There are few occasions where blockchain technology can have a direct utility through the mere use of raw smart contracts; prediction markets are a great example. Prediction markets are an entire industry that can easily benefit with the aid of blockchain technology.
It’s important to recognize that blockchain technology allows us to have a layer atop the internet. While the internet enabled the ease of communication without bounds, blockchain allows us to attach a value to that communication. Thus, it allows us to twine communication with the underlying value that communication holds.
The Evolution of Prediction Markets
Only a few decades ago, prediction markets only existed in physical locations. They were often a dedicated activity in certain cities; this all changed with the rise of the internet. The web made it possible to participate in various prediction markets at any point from anywhere.
The shift in the prediction markets is in line with the impact the internet has had in other industries too. People gave up security for convenience.
While it was certainly possible to force corruption in physical prediction markets, it was difficult for market providers to do so. Online prediction markets, however, are easy targets for fraud and tampering as there’s a strong power asymmetry. The market provider not only has direct access to all the funds of the market participants, but it also has full control of the data the prediction market is relying on. Thus, people who partake in online prediction markets innately consume convenience with the sacrifice of security.
The Benefits Blockchain Technology can Provide
WaykiChain recognizes the potential value online prediction markets can have. They have simply not achieved their full potential as many people are unwilling to sacrifice security irrespective of how much convenience is at offer. Thus, the market is being held back.
WaykiChain utilizes blockchain technology to reconstruct how online prediction markets work.
WaykiChain is not the prediction market provider as it simply provider the protocol with which others can build prediction markets of their own. Thus, in a first-ever opportunity, anyone can become the market provider rather than a mere market participant. This is possible because participants do not need to trust the market provider. Neither the funds nor the data flow are in control of the data provider. The funds are held In smart contracts and the funds swap hands based on the winner of the pre-set conditions placed in the smart contract.
Moreover, as these smart contracts provide an immutable record, no market participants—not even the market provider—can change the terms. The immutable record and the terms of who wins the prediction battle are in no one’s control as the code handles this. Thus, WaykiChain’s use of the blockchain makes it possible for everyday people to be prediction market providers if they so will. It also made it possible to participate in online prediction markets without having to sacrifice security.
The need for a Native Token
One of the major draw-backs of traditional online prediction markets is that the payout is naturally delayed. Even if the prediction market provider is well-trusted, the payments have to be in fiat. The delay is therefore understandable as any fiat transfer involves myriad transfers which add layers of delays to the transfer.
Thus, WaykiChain’s use of a native token, WICC, make it possible to ensure market participants receive prompt rewards. In addition to this, the WICC token ensures the transactions come at unnoticeable costs while fiat transfers among traditional online prediction markets come at the expenses associated with any fiat transfer.
The use of a native token isn’t just a means for WaykiChain to access a capital supply. The WICC tokens add a genuine value to the platform by making it possible to have reward fulfillment and cheaper transfers.
Building a Platform for the Future of Prediction Markets
While WaykiChain’s use of a native token and development of a blockchain allow it to have many benefits, its use of a dPoS system allows it to be the medium of future prediction markets by developing a community-centric environment where community developers will be patronized.
A delegated proof of stake (dPoS) network is naturally more efficient than a proof of work (PoW) consensus. This decision allows WaykiChain to be able to benefit from a distributed network without having to force the community to compete for weighed hash power. Instead, a dPoS focuses on community development as the community is more likely to issue its precious votes to the developers that add the most value.
As WaykiChain aims to be a platform upon which other developers can build their own applications, a dPoS network consensus ensures that, in the long run, the developers who add the most value to the network will be given enough votes to have the right to stake in the network. This builds an incentive for talented developers, with the goal of acquiring enough votes to be one of the nodes, to add innovative projects to the WaykiChain ecosystem.
While the network voting for external nodes has not begun yet, WaykiChain is designed for such a system and it is going to eventually shift to a true dPoS network. As the future of the prediction markets will rely on the innovative output of more than one party, WaykiChain is on the right track to leverage a community-driven effort. Being a network node will be a sufficient reward to incentivize talent to add value to this network by creating innovative applications that leverage the benefits of a trustless predictions market.
The dPoS consensus also makes WaykiChain a lot more resilient than the current leading provider of smart contracts: Ethereum.
While WaykiChain is not the first development that aims to provide a prediction market on the blockchain, its dPoS consensus gives it the scalability needed to support a mass user base.
Ethereum was established before WaykiChain and developments like Augur made the first move to use Ethereum to provide a prediction market. However, Ethereum’s severe scalability problems make sure that Augur and other decentralized applications have a difficult time operating and scaling forward.
Thus, while Augur averages double-digit—even single-digit—users per day, WaykiChain has amassed a user base of over a hundred thousand. WaykiChain’s throughput endurance is high enough to sustain over a thousands transactions per second. This is sufficient to consume the predictions market industry, and as additional applications are built over the network, there won’t be any systematic problems with sustaining the throughput demands.
A Curtailed Vision
While WaykiChain, at its core, is a world-class blockchain able to sustain high tps and well-designed smart contracts, it’s targeting just a single market.
There’s currently a problem within the Crypto market as blockchain developers aim to create a generalist platform. WaykiChain is not pursuing a lofty goal of providing a decentralized infrastructure for every industry in the world. Rather, WaykiChain aims to build a more secure, robust, and transparent ecosystem for prediction markets, and blockchain technology simply provides very native utilities in this sector.
This focused allows WaykiChain to strengthen and further develop its technology to best suit the need of one sector. WaykiChain, is therefore, a specialized blockchain, dominant in taking on one specific market sector. With this focused mission, WaykiChain’s team is making strides to make not generalist partnerships but strategic ones that allow the platform to strengthen its hold in the predictions market.
