Chaohua Community | Will the Whitecoin cross-chain ecology be the best farmland for DeFi?
Produced | Odaily
Editor | Hao Fangzhou
Produced | Odaily
This summer, the DeFi wave swept the crypto market.
Defipulse data shows that the total lock-up volume on the DeFi chain has increased from US$675 million at the beginning of the year to a maximum of more than US$12.5 billion, with a maximum increase of more than 1750%.
After liquidity mining, cross-chain transactions have become the next outlet for DeFi. As a decentralized project with a history of more than 6 years, the Whitecoin (XWC for short) public chain has also entered DeFi, bringing its own cross-chain solution.
What are the advantages of Whitecoin cross-chain ecology? How to achieve perfect integration with DeFi?
At 7 o'clock tonight, Whitecoin Global BD Director Crypto Beast will be a guest on Chaohua Community, explaining in detail how Whitecoin's cross-chain ecology undertakes cross-chain DeFi transactions and becomes the best farmland for DeFi.
Crypto Beast said that Whitecoin's cross-chain solution is a combination of hash locking and distributed private key control, which has the advantages of both. Moreover, cross-chain assets have 100% capital reserves, ensuring the stability and security of the ecosystem. At present, Whitecoin has integrated cross-chain transactions of BTC, ETH, LTC, USDT and even all ERC-20 contract tokens, and is expanding the cross-chain ecology to other high-quality assets such as EOS and XRP.
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(1) Project introduction
Odaily: The Whitecoin public chain, which was born in 2014, has gone through 6 years so far. It's the same as Ethereum. It is the earliest batch of public chain projects. The market value of the project token XWC reaches the highest 21, and it is launched on multiple trading platforms. In view of the fact that many users enter the market late and have little knowledge of established projects, first of all, please introduce the development of Whitecoin?
Crypto Beast：Hi everyone, First of all, I want to thank everyone for coming to our AMA today.
As you mentioned, Whitecoin is one of the early blockchain projects, which means it is an independent project and has its own token.
Over time, Whitecoin's public chain, team and early development have been making continuous progress, and have developed into what everyone sees now.
Whitecoin originally had 4 stages of development, we insisted on completing each stage, and now half of the plan has been completed. A brief description of each phase follows:
The first is the "Wall Facing Project". This stage has been a complete success, and most users have completed the exchange of new white coins, and they have also entered the cross-chain project from the old PoS 3.0 system.
The second is the "Deterrence Program". This stage has reached 5,256,000 blocks, and the project will last for about one year. At this stage, miners can obtain higher mining income, and will also start cross-chain cooperation, establish block tools, wallet systems, and the ecosystem we are seeing now.
The third stage is the "ladder plan". This stage follows the previous stage, and the block starts at 5256001 and ends at 26280000, which lasts for about four years. During this phase, block rewards will decrease but become more stable.
The final stage is the "Black Domain Project". At this stage, after entering block 26280001, Whitecoin will truly become the infrastructure of the blockchain (supplement: the current block is 5427001).
Odaily: We found that the Whitecoin ecological token XWC has performed very well this year, with a cumulative increase of more than 5,000% during the year, making it a top performer. Many people are also very concerned about the future actions of the Whitecoin ecological token XWC. Could you please introduce the future plan for listing?
Crypto Beast：Yes, XWC has done well in price this year. Even though we haven’t announced the big partnerships and listings we’re going to be striking in the next few months.
Before everything happens, I can't say too much, because doing so may adversely affect me and my partners. But I can tell you the following news:
1) Focus on top exchanges, we have arranged funds and personnel to track the best exchanges. Because we don't want our tokens to have non-compliant transactions or false volumes. The trading of XWC on the exchange should only indicate the demand for tokens by people and the market, and have real price changes, not machine wash volume.
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(2) Cross-chain
Odaily: At present, one of the main directions of Whitecoin is cross-chain. Why did you make this choice? Many people believe that cross-chain will become the engine of the next bull market. In your opinion, what is the significance of cross-chain solutions to the current encryption industry?
Crypto Beast：You asked a few questions, and I will answer them one by one.
The term cross-chain is used more frequently in WhiteCoin than in the blockchains I have worked with before, because WhiteCoin is the market leader in this field.
In short, cross-chain technology allows multiple chains to interact with each other, which is one of the most important "features" of the industry today. The sheer number of available blockchains, and the nature of the technology that allows those blocks to cooperate with each other, also makes cross-chain technology very useful.
I personally don't think technology will drive a bull market, but finance can. Our cross-chain technology will allow investors and crypto enthusiasts/professionals from all over the world to connect globally, and ultimately drive them to use our public chain and promote the development of XWC.
