WaykiChain is a blockchain-based betting platform with smart contract functionality. The Hong Kong-based project’s main target is the sports betting industry. Its first application is a game prediction dApp that was released on May 18, 2018. Predictions on the platform will have three advantages:
1. Irreversible – All records are irreversible. WaykiChain’s ledger is transparent and predictions can’t be cheated. This will help close the loopholes that exist in the traditional prediction industry.
2. No third-party dealers – Users can make bets without dealers. There is no risk of third party fraud and embezzlement. They system is completely decentralized and anyone can participate.
3. Low handling fees – The handling fee collected from each game prediction is only 1% of the total amount. The rate of return is 99%, which is higher than the rates of existing prediction firms.
According to the WaykiChain website, the game prediction dApp will only operate “guessing games” and won’t be involved in any “fiat money-related gambling or lottery activities.” The platform provides smart contract-issued game tokens for prediction games. These game tokens, which are called SPC tokens, are freely distributed to users by WaykiChain. They can’t be converted into fiat currencies or digital assets, but they can presumably be exchanged for WaykiChain’s native token.
Users can use the game tokens they earn to participate in championship ranking. WaykiChain will distribute awards to users based on their game token ranking. There is no information on how the ranking system will work or the kind of awards users can expect to receive from WaykiChain.
How WaykiChain Works
There isn’t a lot of information available on how WaykiChain intends to accomplish its goals. Its developers haven’t published a whitepaper with technical details on how the platform and its prediction DApp works, and the official website only provides very general information about the project.
WaykiChain was initially based on the Ethereum blockchain, but it has migrated to its own mainnet. It features a utility token called WaykiCoin (abbreviated WICC) that fuels the platform.
WaykiChain Trading Volume, Price, and Market Cap
The total available supply of WaykiCoin caps at 210 million WICC. The tokens are distributed as follows:
– 126 million will be sold in the WICC ICO
– 31.5 million is reserved by the WaykiChain team
– 31.5 million will be used for development
– 21 million is held in private equity
WICC holders will get 5% interest during the first year. The interest rate will decrease by 1% every year for the next four years and will be permanently fixed at 1% after five years.
WICC was first listed in January 2018 at ~$0.9 USD. Its price didn’t experience major fluctuations in the months that followed, but it crossed the $1 threshold in April. Its market cap was first listed in May 2018 at ~$268 million USD and its price managed to reach $2 during that month, propelling WICC into the top 100 cryptocurrencies by market cap. WICC hasn’t managed to maintain its upward momentum and now hovers at ~$1 USD.
Buying, Storing and Selling WaykiCoin
WICC tokens can be acquired from Huobi, BCEX, ChaoEX, and Hotbit. The official WaykiChain mobile wallet is currently the only available option for storage.
Liquidity of WaykiChain
WaykiChain appears to have good market liquidity on Huobi and BCEX even though there is barely any information available about the project and its goals.
The 2018 FIFA World Cup appears to be the main focus of WaykiChain’s prediction game, but its developers haven’t made any effort to market the project to an international audience. Curious investors should be wary.