Application of DAO concept can allow blockchain to deploy enterprise grade solutions — A case on Wienchain
Bitcoin started the dawn of blockchain, but it was Ethereum that made the utility of this technology possible on a mass-scale by allowing technology to have real cross-product integration. Ethereum has grown ever since, and due to this advancement, it is often regarded as the legacy second generation blockchain. The success of Ethereum blockchain has resulted in the network seeing heavy demand as projects began to utilise it's smart contracts and build on its protocol. This is good because it allowed the genuine usage of blockchain technology; however, the success of Ethereum resulted in an overloaded network which was beginning to fail in fulfilling the demands of community and the developers due to the protocols employed in building the network. While the benefits of technology is undeniable, early blochchains typically faced scalabilty problems. This is the reason why new teams have sort to create new generation blockchains that would target scalabilty and security problems and deploy financial solutions aimed to push blockchain penetration into the real world. This is idea that has led to the development of Wienchain
Wienchain is perhaps the first effective public blockchain providing a composite enterprise solution. Wienchain goes beyond the offerings of standard blockchain goal of high transaction per second (tps); it is aiming for increased security and streamlined usage of its multifunctional network.
So, why is this such a big deal?
Everyone understands that better security is always good; but more importantly, making it easier for businesses and enterprises to be a part of the network is good for growth. Ordinarily, it may not be clear why a blockchain would aim to create a network of enterprise grade solution with high tps that is tailored for business and finance—so, I’m going to address that.
The creation of Blockchain is considered as a leap forward in technology as it has propelled the internet era to a new frontier. Blockchain technology has the potential to transform the internet of information into the internet of value; WienChain understand this concept and has developed a platform that can attach value to anything. But this proposition puts to test the limits of blockchain technology — the key underlying aspect of attaching a value to anything means transactions will be involved — lots of transaction. Blockchain has evolved and it's benefits has attracted the masses but it has limited feasibility of being utilized in scale for real world adoption as big name blockchains like Ethereum have had to upgrade it's protocols. The reason is simple actually; most current networks are too slow to sustain the required transactional through-put for deploying enterprise grade solutions. Blockchain technology is still new, and unlike traditional centralised payment networks that have had decades to evolve, still need to grow. The technology has attracted the interest of some of the most talented entrepreneurs in the world who are making big developments in this space. Now, Wienchain aims to carry this technology to mass utility.
Blockchain protocols used by existing blockchains
Since the creation of bitcoin as the pioneer blockchain with it's native concept of proof-of-work (PoW) which allowed decentralized consensus on a large scale network with no central authority to achieving a total peer-to-peer transactions, many other blockchain protocols have been proposed by different teams. The team behind Dash introduced a protocol called InstantSend in the year 2014. The protocol provides means for users to lock transactions using regular nodes and elects a masternode among them to create the locks of the transaction in a decentralized manner. At the wake of blockchain protocols that would improve on the offerings of bitcoin on different levels, Dr Gavin Wood designed a protocol called proof of stake (PoS) with the ability to execute codes that could change a state within the blockchain and fee calculation using gas instead of purely the size of the Input and Output UTXOs used by the Bitcoin. This protocol would become the basis of the Ethereum blockchain.
Proof of Work (PoW)
Proof of works algorithm is native to bitcoin blockchain. While the protocol existed before bitcoin, it became popular when it was used to power bitcoin by Satoshi Nakamoto.
This protocol is used to confirm blockchain transactions and generate new blocks to the chain. With Proof of work (PoW), miners compete against each other to execute transactions on the network and get mining rewards in return. The basic principles of this protocol is to solve series of complicated mathematical puzzle and a possibility to easily prove the solution.
Proof of service
Proof-of-Service (PoSe) is blockchain algorithm introduced to improve on the shortcomings of the proof of work (PoW) method. The main problems with this protocol is the massive amount of energy expended for mining. Also, the computing power requirement for performing cryptographic calculations only ever increases as the difficulty of the mathematical problem increases, therefore consuming greater amounts of electricity. Not only is the protocol a big problem to the environment, this would also be counterproductive to the health of a cryptocurrency on the long run; as miners would have to sell substantial portions of their mined coins in order to pay the electricity bill, devaluing the price of the cryptocurrency. The proof of service addresses this problem by allocating mining power proportional to the amount of masternode held by a miner. Therefore, a proof of service (PoSe) miner is limited to only mining a percentage of transactions that is relative to the number of masternode he executed, unlike a PoW miner who uses raw energy to solve complex mathematical problems
Wienchain Hybrid Validation method (The best of PoW and PoSe)
Wienchain proposes a series of improvements to the existing protocols of Bitcoin, Ethereum and Dash resulting in a fully decentralized, flexible, scalable, efficient and strongly anonymous cryptocurrency. Wienchain's hybrid system integrates both concepts of Proof-of-Work and Proof-of-Service to solve particular problems such as decentralisation and security putting in scalabilty and sustainability. In its initial stages, Wienchain will be a PoW centric chain
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The protocol enables a direct and tamper-proof sending of transactions and the ability to execute smart contracts with load distribution to on-duty masternodes. Thus, the load are equally distributed between the masternodes and the miners.
