Woopchain Project helps to manage the general development, progress, and privileges of open source community projects through the development of good governance mechanisms. It is committed to the development and construction of the Woopchain Project, the advocacy and promotion of governance transparency to promote the safe and harmonious development of the project.The design goals of the Woopchain Project governance structure mainly consider the sustainability of open source community projects.
ABOUT ABSTRACT EXECUTIVE SUMMARY INTRODUCTION
PART I: WOOPCHAIN SERVICES & NETWORK FEATURES 1 - ETHEREUM VIRTUAL MACHINE (EVM) 2 - PROOF OF STAKE (POS) PROTOCOL 3 - PROOF OF AUTHORITY (POA) PROTOCOL 4 - WOOPCOINS 5 - WORC TOKEN 6 - SMART CONTRACTS 7 - WOOCONTRACT 8 - DECENTRALIZED APPLICATION (DAPP) 9 - DECENTRALIZED PORTAL 10 - DECENTRALISED STORAGE 11 - WOOPTOKEN 12 - WOOPCHAIN BLOCK EXPLORER 13 - AIR MILES & POINTS REWARDS 14 - WOOPCOIN REWARD SYSTEM 15 - MINTING NFT’S 16 - WIKIWOOP SOCIAL COMMUNITY APP 17 - CONTENT EARNING 18 - REAL-TIME COMMUNICATIONS 19 - GOVERNANCE RIGHTS 20 - VOTING RIGHTS 21 - TRANSACTION FEE COST 22 - ANNUAL HOLDING WOOPCOIN EARNING 23 - CONTENT CLICK TO EARN 24 - SOCIAL COMMUNITY EARNING LEVELS
PART II: WOOPCOIN ALLOCATIONS 1 - WOOPCOIN LOCK-IN PERIOD 2 - RESERVED WOOPCOINS 3 - SEED CAPITAL SALE 4 - SEED CAPITAL DISTRIBUTION 5 - SEED CAPITAL LOCKED PERIOD 6 - SEED CAPITAL ALLOCATION 7 - STAKING & REWARDS 8 - EARNINGS OF MINERS & VALIDATORS 9 - SECURED EARNING10 - TEAM & ADVISORS
PART III: TECHNICAL DETAILS 1 - CRYPTOGRAPHIC HASH FUNCTIONS 2 - DIGITAL SIGNATURES 3 - WOOPCHAIN ARCHITECTURE 4 - WOOPCHAIN GOVERNANCE 5 - WOOPCHAIN SMART CONTRACTS 6 - CHAIN-CLOUD INTEGRATIONCONCLUSION
WoopChain is a decentralized blockchain platform that connects a peer-to-peer (P2P) network with the flexibility of smart contracts that allow transactions without a central proxy authority, using Proof-of-Authority (PoA) and Proof-of-Stake (PoS) protocols for creating new blocks, which is by far easier and less energy-intensive than Proof-of-Work (PoW). The Wikiwoop Social Community App is the first decentralized application (dApp) built on the WoopChain platform. It enables anyone to generate crypto based on their activities on the WoopChain platform.
It is essential to use the technology that enables their development in a century where economic, scientific, technological, cultural, and political conditions have advanced more than ever. For this reason, WoopChain proposes a blockchain technology infrastructure that is enabled for the development of smart contracts and dApps, with a PoA andPoS consensus system that makes it highly competitive and secure without a high energy cost. Smart contracts powered by blockchain that use PoS validation for transactions are expected to perform significantly better than PoW alternatives. Other important requirements must also be met for wide adoption in the industry.
WoopCoin is a cryptocurrency created by Wikiwoop payment platform for usability in the real market to deal with a highly competitive digital financial ecosystem. WoopChain was launched in 2022, and the WoopChain project helps to manage the general development, progress, and privileges of open-source community projects by developing good governance mechanisms. The design goals of the WoopChain project governance structure mainly consider the sustainability of open-source community projects, the effectiveness of management, and the safety of raised funds.
WoopChain platform is a decentralized distributed ledger technology (DLT) based on consensus protocol, using layer 2 Blockchain, making the platform faster and more secure than other blockchain networks. The native digital currency of WoopChain is called "WoopCoin". The WoopChain technology combines the best of Bitcoin, Ethereum and the Hyperledger model. WoopChain offers a quick, safe, and decentralized platform where transactions are kept across a network on separate nodes, enabling transnational P2P transactions to function freely without using a central proxy.
Blockchain infrastructure applications are introduced to meet natural business and enterprise demands, such as custodian services, payment services, Blockchain-as-a-Service (BaaS), and privacy protections, along with technology evolvements. As a decentralized platform, WoopChain supports the operation of any kind of dApp, with a global decentralized database, network, and storage availability. Anyone can build dApp using the WoopChain infrastructure, and the dApp can function without the possibility of downtime, censorship, fraud, or any third-party proxy interference.
The widespread adoption of novel and ground-breaking technology is outpacing businesses' capacity to adapt to the dynamic cultural and socioeconomic changes that are continuously emerging as a result of the Fourth Industrial Revolution, which we are currently experiencing.
Along with the Internet of Things (IoT) and artificial intelligence (AI), blockchain technology is regarded as one of the technologies that contributed to the beginning of the Fourth Industrial Revolution because it provides P2P transactional and communication methods that pass through a decentralized system with high-security standards (higher than centralized systems).
This Whitepaper aims to give an overview of and introduce WoopChain to a general business reader. This Whitepaper outlines the functions, technology, and impact of WoopChain on both existing and emerging markets. Since WoopChain is a global project, we anticipate that readers from various 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.
