Project purchase time: August 22-August 24, 2022
As for the potential of WBEST, and why it is so optimistic about the currency business bigwigs? Let’s dive in together next!
Reason 1: Project Value:
WBEST has an original namespace/smart asset system, similar to the structure of domain names/pages in the Internet era. Each user can easily apply for their own namespace and publish on-chain assets on the public chain. WBEST is the on-chain asset released in this basic namespace. WBEST is a set of Java-based blockchain systems programmed from zero. The digital asset WBEST running on it has the following basic characteristics:
• Perfect collectible value – the total amount of WBEST is constant and never inflation
• Convenient transaction - good on-chain transaction carrying capacity, very high TPS
• Harvest System – Hold coins for passive income
• High efficiency – the operation of the blockchain does not generate a large amount of electricity demand and energy consumption
• High demand – WBEST is required for bookkeeping and publishing of smart assets on the public chain
Reason 2: Monopoly technology output
In the design of WBEST Protocol, each data stream contract will have multiple data sources. Economic Model of the WBEST Protocol
The design can ensure that each data source provider can get due rewards and punish them when they do evil. for
Each database has a separate Token, corresponding to a separate economic model, enabling the data provider of the database
The benefits are aligned with the costs of users and developers to ensure the sustainable operation of the entire mechanism.
Reason 3: Independent Blockchain Data Structure
1. The Tangle is based on a Directed Acyclic Graph (DAG), rather than a continuous chain architecture where blocks are added regularly. Through DAG, WBEST is able to achieve high transaction throughput (through parallel verification) and does not charge transaction fees. With the continuous development of the Tangle, more and more participants will initiate transactions, the entire system will become more secure and faster, the confirmation time will be shortened, and transactions will be completed faster and faster.
2. WBEST consensus mechanism innovation The blockchain consensus is completed through a very strict mechanism. Adding the next block to the blockchain requires multiple parties to compete and obtain block rewards or transaction fees. Because of this, consensus and transaction generation are separate and done by a small group of people in the network, often with high barriers to entry (like Bitcoin), which can lead to further centralization. In the WBEST system, every participant in the network can transact and actively participate in consensus. To be more specific, you are directly targeting two transactions (main transaction and branch transaction), and indirectly targeting other transactions in the child tangle. In this way, verification can be done synchronously, and the network can remain completely decentralized, without requiring miners to pass trust or pay transaction fees.
The monopoly core technology property rights of the WBEST project
The WBEST protocol can provide decentralized and permissionless oracle services, and anyone can participate in the protocol to become a data provider or use data. The way to query data using the WBEST protocol is also relatively simple and intuitive. Unlike other oracle projects that use a callback mechanism, the WBEST protocol allows developers to obtain data with just one transaction. reduce
The query delay is reduced and the user experience is improved. In addition, since each database has multiple data providers, this WBEST can effectively avoid a single point of risk. In addition, for each database, WBEST allows it to have its own token and build its own incentive model. This model of having independent tokens for each database can maximize the alignment of the interests of all token holders. By tying the value of data providers to the value of their tokens, bribing data providers to attack will become more expensive and the overall economic system will be more robust. There are many differences in the economic model of the WBEST protocol: The dual-token model allows each dataset using the WBEST protocol to have its own Token to incentivize its own ecological participants. In order to solve the problem of price discovery and liquidity of each data set Token, the WBEST protocol adopts the bonding curve model so that developers can complete the token exchange without counterparty, which greatly improves the market efficiency. WBEST has designed an effective incentive model around data providers and other token holders to ensure that the interests of all participants are aligned and the security of the protocol is guaranteed. For the WBEST protocol with a complete economic model, it has a very good advantage to incentivize and manage data providers. I believe that WBEST oracles can play a good role as a booster between DeFi and data providers.
WBEST has the following 4 characteristics:
1. Perfect incentive mechanism
WBEST Protocol relies on query fees to pay data providers and incentivizes honest data optimization. Whenever a smart contract makes a data query function call, it must attach the blockchain's native currency (ETH in the case of Ethereum). The query fee is determined according to the fee table set by the data set provider and token holder in the governance parameters. The decision to accept the blockchain's native currency was primarily to simplify the onboarding and integration process, as it would be unreasonable to assume that every program would be willing to hold dataset tokens or WBEST tokens. In practice, WBEST Protocol utilizes decentralized transaction protocols such as Uniswap to instantly convert accepted currencies into WBEST tokens, and then convert them into dataset tokens through the bonding curve function in the same transaction. Therefore, even though Dapps are paid in native currency, data providers and token holders still share the revenue in dataset tokens. During this process, as more and more WBEST is locked into the bonding curve function, the supply of dataset tokens will increase, causing the prices of both tokens to increase. It should be noted that income is not necessarily required in a particular data management approach to give participants a certain economic income, such as optimizing token registries. In this case, the dataset community may collectively decide to set the query fee to zero.
2. State-of-the-art implementation mechanism
At the same time, there is a special node in the off-chain network, that is, the Coordinator Node. The coordinator node will be responsible for collecting data from all data providers. After the coordinator receives a data request from the chain, it will parse and forward the request to all relevant data provider nodes, and then all data providers will return the corresponding data according to the request and send it to the coordinator user node. Then, the coordinator node will perform aggregation processing (Aggregation) on these data, and send the aggregated data to each data provider node again, and they will sign. Finally, the coordinator node needs to collect the signed final data from each data provider node again, and verify the signature to confirm whether the number of signed nodes reaches more than 2/3. On success, the coordinator will send the data to the dataset smart contract on the chain. Other smart contracts on the chain can read the latest off-chain data from the data set smart contract.
3. All-round use background
①Provide liquidity for the data governance group and guarantee the value of tokens When issuing dataset tokens, you need to use WBEST tokens for collateral.
②Maintain the value of all datasets When any new dataset tokens are minted, WBEST tokens are required as collateral. Therefore, as the demand for dataset tokens increases, so will the demand for WBEST.
③ Governance of future protocol upgrades WBEST can be used for proposals and voting for future protocol improvements.
④Control dataset quality through optimized dataset registry As WBEST Protocol gradually moves towards decentralization, creating or optimizing datasets will become permissionless. To control the quality of datasets within the ecosystem, WBEST token holders will jointly maintain a registry of certified datasets.
4. Front-end algorithm
The Bonding Curve model is a fund pool model that can provide liquidity for a trading pair without a counterparty. It can be regarded as the relationship curve between the exchange rate of a given token trading pair and its token supply. In the WBEST protocol, each data set contains an exclusive Token, which can transfer value in their respective systems. Therefore, each dataset has a dedicated pool of funds and a corresponding price/supply curve (implemented through on-chain smart contracts). The tokens corresponding to the dataset are pre-stored in the fund pool, and developers and data providers can use WBEST tokens to purchase the corresponding dataset tokens from each corresponding pool. The purchase price will be adjusted accordingly by the system based on the predetermined bonding curve as the supply of tokens in each dataset changes. On the one hand, WBEST uses the bonding curve model to allow everyone to exchange the required data set tokens at an exchange rate close to the market price without a counterparty, which satisfies the liquidity of the capital pool; on the other hand, based on curve purchases, early purchases The price will be relatively cheap, which provides a certain level of incentive for early purchasers of the token
For the upcoming WBEST, the high-level resources of currency merchants and institutions are scrambled first and then plundered, let us witness whether this unicorn can get out of the explosive trend and stable sustainable development potential to give back to our investors!
Contact Person: Miss. Anna