Stellar Network: The blockchain behind W Green Pay
The Stellar network was specifically chosen for its energy-efficient network, effective built-in token capabilities, along with lower transaction fees and faster settlement times.
UPDATE (29 SEP 2018): W Green Pay tokens have since been switched to be on the Ethereum network as ERC20 tokens.
W Green Pay (WGP) is a Stellar-compliant token that operates on the Stellar blockchain. The Stellar network was specifically chosen for its energy-efficient network, effective built-in token capabilities, along with lower transaction fees and faster settlement times.
Why Stellar
Being a leader in nature conservation efforts, W-Foundation seeks to incorporate energy-efficient methods in all its environmental movements. Hence, as WGP ventures into blockchain technology to tokenize its reward system, it will be leveraging on the ecological characteristics of the Stellar Network to assist the token distribution process.
The Stellar Network is known for being a green and environmentally-friendly blockchain that consumes significantly less energy and electricity as compared to other blockchain platforms. This aligns with the vision of the HOOXI campaign that aims to increase the public’s awareness of environmental issues and participation in Greenhouse Gas (GHG) reduction activities.
Stellar’s Energy-Saving Architecture
While most coin structures require miners to maintain the blockchain system, the blockchain technology engineered under the Stellar network does not. Instead, it uses the Stellar Consensus Protocol (SCP) to validate transactions quickly, keeping the server infrastructure that runs the network to a minimal level. This in turn essentially reduces the transaction processing time and electricity usage, making the the Stellar-compliant WGP tokens an enabler of the HOOXI vision.
Green and Secure Network
Riding on a secure network system, SCP’s asymptotic security allows users’ safety to be rest upon digital signatures and hash families whose parameters can in turn be tuned to resist adversaries with vast computing power. Also, through its Smart Contracts, Stellar limits the attack-surface available to bad actors by not having a Turing complete programming system. Hence, as the HOOXI campaign is targeted to reach a high volume of participants, integrating the Stellar blockchain will ensure that the campaign is run on a secure infrastructure, while remaining environmentally-friendly.
With WGP running on the Stellar Network, the visions are aligned along with the project objectives of a green and secure network to facilitate this ecosystem. W Green Pay (WGP) tokens will be issued on the Stellar network to facilitate the creation, issue and listing of the WGP tokens.
