Wienchain Incubation DAO — A Global decentralized autonomous organization.
INTRODUCTION OF WIENCHAINT
he evolution of value transfer has gone from the basics of value transfer to smart contract. Wienchain is a public blockchain managed by Decentralized autonomous organization(DAO) with focus on incubating and bridging businesses to enter the new era digital age with implementation of blockchain-based technology and DApps (decentralized applications) with the help of (i) Direct Send, instantaneous transactions; (ii)WienGovernance, the decentralized autonomous organization that will distribute block rewards to proposal that will shape and decide the future development of Wienchain; (iii) WienApp, applications can be built and transacted on the WIEN network ensuring that the application permanantely exist on a IPFS network; (iv) WienAsset, a platform for asset issuance with options to include metadata for the need of business logics; (v) WienIncubation, by using stake in the form of Asset, the shareholder can be easily traceable from the blockchain and automatically distribute the profit to the shareholder.
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 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.
Proof-of-Work (PoW) and Proof-of-Service (PoSe) are two
common validation method used in blockchain technology.
Leveraging on the pro of both validation method, Wienchain is utlizing both PoW and PoSe based validation method in a hybrid fashion to increase security and sustainability in blockchain. Block rewards are given to both PoW Miners and PoSe owners through the Wien Masternode Network (WMN).
PROOF OF WORK(PoW) vs PROOF OF SERVCE(PoSe) BASIC
Wienchain is a hybrid system encompassing both concepts of Proof-of-Work and Proof-of-Service to solve inherent issues pertaining to security and decentralization with sustainability and scalability in mind. In its initial stages, Wienchain will be a PoW centric coin where network circulation is increased through traditional mining and miners are rewarded with block rewards. A proven method for exponential growth in infancy stages where hashing difficulty levels are low and reward-to-work ratio is high.
As Wienchain’s value, network circulation and hashing difficulty increases, users are rewarded with coins through the PoW algorithm. Therefore, as traditional mining becomes less rewarding over time, a progression into PoSe increases sustainability as energy requirements of the network are significantly reduced.
DAO INTRODUCTION
A decentralized autonomous organization (DAO) sometimes labeled a decentralized autonomous corporation (DAC), is an organization represented by rules encoded as a computer program that is transparent, controlled by shareholders and not influenced by a central government.
In Wienchain, the DAO is fueled by WIEN and facilitate with group of Masternodes owner, the DAO is designed in such a way that allow anybody in the community to place a certain amount of WIEN to create a proposal and allow the community to vote on the proposal. Every masternode can vote either agree, disagree or abstain on a proposal during the voting period. If the voting is passed through with majority or net positive votes of 10% of WMN voting agree, the WIEN is distributed to the person that proposed the idea.
The proposal can be to run a marketing campaign, to operate a mining pool, build a website containing information and even building new innovation on top of the current core.
The DAO was designed to allow masternodes to vote for the
development direction of the public chain.
Wienchain Benefits
Reduces The Technical Burden
Development is expensive and time consuming, Wienchain helps solve this problem. Developers can build on top of Wienchain’s high functioning blockchain and in doing so drastically cut down development costs and eliminate potential attack vectors for your project.
Reduces Marketing Costs
Marketing is often a hefty cost for a startup and the results are not always guaranteed. Companies that join the Wienchain ecosystem join an existing network of users, allowing them to take advantage of the network effect and receive free marketing by being exposed to all other users in the ecosystem.
Increased Clarity for Investors
With a vast amount of startups popping up daily it’s often difficult for investors to find high-quality and trust-worthy projects. Wienchain helps with this process by having all projects be vetted by the DAO.
WIENCHAIN MASTERNODE NETWORK Proof-of-Service(PoSe)
Proof-of-Service (PoSe) was a concept actualized to solve problems or shortcomings of the PoW method.
The Proof of Service addresses this issue by instead awarding mining power proportional to the number of masternode held by a miner. Therefore, a PoSe miner is limited to mining a percentage of transactions that is relative to the number of masternode, unlike a PoW miner who utilizes raw energy (electricity). For example, a miner who owns 1 /1000 masternode, will only be able to mine a maximum of 0.1% of all available blocks. This also greatly reduces the energy requirements of the network.
Wien Masternode Network Operation
Only two types of messages are utilized for the activation of the Masternodes in the network- Masternodes information message and Masternode network message. Apart from these two, there
are other messages for running PrivateSend and DirectSend.