PART I: WOOPCHAIN SERVICES & NETWORK FEATURES
1 - ETHEREUM VIRTUAL MACHINE (EVM)
The EVM virtual machine was created to function as a runtime environment for constructing and deploying smart contracts through transactions, allowing compatibility with most Solidity code already in use. Any coding language used in the smart contract is translated into bytecode that the EVM can comprehend. The EVM can read and run this bytecode. One of the most widely used languages for creating smart contracts is Solidity. As soon as your smart contract is created in Solidity, it is translated into bytecode and deployed on the EVM, providing security from hacker attacks. The EVM enables developers to import their dApp or token from any chains that are EVM compliant.
2 - PROOF OF STAKE (POS) PROTOCOL
PoS is a method that replaces PoW and is designed to reduce the use of costly resources used for mining using proof of work. In PoS, the miner, who serves as the validator, can approve, or deny transactions based on the number of crypto coins in their possession before beginning the mining process. Therefore, the miner has a higher chance of mining the block based on the amount of cryptocurrency they have accumulated thus far.
3 - PROOF OF AUTHORITY (POA) PROTOCOL
PoA, a consensus algorithm, provides an effective solution for blockchain(s). More transactions can be completed each second, requiring less processing power. The validators can organize the transactions into blocks, and they do not need to continuously monitor their computers because the process is automated.
4 - WOOPCOINS
WoopCoin is the native cryptocurrency of WoopChain, with a restricted supply volume of 100 Billion coins (100,000,000,000 wooc).
5 - WORC TOKEN
A fungible token can be exchanged for another token, unlike the well-known non-fungible tokens (NFTs), which are not interchangeable. In this sense, tokens are a symbol for something that may be transferred but are not unique in and of itself, such as an asset, right, ownership, or access. It enables various smart contracts that enable tokens to be exchanged. The asset tokenization platform allows anyone to create digital assets without coding or high costs infrastructure. WORC Token serves various industries and allows each industry its attributes and options. The WoopChain’s services tokens are produced using the Enterprise platform and compatible with Ethereum’s fungible and non-fungible token standards.
6 - SMART CONTRACTS
Smart contracts are WoopChain network-stored programs that launch when certain criteria are satisfied. They are frequently used to automate the execution of a contract so that all parties can be confident of the results immediately, without the need for an intermediary or a central proxy. They can also automate a workflow so that the subsequent action is initiated when conditions are met. The main characteristic of a smart contract is that, once it has been executed, it cannot be changed, and any transaction carried out on top of one is irreversibly recorded. Therefore, the transactions associated with the original contract will not change if the smart contract is modified in the future; you cannot adjust those transactions.
The benefits of smart contracts are:
i. The contract is promptly carried out if a condition is satisfied; there is speed, effectiveness, and precision.
ii. Because there is no involvement of a third party and participants exchange encrypted transaction records,
there is trust and transparency.
iii. Blockchain transaction records are encrypted, making them extremely difficult to hack.
iv. Smart contracts do away with the need for intermediaries to conduct transactions, along with the costs and
time delays that go along with them.
The key characteristic of a smart contract is that, once it has been executed, it cannot be modified, and any transaction carried out on top of one is irreversibly recorded – it is immutable. Therefore, the transactions associated with the original contract will not change even if the smart contract is modified in the future; you cannot update them.
7 - WOOCONTRACT
WoopChain protocol help manages business process agreements using smart contracts. WoopChain registers assignments on the blockchain and monitors the execution of processes, and then acts based on the data received from the process monitoring service.
8 - DECENTRALIZED APPLICATION (DAPP)
Decentralized applications, which are consolidated, can be made using the WoopChain platform. The same web application is rendered when you log in to this decentralized application. However, it utilizes an API based on smart contracts to retrieve the data from the blockchain network. As a result, a smart contract interface has taken the place of the API, and the smart contract will pull data from the blockchain network. The blockchain network is a decentralized rather than a centralized database, and all transactions made using the blockchain network's smart contract are validated (verified) by the network's users (the miners). A dApp consists of backing code software designed to run on the WoopChain network without being controlled by a centralized system. The primary use is to provide direct interaction between the end-users and the decentralized application providers.
Existing and Upcoming dAPPs on the WoopChain platform:
i. NFT Users of the WoopChain network have the option to publish their own NFTs in accordance with the ERC721 protocol. Owners of WoopChain NFTs will be able to incorporate their NFT(s) into the existing NFT environment because this established NFT standard is generally acknowledged by markets and metaverses.
ii. DEFI WoopChain is an EVM-compliant blockchain, making it easy to integrate with DeFi protocols like Uniswap and SushiSwap. As WoopCoin is a DeFi-capable cryptocurrency, it may be locked into a number of liquidity pools and provide incentives to holders. Additionally, there are several Layer 2 solutions, and WoopChain users can use the Wikiwoop Decentralized exchange DEFI solution to exchange and convert their crypto assets instantaneously.
iii. GAMEFI With the help of WoopChain’s smart contract framework, developers can create fully functional virtual worlds and blockchain games. Because of this, users of the WoopCoin cryptocurrency will be able to share digital resources on their preferred metaverses and take part in virtual gaming economies.
iv. Crypto Testnet Faucet: For developers and testers who would like to run or test dApp(s) on the WoopChain test network, the WoopChain Crypto faucet is a dApp that generates Test WoopCoin (TWOOC).
v. Decentralized Website and Mobile Application: With a simple drag-and-drop interface and prebuilt software, the Wikiwoop platform will offer a user-portal to create any decentralized website or mobile application, with everything hosted on the WoopChain network.
9 - DECENTRALIZED PORTAL
A decentralized portal with a revolutionary solution for the Wikiwoop platform and WoopChain technology will let anyone construct any kind of website or mobile application. Choosing from the prebuilt functions and templates that suit the project, edit, and publish the contents. No external hosting is required, as everything will be automatically hosted on the WoopChain platform. This is where the decentralized storage solution of WoopChain will come into play. Unlike a centralized system operated by a private proxy, where our privacy can be censored, the decentralized storage system consists of a P2P network where anyone can hold a portion of the overall data, creating a resilient file storage sharing system without any third-party interference. The Wikiwoop social community app serves as a hub, which enables the data to be moved from one application to another, including but not limited to their followers and media. That enables generating crypto revenue for any published project on the WoopChain network.
