Wienchain — Key to Future ‘Hyperconnected Economy,’ Say Researchers

A global pandemic, massive and worldwide protests, job automation, environmental issues and geopolitical tensions are just a few of the challenges facing humanity today. Amid the chaos, keystone global institutions and bureaucrats have openly discussed the present day as an opportunity to remake the world. “The Great Reset,” as the plan has been called, represents a radical initiative by world leaders — many of whom are unelected — to transform the global economy.

Securing seed money for blockchain startups is a tricky business in normal times, but with a pandemic raging, it’s really touch-and-go. Private investors have been walking away from startup deals lately, looking to conserve working capital in uncertain economic times. But fortuitously, governments and government-like entities have been rushing in to fill the gaps.

A blockchain simply means a decentralized cryptographic database that exists on linked computers called nodes. Each node keeps an up-to-date copy of the entire database. All nodes have to verify and approve a transaction before it is added to the database.

WHAT IS WIENCHAIN ​​DAO???

Wienchain is approaching the concept of DAOs from a user-centric perspective. Our major goal is to create value for people and align incentives for all stakeholders. We are looking at creating a new form of organization that can provide new options, solutions and innovative answers to a variety of ubiquitous trends in modern society such as the increasing numbers of digital jobs, liquid careers, global teamwork, project-based, self-determined office hours or even career limitations based on your nationality.

We enable the future of work and collaboration

Weinchain is innovating work and collaboration through our DAO. To understand how it works, we will compare it to a traditional form of centralized, hierarchical, top-down organization.

• Overall process and participation: With a centralized organization, the processes and job interviews aren’t transparent. Wienchain DAO has open participation based on rules written in code. Transparency is one of our highest values.
• Globalization of an organization: Traditional organizations usually employ teams based on a certain location, with DAO, organizations can have decentralized global teams contributing from all around the globe.
• Flexible work schedule: You don’t need to report to an office from 9 am-5 pm, Mondays to Fridays. You can now work in your own social networks on your own schedule.
• Clear distribution of funds: Our DAO will allow an open and transparent distribution and pitching for funds compared to traditional organizations that have opaque salary distribution with low salaries at the bottom and high salaries on the top of a company’s hierarchy.
• Fair distribution of powers: Decision powers within traditional organizations are distributed within fixed top-down job positions. For DAOs, trust and decision powers are based on established rules.
• Power to choose any job: With Wienchain DAOs, you will have the mindset of creating your own job rather than doing your job bounded by job descriptions.

In summary, Wienchain DAO aims to decentralize traditional organizations giving you the freedom of work and collaboration. Next week we take a deep dive into the Wienchain proposal system!

Stakeholders in the Wienchain DAO

There are three core stakeholders in the Weinchain DAO: miners, proposal owners, and master nodes. Meanwhile, there are three related stakeholders: WIEN community members, experts and delegates, and all potential WIEN users. Let’s take a look at these stakeholders:

• Miners: Miners play an important role in ensuring the function of the process in any blockchain. Miners must be able to provide computing power to the specific blockchain to create a hash of a block of transactions. Our miners will be rewarded 21% of newly minted WIEN coins. To be a WIEN coin miner, check out this page.
• Proposal owners: One key feature of many DAOs is that anyone can propose an idea within a defined proposal or governance system. In Wienchain, these proposal owners are key value drivers as our main purpose is to fund successful businesses. Proposal owners are funded with up to 30% of newly minted coins.
• Masternodes: Masternodes also ensures the data integrity by validating the transactions in a blockchain but unlike miners, they have a governing function within the system. Apart from these technical functions, Masternodes are the decision-makers in the WIEN proposal system, having the right to vote for or against a proposal. They can even abstain from voting. Masternodes are rewarded with 49% of newly minted WIEN coins. Become a Masternode here.

Becoming A WIENCHAIN Masternode

Masternodes (MNOs) play an integral role in the Wienchain ecosystem. MNOs provide a key function for Wienchain by guaranteeing fast, smooth and secure transfer of data. To provide these important services, MNOs are rewarded in WIEN coins. Masternodes also have voting rights allowing them to play an important role in Wienchain governance.