Masternodes are formed by depositing 25,000 WIEN to a wallet which will lead to the activation of the nodes, thus allowing it to multiply all across the network. A secondary backup key is then generated for signing all further messages. This key will lock the wallet while working on a standalone condition.
By using the secondary backup key, a cold mode is available on two different machines. The primary “hot” client submits 25,000 WIEN with the secondary backup key into the message. When the “cold” detects a message and the secondary backup key, the Masternode is activated. This will then deactivate the “hot” client and the 25,000 WIEN in the Masternode stands zero chances of getting attacked after activation. In the beginning, a Masternode sends a “Masternode
Information” message across the network, stating:
a.) 25,000 WIEN Collateral
b.) Public IP Address
c.) Masternode Signature (secondary public key)
A network message will be sent every 15 minutes to prove that the node remains activated. Once the time-to-live gets out to date, the network eliminates the inactive node from the system, stopping clients from using nodes. Network can
also be pinged by the nodes, however if the ports are closed, it will be marked as inactive and not be compensated.
2) Wien Masternode Network Incentive Program: These Masternodes enhance the existing architecture of full nodes which are commonly used in the Bitcoin network, by providing an incentive to owners; therein ensuring consistent cost-to-benefit ratios. This is important because the upkeep of traditional full nodes rise exponentially as the network expands and owners often resort to measures that cause the quality of service and speed of transactions to decrease.
The node must store a minimum of 25,000 WIEN for the Masternode to get started. Once activated, clients on the network will receive services from the nodes and get an incentive bonus. 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, 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.
X16Rv2 Proof-of-Work
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.
Every proof-of-work algorithm with the aim of preventing the existence of ASIC will fail because there is no absolute way of preventing it but there are ways to slow down the existence by making it harder to create such as using different
types of algorithm.
The x11 is a common hashing algorithm that utilizes an unconventional approach also recognized as algorithm chaning. X11 contains all of 11 SHA3 candidates algorithm, where in the chain, the calculation of each hash is submitted to the very next algorithm. By adapting multiple algorithms,
the chances of an ASIC being created for the currency is small.
Despite the complex chaining of hash algorithms, the D3 ASIC miner from Bitmain has made X11 mining with GPU and CPU not profitable. So, we will be using another type of hashing algorithm in Wienchain. To ensure that the hobbyists are able to mine the WIEN with Central Processing Unit (CPUs) and Graphics Processing Units (GPUs). Wienchain will continue to make changes to the hash algorithm as soon as the existence of ASIC for X16Rv2.
BLOCK REWARD AND SUPPLY OF WIENCHAIN
Instead of constantly halving the reward given to the miners and masternode operators like many other public blockchain protocol that creates an exponential decay in the block reward. Wienchain will be introducing a 6% inflation reduction of block reward every 525,600 blocks estimated 1 year. The block reward will start at 280 WIEN per block after the first 100,000.
The coins allocated for Foundation, Incubation Lab and Blockchain Ecosystem Building will be mined in the first 100,000 blocks.
Prior to block height 129,600. 100% of Block Reward will go to PoW Miners. Masternode Reward, PoSe will be enabled on 129,600. Hence, the block rewards between 129,601 to 259,200 blocks will be distributed according to 70% PoSe and 30% PoW. From block height 259,201 onward, the block reward will be distribute according to 30% to WienGovernance and the remaining 70% will be split between PoSe Masternode Network and PoW Miners at a ratio of 70% PoSe and 30% PoW. Making it 30% WienGovernance, 49% PoSe, 21% PoW.
ROADMAP OF WIENCHAIN
USE CASES OF WIENCHAIN
There are 5 Use Cases of WIENCHAIN:-
1.] DirectSend (DS)
Wienchain also introduces a new concept called Di-rectSend (transaction locking and masternode consensus). This technology will allow for cryptocurrencies such as Wienchain to compete with nearly instantaneous transaction systems such as credit cards for point-of-sale situations while not relying on a centralized authority. Through the use of a consensus between Masternodes, the signals of a transaction are locked and only spendable in a specific instant transaction. Widespread vendor acceptance of Wienchain and DS could revolutionize cryptocurrency by shortening the delay in confirmation of transactions from as long as an hour(withBitcoin) to as little as a few seconds.
