LBank AMA Recap with Welups
On 22 February we held an AMA with the Welups, hosted on LBank's official telegram channel. If you missed this telegram session, here’s another chance to get a full transcript of the AMA event.
I am an entrepreneur, a technology evangelist, who has more than 16 years of extensive experience in business operations and founding start-up companies in multiple industries.
I had involved intensively in blockchain gaming and lottery since 2017 providing solutions to let players in the regulated zone can buy a lottery ticket with cryptocurrency only with their phone application and then can win prizes with crypto. As we all know, blockchain brings transparency and fairness, blockchain can help bring fairness to online lottery and igaming by providing provably fair solution, a trustless solution where players can verify a result of the gameplay, a result from the lottery round with a blockchain-based system showing the how random number generated and recorded to the blockchain. In the perspective of the operators, all the disputes with the result can be verified publicly with the record on the blockchain, bringing a huge advantage in time and cost compared to the traditional audit process.
With a land-based casino, the magic of the smart contract and the combination of private and public blockchain will enrich the traditional game portfolio by creating millions of ways of betting with the game applying the highest level of fairness and safety to the gamblers.
When the world suffered from the first waves of Covid-19, we created a company providing one of the earliest solutions of covid passport as the form of the decentralized wallet with the ability to securely store ID credentials and combine all your digitalized and encrypted documents in one single secure wallet and this credential can be verified securely with contactless way anywhere it needed
Regarding WELUPS project: Founded in Dubai, Welups: The high-performance, low-gas fee, and highly configurable DPoS blockchain which natively supports DEX, NFT aiming for future open businesses and no-border transactions. The Welups blockchain is similar to the TRON decentralized network by applying technologies and similar consensus that are proven in TRON, the DPoS. Welups blockchain acts as one of the most important elements in our infrastructure and the IDShare eKYC core. Both serve the user-focused application layer containing social media networks, crypto-banking applications, the mobile wallet, and NFT-based applications.
First five AMA Questions (First Part):
What is the role of token in the ecosystem? Where can people currently buy it?what would be its used??
WELUPS is the main cryptocurrency issued in the Welups blockchain network. It is a cryptocurrency issued on the WRC-20 platform which is fully compatible with TRC-20 and ERC-20 as the native currency of the entire Welups platform and its ecosystem.
WELUPS connects the entire Welups ecosystem with abundant applications that power transactions and applications on the chain. WELUPS is a cryptocurrency tailored to provide banks and payment providers with a reliable solution for cross-border payments.
WELUPS can be currently purchased via Lbank and other 5 crypto exchanges that it is currently listed on: Digifinex, Hoo, IndoEX, Latoken and XT.
As conversations on cryptocurrencies evolve, governments are taking note. While cash will not be eliminated any time soon, as many as 86% of central banks around the world are looking into central bank digital currencies in their quest to go cashless.
In the short term, crypto is not going to replace the existing financial system, but will instead carve out its ecosystem that is fit for a new generation of digital-first, financially savvy users. While it will take some time for consumers to warm up to crypto, the nascent technology will prove its worth in due time by offering cheaper, safer, and more inclusive financial services for all.
Is the platform suitable for every kind of user? Who are the potential customers? Are you mainly focusing on big investors or small investors?
Interesting question, I must say!
WELUPS blockchain network is a public network that is suitable for every kind of user, whoever holds WELUPS coin will contribute to the platform, it could be financially savvy users, developers who develop Dapp on our network, or partners who contribute to the network operation.
We are looking for mass adoption of WELUPS network and with a very high-performance network, high availability, and economical cost to run, Welups is the next big thing to build billion-dollar projects.
What are the key milestones on your roadmap — both things you have already achieved and things that we can look forward to? Any partnerships and short/long term technical milestones that you want to talk about or bring some attention to?
We minded our Genesis block by 17th of August 2021, Welscan.io, the only explorer of Welups network right now had been launched on 15th October and Welups mobile Wallet had been launched on 22nd October. Welups Foundation is in licensing application process as we speak right now and will be founded as a non-profit foundation that is in charge of developing and maintaining Welups network and starting new initiatives.
