Greetings dear friends and followers of our blockchain, in the current bull market one of the cryptocurrencies that has captured my attention the most is WICC (WaykiChain), because in addition to its attractive price recovery the technological development related to the WaykiChain project has a novel concept in relation to legal tender currencies.
Let's talk about the terms agreed upon in the WICC white paper
As stated in the WICC white paper, along with the development of WaykiChain, there will be more and more users using the WaykiChain application, these users are from different nations, speak different languages and use different FIAT (legal currency).
FIAT convertible with each other
Hence, to make all users on a global scale participate in WaykiChain conveniently, WaykiChain has provided a solution where different FIAT (legal currencies) can be converted into each other, and at the same time, the system will serve users who need cross-border currency transactions and remittances.
Fig. 2 WaykiChain has conveniently provided a solution where different FIAT can be exchanged on its blockchain. Image of public domain, Author: Tumisu, 2017
There will be forex receivers for various legal currencies, everyone can become a receiver, the recipient can pledge assets to WaykiChain, such as BTC, WICC and ETH, among other cryptos to generate cryptoassets that are 1:1 linked to legal FIAT.
On WaykiChain, users can pay WUSD to purchase assets with the corresponding legal tender price or withdraw cash using WUSD.
WaykiChain and WUSD issuance
WUSD supplies will be strictly recorded in the blockchain browser where everyone can access. WaykiChain will issue WUSD equivalent to the corresponding security deposit and recycle the corresponding WUSD in case of cash withdrawal.
Smart contracts supported by WaykiChain
The smart contract supported by WaykiChain will ensure the immediacy and security of the transaction, currency exchange and cross-border remittance will be much faster and more convenient for customers, and the transaction cost will be reduced for merchants as well.
Unlike traditional forex platforms, WaykiChain does not charge any management fee, traders can select their currency rate and fluctuation range, finally the actual price will be close to the officially published exchange rate, as the market will remove the quoted exchange rate that exceeds the market rate.
Fig. 3 The smart contract supported by WaykiChain will ensure the immediacy and security of the transaction. Image of public domain, Author: TheDigitalArtist, 2018
Since blockchain data is systematically self-verified and recorded, no identity verification, data collection by regulatory authorities or reporting by companies is required, this will significantly reduce regulatory costs and increase organizational efficiency.
Retrieval of transaction information and its feedbacks
The retrieval of transaction information and its backtracking will be much more convenient, and they are authentic because they are irreversible, this significantly saves human and material resources due to monitoring. At the same time, due to the stability and reliability of the blockchain technology data block, both the accuracy and security of the data are guaranteed when applying currency monitoring.
BIBLIOGRAPHICAL REFERENCES CONSULTED:
[1] WICC WaykiChain - Whitepaper. Article: Online access
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