A Tale of 2 Blockchains: WaBi and Walimai
Explaining the what’s and why’s of the Blockchains we’re utilizing.
WaBi is currently an ERC-20 token and will stay on the Ethereum Blockchain for the foreseeable future. If ETH can no longer cope with the amount of transactions, there will be a migration to an alternative, higher performance Blockchain with all coins being transferred. If ETH technology keeps improving and is able to cope with the volume of transactions we require, it is conceivable that migrating to another Blockchain won’t be necessary.
WaBi is a consumer incentivization token, rewarding consumers for purchases, scans, and other user related actions. Although our business is related to supply chain operations, we’d like to stress that WaBi is NOT a supply chain coin. WaBi’s growth potential expands far beyond Ethereum wallet users and crypto enthusiasts. Because of WaBi’s function as a loyalty token to incentivize our target demographic in China, we’re not only tapping into a market of over a billion potential users but also allowing real world usage to those with no exposure to cryptocurrency. WaBi is already being utilized by every day consumers.
Supply chain transactions through the Walimai retail channel are recorded on our own Blockchain already. Walimai’s own Blockchain has currently been running in Testnet mode for over a month, with a full migration planned over the course of the summer. There will be no Walimai supply chain coin for this Blockchain as we believe consumer incentivization and marketing is a much better use case. Unlike what is commonly believed, enterprise-grade Blockchain applications do not require coins to operate.
The Blockchain itself is based on Hyperledger software. In the interest of transparency, we’ve decided against utilizing a private Blockchain. We believe that ‘private Blockchain’ is an oxymoron, and hold the openness of the Blockchain as an essential feature. Therefore, Masternodes of the Blockchain will function as auditors for transactions on the supply chain. To ensure security, we will only allow reliable auditors to run Masternodes. They will have to deposit WaBi as collateral and will be paid for their work in WaBi. Beyond this, the Walimai Masternodes will function like most other Masternodes.
Specifications for the Walimai Masternodes are being finalized and we will share them when ready. We can say you’ll need a standard Linux server, a cloud based server will also suffice.
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