We are working with top blockchain audit companies right now for on-chain audit certification, bridges with Ethereum and BSC, DEX will be available by end of Q1 2022
As shared we have listed our WELUPS coin on 6 crypto exchanges: Lbank, Digifinex, Latoken, XT, IndoEX, and Hoo, and will be on a bigger exchange like Kucoin, Gate, and Binance soon this year.
How about your tokenomics (WELUPS)? Can you give me a reason why users should hold $WELUPS in the long term as most of the tokens these days easily lose their value so quickly and get the dump
As of the Tokenomics:
Total supply: 44.88 Bil WELUPS
Marketing & Airdrop: 5%
Founding sale: 3%
Sale on partner’s platforms: 12%
Welups foundation: 30%
Omanee ecosystem: 20%
Omanee holding: 30%
Let me share a bit on the chain’s Consensus: Welups achieves a high rate of transactions per second (TPS) through a Delegated Proof of Stake mechanism.
In the consensus, there are Super Representatives (SR) which are the block producers on the network.
By making blocks those SR earn WELUPS rewards, that are redistributed to their voters.
You can earn passive income by participating in the Welups network using the voting system.
There are 3 benefits of staking WELUPS:
1. ZERO Risk as Delegated funds cannot be lost or stolen. If a Super Representative isn’t compliant, there is no consequence to you.
2. You have free transactions: Every day, you automatically receive bandwidth which is used to cover the cost of around 20 transactions.
In addition, you can receive extra bandwidth by freezing your assets.
3. You are using the high-transaction rate network: This network has one of the highest transaction rates, making it very scalable by design.
It’s a lot of tokens listed in LBank, why LBank community should notice yours? And why we should buy it or trade with it?
The Welups blockchain is similar to the TRON decentralized network by applying technologies and similar consensus that are proven in TRON — giving Welups the ability to perform with exceptionally high performance, scalability, and availability.
The WVM (Welups virtual machine) is fully compatible with TRON’s TVM and Ethereum’s EVM. Additionally, it costs a fraction of one WELUPS to support smart contracts on the WVM and to create WELUPS accounts.
Because the cost is so minuscule, we say “almost free.” By comparison, creating and supporting contracts on Ethereum and EOS can cost a user more than $10.
Welups blockchain also natively supported DEXs, Defi platforms in and out of our ecosystem giving token holders of WELUPS countless ways of utilizing it for their own benefit.
We have built the project with a decentralized mind and the team is truly multi-national. We have offices in Singapore, Vietnam, India, Dubai, and Europe next year so yes, we are the global project.
As per the market to focus on, we are targeting emerging market economies (EM) because their younger populations and robust technology infrastructure is giving emerging market countries a potential competitive advantage.
At the same time governments in many EM countries are pushing a strong digital agenda, including smart cities and incentives for technology companies: Cape Town is now Amazon’s center for cloud computer programming, for example.
Technology has moved from being a challenge in itself to being a critical enabler to address the opportunities and challenges that many industries face.
Technology gives the world the ability to work at scale, in real-time and at near-zero marginal cost — it will be transformational for EM countries.
Selected five Questions with Answers from the Telegram community (Second Part):
Where I can get all the latest news about? Do you have Twitter/Telegram/Discord community? If yes can you share the link here because there is a lot of fake telegram/Twitter groups?
I am gonna pick 3, I think! so this was the first one!
Your project name seems to be very interesting. Does it have any story behind it? Can you share us with the inspiron for approaching to this name?
WELUPS sounds like “Wealthy is up” and that’s what we like to archive with our blockchain ecosystem and it is also a wish to all the WELUPS holders !
Do you have any NFT plans and its integration ahead in the roadmap? Also, do you have any passive income options and incentivization rewards for a long-term holder?
We have a plan on “the Encrypted Space for Metarverse” project where people can buy land on the virtual moon’s surface and start building infrastructure, NFT items on that land for their metaverse and gaming projects. Stay tuned to our official channels to know more about this project by Q2 2022.