurrency Ethereum, failed when Cryptokitties were released. Ethereum’s network was unable to handle the massive influx of users. Thus, scalability remains a huge problem. Fortunately, WaykiChain has a feature known as sidechains which can deal with huge amount of users. Applications built on WaykiChains will have their own sidechains and they are not linked in any way to each other.

WaykiChain Foundation

WaykiChain is supported by WaykiChain Foundation which was formed in 2017 in Hong Kong. The foundation’s purpose is to raise the required funds for WaykiChain’s projects and utilize those funds for appropriate use.

Waykicoins

Each cryptocurrency’s ecosystem requires the use of a token that serves as a fuel. The tokens that will be used in the WaykiChain’s ecosystem are named Waykicoins. Waykicoins are currently in the possession of WaykiChain Foundation that will continue to sell it in future in public sales. The total supply of Waykicoins is 210 million.

Conclusion

Unlike other cryptocurrencies who are using fancy lingo and are trying to be over-ambitious in their quest to become the next big thing, WaykiChain tends to stay in touch with reality. The developers are steadily working to produce a system that can actually help the masses. Therefore, we believe it is one of the cryptocurrencies to keep a watch on in the future.  

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