Entrepreneurship Review made by rate3 at 13 Oct 2020


Every time I attempt to issue the 'Execution' rating (even, for the most matured projects in our space) I wonder when, at last, our industry comes out of its kindergarten stage of clumsy fighting, timid bullying and loud biting intermittent with an after-meal boredom.

That behavioural pattern is only more obvious with fledgling, fast-growing projects, where, as in the case of WaykiChain, I see that the founder team spends an immense amount of time and efforts to keep its community updated about the most minute changes in its protocols and 'adaption instances' without actually addressing the most important question of all, which is where the heck a company stands on its total valuation and financial stability accounts.

All of us understand that unless companies have an urgent incentive to open its financial book to us - its investors - nothing going to change.

At present we can envision two types of such incentives in, sort to speak, potentiality.

On the one hand, of course, we have 'official regulatory requirements' (such as a regular audit of listed companies) supported by a coercive force of the governments, with all of its well familiar to us vices of unequal opportunities, bureaucratic inefficiency and mounting costs.

During the past twelve months we have seen that the remaining few from the small cohort of 'old' and initially 'rebellious' founders gradually bent their knees to the governments, one by one implementing on their platforms one repulsive feature after another, which hardly make their services more user friendly.

However, all of those 'kycamls' do provide nothing for us - customers - except, a fable promise of 'more security'. Certainly, it doesn't make projects more financially transparent or accountable to its investors.

So, it begets even more of the governments oversight over our space and, as we've already seen, it will be wholeheartedly embraced by the good part of our ideologically diverse community (specially, those digitally consummating from the 'developed' parts of the world) but will it do any good at all - that's an open question.

On the other hand, we have the emerging DeFi, where the self-regulation (including, self-imposed full financial transparency, for which I'm trying to push with svetrating.com) still doesn't go further than too-little-too-late twitter hysterias, like that one, which we recently had have with a food-tokens farming saga.

Meanwhile, I'm doing what I can by reaching to companies' founders prior to publishing my reviews, expecting them to comment and / or critic my ratings as well as to supplement those data (specially, on the financial side) which are needed to increase ratings objectivity.

However, not all founders are as responsive to my appeals as, for example, those of Hashgraph, Nervos, Harmony, Pi Network, Local Crypto or Aleph Zero.

Among others, I'm still waiting for WaykiChain management reaction to my messages and before I receive some my 'Validity' and 'Equity' ratings (in the absence of any open-sources information on the legal and financial states of this company) will remain on 'c' level.

As to the founding team, which includes Wayki Sun, Gordon Gao, Richard Chen, Tony Chau and Xi Zhang I have to rely solely on information provided by their corporate web-site, which, presents them as a number of distinguished luminaries of the crypto-industry.

However, I have also give a credit to how fast this aggressive company managed to deploy its test net, closely followed by the main one. Also, the level of devs support appears to me to be sufficiently high to rate this young founders 'b+' on the 'Team' side of the rating.

As to 'Solution', again, it is not clear to me how and when this project might turn to be profitable (or not) to its initial backers.

At the same time, I assume, that given the most recent spectacular rise of WGRT (its circulating supply is announced to be less than 10%, with the rest, allegedly, locked up for a long), projects devs have some funds to look forward to.

However, it doesn't make, from my point of view, the WaykiChain's business model viable enough for its heavy dependability of tokens' market prices fluctuations. Result: 'Solution' is 'c+'.

Result for Execution (Solution - Validity - Equity - Team): c+ / c / c / b+