1 - INTRODUCTION The purpose of this document is to give an overview of and introduce WoopChain for a general business reader. The document outlines its functions, technology, and the impact of WoopChain on both existing and emerging markets. Since WoopChain is a global project, we anticipate that readers from a variety of backgrounds will read this document, the original version of this document is written in English, and the translated versions are available in other languages. We have made every effort to make the translated versions as readable and understandable as possible.
WoopChain is a decentralized blockchain that combines the security of Bitcoin's blockchain and the flexibility of Ethereum's smart contracts. It uses a proof-of-stake consensus model for creating new blocks, which is far easier and less energy-intensive than Bitcoin's proof-of-work model. WoopChain uses Bitcoin's UTXO model and supports the Ethereum Virtual Machine (EVM) that handles smart contracts, with the secure proof-of-stake consensus protocol. It achieves this through the Account Abstraction Layer which allows the EVM to communicate with WoopChain like any UTXO blockchain.
WoopChain is a distributed ledger technology (DLT) and is based on consensus protocol, making the platform faster and more secure than other blockchain networks. The native digital currency of WoopChain is called “WoopCoin”. The WoopChain technology brings together the best of both Bitcoin and Ethereum Model. WoopChain offers a quick, safe, and decentralised platform where transactions are kept across a network on separate nodes, enabling transnational peer-to-peer (P2P) transactions to function freely without the use of a central proxy. Blockchain infrastructure applications are introduced to meet natural business and enterprise demands, such as custodian services, payment services, and Blockchain-as-a-Service (“BaaS”), and privacy protections along with technology evolvements. As a decentralised platform, WoopChain supports the operation of any kind of decentralised application, with a global decentralized database, network, and storage availability. Anyone can build decentralised application (dApp) using the WoopChain infrastructure, and the dApp can function without the possibility of downtime, censorship, and fraud or any third-party proxy interference.