Encryption is an integral part of blockchain technology and is constantly evolving, so there is an increasing need for security in development. The cross-chain solution solves this security problem and provides a safe way for individuals and projects to develop together.
Odaily: At present, cross-chain solutions in the market can be roughly divided into five types: Notary Schemes, Hash-Locking, Sidechains/Relays, and distributed private key control (Distributed private key control), notary mechanism + side chain mixing technology (Notary schemes + Sidechains Mixing technology). What kind of whitecoin is it? Could you please introduce the specific cross-chain implementation process in detail?
Crypto Beast：I would say that XWC is a combination of hash locking and distributed private key control:
A) Hash lock is a limit set to limit/control/ensure spending on the chain. The advantage of hash lock is that a single limit can change the entire contract, and once the limit is lifted (data is public), all users using the same data Hash locking will be turned on. This feature applies to smart contracts, especially timed contracts, and therefore also applies to cross-chain operations.
B) Behind every public address there is a private key, and most crypto users don't even use this feature. The public key is used to verify and ensure identity, while the private key is necessary to protect the wallet, and the two are parallel to each other. Although everyone knows both exist, most people only use the public key.
Odaily: For cross-chain projects, users are most concerned about the authenticity and security of cross-chain assets. How does Whitecoin ensure that 100% asset reserves will not be overissued? In terms of security, what measures does Whitecoin take?
Crypto Beast：That's a big question haha. I think we should look back at XWC's MTBCP protocol, which is the first tool to realize value interconnection between blocks.
Now, we aim to ensure the stability and security of our ecosystem and have 100% funding reserves. Each WAMP (referring to other asset chain digital assets anchored on Whitecoin) has an original chain asset, such as BTC or ETH, pledged in the cold and hot multi-signature addresses from the original chain (using our RPOS consensus). This process ensures that assets are not added or destroyed out of thin air, and each increase or decrease of each asset corresponds to the deposit and withdrawal of user assets on the original chain.
Odaily: In fact, in addition to Whitecoin, there are other protocols/projects (such as Kava, Ren, etc.) on the market that focus on cross-chain. Compared with these competing products, what are the differentiating advantages of Whitecoin?
Crypto Beast：Good question, I would say we don't need to compete with the other two blockchains because they both serve crypto users like we do.
I would like to point out that the beauty of the current market development is that we are all moving in the same direction, and it is much better to work with each other than against each other.
But if you want a more specific answer, our goal at Whitecoin is to focus on user experience, and our blockchain and team have unique strengths that I believe are better than most blockchains. The advantages are as follows:
Governance model for fair distribution;
best user experience;
Support for developers (active recruitment and funding);
We are a community project, which means our development is open and transparent.
Because of our governance and distribution model, any individual or company can cooperate with us without feeling any burden (this burden stems from the pressure to cooperate with whales and large positions).
We are still actively working on improving the above functions, and you can see our progress through any of our communities or media channels.
Odaily: What cross-chain assets are currently integrated in Whitecoin, and what are the future development plans?
Crypto Beast：By using the XWC cross-chain system, TokenSwap can realize cross-chain transactions of BTC, ETH, LTC, USDT and even all ERC-20 contract tokens.
I also want to add that if you inject the liquidity of these assets into TokenSwap, users can get two kinds of benefits: the income for providing liquidity; the income of TP tokens for liquidity mining.
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(3) DEX
Odaily: One of the hot spots in DeFi this year is decentralized exchange (DEX). An integral part of the Whitecoin ecosystem is also DEX, and Tokenswap has been launched to support cross-chain transactions of all assets. Could you please introduce the special functions of Tokenswap in detail?
Crypto Beast：Through cross-chain transactions on the Whitecoin network, TokenSwap breaks block barriers and complexity.
What does it mean? Whitecoin can link the value between different chains through the MTBCP protocol, so that the existing blockchain can share and expand value, and at the same time support the Internet business infrastructure to join Whitecoin and blockchain technology.
Although the current stage shows that DeFi is still in its infancy and the infrastructure and processes are still experimental, I think the trend is clear and the world is moving in this direction.
Odaily: Compared with the long-established UNISWAP and other DEXs, what are the advantages of Tokenswap? How to capture users?
Crypto Beast：I think that UniSwap is not perfect. Its success is based on the right time and place, which is reflected in the following aspects:
1) Almost all projects issue tokens on ETH, because most developers are used to ERC-20;
2) They issue tokens just to get more users because the sushi exchange (a scam) steals their transaction volume and users.
Obviously, the current ETH network is not perfect enough to realize the idea proposed by Satoshi Nakamoto: to build a cheap, fast and reliable "electronic money" network.