Despite blockchain technology being in a nascent phase, the predictions market are an easy target because the existing digital infrastructure for these sectors is not well-established. This is not a sector that major tech companies walk upon and so most of the current progress in the digital availability of predictions market has been to simply provide a platform. Enthusiasts of prediction games have simply accepted what was handed to them. Now, WaykiChain delivers to them a resolution of their problems.
WaykiChain is specializing in a sector that blockchain technology can easily penetrate into and consume the market share, and WaykiChain has a genuine strength in that it’s resolutely focused on this one sector. This assertion is proven by the WaykiChain app’s performance.
WICC Lockup Rewards
Many blockchains provide rewards for staking coins and now some decentralized applications offer such a feature to those who stake tokens. However, it is important to note that in the vast portion of such cases, the developers simply emit new coins or tokens and distribute them to the network. There’s no real demand or influx of capital supporting the value of the distributed currency. Thus, the supply gets diluted and, while the market cap remains the same, the token price drops.
WaykiChain provides rewards to users who stake tokens.
The difference is that WaykiChain actually has a real cashflow as it has an actual user base. WaykiChain allows the community to share in the success of WaykiChain as anyone can stake WICC and earn share of the fees collected by the central contract. Thus, WaykiChain is one of the few projects with an actual cash flow to support the rewards given to users who stake tokens. Moreover, anyone has the ability to participate in this and thereby share in the rewards.
Application users, in particular, are greatly incentivized to participate in the program as they can earn back a large portion of the (already small) fees they pay as a portion of the fees they pay are returned back to them for each WICC they stake. Therefore, WaykiChain is actually community-centered. Nearly every project touts that it’s community-centered but WaykiChain actually follows up with the actions that match the assertion. The WICC lockup rewards are just one example as WaykiChain aims to provide great community support across various platforms.
WayiChain has amassed a following of tens of thousands on its social media channels. This is the fruit of strenuous and dedicated work as the team is constantly thinking of innovative means to engage the community. The goal is to build a community and not just a collection of application users or token holders. Thus, at any occasion, whether it be Halloween or Bitcoin’s anniversary, the WaykiChain’s community managers set up competitions and fun challenges.
Engagement aside, the team values the provision of information to token holders.
WaykiChain has made its communication greatly accessible as there’s constant active presence on Twitter and messaging services like Telegram. These channels are even a means to directly question Wayki’s team as representative will promptly pass questions on to them. Due to WaykiChain’s constant engagement and presence with the team, it has been possible to add meaningful and desirable updates to the WaykiBet application; the community is the driving force behind the future direction of WaykiChain and the progress funnels into the application.
WaykiChain currently offers two applications that are built atop the WaykiChain public chain.
Given the strong focus WaykiChain has on providing information to the Wayki community while providing a comfortable and interactable ecosystem, WaykiTimes is a unique wallet. WaykiTimes can (certainly) be used to store WICC, but it also is an easy means to lockup WICC to earn fee reward distributions and transfer WICC. The application transcends any wallet because it offers a content stream to educate WaykiChain community members while allowing to comment and interact with each other on the platform.
WaykiTimes is a testament to WaykiChain’s dedication to innovate and carry the blockchain industry forward by placing the community at the heart of the progress.
WaykiTimes is the means to provide complete, accessible, and transparent updates while creating an open and interactable ecosystem where users can voice their ideas and even concerns so that the WaykiChain team can respond to them while also learning the features that can make the predictions market application, WaykiBet, ever better.
While WaykiChain has a long-term goal of building a network of developers that provide innovative applications to the WaykiChain ecosystem, WaykiBet, for now, is the flagship application of WaykiChain and if fully leverages all that WaykiChain’s public chain has to offer.
WaykiBet is a leap forward in the online stage of prediction markets and the utility of blockchain technology. By levering the blockchain, WaykiBet provides users to make direct prediction stakes and earn instant payouts, and all the underlying process is handled by advanced smart contracts.
There’s no room for human error and there’s no space for corruption as the interactions are recorded on a transparent and immutable ledger. This is what blockchain technology is meant for and as a specialist blockchain in the predictions market, WaykiChain aims to carry this application to the forefront of blockchain utility.
WaykiBet received an update that improved the UI, and this was possible due to the heavy focus on community feedback and response. The new UI is more fitting to the convenient access points and action buttons that people are accustomed to in any mass-use application. This aligns WaykiBet with WaykiChain’s goal of carving blockchain utility for mass consumption.
While the current version of the application is cored around prediction markets, the application is expected to grow. Moreover, the key purpose of WaykiBet is to function as a model for developers. WaykiChain’s team created it to show developers the format with which they can create more applications.
The team hopes that developers can use this format to carry the developments on WaykiChain forward. While they can easily expand their offering to more games or even a web-app, their CEO has stated that these opportunities are left on the table to allow other developers an opportunity to shine in the ecosystem. This is a testament to the team’s desire to foster a supportive environment to developers.
On a closing note, it’s important to mention that WaykiChain’s applications and lock-up programs have rallied up strong interest given the limited audience of the Crypto space. The team is exercising creative means to reach out to an audience beyond the Crypto space by creating interesting videos and content while also making access to the applications as easy as possible.
Contest & Free STEEM
WaykiChain is seeking names for its mascot. Each creative entry will get 100 WICC.
Name the mascot here: https://twitter.com/wayki_chain/status/1070575516632014848
After naming the mascot, take a screenshot of your Twitter reply and post it here.
- Mention the name here as-well.
- Resteem this article.
- WaykiChain has a dPoS consensus just like STEEM; what does dPoS mean?
2 STEEM/person; 30 participants.
Remember, try to be original because their team will award original names with 100 WICC (worth 50 - 60 STEEM).
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