ANNOUNCEMENT: W Green Pay tokens will be issued on Ethereum blockchain as ERC20 tokens
We would like to announce that W Green Pay tokens will be on the Ethereum network as ERC20 tokens. This will not affect the scheduled public sale happening tomorrow on 1st October.
Greater Flexibility in Smart Contracts
The W Green Pay team has decided to switch to Ethereum after much deliberation and in close consultation with its technical team. The key reason is because Ethereum, being a Turing-complete blockchain, will allow the WGP to implement a far more enriching user experience for its HOOXI app. Being Turing-complete allows WGP to create innovative use cases running on sophisticated smart contracts. In addition, the technology market is more receptive and established for Ethereum based Dapps as well.
Faster Transaction Speed. Less Transaction Fees.
Plasma, introduced by Vitalik Buterin and Joseph Poon, Bitcoin Lightning Network co-creator, in 2017, conducts off-chain transactions through a layer of smart contracts while still leveraging on the assured security from the main Ethereum blockchain.
With the increase of ERC20 tokens created on the Ethereum blockchain, it means that the network has to be able to support the increasing number of tokens and transactions facilitated. Plasma solves this potential problem by enabling spawns of child-chains off the main Ethereum blockchain, which further allows more child-chains to be spawned from each child-chain, and so on.
This allows for faster transactions while being able to scale accordingly, as only completed transactions will be sent back to the main Ethereum chain, while allowing more transactions to be facilitated on its child-chains.
Sharding is also expected to take place in 2020. Sharding on the Ethereum network allows for faster transaction, paired along with Plasma, by assigning validation of transactions to designated nodes owned by loyal stakers. As transactions will be validated on these shards held by users who stake a higher number of tokens for a longer period, the loyalty provides a faster yet stable network while maintaining good security.
With Plasma and Sharding, transactions will perform on child-chains with a faster transaction speed, which also means that it will incur less transaction fees. In comparison to Stellar — at the current rate of 300,000 tps, Ethereum will be able to achieve 1,000,000 tps with Plasma and Sharding, as stated by Vitalik.
Less Energy Consumption
One of the things in the pipeline for the completion of the Casper protocol on the Ethereum blockchain is moving from Proof-of-Work to Proof-of-Stake. Ethereum developers have introduced the Hybrid Casper Friendly Finality Gadget to move network away from mining-related problems, as “excessive energy consumption, issues with equal access to mining hardware, mining pool centralization, and an emerging market of ASICs”.
With the shift into Proof-of-Stake, the use of stakers as validators will mean that less computing is required, hence, it will be in line with W Green Pay’s direction towards reducing greenhouse gas emissions.
What does this mean for token holders?
Public Sale and Update of Smart Contract
The public sale will continue as scheduled, while the smart contract is being updated. In the meantime, the sale will continue with tokens received held in a centralised cold wallet, and WGP ERC20 tokens will be automatically deployed upon the completion of the smart contract by 18th October 2018.
There will be no change in token prices and token sale details. XLM will still be an accepted payment currency during public sale.
Token Buyers
The smart contract is being updated, and WGP ERC20 tokens will be automatically distributed to you by 18th October 2018.
Airdrop and Bounty participants
You will be receiving WGP ERC20 tokens within a month after the smart contract has been completed (by 18th October 2018).
If you were qualified for the airdrop and bounty campaign, you will be prompted to key in your ETH wallet address in the same bot again.
