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Author Topic: WGRT Guide: WaykiChain (WICC) Governance Right Treasure  (Read 87 times)
Danumsigwasan
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May 22, 2020, 09:40:09 AM
 #1



The WaykiChain system employs on-chain governance to maintain its ecosystem as well as its stablecoin. The network consists of two integral assets: WUSD, a stablecoin used for transactions, and WGRT, a governance coin used to manage the entire system.

The stablecoin system has its own public chain, which relies on the WGRT governance mechanism for its operation.

WGRT

As the governance coin of the entire WaykiChain system, WGRT stands for WaykiChain Governance Right Treasure. The coin is responsible for regulating the entire system, which includes maintaining the stable value of WUSD.

Furthermore, any changes in the WaykiChain system require the agreement and coordination of WRGT holders, which makes it vital not only for network maintenance but also for the future development and upgrades of the chain.

Under normal circumstances, the system regularly buys WGRT from the market in order to repurchase and burn the interest incurs from generating WUSD and the cost of CDP (collateralized debt position) liquidation.

This makes WGRT a deflationary currency, programmed to slowly deplete over time.

In the unlikely event where the value drops dramatically, some CDPs will likely become insolvent without liquidation. In such a case, the platform will utilize the funds from its ‘Risk Reserve Pool’ to resolve all insolvencies and close the CDPs. In addition, the system will also mint new WGRT to buy WUSD from the market and repay the Risk Reserve fund.

How WGRT Voting Works

Any user that holds WGRT coins can take part in governing the stablecoin platform. One of the perks of being a holder is having the right to submit proposals for changes in the system. These proposals primarily include changing the system’s framework, penalty rates, interest rates, etc.

So if a user has a brilliant idea that could help the stablecoin system overall, he could easily submit a proposal.

But in order for a proposal to become qualified, it needs to satisfy a requirement, which is the locking up of 210,000 WGRT. Once that’s done, other WGRT holders can then vote. They are given three options: Agree, Disagree, and Abstain.

Essentially, one WGRT coin equals one vote and the voting period lasts one week.
 
A qualified proposal requires the following conditions in order to be deployed in the system:

- Above 20% of circulating WGRT to participate
- Above 60% of voters opting to “Agree”

If the proposal passes, all locked-up WGRT will be returned to the original holders while all the remaining funds will be transferred to the ‘voting incentive pool’. The funds from the pool will also be rewarded to the proposer based on the voting WGRT/Circulating WGRT ratio.

But if the proposal does not pass, 10% of the proposer’s locked-up WGRT will be transferred to the ‘voting incentive pool”, while the rest will be returned to the original holders.
 
The implementation of the new proposal will happen as soon as it is passed.

Conclusion

Like most elements of the WaykiChain ecosystem, its governance mechanism is decentralized. Any user can become a governor and any governor can submit proposals, provided that they can purchase enough WGRT to pledge.

Source of article: https://www.asiacryptotoday.com/wgrt/
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May 22, 2020, 09:57:18 AM
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Very impress with WICC, as one of the rare project that is supported by the “GOVERNMENT”, so this is no less of an achievement.

Really looking forward to how all pans out…
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May 22, 2020, 10:02:43 AM
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A very unique concept, I had no clue about them but this looks very cool! It could be the next big thing for the industry
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May 22, 2020, 10:06:30 AM
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The WaykiChain system employs on-chain governance to maintain its ecosystem as well as its stablecoin. The network consists of two integral assets: WUSD, a stablecoin used for transactions, and WGRT, a governance coin used to manage the entire system.

The stablecoin system has its own public chain, which relies on the WGRT governance mechanism for its operation.

WGRT

As the governance coin of the entire WaykiChain system, WGRT stands for WaykiChain Governance Right Treasure. The coin is responsible for regulating the entire system, which includes maintaining the stable value of WUSD.

Furthermore, any changes in the WaykiChain system require the agreement and coordination of WRGT holders, which makes it vital not only for network maintenance but also for the future development and upgrades of the chain.

Under normal circumstances, the system regularly buys WGRT from the market in order to repurchase and burn the interest incurs from generating WUSD and the cost of CDP (collateralized debt position) liquidation.

This makes WGRT a deflationary currency, programmed to slowly deplete over time.

In the unlikely event where the value drops dramatically, some CDPs will likely become insolvent without liquidation. In such a case, the platform will utilize the funds from its ‘Risk Reserve Pool’ to resolve all insolvencies and close the CDPs. In addition, the system will also mint new WGRT to buy WUSD from the market and repay the Risk Reserve fund.

How WGRT Voting Works

Any user that holds WGRT coins can take part in governing the stablecoin platform. One of the perks of being a holder is having the right to submit proposals for changes in the system. These proposals primarily include changing the system’s framework, penalty rates, interest rates, etc.

So if a user has a brilliant idea that could help the stablecoin system overall, he could easily submit a proposal.

But in order for a proposal to become qualified, it needs to satisfy a requirement, which is the locking up of 210,000 WGRT. Once that’s done, other WGRT holders can then vote. They are given three options: Agree, Disagree, and Abstain.

Essentially, one WGRT coin equals one vote and the voting period lasts one week.
 
A qualified proposal requires the following conditions in order to be deployed in the system:

- Above 20% of circulating WGRT to participate
- Above 60% of voters opting to “Agree”

If the proposal passes, all locked-up WGRT will be returned to the original holders while all the remaining funds will be transferred to the ‘voting incentive pool’. The funds from the pool will also be rewarded to the proposer based on the voting WGRT/Circulating WGRT ratio.

But if the proposal does not pass, 10% of the proposer’s locked-up WGRT will be transferred to the ‘voting incentive pool”, while the rest will be returned to the original holders.
 
The implementation of the new proposal will happen as soon as it is passed.

Conclusion

Like most elements of the WaykiChain ecosystem, its governance mechanism is decentralized. Any user can become a governor and any governor can submit proposals, provided that they can purchase enough WGRT to pledge.

Source of article: https://www.asiacryptotoday.com/wgrt/

Thanks for sharing! I also heard about Gordon Gao meeting CZ, is something regarding listing on Binance a possibility? Would huge I believe!
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May 22, 2020, 10:11:02 AM
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Wow! This is something.

It’s weird that I have not come across Wayki previously. This is dam special. Never seen this kind of concept before.
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May 22, 2020, 10:14:48 AM
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Sources tell me, there is a pumping around the corner! Best of luck guys
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May 22, 2020, 10:29:59 AM
 #7

The most impressive and kind of satisfactory thing for me is the system of Wayki, as it means the token won’t be dumped and that obviously is what every investor including me loves and wants!!!
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May 22, 2020, 10:35:14 AM
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A very unique concept, I had no clue about them but this looks very cool! It could be the next big thing for the industry

In the Chinese market, this is certainly a major run away hit already but still it's too early to call them the next big thing, but I certainly admire them a lot
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May 22, 2020, 10:41:31 AM
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Tracking it for long time. I am very fond of Gordon Gao, as his vision is very clear.

Hope things continues on the positive track...
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May 22, 2020, 10:43:22 AM
 #10

This is the future without any doubt. I am sure in future new stable coins will use the WGRT to maintaining stable rates. Very excited to say the least!!!
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