A Two-Coined Ecosystem: Wish Coin and Wish Stone
In our previous story, the Wish Chain team introduced our public and private blockchain structure and the benefits of this network. Today, we want to talk about the cryptocurrencies that function within the Wish Chain ecosystem. You may have already guessed it — they are Wish Coin and Wish Stone.
A Summary of Wish Coin
Wish Coin is the cryptocurrency of Wish Chain’s public blockchain. Let me list the characteristics of Wish Coin in a way that is easy to read:
▶The total supply of Wish Coin is fixed
▶The price of Wish Coin fluctuates freely
▶Wish Coin has value as a utility
▶Wish Coin is rewarded to those who help maintain the network
▶ Wish Coin exists on the public Wish Chain
These points give you an idea of the role Wish Coin plays on the Wish Chain. Because of its price fluctuations and the public blockchain’s inability to maximize scalability, Wish Coin does not work as a currency. Instead, Wish Coin is a reward for nodes who need an incentive to help maintain the Wish Chain network.
A Summary of Wish Stone
Wish Stone, on the other hand, is rather unlike its counterpart, Wish Coin. Why don’t we learn about what Wish Stone is.
▶Wish Stone is on the private blockchain
▶Wish Stone does not have a fixed total supply
▶Wish Stone’s price is fixed
▶Wish Stone is used as a medium of exchange
▶Wish Stone is rewarded to users for their experience
▶Wish Stone exhibits fast transaction speeds
Wish Stone is the cryptocurrency that is used as a medium of exchange in the Wish Chain ecosystem. Future Stations offer Digital Customer Experience (DCX) to participants, and this is where Wish Stone comes into play. People must pay with Wish Stone to enjoy a certain experience, but they are also rewarded with Wish Stone for experiencing content made by businesses. This image should give you a clearer idea of how Wish Stone is used.
How Wish Stone is Minted
While Wish Coin is produced during block creation, Wish Stone is neither minted nor mined on the public Wish Chain. Instead, it is minted on the private blockchain through smart contracts. If a business desires to create new Wish Stone tokens, they must hold Wish Coin on the contract. Whenever a user has a DCX for which they deserve compensation, the business rewards the digital consumer with a certain amount of Wish Stone. Where do the Wish Stone come from? They come from the Wish Coin that are initially deposited by the business. The Wish Coin are converted into Wish Stone to be rewarded to users, and because a certain amount of Wish Coin has been converted to Wish Stone, the business’ initial deposit amount of Wish Coin has now dropped by the amount of Wish Stone that has been distributed to digital consumers. If a business runs out of Wish Coin to be distributed in the form of Wish Stone, they must deposit more Wish Coin. It seems complicated, but once you understand the process, it becomes very logical.
Today, we discussed the two different coins that serve two unique roles on the two different blockchains. We hope we have shed some light on the two-coined ecosystem and the disparities between Wish Coin and Wish Stone. Thank you for joining us again today.
For more information, please visit our website at https://wishchain.io/
