PLAYA SAN BLAS, El Salvador, July 26, 2021 (GLOBE NEWSWIRE) — The WechatPay Association is set to launch Wechat$, a new digital currency and NFT MarketPlace for Meme tokens developed by Wechat. The new digital asset is Wechat’s financial infrastructure and premise to spread its wings and reach out to the world.
WechatPay Association is a non-profit and independent organization registered in El Salvador in June 2021. It is this association that will be tasked with the digital currency and NFT marketplace. The underlying mission behind the creation of the association was to make major investments in blockchain technology and further facilitate the integration of blockchain technology in other industries.
Areas that Wechat will be targeting in the blockchain space include digital asset trading and wallet, public chain, Digital asset research, incubation, and proprietary investment among others.
Key features of Wechat$
Wechat$ will duplicate elements of Ethereum’s Blockchain by combining PoSA (Proof of Stake Authority) and PoS (Proof of Stake) algorithms. The two main features are:
- Low transaction fees
The system will be democratically governed by users, with each user having a voice to contribute to the development. Users’ token holdings will be used as proof of stake, granting holders the right to vote and decide on crucial matters. Traders who own Wechat$ for over 22 days will graduate to become “Investors” and will be entitled to a portion of the interest.
Wechat will be able to earn redeemable points by staking their Wechat tokens in an innovative NFT Farm. Users can redeem the points for their favorite NFTs. The NFT marketplace will have several NFTs listed for trading.
To increase its acceptance, Wechat$ has been integrated with several electronic wallets like Ledger (Hardware Wallet), Trubi Wallet, Trust Wallet, and CoolWallet (Hardware Wallet), and many more.
Wechat$ is also compatible with the Binance Virtual Machine and therefore works well with various Binance tools.
Wechat has a powerful system designed so to increase the speed of transactions. It is also EVM compatible, supports cross-chain cryptographic assets transfer, and has Proof of Staked Authority consensus protocol. The platform is also highly scalable and interoperable between two blockchains. The scalability and interoperability create high-performance DApps that are very fast and have refined user experience.
Security is one of the main issues that developers in the blockchain space are dealing with. The foundation of Wechat’s security is incurred in the Pow and PoS. However, these algorithms only become effective with a large enough community. For small and new projects, relying on Pow and PoS may present additional challenges. Small and new projects will use Wechat$ to secure their networks.
The WECHAT$ ecosystem will be complete with a decentralized exchange (DEX) that will be used by Wechat token holders to swap any BEP20 token for another one. The exchange is powered by PancakeSwap, one of the safest and most trusted exchanges in the crypto space. The exchange is also the foundation from which the team intends to build more features and functionalities.
Phase1: Phase one of the project will involve the launch of some products on the Binance Smart Chain platform. These products will be used to test the working conditions of all systems including token sale and exchange, gathering feedback and data, as well as preparing solid infrastructure that can be moved to WeChat network.
Phase 2: the second phase will involve the full launch of all products after undergoing the necessary testing. Among the tests to be conducted is the WeChat 2.0 that will allow new projects launched to raise funds from investors on the WeChat network. In the final stages, the platform will offer cross-chain pools and the sale of tokens through the use of Tencent wallet’s bridges.