WEINCHAIN- IMPROVING AND INNOVATING ONLINE TRANSACTIONS AND BUSINESSES

The introduction of technology in the world has really made life simple, easier, and better. As the world keeps advancing in this digital era, businesses and transactions are not left alone. Business is more enjoyable when people can do them in the comfort of their homes without necessarily going to meet partners or associates in person for transactions. This is why business and transactions online or via the internet has been a blessing to business enterprise, organizations, and even individuals. But prior to 2008, all activities that had to do with trade and aids to trade on the internet were relying heavily on the financial institution, because there was no existing method yet which could render the requirements of trust obsolete. As a result of this, financial institutions imposed transaction fees for its services as a mediator. Because of these fees coupled with the fact that transactions were always reversible, small casual transactions became impossible.

The introduction of a peer to peer electronic cash systems like bitcoin and cryptocurrency have made value transferring transactions possible as well as rendering the roles of financial institutions as a mediator in online transactions and businesses unimportant and less significant. The inception of bitcoin together with blockchain technology has revolutionized greatly the way transactions are being performed online.

WEINCHAIN- ENSURING LONG TERM SUSTAINABILITY AND SCALABILITY

It is impossible to mention great blockchain platforms with reliability, security, and stability without mentioning Weinchain, due to what they have done so far and what they are still planning to do in the future. Weinchain is a public blockchain managed by DAO (Decentralized Autonomous Organization) with the focus of incubating and bringing businesses to enter the new era of the digital age with the implementation of blockchain-based technology and decentralized applications known as Dapps. Their focus is to be a strong and reliable foundation for startups as well as making sure that already existing businesses are improved and expanded. As a decentralized platform they ( Weinchain) aim at being a self-sustaining ecosystem where long term sustainability together with scalability are strong focuses.

Weinchain is managed by a decentralized autonomous organization (DAO). Since weinchain is based on blockchain technology one of its major highlights is that it is decentralized. To be decentralized means that they are not controlled by any single institution like a government or central bank, rather they are divided among a variety of computers, networks, and nodes. DAO is an organization that was designed to be automated and decentralized. It is an automated system and a crowd-sourced process having decision making power to manipulate funds and also eliminate human errors. In Weinchain, DAO is fueled by WIEN and facilitates with groups of Masternodes owners.

TOKEN

Weinchain like every other blockchain platform has its native token which is called WEIN. This token is used to fuel the decentralized autonomous organization in Weinchain.

CONCLUSION

The idea of the Weinchain platform to improve, expand, and take existing businesses into the new era digital age is truly an exciting and inviting idea to entrepreneurs, business tycoons, and individuals, this is because businesses and transactions can now be carried out at ease and faster with no or little transaction fees. Furthermore, being able to create and serve as a stable and strong foundation for startups is really great news.

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Writer’s Information

Writer: mansonndubuisi

Bitcointalk username: Mandez4real

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I am a crypto writer and a blockchain technology enthusiast. Here is my homepage link, https://mansonndubuisi.medium.com/

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