WaykiChain Governance Coin Ico Review : Decentralized financial system


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About WaykiChain Governance Coin

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WaykiChain Governance Coin governance coin supported by WaykiChain’s decentralized lending platform. WaykiChain provides decentralized collateral lending services for users worldwide. WGRT holders can participate in the adjustment of system parameters and the governance of system operation rules, which is an important part of the DeFi Ecosystem.

Token Basic Information

Features of WaykiChain Governance Coin

Safe

Stablecoin system is developed on the bottom layer of WaykiChain Governance Coin. The safety is guranteed. Decentralized governance mechanism to maintain the healthy development of the system.

Stable

Each WUSD is supported with over-value collateral, with the clearing mechanism and the risk reserve to ensure stable value of WUSD.

Transparent

As decentralized stablecoin, WaykiChain Governance Coin status can be transparently checked in real time.The rights and obligations of each subject in the system are open and transparent.

Flexible

Provide equal and quality financial services to everyone;Provide payment and settlement infrastructure for varieties of DApps.

WaykiChain Governance Coin Stablecoin concept

In early stage, WaykiChain Governance Coin is the stablecoin collateralized with cryptocurrency BTC, ETH, WICC as its value base. It is pegged to USD. Later WUSD will be open to accept other cryptocurrencies as collateral.

Any BTC, ETH and WICC holder can obtain a proportional amount of WUSD by pledging WICC to CDP (Collaterized Debt Position), and the amount depends on the collateralization rate chosen by the users. Collateralization rate is the ratio between the value of WICC assets and the value of WUSD obtained. Over-collateralization is used in the system rules, which means that the Pledgor must pay WICC more than the value of WUSD to complete the transaction.

Collateralization System

CDP is used to keep and protect asset pledged by users. WaykiChain Governance Coin collected by the Pledgor from CDP represents the debts owed by Pledgor. To redeem the pledged asset, the Pledgor has to repay WUSD. Like the collateral practice used in the legal tender system, amount of debts will be lower than the value of the pledged assets.

Creating CDP

The Pledgor may initiate a transaction in the stablecoin system, specify the type and quantity of pledged asset, and choose amount of WUSD that the Pledgor wants to borrow. Upon completion of the transaction, namely completion of CDP, the pledged asset will be locked up in CDP.

Closing CDP

Repaying Debts through WUSD

To redeem the pledged asset, Pledgor shall repay debts in CDP and pay the corresponding stable fees. The stable fees shall be paid through WUSD. The WUSD received in respect of payment of stable fees will be converted into WGRT and eliminated in the decentralized exchange. The debts in CDP will be considered being fully repaid upon the payment of payable WaykiChain Governance Coin and stable fees to CDP.

Automatic Return of Pledged Asset and Closure of CDP

Upon full payment of debts and stable fees, and choose to return all of the collateral, CDP will be closed thereafter.

WaykiChain Governance Coin Stability Mechanism

With volatility in crypto price, the values of collateral assets in the stablecoin systems fluctuates all the time, as well as the collateralization rate. The system will perceive the collateralization rates related to all CDPs in real time. When collateralization rate falls to 150% or below (the particular 150% collateralization rate is called the liquidation rate), CDPs are defined by the system to be in abnormal state and vice versa, to be in security state. In order to guarantee that there are enough assets behind each issued WUSD to endorse it, abnormal CDPs need to be liquidated in time.

Community Governance

To receive stable fees and penalties, the Governor is playing a key role in the stablecoin system and maintaining stable operation of system. WaykiChain Governance Coin is the governance coin of WUSD, and the user holding WGRT is the Governor of the system. The super nodes will control parameters of systems and may even change the operational rules of systems.

Unlike other stablecoins in terms of smart contracts, WUSD is underlying public chain stablecoin, which is an integral part of WaykiChain ecosystem. To ensure the economic connection between WICC Governors and WGRT Governors, participants vote in the super nodes election of WaykiChain will receive a reward of WGRT. It demonstrates that the super nodes of WaykiChain play important roles in stablecoin system.

Price Feeding

All processes of pledging, redeeming and liquidating involve value determination and conversion, and in such processes the system needs to know each token’s prices. The process of recognizing prices is called “Price Feeding”.

Price feeder

Price feeder refers to user feeding prices for the stablecoin system. Super node of WaykiChain Governance Coin that locks up 2,100,000 WGRT in the system can become a price feeder for the system.

Conclusion

Stablecoin WaykiChain Governance Coin is a transparent and stable economic activity that aims to support development of public chain ecosystem and the entire blockchain sector. It can even promote a more efficient and fair value circulation in other sectors. The team and community will continuously upgrade and improve the system. We expect WUSD to be used in more diversified scenarios with better risk control, governance and user experiences, so as to gradually achieve foregoing long-term goals.

Also Read – Click Here for Read All ICO Review

This article is writing on 5 June 2020 based on information available online & news portal. If you feel it’s outdated or incorrect, please write here to update it. Mail us: support@coinworldstory.com Or Whatsapp Us- +13098896258

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