2.] WIEN Governance
In Wienchain, it can run a system adequately by its own, just need to set or pre-programed rules. DAO holds its member’s funds and use the fund at definite purpose. To create a proposal in DAO there are 4 parameters to specify –
Recipient, Amount, Proposal Details, Funding Cycle. Recipient will create a proposal and define the amount for proposed transaction, Creator has to identify the voting duration by calculating the number of days prior to the blockchain superblock that contains the reward for the proposal winner.
Longer duration will be beneficiary hence proposal creator should create the proposal earlier to allow masternode owners time to read and vote for the proposal. Creator has to burn 500 WIEN for proposal creation to prevent spamming the number of proposal and allow the masternode owner to filter
the quality proposal. If there is any false information in parameters then transaction will be fail.
3.] WIENAsset
WIEN Asset is a new incubation feature for business startup to issue a new digital token asset on blockchain.
Metadata of asset is created after hashing a file or document and published on IPFS and the hash is stored on Wienchain blockchain. What is hashing? Why we do hashing? Hashing is a function designed for any arbitrary input to get a fixed-length of output. Hashing will return hash values and hash code. WIEN Asset is a combination of metadata and hash code. Hashing is important for data security and digital token.
If anyone want to decrypt the data using hash code won’t be able to do that but they are able to verify the identify of the documents.
Input Hash code
Welcome 548aed7438aadb5934ffdb7d79cb47c2cadb5934ffdb7d79cb63acef80125da0
There are some quality constraints for hash code –
• Hash code should be different for each input.
• Should be impossible to decrypt.
• For same input hash code should be same.
• After any alteration in document hash code should be totally different.
As part of the market cap stabilization strategy, issuing an Asset will require the issuer to burn 5,000 WIEN along with giving 5,000 WIEN as fee for the transaction. In the long run, this will reduce the market cap of Wienchain and act as a jackpot for the miners that found the block containing a Wien Asset Issuance Transaction.
4.] WIEN App
There are various sectors where blockchain technology can be implemented to, and it’s not restricted only to the realm of financial sector. For instance, retail and e-commerce services, healthcare services, financial services and real estate industries.
WienApp is a solution and an opportunity for all sectors to tap into the blockchain market, enabling them to customize their application system on top of Wienchain’s platform. By utilizing javascript programming language, new businesses will only need to pay a small amount of fees in Wienchain to integrate their application.
5.] Wienchain Wallet
Wienchain Wallet is a cryptocurrency wallet that allows you to store multiple cryptocurrency including WIEN, Tokens and Assets that are tokenized using WienAsset in just one and only wallet. Wienchain Wallet is design in such a
way that they are a wallet where you are able to pay in a cryptocurrency that you do not have by converting other cryptocurrencies that you have. There is no need to create another wallet and download additional wallet allowing you to send one type of cryptocurrency and the receiver receiving the type of cryptocurrency he preferred.
The merchant can select the type of cryptocurrencies they preferred and the system will do the conversion giving the payer the options to choose between a wide range of cryptocurrencies available in the market.
Web Version: LINK
Desktop Version: LinK
Wienchain Listed WenX Exchange
Wien Trading Link: Link
TEAM MEMBERS AND CONTRIBUTORS OF WIENCHAIN
CONCLUSIONS
Through the utilization of Wienchain technology including WienGovernance, WienAsset, WienApp and Wienincubation. Wienchain aims to be a decentralized platform with a core focus on improving the expansion of existing business into blockchain technology as well as serving as a solid foundation for startups. Moreover, with the use of both Proof-of-Work and Proof-of-Service algorithms combined with the Wien Masternode Network, Wienchain aims to be a self-sustaining ecosystem where long term sustainability as well as scalability are strong focuses. The double-tiered network also serves as a highly configurable platform that can easily house additional features and improvements at a later stage, thereby essentially ensuring the Wienchain project is an ever evolving entity. In addition to businesses, the public users also benefit from features such as DirectSend which serve to enhance user accessibility, privacy and provide for a secure, intuitive transaction system for a wide range of personal and business activities.
Additionally, Wienchain also aims to be a platform that can be easily integrated into existing e-commerce solutions, financial institutions as well as social media. This is realized through the use of a seamless abstraction layer which then allows existing commercial, financial and social media platforms to utilize features such as the DirectSend without having to heavily restructure their infrastructure. As such, we strongly believe that Wienchain, with its open-ended design, is highly adapted to serve as a strong foundational layer for a large number of financial and commercial protocols in the future.
More informations, please visit the link below:
Author:
Forum Username: ylylgodtier
