What is Wemix?

What is Wemix?

Wemix is not just another blockchain-based game ecosystem; it is a comprehensive solution that addresses some of the most pressing challenges facing the gaming industry today. Its focus on innovation, security, and user experience sets it apart from other blockchain-based gaming platforms.

One of the unique features of Wemix is its emphasis on interconnectivity. By fostering collaboration between developers, games, and stakeholders, Wemix creates a mini-ecosystem where users can enjoy a seamless gaming experience across multiple platforms. This approach reduces fragmentation within the industry, extends the life cycle of games, and alleviates the pressure on developers to create new content constantly.

Wemix’s use of the Stake-based Proof of Authority (SPoA) consensus mechanism is another distinguishing feature. With a maximum capacity of 4,000 transactions per second, this innovative consensus mechanism ensures the highest level of security while maintaining high transaction throughput. The decentralized On-Chain Governance model ensures transparency and reduces the risk of centralized control, thanks to a 40 Node Council Partner (NCP) system.

Wemix’s emphasis on transparency distinguishes it from other gaming platforms. Because the platform employs blockchain technology, transactions are immutable and easily auditable, enhancing trust and reliability. The WEMIX$ stablecoin, which is fully collateralized by USDC, adds to transparency by giving users a stable and reliable currency for their transactions.

History of Wemix

The concept of Wemix emerged as a response to the ongoing issues within the gaming industry, including fragmentation, heavy workloads for developers, and the short-lived nature of many games. Over the years, numerous attempts have been made to create interconnected game ecosystems that allow for more sustainable growth and engagement. However, a truly effective and comprehensive model has yet to be developed. Recognizing these challenges, the creators of Wemix set out to design a platform that would leverage the power of blockchain technology to provide a sustainable, harmonious, and immersive environment for gamers, developers, and platform providers. By seamlessly connecting various games and stakeholders within a unified ecosystem, Wemix has the potential to redefine the gaming landscape, bringing forth a new era of collaboration, innovation, and entertainment.

How does Wemix work?

Wemix is a groundbreaking blockchain-based gaming platform that employs a hybrid structure composed of multi-chains to address the unique challenges of the gaming industry. This innovative structure is designed to promote scalability, reduce transaction fees, and enable high levels of transactions per second (TPS). Wemix’s multi-chain-based hybrid structure primarily consists of three layers: service chains for handling game-specific transactions, public chains for asset management, and bridge chains for seamless asset transfers across the ecosystem.

Tokenomics & Distribution

WEMIX embarked on its remarkable journey with a clear vision of establishing a blockchain gaming platform that revolutionizes the industry with its unique tokenomics. Serving as the foundation of the blockchain gaming era, WEMIX started by introducing a range of games accompanied by their own token systems on the blockchain network. The pivotal moment came in August 2021 when the flagship title MIR4 was released on the WEMIX platform, captivating gamers worldwide.

As the first commercially successful MMORPG to incorporate blockchain technology and tokenomics, MIR4 initiated an unprecedented paradigm shift in the gaming industry. This marked the inception of WEMIX 2.0, a transformative phase that spearheaded the Play-and-Earn phenomenon and accelerated the adoption of blockchain technology in existing games. Building on this success, WEMIX evolved further into WEMIX 3.0, transcending its role as a singular platform.

Designed as an immersive, platform-driven, and service-oriented mega-ecosystem, WEMIX 3.0 aims to enhance the global community’s experience by offering user-friendly services and empowering developers to create innovative projects and solutions for the community’s benefit.

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Wemix has implemented a tokenomics and distribution strategy in WEMIX3.0 to support the growth and vitality of its ecosystem.

The WEMIX token is the native coin within the Wemix mega-ecosystem, facilitating exchange and payment methods. A total of one billion WEMIX tokens have been issued, and additional tokens are minted through the Permanent Minting Reward (PMR) mechanism. The PMR ensures that one WEMIX token is minted per block and distributed according to predefined percentages.

