Friday, January 25, 2019

WON Platform to Turn Crypto Community into Socially Responsible One

CoinSpeaker
WON Platform to Turn Crypto Community into Socially Responsible One

With the development of blockchain, cryptocurrencies have the potential to revolutionize the exchange of value and change the role of traditional money. However, the amount of energy and computing power required to support certain cryptocurrencies generates a significant and environmentally damaging carbon footprint that will only increase over time as mining activities escalate.

This leads to the current dilemma faced by the majority of cryptocurrencies: few people use digital coins, but everyone globally has to pay for its social and environmental impact.

There are always those who are ready to take advantage of others for their own economic benefit. This is the problem behind blockchain: the negative byproduct of mining and rewarding negative behaviors will promote an undesirable and unsustainable ecosystem that can adversely impact the majority of the world.

However, there is a solution: World Open Network (WON). The platform promotes positive behaviors, inspiring and encouraging people to do valuable actions and make decisions which support social responsibility. WON platform aims at increasing the number of end-users and third-party developers participating in the platform community, as well as boosting the productivity of those third-party developers.

WON Components

The World Open Network platform has three components: the World Open Blockchain, World Open Platform, and World Open Marketplace (with APIs).

With a view to support millions of transactions per second and millions of DApps, the platform will be supported by an open-source software blockchain — the World Open Blockchain (WOB), a Proof-of-Authority blockchain network which supports mandatory KYC/AML protocols and, in order to meet legal compliance, avoids to carry out presales/ICOs/airdrops, or to sell securities.

Another component of the platform is the World Open Platform (WOP) in which WOB-based cryptocurrencies can be available for end-users and third-party developers to engage with.

In addition, in some jurisdictions, players will be allowed to convert Ŵ or DCs (see below) for fiat currency through WON. Note, that this ability will only be allowed within jurisdictions in which WON is able to meet the applicable legal requirements, as legal compliance is the key priority for the WON Platform.

All users will have either private or platform-centric wallets. Those who choose the latest will have access bound to a mobile device set with a PIN to unlock particular functions on the application and when setting up, will have 2FA SMS.

To have functionality and access to the platform and crypto conversion features, all users must complete their KYC/AML requirements. KYC and AML compliance will protect developers and users as efficiently as possible, with every transaction on the WOB traceable to a WON account.

World Open Marketplace (WOM) APIs is the third component of the platform. DApps available on popular App Stores will have in-game items that can be acquired and, in certain applications, resold by end-users to others in P2P transactions. Moreover, end users will be offered different products and services within their application that will show local currency value on the storefront to WON-enabled end-user accounts.

Ŵ Tokens vs. Developer Coins

According to WON, end-users and developers can earn some cryptocurrency by doing and committing to positive actions. For example, joining the WON platform and successfully passing the mandatory KYC/BSA/AML compliance requirements, using and consuming cryptocurrency for products and services available via the platform, or converting all types of currencies to Ŵ are considered to be such.

Meanwhile, the developers acknowledged by the platform are allowed to create heir game cryptocurrency Developer Coin,(DC). Its price fluctuates according to the demand from both certain in-game items and platform users

Given that DC allows users to convert a DC into a Ŵ coin, players can recharge their games more confidently, as well as having access to higher quality games and better services. All in all, this feature is designed to help good developers get more resources for internal incentives or scale up to increase productivity, making it possible to enjoy playing and making money at the same time.

The platform will issue its own token Ŵ. 1 billion Ŵ will be created, with 100% of them owned by WON Inc. After that, no more Ŵ will be issued.

It is notable that there will be no pre-sale, no ICO or airdrops, as the World Open Blockchain prevents and inhibits pre-sale/ICO/airdrops for Ŵ. The company states that a pool of 10% will be earmarked for core team incentives, another 40% will be earmarked for community incentives, 5% will be earmarked and payable to WON Inc for the GENESIS services fees.

By discouraging speculation, WON will ensure that the value of the Ŵ and the Developer Coins will depend solely on the value of the products and services provided on the WOB. As the needs and demands of a developer’s DC will directly reflect the quality of their services real-time on the platform, this kind of feedback will, on the one hand, encourage developers to boost productivity, creativity and to improve the quality of their games or services, increasing demand for their applications and services and, on the other, making players and users happy.

While the WON team seems to have thought out everything, it’s definitely worth keeping an eye on the project, as not often cryptocurrency communities engage into reinforcing positive values to the world. Meanwhile, WON can already be downloaded from Google Play Store and Apple App Store.

WON Platform to Turn Crypto Community into Socially Responsible One



WON Platform to Turn Crypto Community into Socially Responsible One

Cryptocurrency is a digital currency that uses encryption (cryptography) to regulate the generation of currency and verify the transfer of funds, independently of a central bank. Cryptography is the practice and study of techniques for secure communication in the presence of third party adversaries.


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