WaykiChain System Review and SVET Rating


This review is largely based on the WaykiChain WhitePaper available on their front page and dated back to the times immemorial of January 2018, when the company was just launched by the ambitious entrepreneur Wayki Sun and his team.

Quote: 'The mission of the Waykichain products and foundation is to create an unbiased blockchain ecosystem for the everyone all across the world.'

I am under the impression that the English version of the original text (written in Chinese) appeared after somebody only slightly disagreed with the Google translator. As a result reading it is largely a guess job. However, it's more or less clear that WaykiChain attempts to become yet another 'Ether Killer'.

To differentiate themselves they start with sharding right away and emphasize an application layer.

Quote: 'Combining blockchain with traditional industries applications, WaykiChain will bring this emerging technology to people’s daily life. ... Targeted industry-level applications will also have separate sub-chains built on WaykiChain. Application data are independent and parallel with each other. Application sidechains can define their protocols, such as consensus algorithms'.

Another wrapping which authors attempt to put around their architectural solution is that it (quote): 'uses DPoS+pBFT consensus algorithms to balance overall performance and consensus efficiency.'

How exactly authors intend to combine those two algorithms with those of side-chains' is referred in this paper as following (quote): 'A total of 11 supernodes are set up by voting, and a new block is generated every 3 seconds.' I presume, it means, that they implement pBFT on top of 11 DPoS nodes, with each synchronizing its sub-set of side-chains.

As with all such types of fledgling layered protocols with increased attack surface I will need a bit more time to see how WaykiChain performs outside of its test net before improving their 'Security' rating to 'b' level from the current 'c+'.

Although this 'sandwiched' DPoS architecture makes more difficult for 11 'super-nodes' to collude it still remains possible, specially, when the number of nodes are in hundreds. Therefore, 'Transparency' is 'b-'.

WaykiChain aims to conquer several big markets at once, including that of Lending. For this purpose it creates the internal assets exchange and liquidation mechanisms, which use internal stablecoin (WUSD) as a collateral.

Quotes: 'WaykiChain adds DeFi features like CDP (Collateral Debt Position) and DEX (Decentralized Exchange) right into the base layer instead of second-layer of blockchain to enjoy the best performance, flexibility, usability and extensibility'.

As a result, I am under the impression that WaykiChain creators have lost their focus going too many ways at once. Still, after reviewing their code on GitHub I think that they are technically qualified and know what they are doing, which earns them 'b' on the 'Engineering' side of the rating.

As many other platform in our space Wayki attempts to jump into the WASM 'train' to push adaption among devs by implementing 'Lua' - 'a lightweight and compact scripting language that allows DAPP developers to develop smart contract rapidly'.

Quote: 'Dual Virtual Machines WaykiChain provides dual-engine smart contract technology, which implements Turing-complete computing ability: LuaVM + WASM VM, at the bottom layer.'

With that implementing 'hello world ' takes only a couple of scripts' pages :) I doubt that there are going to be the golden rush to on-board Lua among developers and it might cause some scaling issues for WaykiChain.

On the other hand (quote): ''After running stress tests in the latest version of WaykiChain main net, it is approved that WaykiChain's trading ability reaches an average of 3300+ TPS and peaks at 7800+'.

Still, I settle on 'b' on the 'Velocity' side of the rating.

Result for 'System' (Security - Velocity - Engineering - Transparency): c+ / b / b / b-

[Please, do not forget that I am not your financial advisor and all above was not intended to be a financial advise, of course. You’ve got to use your own gray matter enclosed between both of your ears to take all important as well as unimportant financial decisions.]

For the original version of this article, please, refer to: http://svetrating.com/rating_text/39/system/

Link (WhitePaper): https://www.waykichain.com/Whitepaper_en.pdf

Image: Wheat Fields, Jacob Isaacksz. van Ruisdael

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SVET Rating is the first public praxiological (human actions driven) rating. It takes into account combine effects of cognitive, emotional and social factors on the decisions of individuals and institutions dealing with crypto currencies and blockchain projects. Uses S.V.E.T. Metrics = System + Vision + Execution + Tokenomics. Includes 16 parameters. Accounts for main drivers of public behavior: technology, economy, organization and psychology. Integrates insights from independent experts and everyday users

  • Security (safety): for defenders (
    - The Protector: Warm-hearted and dedicated, they are always ready to protect the people they care about.
  • Velocity (scalability): for megalomaniacs (
    - The Commander: Outspoken and confident, they are great at making plans and organizing projects.
  • Engineering (design): for geeks (
    - The Architect: High logical, they are both very creative and analytical.
  • Transparency (decentralization): for crypto punks (
    - The Crafter: Highly independent, they enjoy new experiences that provide first-hand learning.
  • Singularity (uniqueness): for Individualists (
    - The Artist: Easy-going and flexible, they tend to be reserved and artistic.
  • Volume (market): for Globalists (
    - The Performer: Outgoing and spontaneous, they enjoy taking center stage.
  • Empathy (enthusiasm): for Tribes (
    - The Persuader: Out-going and dramatic, they enjoy spending time with others and focusing on the here-and-now.
  • TimeLine (road-map): for Visionaries (
    - The Mediator: Idealistic with high values, they strive to make the world a better place.
  • Solution (business): for Dealmakers (
    - The Director: Assertive and rule-oriented, they have high principles and a tendency to take charge.
  • Validity (legality): for Lawyers (
    - The Inspector: Reserved and practical, they tend to be loyal, orderly, and traditional.
  • Equity (finance): For Venture Capitalists (
    - The Advocate: Creative and analytical, they are considered one of the rarest types.
  • Team: for Friends (
    - The Caregiver: Soft-hearted and outgoing, they tend to believe the best about other people.
  • Sustainability (stability): for Sages (
    - The Thinker: Quiet and introverted, they are known for having a rich inner world.
  • Value (venture): for Adventurers (
    - The Debater: Highly inventive, they love being surrounded by ideas and tend to start many projects (but may struggle to finish them).
  • Engagement (usability): for Pragmatics (
    - The Giver: Loyal and sensitive, they are known for being understanding and generous.
  • Transactions (speed): for Travelers (
    - The Champion: Charismatic and energetic, they enjoy situations where they can put their creativity to work.

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