10 - DECENTRALISED STORAGE
By distributing the hosting of the data files throughout a P2P network, the decentralized storage model safeguards the data's integrity, accessibility, and security. The robust P2P architecture the decentralized storage uses allows for several nodes spread across various places to keep copies of the same data file. The data would still be accessible if a few nodes went down. Faults cannot impact the operation of this system, and it is not subject to control by a single proxy. It removes single points of failure and lowers counterparty risk for consumers because there is no centralized management. Utilizing cryptographic hash techniques, data submitted to the decentralized storage network is automatically encrypted. The private key grants access to the information while preventing unauthorized parties from decrypting it. To ensure that no single node has access to the entire dataset and to solve the censorship and privacy invasion issues. Data files are divided into distinct bits to secure them from unwanted viewing, where no one can read the information or restrict access. The system fixes this by dispersing bits of data across the network. These bits must be combined to rebuild the file, which is impossible without a private key.
11 - WOOPTOKEN
WoopTokens are created and held using an earning smart contract; these tokens are allocated to the Wikiwoop social community members. Members will earn the WoopTokens based on the performed activities within the social community app using the Click to Earn function. The content earning generates instant WoopTokens that can be swapped or converted into WoopCoin and can be used to perform a transaction(s) on the WoopChain network, such as voting and validating and can be exchanged into a different currency.
12 - WOOPCHAIN BLOCK EXPLORER
WoopChain Block Explorer has advanced tools for developers and blockchain administrators. The explorer is compatible with any Ethereum Virtual Machine (EVM) and Proof of Authority (POA) algorithm so that it can be used by WoopChain’s and Off-Chain networks and is open source. Developer tools include a compiler and contract verification sections. Blockchain administration dashboards have node management tools, blockchain, permissions for blockchains, and many other administration options.
13 - AIR MILES & POINTS REWARDS
WoopChain implemented a program to exchange unused air miles and points in WoopCoin. Each year, millions of miles get lost without using the rewards, or we need to accumulate a certain number of miles to be rewarded. Wikiwoop enables you to exchange your miles into WoopCoin.
14 - WOOPCOIN REWARD SYSTEM
The Reward system in WoopChain is based on multiple options. Each option is independent and can be combined with other options using dApps. Rewards are controlled via Smart contracts. WoopChain is a Proof of Authority (POA) and Proof of Stake (POS) algorithm based on network validators. This allows the flexibility to create various rewarding models based on conditions, such as operating a node, staking, market making, bounties, or any contribution. The WoopChain Core is a virtual state governed by protocols and allows the creation of tokens, sub-chains, and off-chains. It consists of dApp and connects to other open blockchains by default using bridges. WoopCoin is the currency of the Core. Off-chains allow flexibility for any party that needs independence from the WoopChain.
15 - MINTING NFT’S
NFT stands for "non-fungible token," a type of digital certificate built on a blockchain that guarantees ownership of a unique digital asset. Minting digital assets can be everything from art to music to articles, as an NFT is a way for artists and brands to monetize their work. One of the more innovative uses for NFTs is the ability to guarantee proof of ownership to the original creator. Because NFT’s are recorded on a blockchain as proof of ownership, the creator of the NFTs can record this proof of ownership publicly, and once it is recorded in the public ledger, it cannot be altered or forged. Therefore, something even more interesting about NFTs is that the real owner can set a fee known as a Royalties Fee. Whenever that digital asset is sold again in the future, it keeps generating the first owner's passive income over time.
16 - WIKIWOOP SOCIAL COMMUNITY APP
The Wikiwoop Social Community App is the first decentralized application created on the WoopChain network. Using a decentralized network and database that grants community members the right to free speech and provides revenue based on content activity. In addition to being a decentralized community, Wikiwoop was developed to offer incentives based on content activities. On the Wikiwoop App, you can make money without having to be a well–known figure with thousands of followers. The Wikiwoop App gives value to all kinds of content; it can be an image of your trip with a short caption or a story you wish to share. At Wikiwoop, we believe it is crucial to control your privacy, free from any government interference or middleman who might stifle our freedom.
17 - CONTENT EARNING
For any picture or other intellectual property over which you have absolute rights, you can be rewarded with royalties every time someone sees it, likes it, or maybe even comments, among other things. Using Wikiwoop Social Community App, it becomes possible for you to convert these views, likes, comments, etc., into WoopToken(s) instantly. Additionally, the visitors engaging with your picture or other intellectual property earn WoopToken(s) for their engagement or other activities. Additional pages like hashtags can also be created for the picture or other intellectual property, resulting in the generation of WoopToken(s) for both you and the visitor. There are endless earning options when using the Wikiwoop App. Revenue can be earned through every such activity and for every time the Wikiwoop App is used. Every content or intellectual property can be created, published, converted to an NFT, and sold at a price favorable to you. You can also earn royalties via the NFT content every time the NFT content is sold.
18 - REAL-TIME COMMUNICATIONS
The decentralized WoopChat network is comparable to any other chat network with the addition of a decentralized network, where members can chat freely between (user to user) or (user to multi-user) or join the rooms created by the community, and any member can create their own private and public rooms. Members can communicate with anyone in any room and engage in private and public instant WooChat. Members can host their rooms, giving them control over their data. Also, the members can connect to any WoopChain chat dApp using the bridge network. Any dApp created on the WoopChain network will have the possibility to enable the WooChat solution, where members can communicate freely together without having to use a different app. Each message sent on the network is synchronized to all the other nodes that participate in that chat. If one node goes offline, all other participants in the conversation can carry on. No server, third party, or single proxy can read any communication, as all communications are sent P2Pand are end-to-end encrypted, making real-time communications secure and confidential.
