WACoins is the first cryptocoin made for Communities and great ideas: the goal is to trigger a virtuous circle for which the coin increases its value as soon as it get adopted, while, at the same time, the coin funds Communities' projects in a similar manner as it happens for crowdfunding.
While others cryptocurrencies are team or devs driven, WACoins is Community-driven: this innovative concept of making communities active part of the financing system allows WACoins to make a great evolutionary jump in the world of cryptocoins. The appearance of this third actor in the market system, indeed, provides an intrinsic solidity mechanism, which prevents the currency from collapsing and meanwhile constantly increases WAC's demand.
The design of WACoins took into account other cryptocurrencies since the first stages, mainly focusing on their flaws and how they managed to solve these: WACoins integrates the best of all cryptocoins, offering new solutions to consolidated strategies and a mechanism to self-evolve.
WACoins put you and everybody in the spotlight, by nature, because people are the core of everything: thanks to internet in the old days and to the blockchain nowdays, two technologies that allowed people to communicate and confront without barriers, it was possible to trigger the current technological and cultural revolution. Universality, democracy and charity principles are the utmost expression of this phenomenon and are also our core values.
WACoins is going to be a reference model, as the first cryptocoin intrinsically solid, usable, completely anonymous and fast.
Each of those features will be now explained point by point. Who decide WACoins' evolution is you with your decisions and your ideas.
Before introducing the actual system, it is useful to have a general overview of the actors that compose it. WACoins has been thought with two main entities in mind:
Communities are large entities that involve many people of different social and geographic extraction. Particularly, these groups share common features and common goals, which makes them precious resources: indeed, it's a decentralized network of people, made possible through one of the most important technological revolutions ever: the Internet. We could say, in a metaphorical way, that while other cryptocurrencies stimulate the Internet, they do the opposite for Intranets, which are communities, associations members and so on. WACoins is the solution. Communities' role within WACoins is to propose or support projects using an innovative voting system. Communities, in turn, give a solid integrity to the system and they are committed - and obviously favored - to use WACoins ecosystem as their intra-trading or monetization channel. This way WACoins acquires more Importance and Economic value. This new solidity mechanism, which involves the use of WACoins within macro-systems such as communities and charities and not only, is one of the key factors to success: there are no more reasons to sell large amounts of coins since those are owned by large holdings.
Miners are the entities who produce the coin though the famous Proof of Work (PoW). They favor the circulation of the currency. Since WACoins' adopted Bitcoin's SHA256d, miners already own a lot of power, thanks to specialized hardware. They're ready to start.
What contributes to making WACoins an intrinsically solid currency, is its market system.
In the current market system, Miners pull out coins and sell it to third parties and the latter use it for their businesses. As in any market system, everything is based on the fundamental demand/supply law, that regulates the purchasing power of the coin. If demand is larger than the supply, the coin being more rare acquires greater value, otherwise, if the opposite happens, the currency is devalued by losing its purchasing power.
At the beginning there is a good relationship between supply and demand. Unfortunately at some point, when the coin acquires value, it is convenient to sell the coin. Users then stop competing with each other buying coins, finishing to compete with the Miners on resale. Probably this situation will not sound new, to you. This chain effect generates downward sales.
To deal with this problem, cryptocurrencies adopted various systems, each with its trade off. One of the best examples is the application of the Proof of Stake (PoS) strategy that gives excellent results in terms of stability, with the disadvantage of creating a major inflation problem and of being a known vector of attacks.
WACoins adoptes a PoW/PoS hybrid system side by side with the project most important component: Communities. The inclusion of Communities along with consolidated strategies in the currencies market allow for a self-balancing demand/supply process. Communities have their profit in participating in the coin market, because through the anti-inflationary mechanisms such as commissions on transactions, a funding fund is created.
Note: as for the launch phase of the currency, no pre-existing transactions exist, thus the financing fund is generated by the pre-mined currency as will be shown in the section Pre-mining, Airdrop, Fund.
Communities are always willing to buy coins and are generally not interested in selling it, because each single coin they own increases their democratic voting influence and their business within the community itself. Large Communities have not only influence on the voting system of the coin, but they have an influence in a more universal sense on everything surrounding it, and therefore also in the panorama of the cryptocurrencies: they are composed of many people and so, trivially, if many people give value to a coin, then the coin will increase its value and there will be a positive cascade effect.
A typical example of this system may be the one in which Miners are faced with a big demand especially at the beginning, since there are Communities that start competing to obtain funds. This is a crucial phase, because the availability of currency is well balanced in relation to demand.
WACoins uses a PoW/PoS hybrid reward system. The idea is to get the best out of the two systems by letting them work together.
As for PoW, WACoins uses the same hash as Bitcoin, SHA256d. This guarantees 100% compatibility with the same hardware used for Bitcoin mining, now commonly distributed.
Furthemore, Bitcoin's PoW system is consolidated; it has proved - and still continues to do so - of being a high reliable and safe system, a quality that we, at WACoins, look very carefully.
WACoins' PoS system is most oriented to coin's nature: the investment, of which WACoins makes itself a guarantor, for Communities' projects.
PoS system allows to create capital to those who invested on the coin. It is a system through which you can earn return over the medium/long term, getting a capital.
Our PoS system is based on a concept you may already know, the Coin Age: on average WACoins allows to generate 1% over 3-12 months.
Note: Coin Age get reset when the capital is spent.
For each transaction, a fee of 0.0008 WAC is set. This fee has two features: security and solidity.
As already proved extensively in other systems, such a commission on transactions guarantees immunity from flooding attacks.
Transaction's fee is useful to balance WACoins' PoS system, doing so it does not generate inflation anymore. Furthemore it is useful to guarantee Communities' and beneficence fund. Transaction fee will be updated automatically over time.
Thirty percent of WACoins has been premined and subdivided as follows:
70% of total coins is still to be mined.
We use the most advanced technologies to ensure privacy and anonymity, please take a look at the model we are implementing, Lightning network.
On average, a transaction takes just ten minutes to get accepted. We plan to implement immediate small payments, still guaranteeing maximum reliability.
Voting mechanism is based on the concept of influence, where people who owns more money have a greater weight in voting. At first, this system may seem less meritocratic, but paradoxically it is the exact opposite. If the Communities have actively participated in the WACoins market process, buying coins, it means that they really believe in the project and are supported, at the same time, by a large Community of people.
To vote you buy tickets, which are then locked until the votation ends. Your vote is important, so you will be PoS-rewarded for it. This voting ticket system allows for a further solidity system designed to reduce the inflation generated by the PoS system, as the currency - thus converted into a ticket - is removed from the market. To know more details about it, please see our docs.
All the software we release has been designed with the intention of being extremely usable: we are currently evaluating and studying the development of ecosystems to ensure greater accessibility to technology, such as mobile applications for most used platforms. We will then integrate with different payment circuits.
Many ideas are still under discussion and given the democratic and Community-centric nature of WACoins they could change, perhaps thanks to your idea!
-- WACoins' team