WaykiChain is a blockchain project aimed at creating and sustaining a competitive blockchain platform that enables dapps to operate speedily and efficiently. If you aren’t already familiar with the project, you can learn more about it in our guide: “What is WaykiChain?”
Although the project is based in Hong Kong and has a large community east Asia, the overseas community for WaykiChain shouldn’t be overlooked, as its activity rivals that of some of the top projects in the entire crypto industry.
That begs the question: why is there so much public interest for a project that only ranks around 100th in market cap overall? That’s something we’ll set out to answer with this article.
While competition is already fierce among smart contract platforms, even the top projects still have a lot of work to do to make them better suited for mainstream adoption.
WaykiChain plans to get ahead of the competition simply by luring more creators and developers to its platform.
In a future where most applications are decentralized, blockchain platforms that hosts those dapps will be the leaders of that economy. No one knows for sure which blockchain platforms will win big, we can only speculate the potential of each platform based on their unique features.
Here are 5 reasons to keep a close eye on WaykiChain.
1. Leader in Decentralized Applications
The WaykiChain mainnet launch took place in May 2018, ahead of both EOS and Tron. Since then, the Wayki team has launched 2 fully-functioning dapps into the ecosystem.
One of its dapps, WakyiBet, was the first dapp in the industry to garner a significant user base, reaching 220,000 download during the 2018 World Cup and having as many as 20,000 daily active users.
With this success, dapp projects from other platforms such as Ethereum and Tron are looking to transplant their dapps to WaykiChain.
2. WICC’s Relative Price Stability
The bear market has been brutal across the crypto industry, with hundreds of projects becoming shutting down and most dropping at least 95% from their all-time highs.
Relatively speaking, WaykiChain’s WICC coin has proven itself to be somewhat stable.
Besides a May surge that saw WICC reach as high as 51st on CoinMarketCap, the price has held steady between $0.10 – $0.60.
In fact, contributors to WaykiChain’s ETH-based private funding campaign have profited 200% on their investment to date.
3. Very Developer-Friendly
One of the problems facing the blockchain industry is the small number of experienced and sophisticated dapp developers. This leaves competing smart contract platforms scrambling to gain the attention of a small number of developers.
WaykiChain adresses this problem in two ways.
First, they lowered the barrier of entry for developers by simplifying dapp development. Instead of building dapps from scratch, developers can use and modify a pre-built template provided by the WaykiChain team.
The aim of the template is to to give individuals and teams with limited blockchain development knowledge the opportunity to deploy and operate a dapp on WaykiChain. This allows WaykiChain to grow its developer community from the pool of non-sophisticated developers instead of competing with other platforms for the much smaller amount sophisticated dapp developers.
To further incentivize developers to contribute to the WaykiChain ecosystem, the team has announced a Dapp Funding Program launching April 2nd, 2019. With US $1.5 million in incentives, WaykiChain can help fund the early-stage development of high-potential projects they identify from the pool of applicants.
4. Harmonious Government Environment
As a Chinese-based project, WaykiChain gets a huge boost by virtue of the support they’ve received from the Chinese government.
WaykiChain is the only project to have cooperated with the Chinese Ministry of Commerce, carrying out deep research on the “Blockchain and Credit Economy.”
In addition to their research collaboration, WaykiChain is also the only blockchain project to be invited to attend the China Development Forum for two consecutive years, 2018 and 2019.
Better yet, WaykiChain’s CEO, Hang Gao, was invited to attend a Chinese provincial level TV show, helping spread the word about blockchain technology and WaykiChain to the still mostly-untapped Chinese market.
Finally, it’s worth mentioning that WaykiChain has good relationships with other prominent Chinese projects in the industry including Huobi and AEX.
5. Experienced Team with Sustainable Funding
The success of any project depends significantly on the capability of the team. The WaykiChain team brings together professionals from diverse backgrounds such as asset management, data science and analysis, software engineering, and IT infrastructure development.
Some notable companies where members of the team have worked include Tencent, Alibaba, Intel, and Morgan Stanley.
WaykiChain also managed to avoid one of the biggest mistakes that other blockchain projects made in 2017 and 2018. The startup raised 33,000 ETH and 200 BTC in their December 2017 private fundraising round, and they wisely exchanged the funds for fiat to avoid losses in case of major price fluctuations.
Of course, their timing coincided with the end of the bull market and the beginning of a long crypto winter. As a result, WaykiChain has plenty of funding to sustain operations for years to come, and has even been able to expand their team to nearly 100 members during the bear market.
WaykiChain has built a culture centered around values which include integrity, positive energy, self-motivation, teamwork, empathy, and open communication.
With this healthy atmosphere, qualified team, and sustainable funding, WaykiChain figures to continue to grow and improve their platform for a long time to come.
WaykiChain faces steep competition in the smart contract platform niche. But their strong dapp performance, developer-friendliness, and the relatively stable price of WICC have all helped propel the project to substantial community growth in the past year-plus.
Add to that the project’s diverse team, sustainable funding, and collaboration with the Chinese government, and WakyiChain has all the intangibles necessary to make themselves a main player in the blockchain platform space going forward.