19 - GOVERNANCE RIGHTS
The secret to success in any industry is proper governance. Even though it is commonly known that blockchain is a decentralized network, we believe that the Decentralized Community should handle the governance of the WoopChain network and Wikiwoop Social App. This process occurs as WoopCoin is distributed among the community, which gives the community more voting rights. The community collaborates to expand the WoopChain network and its user base. The scalability of WoopChain is related to technical issues and a consensus governance system.
The WoopChain network will naturally evolve with ongoing upgrades and additions to its features and functionalities, and it will be able to innovate continuously and quickly as a result of the efficiency and operational transparency of the governance structure. The next step in the WoopChain network is to improve its governance model with the capability for continuous innovation and rapid advancement in ecosystem development. This will help the WoopChain network achieve its main goal of operating as a fully decentralized public platform with the ability to scale and simultaneously comply with regulators and governments and meet market needs.
We identify the right to choose how the classes will be represented and how decision-making authority will be distributed to reach this new governance consensus. The efficiency and cost-effectiveness of such a governance model can lead to greater consensus decision-making that balances the communities' opinions. For instance, no decision can be finalized without the vote of the community members, and for this decision to be valid, it must receive at least fifty-one per cent (51%) of the votes. Voting for this type of governance has a favorable impact on the community's fairness and efficiency.
20 - VOTING RIGHTS
The voting structure is divided into two categories, i.e., Network Vote and Community Vote. Certain voting rights regarding the social community contents, verification, and other legal matters are available to the community members. The Community members have voting rights over the WoopChain network and the social community.
As Wikiwoop is a decentralized social community, it cannot perform actions such as (but not limited to) deleting, suspending, or blocking accounts or taking down any user contribution from the Wikiwoop App. Whenever a situation arises wherein a decision has to be taken regarding such matters, fifty-one per cent (51%) of the WoopCoin holders need to vote in favor or against the issue raised so that action can be taken accordingly. Each WoopCoin is equal to one (1) vote.
21 - TRANSACTION FEE COST
A transaction fee is required for any successful transaction on the network. Priced in small fractions of the WoopCoin (WOOC), the fees are used to allocate resources. The concept of transaction fee is introduced to maintain a distinct value layer that solely indicates the consumption toward computational expenses on the network. The member transaction activity automatically pays transaction fees to compensate for the computing energy required to process and validate transactions on the WoopChain network.
"Fee limit" refers to the amount of the transaction size spent to execute such a particular transaction. A higher fee limit means that the transaction needs a higher amount of computing energy on the network to be executed. WoopChain Validators, who perform important tasks of verifying and processing transactions on the network, are awarded this transaction fee in return for their computational services.s.
22 - ANNUAL HOLDING WOOPCOIN EARNING
Another WoopCoin earning is set on the network and verified using a smart contract to all WoopCoin holders. WoopCoin holders and investors will receive an early earning of five percent (5%) for holding their coins for a minimum period of twelve (12) months.
23 - CONTENT CLICK TO EARN
By interacting in the social community, anyone can instantly generate WoopToken and convert them into the WoopCoin. Thus, Wikiwoop is using the WooPost earning model (Click to Earn) which provides an added value and contrary to only a reward for engaging in the community, it is a value for the contents. In many ways, the WooPost earning can be seen as earning royalties for the community contents, which gives more value to the member time spent, transactions and engagement. In fact, it gives more value to our contents and more engagement, which will be rewarded instantly.
The WoopToken earning can be converted into WoopCoin which enables the Send/Receive and hold, staking WoopCoin options. The WoopCoin earnings through the community engagement are unlocked and initially tradable, between members only.
24 - SOCIAL COMMUNITY EARNING LEVELSThe percentages are divided as follows:
WoopToken (WOPT) Earning