The distribution breakdown includes 40% to the 40 Node Council Partners (NCPs), 10% to WEMIX stakers, 25% for the ecosystem, and 25% for maintenance. This distribution plan aims to incentivize participation, reward stakeholders, support platform growth, and ensure the long-term development of the Wemix ecosystem.

Source: Wemix Whitepaper

Wemix Architecture

Client Network

The WEMIX Blockchain Client Network is an implementation of WEMIX 3.0, which is built by forking go-Ethereum version 1.10.16 and applying the London Hard Fork. The network has a layering system that ensures high-performance, real-time performance. This is achieved by modifying the governance, consensus, and network protocol elements in go-Ethereum.

Network Structure

The WEMIX blockchain network comprises three types of logical networks: the Block Producer Network (BPN), Bridge Node Network (BNN), and End Node Network (ENN). Each network serves a specific function in the network, and together they form the overall topology of the WEMIX Mainnet.

Block Producer Network (BPN)

BPN applies the Reliable and Fault Tolerant (RAFT) consensus mechanism to ensure network stability. Each BP must meet strict hardware and network resource requirements to perform the RAFT consensus mechanism adequately. BP’s technical operations are handled by WEMIX to support high-performance real-time service.

Bridge Node Network (BNN)

The BNN primarily has the function of physically protecting the BPN from direct external attacks. Its primary function is to verify the valid transaction propagated from the End Node Network(ENN) and send it to the consensus node. Conversely, it is to confirm the block reproduced from the BPN and propagate it to the ENN. Also, some of the Bridge Nodes that exist in BNN provide the functions of Boot Nodes. All new nodes except Block Producer Nodes must download all block data generated so far from neighboring nodes connected to the P2P network to participate in the blockchain network.

Boot Node is a service node always online and provides a Bootstrapping service that connects these new nodes participating in the network to the P2P network by unconditionally performing P2P Hand Shaking. WEMIX conducts the corresponding operation of the network

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End Node Network (ENN)

The outermost subnetwork, ENN, is an endpoint of the WEMIX network and consists of blockchain End Nodes that directly handle user services. Anyone can install and operate blockchain nodes.

Consensus Mechanism

The consensus mechanism is a crucial aspect of a blockchain network, as it ensures that all nodes on the network agree on the ledger’s state. WEMIX uses the SPoA (Stake-based Proof of Authority) consensus mechanism, which aims to maintain the network’s security and trustlessness while delivering high-performance real-time service.

WEMIX implemented the RAFT (Reliable and Fault Tolerant) algorithm, which ensures consistency of datastores on all nodes in the cluster by selecting a leader. Nodes in RAFT can be either a Leader or a Follower, and the leader periodically sends a heartbeat message to all followers to announce its existence. If followers do not receive a heartbeat after the timeout, they change their status to a candidate and participate in the leader selection.

WEMIX further adapted the PoA (Proof of Authority) consensus algorithm, which relies on a group of authorized members to validate transactions and create blocks. However, WEMIX requires that members stake more than a specific amount and face substantial penalties for any malfunction of the elected authority on-chain. This ensures that the network remains secure and operates under the agreed protocol. The combination of RAFT and SPoA creates a highly performant and secure blockchain network suitable for real-time applications.

Authority

The WEMIX Blockchain utilizes a consortium that performs the role of the miner of the PoW consensus mechanism. The process of inclusion and exclusion from the WEMIX Blockchain is determined by the votes of the existing authority members. To become an authority member, a user must provide proof of identity, enter into a legally effective contract with the WEMIX Foundation offline, and stake WEMIX in the system registry contract.

Miner Selection

The WEMIX Blockchain determines block generation through the SPoA consensus mechanism. Unlike PoW, where miners compete to generate a block, WEMIX selects a miner based on staked WEMIX. This is designed to prevent inappropriate actions of the authority members who have formed the Authority and participated through transparent identity information and legal contracts.