Decentralised Autonomous Organisation (DAO)
Bitcoin was considered as the first ever fully-functional DAO, because it is coordinated through a distributed consensus protocol and has a pre-programmed set of rules that allow it to function autonomously. Ethereum platform enabled the deployment of smart contracts which brought creation of DAOs closer to masses.
DAO — The definition: DAO is a short of decentralized autonomous organization (DAO) — which is sometimes called a decentralized autonomous corporation (DAC). DAO is an organization which is operated by rules encoded as a computer program. The protocols of a DAO is very transparent and controlled by the organization members and not influenced by any central entity. Since DAOs are blockchain concepts, the programme rules and financial transaction records are kept on distributed ledger
DAO —The explanation: Imagine a vending machine that can multitask all by itself without being controlled. A machine that can do more than take money from you and dispense snack and drinks for you in return. Imagine that such machine can also use that money to automatically re-order the goods and stack up. This machine also pay its rent and order cleaning services all by itself. Imagine that as you insert money into that machine, you and other users of the vending machine has a say and determine the kind of snacks it will order and how often it should be cleaned. The machine has no operators or managers, but function autonomously because the processes and instructions were pre-written into codes. This is roughly how a DAO works.
The idea of a DAO operation model has circulated around the crypto community since the creation of bitcoin removed middlemen from financial transactions. Similarly, the main idea behind a decentralised autonomous organisation is to create a company or an organization that would function completely without hierarchical management of any sort.
WienChain DAO protocol
In Wienchain, the DAO protocol is powered by WIEN token and facilitate with group of Masternodes owner. The Wienchain DAO is designed in a manner that allow anybody in the community to place a certain amount of WIEN to create a proposal and allow the members of the community to vote on the proposal.
During the voting period, every masternode on Wienchain can vote agree, disagree or abstain on a proposal. Voting is cold it cted on different things; it can be to operate a mining pool, to run a marketing campaign, build a website containing information, incubation new ideas and concepts or even building new innovation on top of the current core.
Incubation
There is no doubt that the creation of blockchain is a technological marvel and that ICOs have had a massive impact on the community — socially and economically. However, the power of ICOs in generating funds to support a startup is limited to offering of coins, just as the as the name implies. A large number of teams with innovative ideas are out out there who do not have the needed financial to build on the blockchain and so do not, or rather, cannot issue tokens.
The developments in the blockchain space are disruptive. This is because the technology has a strong focus on decentralization and increased integration of deep tech. Thus, startups in this industry can benefit immensely from an incubator that is focused on providing the support and guidance required, Wienchain is cored on pioneering this venture
Wienchain aims to provide powerful ideas with the opportunity to access the necessary funding through its incubation platform. Wienchain users will vote among the proposed ideas and select which one should be supported and incubated. Incubation and seed funding enable project's team to start the development of their project. Wienchain will also provide the necessary guidance required to develop a product that can operate properly.
Wallet
Wienchain Wallet is a cryptocurrency wallet that allows users to store multiple cryptocurrency including WIEN tokens and Assets that are tokenized using WienAsset in just one and only wallet. Wienchain Wallet is design in such that users can pay for transactions with cryptocurrency that you do not have by converting other cryptocurrencies that you have. With WIEN wallet, users do not need to download third party wallets. WIEN wallet allows a user to send one type of cryptocurrency (say, eth) while the receiver can receive another kind of cryptocurrency he preferred. (say TRX)
Marketplace (WenExpro exchange)
Wienchain is a multifunctional platform. It has created an exchange that would be native to the Wienchain ecosystem. WenExPro is a high liquidity exchange with large menu of tokens and coins to trade. WenExPro is an integral part of the window WIEN ecosystem.
Wrap Up
Wienchain is a next generation blockchain that aims to offer an enterprise solution. It utilizes various innovative features such as DAO concept and a hybrid protocol of PoW and PoSe to bring about scalability though the fulfillment of high tps. With the value additive features designed on the Wienchain network, it is clear that the project is truly focused on improving the blockchain market using novel blockchain protocols and algorithms
Furthermore, Wienchain is going to be a pioneer in cryptocurrency asset management network. The kind of of investment vehicle that Wienchain has developed is typically only available in traditional capital markets. From incubation of start-ups through WIENAsset to WienEx exchange, and WIEN wallet, Wienchain is bridging the existing gap between cryptocurrency markets and the traditional market.
Hello, appreciated @kryptarion.
I admire the ability you have to write these long and complete posts.
Congratz!
I'll follow you.
Thank you @juanmolina. I'm glad for your support. I'll sure follow back.
Blockchain needs to aim for mass scale utility. Ethereum and bitcoin have set the pace, but the requirements are not entirely met for enterprise grade solution. I think Wienchain is in a good position to create a disruptive blockcian for the deployment of financial infrastructures. Great content @Kryptarion. I enjoyed reading your content.
Thank you @abinsur. And yes Wienchain is a big upgrade to blockchain protocols. The DAO concept is a big innovation to the existing protocols.
I think that the incubation platform that Wienchain has developed will help people with great ideas to raise the required funds to start their project.
Thanks for your contribution buddy