Levels Followers Earning Function 1 Earning Function 2 Earning Function 3 Earning Function 4 Earning Function 5 Earning Function 6 Earning Function 7 Level 1 1 To 250 1.00 WOPT 0.80 WOPT 0.50 WOPT 0.40 WOPT 0.20 WOPT 0.10 WOPT 0.05 WOPT Level 2 251 To 500 1.20 WOPT 0.810 WOPT 0.510 WOPT 0.410 WOPT 0.210 WOPT 0.110 WOPT 0.051 WOPT Level 3 501 To 1,000 1.30 WOPT 0.820 WOPT 0.520 WOPT 0.420 WOPT 0.220 WOPT 0.120 WOPT 0.052 WOPT Level 4 1,001 To 5,000 1.40 WOPT 0.830 WOPT 0.530 WOPT 0.430 WOPT 0.230 WOPT 0.130 WOPT 0.053 WOPT Level 5 5,001 To 10,000 1.50 WOPT 0.840 WOPT 0.540 WOPT 0.440 WOPT 0.240 WOPT 0.140 WOPT 0.054 WOPT Level 6 10,001 To 25,000 1.60 WOPT 0.850 WOPT 0.550 WOPT 0.450 WOPT 0.250 WOPT 0.150 WOPT 0.055 WOPT Level 7 25,001 To 50,000 1.70 WOPT 0.860 WOPT 0.560 WOPT 0.460 WOPT 0.260 WOPT 0.160 WOPT 0.056 WOPT Level 8 50,001 To 100,000 1.80 WOPT 0.870 WOPT 0.570 WOPT 0.470 WOPT 0.270 WOPT 0.170 WOPT 0.057 WOPT Level 9 100,001 To 250,000 1.90 WOPT 0.880 WOPT 0.580 WOPT 0.480 WOPT 0.280 WOPT 0.180 WOPT 0.058 WOPT Level 10 250,001 To 500,000 2.00 WOPT 0.890 WOPT 0.590 WOPT 0.490 WOPT 0.290 WOPT 0.190 WOPT 0.059 WOPT Level 11 500,001 To 1,000,000 2.10 WOPT 0.900 WOPT 0.600 WOPT 0.500 WOPT 0.300 WOPT 0.200 WOPT 0.060 WOPT Level 12 1,000,001 To 2,500,000 2.20 WOPT 0.910 WOPT 0.610 WOPT 0.510 WOPT 0.310 WOPT 0.210 WOPT 0.061 WOPT Level 13 2,500,001 To 5,000,000 2.30 WOPT 0.920 WOPT 0.620 WOPT 0.520 WOPT 0.320 WOPT 0.220 WOPT 0.062 WOPT Level 14 5,000,001 To 10,000,000 2.40 WOPT 0.930 WOPT 0.630 WOPT 0.530 WOPT 0.330 WOPT 0.230 WOPT 0.063 WOPT Level 15 10,000,001 To 25,000,000 2.50 WOPT 0.940 WOPT 0.640 WOPT 0.540 WOPT 0.340 WOPT 0.240 WOPT 0.064 WOPT Level 16 25,000,001 To 50,000,000 2.60 WOPT 0.950 WOPT 0.650 WOPT 0.550 WOPT 0.350 WOPT 0.250 WOPT 0.065 WOPT Level 17 50,000,001 To 75,000,000 2.70 WOPT 0.960 WOPT 0.660 WOPT 0.560 WOPT 0.360 WOPT 0.260 WOPT 0.066 WOPT Level 18 75,000,001 To 100,000,000 2.80 WOPT 0.970 WOPT 0.670 WOPT 0.570 WOPT 0.370 WOPT 0.270 WOPT 0.067 WOPT Level 19 100,000,001 To 150,000,000 2.90 WOPT 0.980 WOPT 0.680 WOPT 0.580 WOPT 0.380 WOPT 0.280 WOPT 0.068 WOPT Level 20 150,000,001 To 200,000,000 + 3.00 WOPT 0.990 WOPT 0.690 WOPT 0.590 WOPT 0.390 WOPT 0.290 WOPT 0.069 WOPT
For example; the earnings start as 1 WooToken (WOPT) per activity; when an account reaches level 10 and has 1 Million followers, the earnings of that account will be 1.09 WooToken instead of 1 WooToken per activity.
PART II: WOOPCOIN ALLOCATIONS
1 - WOOPCOIN LOCK-IN PERIOD
If you invest in the early stage of WoopCoin, then you will be bound by a lock-in period of twenty-four (24) months. In the event you desire to withdraw funds from your account during the lock-in period, a fee equivalent to forty-five percent (45%) of the withdrawal amount shall be charged by us on the amount being withdrawn in addition to the transaction fee, and you will get the amount remaining after such deduction. If you do not withdraw before the lock-in period is over, you will receive an early dividend in addition to a certain percentage of the transaction fees.
2 - RESERVED WOOPCOINS
WoopCoin have a max supply of 100 Billion WoopCoin, (100,000,000,000 WOOC) the 75% are locked using smart contract and every four (4) years 25% percent of the supply will be released, The first 25% has been released in 2022.
3 - SEED CAPITAL SALE
Wikiwoop intends to raise seed capital through different sale phases. The Private Sale of WoopCoin will be offered to strategic investors. This will be divided into three (3) sale phases:
a. Private Sale
b. Pre ICO
The Private Sale will be conducted using Wikiwoop App in the form of direct sale. The Pre-ICO will be conducted through an IEO and Wikiwoop App. The ICO will be conducted through exchanges that will be mentioned in the social community and during the press release.
4 - SEED CAPITAL DISTRIBUTION
The seed capital will be divided as follows:
a. Sixty percent (60%) of the amount will be locked-in for the coin liquidity.
b. Forty percent (40%) will be used for development and marketing purposes.
5 - SEED CAPITAL LOCKED PERIODSixty percent (60%) of the total capital investment will be locked as coin liquidity. This amount will only be available for withdrawal after the twenty-four (24) months lock-in period.
6 - SEED CAPITAL ALLOCATIONForty percent (40%) of the allocated funds will initially be managed by the team, as its core purpose is to grow the community.
7 - STAKING & REWARDS
WoopChain miners, validators, investors, and contributors who have a long-term interest in the community and look after WoopCoin may be rewarded by way of “Staking”. Staking allows you to earn rewards based on the transaction fees through the WoopChain network.
The block rewards incentive for participants (miners, validators) is given in three parts:
i. Newly Minted Block (wooc) Subsidy,
ii. Transaction Fees,
iii. Dapp,Token & Smart contracts Fees.
8 - EARNINGS OF MINERS & VALIDATOR
As a decentralized network, the primary incentive to run a miner is to preserve and protect the stability of the network. The miner earnings come from the newly created block and transaction fees. Where each times a new block or a transaction is validated on the network, fees are earned by the miners/validators.
9 - SECURED EARNING
You may utilize blockchain-based smart contracts to ensure all earnings are secured from any manipulations, fraud, double earning, or hacking attempts. The earning levels are also set in the smart contract rules, which will provide the correct earnings for each account holder and gives a higher level of transaction security through the Wikiwoop App.
10 - TEAM & ADVISORS
In order to continue building the WoopChain network and the Wikiwoop App, the Wikiwoop team, advisors, and contributors will receive their WoopCoins with a lock-in period of forty-eight (48) months and after this lock-in period, the WoopCoins will be released quarterly during a period of twenty-four (24) months.