Reward Distribution

SPoA is a consensus mechanism that aims to create a fair distribution of block creation rewards among the authority members of the WEMIX blockchain network. Unlike other consensus algorithms where the creator of a block receives both the block reward and the collected fee, SPoA distributes the rewards proportionally among all participating authority members based on the amount of WEMIX staking stored in each member’s account. This incentivizes all members to follow the agreed protocol and maintain the network’s soundness.

The block reward distribution is included in the block header, and any violation of the rules results in the block not being propagated by other authorities. The reward calculation, which includes the block reward, minting, and collected transaction fees, is reflected in the root hash value of the Patricia Trie. By implementing a fair reward distribution system, SPoA aims to improve the performance of the WEMIX blockchain network while maintaining its security and integrity.

Block Generation and Block Verification

The WEMIX Blockchain uses a governance contract to determine the interval between block creations. Block producers generate blocks at a set time, regardless of the number of transactions in the mempool, to ensure activity and block finality. Permission voting is a variable that can alter the block creation interval.

Each full node receiving a block that a miner has generated and has propagated to the network through peer-to-peer communication must self-verify and determine its validity. Authority nodes check whether the block is generated by a selected miner, the reward is distributed appropriately, and transaction details are reflected in the system’s state. After verification, the authority nodes propagate the block to neighboring nodes.

Non-authority full nodes that receive the block verify the member’s signature included in the header and check transaction details. If the block is valid, it is stored on the local disk and propagated to neighboring nodes.

All full nodes must verify Miner_Limit and Max_Consecutive_Blocks before proceeding with the verification process. Miner_Limit prevents a specific member from creating blocks continuously and is defined as floor(SIGNER_COUNT / 2) + 1. Max_Consecutive_Blocks limits the number of consecutive blocks a single miner can create in an epoch to prevent diverged blocks in case of a network attack. In WEMIX3.0, Max_Consecutive_Blocks is set to 1.

WEMIX 3.0 Governance

WEMIX 3.0 has a unique governance system that involves on-chain and off-chain governance.

On-chain Governance

40 Wonders: Node Council Partners (NCP) selected as WONDERS contribute to the development and growth of the ecosystem while providing impenetrable security on the Mainnet.

Staking: To become an authority member, each Wonder must stake 1,500,000 WEMIX to their allocated validator node.

Voting: The WEMIX Blockchain stores system variables that can be changed by voting, and each Authority will have Voting Power in proportion to the amount of staking.

Off-chain Governance

Explicit Agreement: If the foundation needs a hard fork, such as a “change of protocol,” and explicit agreement of the council is required, the NCP agreement process is carried out using an Off-Chain service such as https://snapshot.org/.

Wemix coin

WEMIX$ is a stablecoin protocol that maintains a 1:1 volume peg to the reserved USDC in the Treasury, achieved through the minting and burning of WEMIX$. The Treasury securely stores 100% collateralized USDC as collateral against the total supply of WEMIX$, while MINT is used to mint and burn WEMIX$ to match the total supply of the reserved USDC in the Treasury.

The DIOS protocol maintains the price balance between WEMIX$ and USDC through the TIP and TOP protocols, with TIP activated when the demand for WEMIX$ increases, and TOP activated when the demand decreases. The DIOS Reward Pool stores arbitrage that occurred through DIOS and is distributed to stakers in DIOS Staking to incentivize early participation. The Blockade mechanism controls market volatility by authorizing only DIOS to access the MLP and carry out Automated Market Operations until the fluctuating exchange rate of the pool returns to its original value.

Overall, WEMIX$ and the DIOS protocol work together to maintain price stability and control market volatility in the ecosystem.

Treasury Out Protocol (TOP)

TOP is activated when the Wemix 3.0 mega ecosystem contracts, the demand for Wemix Dollar decreases, or in the case of malicious attack attempts. The price of the Wemix Dollar may decrease, resulting in a peg deviation within the USDC and Wemix Dollar master liquidity pool. Dios triggers TOP to burn Wemix Dollar in an attempt to restore the peg deviation to a balanced state.