I don't mean to say that other projects are bad, but I want to point out that just like we went from using coins to banknotes to cryptocurrencies, we still need to develop cryptocurrencies and their technologies to provide us with strong support.
This is why TokenSwap clearly has an advantage, being based on the whitecoin public chain, it directly removes all the limitations that other chains currently have.
Plus, they offer extremely high returns to liquidity providers who start early, and we all know it's an easy way to make money.
Odaily: I noticed that Tokenswap also introduced the governance token TP. Could you please introduce the functions and functions of TP?
Crypto Beast：As you mentioned, TP is the governance token of TokenSwap, and one of its practicalities is that it can be rewarded to early liquidity providers.
For a project similar to UniSwap, the development of Uniswap depends on the continuous liquidity growth brought by liquidity providers. However, the early liquidity providers used their actual assets to practice the feasibility of the contract, and at the same time assumed the security risks and losses caused by excessive slippage, so they did not really gain value in the development of the protocol.
From our TP point of view, all early liquidity providers can easily obtain tokens and get more reasonable returns.
Odaily: Besides liquidity mining, what other development plans does Tokenswap have?
Crypto Beast：TokenSwap works closely with the entire WhiteCoin community and focuses on new projects that have joined the WhiteCoin ecosystem.
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(4) Other ecological planning
Odaily: The Whitecoin public chain currently uses the Random Proof of Stake (RPOS) consensus, which is why it can well support DEX and cross-chain development. Can you please introduce the RPOS consensus in detail?
Crypto Beast：In my opinion, this is one of the most unique and awesome features of XWC.
As a big fan of PoS technology, I am personally madly in love with the concept of RPoS. RPoS allows all users of the ecosystem to earn rewards. This solution can solve the problem that each blockchain has been blocking small users, but at the same time it will not adversely affect large users.
There are many advantages to utilizing RPOS, here are a few features worth mentioning:
Reduced energy consumption - random selection of miners, no more searching for hashes;
Block generation is done through cooperation rather than competition (this is a very important feature that again enables the community to work together, which I think has positive psychological implications for users);
Provide users with high security. Your assets (such as BTC) will never leave the wallet without reason, while also allowing users to hold private keys different from PoS.
Odaily: In addition to cross-chain and DEX, the third major development direction of Whitecoin is the smart contract platform. What is the difference between it and Ethereum and other smart contract platforms? For developers, development tools and other supporting policies are also very important. What plans does Whitecoin have in these areas?
Crypto Beast：As mentioned above, we are always committed to new developers and their needs, and you are right that we cannot ignore that. We have allocated millions of dollars for ecosystem development, and like every other project, the smart contract platform will be tailored for users from the beginning to the end.
It's our mission to support, fund, and assist all new developers to get started. If you're a new developer, I encourage you to talk to me or my team to see what we have to offer.
Odaily: What are the characteristics of the decentralized mining pool, the fourth major development direction of Whitecoin's ecological development, and what is the difference between it and the centralized mining pool?
Crypto Beast：As with all older blockchain technologies, centralized mining is a growing problem, and it amazes me that 3 mining pools control over 50% of BTC mining power.
In the early days, all miners worked together. When a mining pool gets rich, the entire mining pool team benefits from it. Now, mining pools absorb all the BTC miners earn and redistribute the proceeds based on mining power. As you can see, this doesn't work.
It just means that it is no longer decentralized and only a small group gets most of the mining rewards. Our goal is to ensure fairness, and our alliance and our RPoS and other systems fight against it.
Odaily: Take a detailed look at the development of Whitecoin. From the early Whitecoin PoS mining machine, Whitecoin secure mobile phone, Whitecoin secure wallet, Whitecoin game, to the entry of DeFi cross-chain transactions, it has been constantly changing directions and tracks. Many people may question, Whitecoin is a popular public chain, how do you respond to the question?
Crypto Beast：We are a community project, so we are open to new developments in the ecosystem, whether it is games, cross-chain, dex, etc., which are the characteristics of the Whitecoin project. But this is a community, a combination of developers and token holders. So if someone likes to develop other fields, they will not be restricted by us.
Odaily: What new development plans does Whitecoin have in the future?
Crypto Beast：Our goal is to be a useful chain for developers, smart contracts, and cross-chain operations. As I said before, we will be amazed by the new projects we will be collaborating on, and our recruiting program will attract new talent to grow our ecosystem.
By shifting the focus to these parts, we will provide individuals with a cheaper, faster and friendly way for users to better interact on the blockchain.
Follow us on Twitter:https://twitter.com/WhiteCoiner。