The WoopChain project governance structure includes operational procedures and rules for daily work and special situations. The organizational structure of the WoopChain project is as follows.
|CEO||Responsible for the overall operation of the company and reports to the Board of Directors. Sets the company's strategic vision and is responsible for its execution.|
|CTO||Responsible for the technical direction of a company. Oversee the technology team and make sure that the products and services the company offers are using the latest and most efficient technology|
|COO||Ensure that the daily operation of the company is being carried out in the most efficient and effective way possible. Coordinate and supervise all departments of the company.|
|CFO||Responsible for planning, coordinating, and controlling all activities related to the economic-financial management of the company.|
|Legal Manager||Responsible for the management and administration of legal department. They also provide advice and guidance on legal matters to senior managers and directors.|
|Advisor||Provide support in planning, finance, marketing, and advising organization officials on the appropriateness and overall merits of policies and activities|
|Software Engineer||Focus on applying the principles on the complex software development, includes analyzing and modifying existing core software as well as designing, constructing and testing end-user applications that meet user needs|
|Blockchain Developer||Development of smart contracts and DApps within the WoopChain network, in addition to offering long-term sustainable solutions without neglecting network security, prepared for a highly competitive ecosystem.|
PART III: TECHNICAL DETAILS
1 - CRYPTOGRAPHIC HASH FUNCTIONS
The cryptographic function that assures transaction integrity and immutability is a crucial component of blockchain technology. The mathematical process known as the hash function turns input data into a fixed-size numerical output (also known as a fingerprint or digest). A hash function is more specifically represented as:
A hash function generates an output with a fixed k length from an input of any size. Additionally, it needs to possess the following qualities:
i. it is easy to compute H regardless of input data size;
ii. given any h, it is computationally infeasible to find an input x such that H(x) = h;
iii. given any x, it is also computationally infeasible to find y such that H(y) = H(x) and x≠y;
iv. it is computationally infeasible to find any (x, y) such that H(x) = H(y) and x≠y.
Many blockchains use SHA-256 and Keccak-256, which generate a hash (output) of 256 bits in size.
2 - DIGITAL SIGNATURES
2.1 SECP256K1 CURVE
y2 = x3 + ax + b is the equation that defines all elliptic curves. Several blockchains employ the elliptic curve Secp256k1 to implement public and private key pairs. For instance, Secp256k1 can be defined as having a = 0 and b = 7(i.e., secp256k1 lives on the equation y2 = x3 + 7).
A user must first create a sufficiently large random number (which will be sk) and use it to multiply the private key by the generator point G (which is going to be the pk) as sk before creating a public and private key pair (pk, sk). This number is used to define a point on the secp256k1 curve. No one can generate the private key from the given public key and generator point because of the underlying discrete log problem (DLP) (as long as the key size is sufficiently large).
In this equation, the y component is squared for each value of x, resulting in two symmetric locations across the x-axis. Thus, the two values of y are known as odd and even numbers. Therefore, the x-coordinate and the parity of the coordinate can be used to identify public keys. This capability is essential in the blockchain industry since it significantly reduces data storage needs.
2.2 ECDSA SIGNATURE ALGORITHM
A cryptographic algorithm for digital signatures is called the Elliptic Curve Digital Signature Algorithm (ECDSA).More specifically,
i. Public Parameters: Let Fq be a finite field, two parameters a and b define an elliptic curve C overFq , a seed which validates C, a prime integer , n > 2255 and a point G C of order n where q is either prime or a power of 2.
ii. Private Key: Aninteger d in [1, n − 1].
iii. Public Key: Q = dG.
2.2.2 Signature Generation For a Given Message
2.3 ETHEREUM VIRTUAL MACHINE (EVM)
A virtual machine exists in between the computer that is running the code and the executable code. In order to improve software mobility and make sure that programs are maintained separately from one another and their hosts, it is crucial to have this layer in place.
Developers can create dApps on Ethereum using EVM. All Ethereum accounts and smart contracts are active in this virtual computer.
The EVM and the EVM programs are built using memory, bytes, and blockchain tenets like Merkletree, PoW, PoS, or hash functions. The EVM's role is to determine what the final Ethereum state will be for each block in the blockchain.
2.4 CONSENSUS PROTOCOLS
2.4.1 PoW - NAKAMOTO CONSENSUS
A peer-to-peer network can securely run PoW, which is a decentralized consensus system, without the aid of a reliable third party. In an open network where miners can create arbitrary identities (also known as a Sybil attack) to compete for the upcoming blocks by solving a random hash puzzle, it attempts to solve the complexity of the Byzantine general problem.
PoW is used to have miners use and manage predetermined computing resources to prevent a Sybil attack. PoW shields the blockchain's security from longest-chain threats as well. Unfortunately, PoW uses a lot of energy, and as more miners join the network, this energy consumption keeps rising.
2.4.2 ISTANBUL BYZANTINE FAULT TOLERANT (IBFT)
Based on Practical Byzantine Fault Tolerance, IBFT is another Byzantine fault-tolerant protocol (PBFT). Byzantine consensus is attained deterministically in the following ways:
i. a leader or bidder/proposer is selected;
ii. before being added to and verified on the blockchain, each proposed block passes through a number of steps of communication between the nodes.
There are four types of messages which are exchanged between the nodes:
i. Pre-Prepare, Ready, Commit: Used through ordinary consensus algorithms operations
ii. Round Robin:Used to choose a new block producer when the current one is suspected to be malfunctioning or when the block hasn't been created within a certain amount of time.
Additionally, the Edge framework offers two methods for selecting block producers:
i. Round Robin: In this method of selecting block producers, a different bidder is chosen for each stage of block production.
ii. Attached Bidder:The selection of a new bidder only occurs when the existing bidder notices malicious activity.
In each of these methods, each validator is aware of who the upcoming block producer will be in advance. This is because deterministic calculations based on node IDs are used to reach the decision. IBFT also ensures that there will be just one bidder in each round, like PBFT does.
Additionally, in order to carry out its additional obligations, the bidder has to hear back from the other nodes. This indicates that the protocol decides to wait to break the consensus until the partition is resolved and their communication is timely synced in the case of a network partition with more than n nodes (at least more than 3 n + 1 nodes).
Additionally, it permits immediate finality in situations where forking is never permitted.
