On June 30, WechatPay association will officially launch the wechat digital currency after a long time of development. This is a long awaited event by the wechat community as well as the crypto community.
So what is WECHAT$? Why is it important? Why is the role of WechatPay getting so many people’s attention? Let’s find out together with me!
What is WECHAT$?
Wechat$ is a digital asset developed by Wechat. This is the financial infrastructure and premise for Wechat to reach out and cover the world. WeChat$ is managed by WechatPay Association which is a non-profit and independent organization registered in the Republic of El Salvador in June 2021 in accordance with the relevant laws of the Republic of El Salvador. WeChatPay Association was established with the mission of creating breakthroughs in core blockchain technology and integrating blockchain technology into other industries. Wechat will expand to public chain, digital asset trading and wallet, mining pool, proprietary investment, incubation, and Digital asset research, etc.
Project development roadmap
Phase 1: The project will start with the launch of Minimum viable product on the Binance Smart Chain platform.
The purpose of this phase is to test the ability to sell and exchange tokens, gather people’s feedback, and prepare for a robust infrastructure that will likely migrate to the WeChat network.
Phase 2(a): This phase will be the full launch of the product based on Wechat network environment. Completing WeChat 2.0 will allow projects to raise funds on Wechat network or other tokens based on Wechat$ that the project chooses to raise funds.
Phase 2(b): The platform will provide cross-chain pools and sell tokens by leveraging Tencent wallet’s bridges such as BTC, ETH, BNB and USDT.
Detailed development route
2nd quarter of 2021
Complete the pre-seed sale; Launch HMM; Integrate into Trust Wallet; Airdrop, open sale and DEX list; Support Multi-language.
3rd quarter of 2021
Complete Security Audit; Implement marketing plan to users; Integrate the management system and functions of DeFi; Launch referral program; Integrate NFTB and fiat as a means of payment; By the end of Q3/2021, integrated Wechat$ voting system; Develop Wechat$ with open source code with the programming language Move
4th quarter of 2021
Deploy a decentralized governance system; Implement Cross-chain i and API functionality; WeChat1.0 (WeChat Beta) – Beta on Binance Smart Chain; Launch DeFi arbitrage; Release Wechat private wallet; Release the currency of USDW
1st quarter of 2022:
Launch cross-chain bridge 2.0; WeChat2.0 – cross-chain token pools (Binance and Polkadot); Successfully integrate Wechat$ into WeChatPay system; Private pools with passwords, ideal for OTC; Anti-scam features: anti-scam features such as smart contract verification
2nd quarter of 2022:
Successfully integrate Wechat$ into MasterCard and Visa systems; Launch the launching platform NFT; NFT app for WeSure insurance product
Outstanding features of wechat$
The nature of wechat$ is to duplicate Ethereum’s Blockchain when combining 2 algorithms, PoS (Proof Of Stake) and PoSA (Proof of Stake Authority) to initialize the blockchain. Therefore, wechat$ has the following features:
* Extremely low transaction fee.
* Decentralized administration:
– Each individual who participates in the network, has a voice and can contribute to the system. The Wechat$ owned amount will be the proof of stake so that each investor has the right to vote when an important issue needs to be approved.
– Owning Wechat$ for more than 22 days will prove that it is an “investor” (not a “trader”). All investor will receive a portion of the interest; interest paid from Reward (8%).
* Wide acceptance
As a highly regarded currency, Wechat$ has been integrated by many electronic wallet providers. The providers are Trust Wallet, Trubi Wallet, Ledger (Hardware Wallet), CoolWallet (Hardware Wallet), Magnum Wallet, Coinomi Wallet, Math Wallet, SafePal Wallet (Hardware Wallet) and Trezor, etc. Wechat$ has full support features for the Binance Virtual Machine, and thus the Binance engine works remarkably. Trust Wallet, Trubi Wallet, MetaMask, and all your favorite Binance tools.
* Powerful system
Wechat$ proudly has creating blocks time in 5 seconds, cross-chain cryptographic assets transfer, EVM compatibility, and Proof of Staked Authority consensus protocol to ensure scalability. Interoperability between two blockchains will create high performance DApps that give a fast and smooth experience.
* Security:
The networks will be independent in terms of administration, but security is always fully guaranteed. The weakness of Pow and PoS is that there needs to be a large enough community to ensure security. But this is quite challenging with small and new projects which Wechat$ will act as the link, so that small chains can operate safely from the very beginning.
* Cross-chain DeFi mechanism helps to improve DeFi interoperability, support funding and launch multiple projects.
Main parameters
Name: Wechat$
Ticker : wechat
Token standard: BEP20 – Binance Smart Chain
Smart contract : 0xb46a7c76a647fc049859a942af4fb433812df388
Type : Governance, Utility
Total supply: 360,000,000 wechat
Allocation wechat$
- Public Fundraiser: 32%
- Angel Investor: 15%
- Bonus: 8%
- Marketing: 10%
- Ecosystem reserve: 10%
- Team and advisors: 25%
Concluding words
By playing an important role in the WeChatPay ecosystem, wechat$ promises to explode in the near future. Marketing for dApps has also been promoted recently, and WeChatPay Association is strongly sponsoring DeFi applications on BSC through activities such as The Sandbox, etc.
#wechat$ #wechatusd #wechatBSC #wechatBep20
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