Overview
WEMIX3.0, developed by WEMADE, is a blockchain ecosystem aimed at facilitating the development and operation of decentralized applications (dApps), games, decentralized autonomous organizations (DAOs), decentralized finance (DeFi), and non-fungible tokens (NFTs). It is built on an Ethereum Virtual Machine (EVM)-compatible public chain and employs a Stake-based Proof of Authority (SPoA) consensus algorithm. The network is maintained by 40 Node Council Partners (NCPs), ensuring security and decentralization.
Architecture and Consensus Mechanism
The WEMIX3.0 blockchain client ensures the integrity and accuracy of network data by validating every transaction within each block. Initially, WEMIX3.0 was created by forking Go-ethereum Version 1.10.16, based on the Go language, and applied the London Hard Fork. In Phase 2, WEMIX3.0 reflects updates up to Version 1.10.18, with plans for continuous code updates. The client features a layered architecture, achieving high-performance real-time operations by modifying governance, consensus, and network protocol elements in go-Ethereum.
The network structure comprises three types of logical networks:
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Block Producer Network (BPN): Applies the RAFT consensus mechanism, requiring each Block Producer (BP) to meet specific hardware and network resource requirements to perform adequately.
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Bridge Node Network (BNN): Primarily functions to protect the BPN from direct external attacks and verifies valid transactions propagated from the End Node Network.
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End Node Network (ENN): Acts as a perimeter network directly connected to the BNN.
Ecosystem Components
At the core of WEMIX3.0 are three significant services:
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WEMIX PLAY: A blockchain gaming platform that integrates various games into the WEMIX ecosystem, providing users with a seamless gaming experience.
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NILE: An acronym for ‘NFT Is Life Evolution,’ NILE is a life platform of DAO and NFT based on the WEMIX3.0 mainnet. It aims to bring about material changes to societal structure and our lives through technological advancements based on blockchain.
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Decentralized Financial Services: These services offer users various financial tools and platforms within the WEMIX ecosystem, promoting financial inclusion and innovation.
Governance and Roadmap
WEMIX3.0’s governance model is designed to be decentralized and democratized. The mainnet, developed on a decentralized architecture, will introduce a multi-phase democratized governance where the community is empowered to impact the 40 authority node governance structure through the introduction of a delegated staking module. This approach aims to illustrate true democratization through the adoption of meritocracy based on contributions to the ecosystem.
Tokenomics
The ecosystem utilizes WEMIX$ as its official stablecoin protocol, with 100% collateralization of on-chain and off-chain secure assets such as USDC and fiat currencies. This stablecoin provides currency stability, making various dApps more stable within the ecosystem. The native coin, WEMIX, functions as a resource with economic value that circulates in and out of the WEMIX ecosystem.