During this process, one USDC is withdrawn from the Treasury and traded for more than one Wemix Dollar based on the exchange rate of the pair pool. The amount of Wemix Dollar corresponding to the withdrawn USDC reserve is burned, and the remaining excess Wemix Dollar is deposited into Dios as seigniorage. Dios repeats TOP until the peg deviation between USDC and Wemix Dollar is restored to an acceptable range, maintaining the balance between the collateralized USDC and the total Wemix Dollar supply throughout the process.

Wemix Products

Wallet

Source: Wemix Official Website

The Wemix wallet serves four essential functions: exchange, transfer, signature, and gateway. The wallet facilitates the exchange of various types of tokens, even those not native to the Wemix ecosystem. It also supports cross-chain asset transfers and provides a user-friendly interface for creating addresses and signing transactions.

Additionally, the wallet functions as a gateway for game DApp entry, effectively operating as a comprehensive DApp store within the Wemix ecosystem. This all-in-one solution streamlines the user experience, making it easy for gamers to access and manage their assets and DApps in a single, unified platform.

Exploring the Three Pillars of WEMIX Play, NILE and WEMIX.Fi

WEMIX3.0 is a blockchain platform that operates on three core pillars: WEMIX Play, NILE, and WEMIX.Fi. These three pillars are the foundation of the platform and represent the key services that WEMIX3.0 offers to its users. In this article, we will take a closer look at each of these pillars and explore how they contribute to the overall success of WEMIX3.0.

WEMIX Play: The Ultimate Gaming Platform

WEMIX Play is a blockchain gaming platform that allows users to play various “Play & Earn” games onboard the WEMX Game Chain. This private chain is connected to WEMIX3.0 and allows users to earn resources by playing games without the concern of network congestion or inflated gas fees. WEMIX Play’s vision is to become the largest platform encompassing all services centered around games and token economy.

WEMIX Play has a unique concept of a virtuous circle of “Play & Earn and Pay”. This means that users can reinvest what they have earned through the game, to play better and earn more. WEMIX Play resolves the issue of gamers not being able to utilize their earned assets back into the game, which forces them to liquidate what they have earned into fiat currency.

WEMIX Play implements a “Pay” segment into the gamer’s experience cycle by introducing WEMIX PLAYER. This official game launcher native to the platform enables all games onboard the WEMIX Game Chain with a cryptocurrency payment option for gamers to utilize.

WEMIX Play also offers essential information such as games bub, token market cap, token swaps, auctions, and staking programs for our global gaming community to provide a complete service-oriented experience. WEMIX Play uses game tokens as the yardstick for measuring value within games and medium for exchange and purchases. Game tokens incentivize gameplaying, as they are earned while games are played. Users can use game tokens in various ways, including purchasing in-game items, upgrading equipment, expanding their territory, or adding skills or techniques within games.

NILE: The DAO & NFT Platform

Source: official Wemix’s Whitepaper

NILE is a DAO & NFT platform service on WEMIX3.0 Mainnet. It consists of DAO, DApp, and NFT projects along with an NFT marketplace supporting those projects. NILE DAO is implemented based on the Neith Protocol, which enables the community to create, facilitate, and manage all projects created within the platform. This protocol ultimately allows participants and users easy access to creating DAOs, fundraising for projects, operating businesses, sharing revenues, changing operation standards, and more. NILE will enable DAO projects based on real-life goods such as concerts, art exhibitions, sports, investments, and real estate, to come true in the blockchain network.

Tokens issued by DAOs, NFTs, Tokens for DApp projects, and NFTs as projects themselves will all be distributed and used for transactions. NILE ultimately aims for complete decentralization through autonomous onboarding, utilization, and alteration of the Neith Protocol. NILE is going through an era of implementing a stable platform environment. The platform envisions inviting blockchain into our daily lives in every aspect of our environments by discovering on-chain and off-chain projects based on blockchain.

The Decentralized Finance Platform

WEMIX.Fi is a decentralized finance platform provided by WEMIX3.0. In WEMIX.Fi, users may participate in various services, including swap, staking, pool, bridge, etc., using WEMIX$.

Source: official Wemix’s Whitepaper

Is Wemix a Good Investment?

