YGGDRASH MainNet Content #2_ YGGDRASH Wallet (Article)
Hello, World!
Greetings from Team YGGDRASH.
The Team is uploading the contents regarding YGGDRASH before launching its MainNet on 1104.
As the second content, we would like to explain the features of YGGDRASH Wallet.
New YGGDRASH Wallet, New Way to Innovate
The Evolution of Blockchain Wallet and Usage
In 2008, Satoshi Nakamoto announced ‘Bitcoin: A Peer-to-Peer Electronic Cash System’. It is a document that informs the concept and philosophy of Bitcoin, the root of cryptocurrency, which was created together for Bitcoin. However, there was one more thing that was created with Bitcoin, the ‘Wallet Client.’ Since then, one of the things that have always evolved with cryptocurrency is cryptocurrency wallets.
Early Bitcoin Wallet was only able to exchange cryptocurrencies and verify a transaction. It had to configure the ‘Full-Node,’ the act of downloading all wallet data, and it even took a few hours or a few days. If a user finished using a wallet and opens it again, it took an hour to download additional data, and this made a number of users inconvenient.
Since then, there has been a progress of Bitcoin and the wallet itself. Transaction processing speed has been increased, UI has been developed, and usability also has been increased as well. Due to the emergence of various projects, diverse additional functions related to those have also introduced. For example, comparing various Altcoins at once, immediately connecting exchanges and APIs, and POS mining have emerged.
However, in essence, there have not been many wallets with the keyword ‘Financial Innovation’ which is a philosophical ideology of Bitcoin’s, but only convenience function was added to most wallets. After the MainNet, the YGGDRASH team will set ‘Wallet & Banking System’ as a keyword and challenge in various ways. In this article, we will explain the Approve function, and Swapping, and explain how these will innovate finance.
Development Purpose and Directions
First of all, the motive for service development is more like a reinterpretation of wallets. Considerably many awareness has remained among users that the wallet is inconvenient, difficult, and unnecessary.
The YGGDRASH team would like to create a wallet easy and comfortable to use. And we wanted to give users a reason to use.
The wallet is one of the most important ways to hold a cryptocurrency. It is necessary to keep cryptocurrency safe, and it is one of the most important factors along with cryptocurrency. That is why various wallets had appeared, but it was hard to expect more than the increase of convenience. There is no wallet that provides the same kinds of services that a bank does. The team wished to provide various services through wallet without going through a complicated process. It is as owning a Private Banking System by having a black card of Swiss National Bank’s (SNB) or American Express’s.
Worries and Its Solution
Some concerns have occurred when introducing the wallet project into the team. Such as ‘Why Wallet, How Much and How Comfortable.’
First of all, the team thought if the wallet, which is one of the systems that the cryptocurrency users use the most, is uncomfortable, it will give them a bad impression from the start of cryptocurrency service. The team also thought that the wallet function would improve the convenience and service quality, and would save money by reducing the number of transactions. And since the team was confident to provide support to people who want to create new business models, and the team decided to make a service with several goals.
Team’s Goal
1. Various form of transactions and financial frameworks must be created.
2. There should be no inconvenience to using the MainNet token and the service which will be practically used.
3. It should be able to create various business models.
The YGGDRASH team decided to focus on three goals. The first was to implement a new type of transaction. The remaining tasks were that ‘There should be no inconvenience in the actual service implementation’ and ‘It should be able to create various business models.’
Why Do We Need New Transactions?
Let us explain the first goal. Now, people are using cryptocurrency through simple Send/Receive. While blockchain technology keeps developing, and the network environment of cryptocurrency is getting better. However, we came to think that ‘Why do wallets only have functions such as sending and receiving?’ and ‘Can’t we use better functions simple?’
In fact, such functions can be made. We can just build an algorithm with smart contracts. However, no one wants to cost a high amount of Ethereum as a fee for such simplification. So people are trying to build the main functions first and create services later. However, each of these main services is becoming a barrier. No user would welcome to pay a fee to use something very trivial.
So the team thought it is important to implement a framework for the new transaction. YGGDRASH Wallet suggests a function called ‘Approve’ as an example. To simplify, ‘Approve’ is an action of separating the main and temporary accounts.
Key Feature of New Wallet
1. YGGDRASH MainNet Coin — Ethereum Token Swapping
YGGDRASH launch its MainNet on November 4th. After the MainNet swap, the token will be divided into two: YGGDRASH MainNet YEED Coin and Ethereum YEED Token to be used on the exchange. Ethereum YEED Token, which provides convenience to exchanges and users, will be freely swapped with MainNet Coin and this process will be made immediately in the wallet. Price stabilization through this will also be one of the important indicators.
2. Approve
The description of this function available on the TestNet is similar to the concept of managing a budget or allowance. Let us give an example. A child receives $ 10 from their parents. The kid got approval from the parents’ wallet, which has $100K first and then receives a kids’ amount to a sub wallet. If a child loses the wallet, he/she loses both wallet and money. However, the ‘Approve’ function allows you to manage and recover the assets from the parents’ wallet and you can freeze an account. It is also convenient in terms of key management. This can only be done within an approved budget and multiple ‘Approve’ can also be implemented. Even Ethereum has the ‘Approve’ function, but it is inconvenient and it does not have the specific functions as ours. In the Token contract level, ‘Approve’ functions when a user pays ETH as a fee. In other words, even if the budget is approved, the budget cannot be used when the ETH Balance is 0. So how can we use the ‘Approve’ function well?
For example, business credit card or department budget management. CFO ‘A’ set a budget first and ‘approve’ each team’s budget within the department. In this case, CFO ‘A’ can use the ‘Approve’ function to allocate the budget and can either set a period and redeem it, or bring it back when there is a problem with the wallet. It can also be useful in situations such as business expense loans or down payments between organizations.
Also, we are holding an airdrop event. Please create blog posts, infographics, and videos based on this information.
[How to Participate]
Official YEED Smart Contract Address:
0xca2796f9f61dc7b238aab043971e49c6164df375
YGGDRASH Official channels
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