General
What is WYZ?
WYZ is the primary utility token for the WY chain network. WYZ is used for governance, ecommerce, sports betting and gaming platforms. WYZ is used for securing the network through staking.
What problem does WYZ solve?
WYZ token have a use case of securing the network through the Delegated Proof-of-Stake system. For participating, validator nodes need to hold minimum WYZ, bookkeepers need to lock up their WYZ. And in return of this process, both stakers and the nodes are rewarded with rewards and fees. WY chain prevents centralization, also the system is environmental friendly.
WYZ is required for on-chain governance. WY chain is completely leaderless and permissionless, decentralized ecosystem. Thus the decision regarding the network is purely democratic and carried out on-chain governance. WYZ is the governance token vital to participate in the voting process. Stakers can vote for any changes or improvement required on network.
What is a consensus algorithm?
A consensus algorithm is a mechanism to reach agreement among nodes in distributed networks. It removes the need for a central authority and allows the whole network to agree on data and the ordering of events in a trustless way.
Nodes participating in the network maintain an exact copy of the ledger, allowing applications built on top of the consensus protocol to function correctly.
What are proof of stake blockchains?
PoS is the second most popular consensus mechanism and solves many of the disadvantages found on PoW blockchains like lack of speed, poor scalability, inefficient energy consumption, and high barrier to entry. Examples of current industry-leading PoS blockchains include Polkadot, EOSIO, and Cardano.
What is DPoS Consensus?
Delegated Proof of Stake (DPoS) is a popular evolution of the PoS concept, whereby users of the network vote and elect delegates to validate the next block. Delegates are also called witnesses or block producers. Using DPoS, you can vote on delegates by pooling your tokens into a staking pool and linking those to a particular delegate. You do not physically transfer your tokens to another wallet, but instead utilize a staking service provider to stake your tokens in a staking pool.
What is finality ?
Finality is an essential feature for ventures accepting cryptocurrencies because waiting endlessly on a blockchain network can have a high adverse effect for businesses or enterprises that accept crypto as a means of payment. When creating a payment system, to be effective, it is crucial to have low latency.
Finality is the assurance or guarantee that cryptocurrency transactions cannot be altered, reversed, or canceled after they are completed. The latency level of a blockchain will ultimately affect the chain's finality rate.
What is liquid staking in WYZ?
Liquid staking enhances the sustainability of the network and gives more flexibility for investors. Use your staked WYZ on WY chain as DeFi collateral.
WYZ token
Is WYZ an TRC20 token?
Primarily, WYZ has an WY chain and TRC20 token, in future the network would be expanded.
What’s the purpose of the WYZ token?
The WYZ token has a number of use cases within the WYZ ecosystem.
It plays an important role for a well-functioning, healthy and secure network.
1. Securing the network
WYZ works on Delegated Proof-of-Stake system that requires validators to hold WYZ.
Anyone with minimum WYZ token can run their own validator node to earn staking rewards and transaction fees.
Every WYZ holder has the option to delegate their tokens to a validator to receive staking rewards.
Validators then take a small fee for their services.
2. Paying for network fees
To compensate validators for their work and prevent transaction spam, every action performed within the WYZ network costs a small fee.
This fee is paid in WYZ.
3. Voting in on-chain governance
Decisions regarding the WYZ ecosystem are made using transparent on-chain voting.
Votes are weighted according to the amount of WYZ held and by an witnesses based on bookkeepers.
How does WYswap works?
WYswap is the first decentralized exchange protocol for automated liquidity provision on WYZ. Instant exchange between BTC,ETH,USDT,LTC,TRX & DOGE with Unstoppable liquidity for thousands of traders and hundreds of applications.
1. Instant execution, without waiting for order match in the queue.
2. Empower any users to participate in an open financial marketplace.
3. Permanent trading fee paid to you with zero commission from the protocol.
How to access DeFi with in WYchain?
On WY chain, you can access DeFi and trade directly.
Step 1
Deposit WYZ to your wallet.
Step 2
Mint WDAI with your WYZ.
Step 3
Use WDAI to trade, lend and borrow.
What is the future with WYchain?
WY chain is DPoS based platform, which gives innovative consensus mechanism. We are growing our blockchain ecosystem with the whole blockchain technology hoard.
Does with growing blockchain technology it is very much proud for us to be the part of digital revolution that will in due course will pervade all aspects of our finance and blockchain. We are moving from just internet to global scale of digital assets.
What is the supply of WYZ Token?
The total supply of WYZ is 50 Million and is currently circulating. There are more than 12000 holders off the WYZ token. The total market cap is 5,582,382.45 USD. WYZ is currently available as native main net token and as TRC-20 token.
How does DPoS differs from PoS Consensus mechanism?
The Proof of Stake system asserts that a person can mine or validate block transactions based on how many coins they hold. So, the more altcoins a miner owns, the more benefits they can get.
Whereas Delegated Proof of Stake combines real-time voting with a system based off of reputation to reach consensus across the blockchain. Each and every token holder has a say in what happens on the blockchain. Delegates are voted in by token holders. Their role is to ensure their node is always running smoothly, to validate transactions, and to work in the network’s best interest at all times.