Wemix’s token economy is crucial in establishing and growing the platform’s ecosystem within the decentralized and public blockchain network. Two types of tokens exist in the Wemix ecosystem: main tokens (WEMIX Tokens) and game-specific tokens.

The platform prioritizes diversity and sustainability in its token economy to support a wide range of games and users. Wemix has the potential to be a good investment, given its focus on diversity, sustainability, and a well-designed token economy. However, the platform’s success depends on its ability to attract and maintain a thriving community of game developers and players. As with any investment, potential investors should carefully consider the risks and rewards associated with the platform before making a decision. \

WEMIX Tokens, the main tokens in the ecosystem, are utility tokens designed not to be categorized as securities-type tokens. They serve several purposes within the platform:

• Transactions: WEMIX Tokens act as a medium for trade activities, enabling users to exchange various game tokens as needed.
• Purchases: Users can acquire WEMIX Tokens to exchange for game tokens, allowing them to make in-game purchases.
• Profit Realization: WEMIX Tokens serve as the measuring stick for all values within the ecosystem, rewarding ecosystem participants for their contributions.

Evaluating Wemix as an Investment

Investing in Wemix means investing in its potential to create a thriving ecosystem for game developers and players. The success of this ecosystem depends on the platform’s ability to accommodate a diverse range of games, facilitate efficient value transfer, and incentivize user engagement.

Pros of Investing in Wemix

• The platform’s focus on diversity and sustainability can lead to a healthy and thriving ecosystem.
• Wemix is designed to tackle common issues found in single-token economies, such as difficult entry prospects for new games, free-riding, and unfair value distribution.
• WEMIX Tokens have various use cases, enhancing their value and utility within the ecosystem.

Cons of Investing in Wemix

• The success of Wemix as an investment depends heavily on its ability to attract game developers and users to its platform.
• The platform’s dual-token model may be confusing or less appealing to some potential investors.
• The gaming industry is highly competitive, with many platforms vying for user attention and investment.

How can you own Wemix?

Going through a centralized cryptocurrency exchange is one approach to acquiring WEMIX. The first step is to create a Gate.io account and complete the KYC process. Once you have deposited money into your account, follow the instructions to purchase WEMIX on the spot or futures market.

News on Wemix

In this final chapter, we will discuss the future outlook and growth potential of Wemix. We will explore the platform’s strategies to foster continued growth, the potential challenges it may face, and the emerging trends in the gaming industry that may impact Wemix’s trajectory.

Strategies for Growth

Wemix aims to become a prominent platform in the gaming industry by focusing on the following growth strategies:

Expanding the range of games: Wemix plans to accommodate a diverse range of games in its ecosystem, catering to different user preferences and expanding its user base.

Attracting and supporting developers: Wemix will provide an environment that supports and incentivizes game developers to create engaging, innovative games on the platform.

Engaging the user community: Wemix will work towards fostering a strong, active user community through incentives, promotions, and user-friendly experiences.

Potential Challenges

Wemix may face several challenges as it seeks to establish and grow its platform:

Competition: The gaming industry is highly competitive, with many platforms competing for user attention and investment.

Scalability: As the platform grows, Wemix may face scalability issues, requiring continuous technological improvements to accommodate increased user activity.

Regulatory hurdles: Wemix may need to navigate evolving regulations and policies in the cryptocurrency and gaming sectors, which could affect the platform’s operations.

Emerging Trends and Opportunities

Several emerging trends in the gaming industry present opportunities for Wemix to capitalize on:

Blockchain gaming: The integration of blockchain technology in gaming is a growing trend, offering new possibilities for decentralized gaming platforms like Wemix.

Play-to-earn model: The play-to-earn model is gaining traction, where users can earn rewards through in-game activities. Wemix’s token economy is designed to support this model.

Virtual reality (VR) and augmented reality (AR) gaming: The rise of VR and AR gaming presents opportunities for Wemix to expand its platform and attract users interested in immersive gaming experiences.

Take Action on WEMIX

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