Why WY Chain?
From the very beginning of Cryptocurrency since Satoshi Nakamoto released Bitcoin, Cryptocurrency market has been gaining mainstream adoption. Blockchain technology and the consensus mechanism have changed from proof of work, and is enhancing everyday.
Currently the main components which make trade-offs between three components: decentralization, Scalability and security. This is known as the Blockchain trilemma.
Bitcoin strongly focuses on decentralization and security, but the transaction here requires more fast confirmation and thus requires more speed. This leads to being less suited for any kind of transaction that is fast, like day to day transactions, asset trading and transactions on which many businesses rely on in general.
The process that occurs in the back-end to consumer-end solutions requires high throughput and fast finality.
Providing security and scalability through a decentralized platform at a large scale is a big challenge for the blockchain industry.
WY chain offers better security and decentralization in favour of reliability than any other solution.
WY chain works on its high speed consensus mechanism, DPoS and addresses the problems of scalability. It allows digital assets to operate at extraordinary finalities and delivers consequential improvements over the current systems.
In fact, WY chain allows customisation of blockchain for the digital assets and does not rely only upon the advantages of pure performances delivered by WY chain. The network works on the optimised Proof-of-stake consensus mechanism which offers exceptionally high levels of security.
WY chain’s DPoS consensus mechanism works efficiently to scale up networks around the world in a permissionless, open environment, providing a good degree of decentralization.
DPoS consensus substantially reduces the number of nodes participating in validating and bookkeeping, delivering an efficient model of consensus-making.
How does the WY chain Work?
WY Chain is Modular
In the Proof of Stake consensus system, each person who stakes a token can participate in the “mintage” process which means that they get a chance to select layer two nodes which further validates blocks and be rewarded for adding blocks to blockchain.
The modularity makes the WY chain exceptionally flexible. Developers can port their existing dApps on WY chain mainnet in a matter of minutes, significantly upgrading the performance and lowering the costs.
WY chain is Adaptable
Networks built on the WY chain are independent from one another. The performance and scalability does not get affected by traffic or overcrowding.
WY chain solved the problem of adaptability issue by giving each application a platform. It works similar to running each application in different systems that are part of the same network.
A handful of representatives are selected among all stake-holding nodes, and are given the rights of bookkeeping. In this case, the issue of complex communication is thus resolved.
Delegated Proof Of Stake (DPoS) is a consensus algorithm which is an advancement of the fundamental concepts of Proof Of Stake. WY chain is a network made of a potential nodes of decentralized computers.
In DPoS consensus users can either directly vote or give their voting power to another entity to vote on their behalf. Selected witnesses are responsible for creating blocks by verifying transactions.
WY chain with DPoS makes it more democratic and financially inclusive due to lesser staking amount required by any user/node.
WY chain is secure and environment friendly
WY chain is secured by Delegated Proof-of-Stake, unlike Proof-of-Work, used by Bitcoin and Ethereum, Proof-of-Stake prevents centralization and saves electricity power.
DPoS is able to provide a huge level of security to distributed networks. WY chain offers complete finality, that means transactions can never be reverted like in centralization networks with probabilistic finality.
The consensus mechanism is scaled to quality and a handful of selected representatives among all stake-holding nodes, and are given the rights of bookkeeping.
WY chain is open
WY chain gives open-participation
With DPoS, coin holders use their stake in their coin balance to cast votes for delegates. Votes are weighted by the voter’s stake. The more significant your investment, the more participation one has in the system.
The delegates don’t necessarily need to have a significant stake, but they are competing against each other to garner votes. And they do get paid for their work.
Future with WY chain
WY chain is a DPoS based platform, which gives an innovative consensus and incentive mechanism. We are growing our blockchain ecosystem with the whole blockchain technology tribe.
With growing blockchain technology it is with pride for us to be the part of the digital revolution that will be in due course will pervade all aspects of our finance and daily life. We are moving from just internet to global scale of digital assets.