2.4.3 IBFT POA
Block creation and consecutive addition to the blockchain are the responsibility of validators in PoA. With the help of a decentralized voting system, all validators produce a dynamic collection of validators that can be expanded or contracted.
This indicates that validators may be added to or removed from a validator group if a majority (51%) of validator nodes voted to do so. As a result, malicious validators may be found and eliminated from the network at any moment, while new trustworthy validators can be added.
In turn, each validator suggests the next block (by means of the round-robin leader selection). A block must receive approval from the vast majority of validators (i.e., more than 2/3) in order to be validated and added to the blockchain. In addition to validators, there are non-validators who take part in the block validation process but do not directly contribute to block formation. The framework's default consensus technique is IBFT PoA.
2.4.4 IBFT PoS
The PoS implementation aims to serve as a substitute for the current IBFT PoA implementation by enabling node operators to quickly choose between the two when launching the chain. Epochs are considered to be specific time frames (in blocks) during which a specific collection of validators may generate blocks.
Epoch length is modifiable; therefore, node operators can specify the epoch length during instance creation. Each epoch ends with the creation of an epoch block, which marks the start of a new one. At the end of each epoch period, validator sets are updated. During the creation of an epoch block, nodes ask the staking smart contract for a set of validators and store the supplied data in local storage.
At the conclusion of each epoch period, this query and saving the cycle are repeated.
Fundamentally, this gives the staking smart contract complete control over the addresses in the validator group, giving the nodes only one responsibility to perform. For the purpose of obtaining the most recent data regarding the validator set, each contract query is only executed once per period. As a result, individual nodes are relieved of handling validator sets.
Raft is a distributed consensus mechanism that relies on Paxos. Each fault (such as a missed message, a network partition, or a hardware-only failure) is regarded as a node failure in the Raft protocol since it works with a node failure model.
Therefore, it should execute n ≥ 2f+1, where f is the maximum number of possible failed nodes and n is the total number of nodes. The Raft protocol initially picks a leader from among a group of nodes, and then it fully trusts that leader to handle transaction requests and handle the copying of logs (i.e., blocks) on other nodes.
Each node has the possibility of being a leader, a candidate, or a follower. The protocol cannot start until the leader has been chosen by more than half of the nodes since the leader selection process is deterministic.
2.5 COMPARISON AND SELECTION
Raft simply protects against node failures, whereas IBFT defends the blockchain against a variety of malicious attacks. Raft can be utilized without worry if we assume that none of the nodes would ever become corrupt.
It would be preferable to use IBFT if it is assumed that the validators can only be trusted in part. WoopChain will use IBFT as its fundamental consensus technology because it is decentralized and permissionless.
3 - WOOPCHAIN ARCHITECTURE
A solo blockchain is created using the WoopChain framework. As a result, it depends on its own set of validators. Its check-pointing system and mainchain contracts are both disabled by the WoopChain.
With the help of this framework, our community of developers can create a blockchain network that better satisfies their requirements. They can do this because WoopChain uses a modular and extendable architecture to build side chains, global scaling solutions, and blockchain networks that are compatible with EVM.
Last but not least, WoopChain utilizes the IBFT consensus mechanism because it offers PoA and PoS. Similar to this, the Woopchain EVM blockchain activates IBFT PoS with integrated system contracts. The following capabilities are available in WoopChain: utilize the current Ethereum smart contract technology and its API.
i. Users can interact with standard wallets via JSON-RPC.
ii. Developers enjoy Solidity/Vyper programming and full EVM support.
iii. Access to popular Ethereum tools, developmenttools, and libraries.
iv. Optimized UX when performing cross-network transactions.
v. Communication between networks.
vi. Completely trustless and decentralized embedded Ethereum Bridge solution.
vii. Asset transfers from any EVM compatible network, particularly Ethereum mainnets.
viii. Transferring of ERC20 tokens, NFTs, or local tokens in the shell.
ix. The ability to customize bridge functionality with existing plugins.
x. Special Functions.
xi. Building network usability via the development of plugins.
xii. The capacity to replace core functionalities with consensus plugins.
xiii. Going beyond Ethereum smart contracts by incorporating Runtime.
3.1 COMPARISON AND SELECTION
The architecture of WoopChain's foundation allows it to fully integrate with Ethereum's smart contract technology. To achieve high network decentralization, security, and scalability, it can also use IBFT PoS
i. Libp2p: The foundational network layer is where this module always starts. It is modular, extensible,fast and particularly offers a great framework for more advanced features.
ii. Synchronization & Consensus: Modularity and the use of adaptable synchronization and consensus techniques are made possible by the separation of synchronization and consensus protocols (depending on how the client operates).WoopChain also offers pluggable consensus algorithms out-of-the-box.
iii. Blockchain: The central layer for task management in the system is the Blockchain layer.
iv. State: The reasoning for changing between states is provided by the State layer. It deals with how adding a new block affects the state.
v. JSON RPC: This layer serves as an API layer for dApp developers to communicate with the blockchain.
vi. TxPool: The TxPool layer, a transaction pool, is closely connected to other system modules (as transactions can be added from multiple entry points).
vii. GRPC: In order to enable contact with the operator, the GRPC layer is essential. This layer makes sure node operators can communicate with clients effortlessly, resulting in a useful and effective UX.
3.2 WOOPCHAIN CONFIGURATIONS
i. An IBFT PoS with built-in system contracts will be used as a central consensus algorithm by WoopChain.
ii. The average blocking time is expected to be two (2.5) seconds.
iii. Initially, twenty-one (21) nodes will be run to comply with BFT (Byzantine Fault Tolerance).
iv. The block size will be dynamic and decided by the Validator set. The initial limit for block gas is 30,000,000.
v. The expected number of validator nodes in the chain shall be at least twenty-one (21).
vi. WoopChain has pre-deployed contracts for stakeout, this allows betting WoopCoin, providing rewards to holders.
vii. If the block is not produced or accepted within the deadline, the next validator will assume the duty of the proposer.
viii. There is no newly minted block reward for block production.
ix. All transaction fees will be valued in WOOC.