Masternode is simply a cryptocurrency fullnode or computer wallet that keeps the full copy of the blockchain in real-time, just like you have those bitcoin nodes and is always up an running.
A node in the digital currency is a computer that connects to a cryptocurrency network. It supports it through validation and relaying transactions, a blockchain exists out of blocks of data. These blocks of data are stored on nodes, Nodes forms the infrastructure of a blockchain. All nodes on a blockchain are connected to each other and they constantly exchange the latest blockchain data with each other so all nodes stay up to date. They store, spread and preserve the blockcahin data. So theoretically blockchain exists on nodes.

But on this write up emphasis is on the Masternode and specifically the Wienchain Masternode and how you can benefit greatly from it.
Masternodes are usually heavier equipped than normal nodes next to validating, saving and broadcasting transactions, masternodes sometimes also facilitate other events on the blockchain dependent on their nature, such as governing voting events etc. Masternodes are generally always online 24/7, and facilitates much more memory than normal nodes, you can as well say it hosts a very large server on the network.

Masternodes are very useful for crypto investors because of running a masternode, you are incentivized consider this as just earning a monthly or weekly interest on your crypto holdings.

If in a nutshell to describe each direction within the Wienchain system. The mining Itself is based on the POW algorithm and The latest x16rv2 hashing algorithm. Thanks to this, the Wien system will be able to support both processor and graphics mining, while receiving up to 21% of profit in the form of remuneration for each Wien Block.

Masternodes play an equally important role in the entire Wienchain ecosystem. Not only that, they are responsible for the security, smoothness and speed of all data transfer. They also have the right to vote, which allows them to play an important role in the development and management of Wienchain. At the same time, please note that masternodes receive the highest percentage of remuneration from the block reward, which is almost 50%.

Wienchain Masternodes:
Only two types of messages are utilized for the activation of the masternodes in the network, Masternode Information Message and Masternode Network Message, Wien Masternode are formed by depositing 25,000 WIEN to a wallet which will lead to the activation of the nodes, this will allow it to multiply across the network.
Wein Masternode members can attain this by reaching the following requirements:

• Own at least 25,000 WIEN
• Run a node which contributes to creating a consensus on Wienchain.

These payments for Masternodes are taken from the same block reward that are shared among the governance, PoW and the masternodes, with an estimate of 49% of total block reward being assigned to Wien Masternode Incentive Program. Masternodes’ incentive tends to differ according to the current total activated Masternodes of mainly because the incentive program has a fixed amount of percentage whilst Masternodes network fluctuates.

Mining on Wienchain

Wienchain maintains the validity and security of its chain with a unique, hybrid consensus algorithm. The consensus is created through a combination of both miners and Masternodes. This article provides an in-depth outlook of how mining on Wienchain works (Article on Masternodes coming soon). Like on many blockchains, transactions on the Wienchain network are secured using a cryptographic method known as Proof of Work (PoW) mining. In this process, powerful computer processors search for solutions to a mathematically difficult problem defined by the X16Rv2 hashing algorithm.

What is the X16Rv2

This algorithm is the latest version of the X16 which is a descendant of the X11 hashing algorithm, an algorithm that runs 11 hashing functions and was primarily implemented on Dash. The X11 hashing algorithm was great because it ran 11 different hashing functions — making it difficult for any particular mining sector to dominate the market. Similarly, the X16R runs 16 hash functions in its series.

The great thing about X16R is the fact that it becomes very problematic for it to be implemented into ASICs, due to the 16 hash functions and the random order that each hash function uses.

Directly contact Minning for any issue when renting a mining rig.

Conclusion

Of course, everything I have said here is just the tip of one big iceberg. That is, the layer of information that I told you about is not all that is in Wienchain. Therefore, to study all its aspects in more detail, I invite you to look at the expanses of official social resources from the project itself. Where you in one way or another will get the most detailed answer to any of your questions.

• After all, even within the official site, you can find the most detailed instructions on how to become a miner or masternode within Wienchain. And I think this is also important. At the same time, I think I will finish my article, I hope you were interested in reading it to the end. Therefore, I will be glad to receive your support in the form of feedback.

More about:

OFFICIAL WEBSITE : Link

TELEGRAM : Link

INSTAGRAM : Link

FACEBOOK : Link

WENXPRO : Link

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