WaykiChain

1. What is WaykiChain?

By fully integrating the features and advantages of blockchain’s decentralization such as irreversibility and fairness, WaykiChain aims to build the blockchain 3.0 commercial public chain, provide enterprise-level blockchain infrastructure and industry solutions, and create a new business model in the new era. Taking the betting industry as an entry point to amass users, WaykiChain will gradually develop business like assets with trading and foreign exchange trading, and ultimately become a “Big Platform” and “Big Ecosystem”. On May 13th, 2018, WaykiChain public chain is officially launched and in operation. The WaykiChain Wallet DApp has been updated to v2.1.3. It is the first betting application based on blockchain technology holding three betting games ”Football Betting”, “Basketball Betting” and “WaykiChain Betting”.

2. What is WaykiChain decentralized betting application?

WaykiChain decentralized betting application is the first smart contract application launched by WaykiChain team. Each bet is triggered by the application developer via a smart contract. During the period specified in the contract, the users can initiate betting transactions, and all betting records can be traced on the blockchain browser and can never be tampered with. The smart contract will automatically reward the winners based on the final result. WaykiChain will use smart contracts to automatically execute the game rule on its public chain. Instead of relying on trust between people, WaykiChain betting application adopts trust among machines to save credit costs, and guarantees full compliance with the rules and setting. Besides the WaykiChain Official team, the developers of the decentralized applications can be any other third-party. WaykiChain welcomes all developers to join.

3. What is WaykiChain mnemonic?

WaykiChain wallet mnemonic is a series of lowercase letters used to recover the wallet. If mnemonic is saved, WaykiChain wallet can be recovered. If mnemonic is forgotten and the wallet is deleted, the wallet cannot be recovered.

4. Are there any requirements or restrictions for developing projects on WaykiChain?

WaykiChains code is completely open. WaykiChain welcomes third parties worldwide to develop, carry and operate various application products on WaykiChain, and finally form a diversified public chain community. WaykiChain is happy to provide public chain technology support for any individuals or third parties. Applications developed and operated by third parties, based on WaykiChain public chain, need to comply with local laws and policies. Only after obtaining related licenses, permits or qualifications required by local laws and policies, developers and operators can launch and operate their applications on WaykiChain. Because public chains are global, anonymous, and open source WaykiChain cannot check the identity or have the ability to control third parties. Therefore, third parties should bear responsibility of their own actions.

5. What consensus mechanism does WaykiChain adopt?

WaykiChain adopts DPOS consensus mechanism, a new algorithm to guarantee the security of cryptocurrency network. DPOS consensus mechanism can offset the negative effects of centralization through implementing technology-based democracy, and maximize the effectiveness of the public chain through the nodes accounting. DPOS can be understood as giving the token holders a key to open the voting rights corresponding to their tokens, instead of giving them a shovel to mine. DPOS can maximize the profitability of the token holders, minimize the cost of network security, maximize the efficiency of the network, and minimize the cost of network operation. WaykiChain has 11 accounting nodes in total. The nodes are generated by the token holders’ votes. If nodes are making trouble or cannot account normally, the token holders can change their votes, so that there will be other nodes to replace them to ensure that the public chain will continue operating normally.

6. What is public chain? What are WaykiChain’s advantages as public chain 3.0?

There are three different types of blockchain: public chain, consortium chain, and private chain. Public chain refers to the consensual blockchain that any individual or team can read and send transactions to, and obtain valid confirmation. Public chain, also known as the non-license chain, is totally open to the whole network that any node can enter or leave at any time without any permission. As a public chain of blockchain 3.0, WaykiChain has the advantages of fast speed, high stability and flexibility, and low a handling fee, providing rich development tools and perfect development environment for worldwide developers. Adopting DPoS consensus mechanism, side-chain technology and other technologies, WaykiChain can process 1000+ transaction requests per second. Relying on its strong strength of underlying technology and innovation, WaykiChain can effectively support high-traffic application scenarios and implement an ecosystem for WaykiChain applications.

WaykiChain Block Explorer is a system that displays all transaction information on WaykiChain and provides visualized track services. Technically, a block explorer works by scanning the block into the database server and then setting up a Web access service. Users only need to import the transaction hash to check whether the transaction has been packaged and confirmed. From the point of product, block explorer is more suitable to be called as asset explorer, which provides asset certification for users so that they don’t have to visually identify or manually analyze the transactions themselves. The block explorer also provides statistics of blocks and transactions, helping users to directly understand the activity of the blockchain. The statistics can also be translated into various indexes for investors to understand the project. To track the transactions, users can search relevant information on WaykiChain official website through WaykiChain wallet address, transaction hash or block height.

8. How WICC Transfer Works?

When initiating a WICC transfer, this transaction should be broadcast to the whole network. After receiving this transaction, the ledger node will first put it into the local memory pool to verify if WICC transaction is valid. If successfully verified, the transaction will be put into the “Unconfirmed Transaction" pool to be packaged, if not, the transaction will be marked as "Invalid Transaction" and will not be packaged. In other words, the ledger node will verify every transaction timely and update its "Unconfirmed Transaction" pool. Upon being approved with the ledger, the node will draw thousands of transactions from its "Unconfirmed Transaction" pool to package. Due to the large amount of transactions in the pool and the limited amount every node can record, sometimes, transactions cannot be packaged immediately.

9. What is WaykiChain Address?

WaykiChain address is a 34-bit string consisting of English letters and numbers that may look like digital gibberish(WdPY9EEo1GWYuvyB6qZApdLknGmeXXXXXX). My WaykiChain address WXv6xP8yVW4PkZ3DPvxqfBtfz7Bof1RJHm, as an example, looks like this. All transference records for each WaykiChain address can be found through the blockchain explorer. The address is a personal WaykiChain account like your bank account number. Anyone can transfer WICC to you via your WaykiChain address. How do I get my own WaykiChain address then? You can download a WaykiChain Wallet on WaykiChain official website, or register one on trading platforms. Each user's WaykiChain address is unique. It should be noted that each WaykiChain wallet can only create one address, therefore the wallet mnemonics must be kept safe.

10.WaykiChain Whitepaper

http://www.waykichain.com/Whitepaper.pdf

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