4 - WOOPCHAIN GOVERNANCE
On WoopChain, the IBFT PoA serves as the default consensus mechanism. In PoA, validators are in charge of building the blocks and serially adding them to the blockchain. Using a voting system, validators can be added to or deleted from the pool of dynamic validators.This indicates that validators may be voted into or out of the validator pool if a majority (51%) of validator nodes choose to do so. As a result, new trustworthy validators can be added to the network while malicious validators can be identified and eliminated from it. All validators take turns proposing the next block (round-robin), and a super majority (more than 2/3rd) of validators must approve a block before it can be validated or added to the blockchain. In addition to validators, there are non-validators who take part in the block validation process but do not create blocks. Within the WoopChain ecosystem, decision-making and governance will take place through the network of official Validators of the chain, in accordance with a governance technique that requires the consent of 50% + 1% of all nodes.
5 - WOOPCHAIN SMART CONTRACTS
The protocol's smart contracts are used to govern the validator, including selecting it and allocating rewards and bets. The genesis block contains the deployment of these contracts. There are seven (7) main categories of smart contracts on WoopChain.
i. - Governance Contract: manages the proposals and votes of the validator.
ii. - Validator Set Contract: classifies validators and decides which ones should be chosenoreliminated.
iii. - Vault Contract: receives all chain bridge withdrawal fees.
iv. - Betting Contract:manages betting operations and the distribution of block rewards.
v. - Trim Contract:handles disciplinary actions against validators who do not follow the chain’s default rules.
5.1 GOVERNANCE CONTRACT: Blockchain networks are autonomous systems that develop on their own and offer transparency through peer-to-peer democratic engagement. On-chain management is a strategy for suggesting and altering blockchains. Change initiation rules in this sort of governance are typically written into the blockchain protocol. Validators, selected by the community, suggest possible ideas through code updates and written suggestions. Regular users and the selected validators all cast votes for or against the suggested modification. Members of the community vote democratically on proposals that will progress the growth of the blockchain network within the terms of the governance contract. The user must have an appropriate amount of WoopCoin shares before they can recommend a proposal. However, only those possessing a particular quantity of WoopCoin have the ability to vote on the suggestions. Additionally, there will be an option to report misuse of contracts. The following choices could alter based on community feedback:
i. minimum bet amount to be a validator;
ii. minimum bet amount for the general user;
iii. minimum bet amount to give a proposal.
5.2 VALIDATOR SET CONTRACT: Nodes that satisfy the conditions to become validators are validated by this contract and stored. The contract also categorizes the blocks produced by different validators and provides the principal validators' addresses, the most recent block created and approved.
5.3 VAULT CONTRACT: Payments for chain bridge removal go to the Vault Contract.
5.4 BETTING CONTRACT: This contract manages the staking, rewards computation, and distribution of rewards to users and validators.The rewards received by shareholders and validators are also updated on a regular basis by this contract.
5.5 TRIMMING CONTRACT: WoopChain has a cutting strategy identical to Binance Smart Chain. The cut is used to protect the WoopChain network's governance system against fraudulent or dishonest behavior in addition to enhancing network security through disciplinary procedures. Anyone can provide proof of the WoopChain network forward slash. The fact that every transaction shipment requires proof of trimming and is charged a fee is meaningless. However, if it is successful, there is a greater benefit. Below are two examples of cutting behaviors.
i. Double Signature: Consider a scenario in which two distinct block headers have the same parent block hash and height. If these two block headers are sealed by the same validator and different signatures are created, then this validator will be punished and permanently imprisoned.
ii. Not Available: A validator will not be eligible for block fee incentives if they lose forty-eight (48) blocks per
twenty-four (24) hours. A validator will be punished for 10,000 WoopCoin and be locked for three (3) days if they lose more than ninety-six (96) blocks in twenty-four (24) hours. The validator will still be able to create or validate blocks during the locked time.
6 - CHAIN-CLOUD INTEGRATION
The logic of Bitcoin's block-by-time plus global synchronization verification has not changed at all with blockchain development. Although it may not be the greatest for application platforms, this is not a huge issue when using low-interaction operations like value transfers. It is clear that some small, simple games can interfere with Ethereum, EOS, and other platforms, proving that the current public blockchain technology is unsuitable for use in large-scale commercial applications. The WoopChain team considers the following three "blockchain features" to be more significant than "decentralization" as a benefit that blockchain technology delivers to applications:
i. “Four in One” authority management mechanism for accounts, addresses, funds, and identities;
ii. comes with a natural clearing and settlement network;
iii. high-speed growth brought by incentives and liquidity.
All currently available Internet applications are missing these features. The majority of currently used Internet apps are cloud-based, and this trend is expected to continue in the near future. The WoopChain team thinks that combining the aforementioned blockchain qualities with cloud-based applications will lead to new application types and encourage blockchain's actual acceptance.
The WoopChain network has a clear understanding of the quality criteria that future developments must satisfy. Regarding functional requirements, WoopChain plans to develop an application layer for smart contract lifecycle management. Most importantly, such lifecycle management is important for investigating collaborating parties to reduce security breaches such as those Ethereum recently experienced, resulting in multiple hard forks of the latter.
In summary, the WoopChain network recognizes that smart contracts are sociotechnical artifacts that must also take into account the quality requirements essential to achieve widespread adoption by users. Continuous real-life industry projects with WoopChain applications result in a continuous collection of empirical requirements. The mobile strategy in support of highly distributed PoS transaction processing points to a significant breakthrough in the state of the art. Still, WoopChain recognizes that smart contract lifecycle management requires the development of application layers with a sophisticated front-end user experience that current solutions do not pay enough attention to.