DW20 white paper popular version

Decryption White Paper Series

As the airdrop approaches, we have begun to publish DW20 white papers, chainless white papers, and comments from experts. The knowledge span of cryptocurrency is enormous. Based on our learning experience, we have launched a white paper series with various authors and perspectives. There will always be one that suits you. There are five versions of the DW20 white paper; there are two versions of the chainless white paper, suitable for different readers. We will publish them starting with the most readable version. Interspersed with commentaries.

Proofreading: Zhu Weisha

Written in front: The author of this article, Guangrong Shi, is the executive director of Yuxing Technology (8005). He is my college classmate and a newbie in the currency circle. The article incorporates Guangrong’s understanding of “the realization of the DW20 decentralized standard currency”. The full text avoids the obscure concept of cryptocurrency and the part of the DW20 white paper written for technical experts. It expresses it in as simple a language as possible for laymen without foundation. His articles are easier to understand and very suitable for beginners to read. By reading this article, you can get a general understanding of the significance of DW20 and the central idea of the white paper.

The knowledge span of cryptocurrency is too large. Based on our learning experience, we have launched a series of white papers with various authors and perspectives. There is always one suitable for you.

Zhu Weisha July 19, 2023

Table of contents:

1. Introduction About DW20 Decentralized Standard Currency

DW20 is a decentralized standard currency, different from fiat stablecoins, algorithmic stablecoins, and collateralized stablecoins in cryptocurrencies. Its pricing mechanism is the same as that of various standard currencies, such as the U.S. dollar and the euro, and adopts a market pricing mechanism. However, the release of DW20 is distributed, which means it does not have an issuing body similar to the Federal Reserve. It is the same as the issuance method of Bitcoin. Therefore, although its future value is amazing, it must grow gradually, forming a consensus like Bitcoin.

The design of the DW20 decentralized standard currency refers to the issuance principles and methods of the U.S. dollar, Bitcoin, fiat currency stable currency, algorithmic stable currency, and mortgage stable currency, which not only absorb their advantages but also improve their shortcomings.

This article mentions three currency concepts: memecoin, stablecoin, and standard currency. Memecoin, like Bitcoin, is a currency formed by a distributed consensus, and its price fluctuates with the market; stablecoins are anchored to an asset, and the price remains constant with the price of the anchored asset; Euro, British Pound, and Japanese Yen are all standard currencies. Although the RMB and Hong Kong dollar are legal currencies, they are not standard currencies. After two transformations of distributed consensus and stable currency, DW20 finally realized the nirvana of the phoenix – the standard currency.

Becoming the standard currency is our pursuit, and it is also the pursuit of the cryptocurrency elites represented by Satoshi Nakamoto. None of the stablecoins issued in the cryptocurrency field can become the standard currency, and DW20 has the conditions and prospects to become the standard currency. Therefore, since its birth, it has carried the dreams of all participants in the cryptocurrency industry. One day DW20 will become the standard currency; we will be honored to be the last to fill the vacancy.

2. About the chainless platform

DW20 standard currency is minted in the Bitcoin system and issued on a chainless platform. Here we give a brief introduction to the chainless platform system.

The chainless system is a transparent centralized platform, a decentralized platform realized through transparent centralization technology, equipped with multi-signature and multi-backup wallets and smart programs (smart contracts).

The multi-signature and multi-backup wallet of the chainless system is a simple cluster system controlled by the user. It can be expanded infinitely, has centralized ease of use, and can customize privacy. It has a significant function; it can turn all current blockchain single-signature wallets into multi-signature and multi-backup wallets. Cooperating with the succession procedure set by it, the security of personal assets exceeds that of the present banks.

Like the multi-signature multi-backup wallet, the DW20 standard currency is another critical application on the chainless system platform. In the future, more important application projects in cryptocurrency will be realized on the chainless platform. The DW20 standard currency project that stands out first has epoch-making demonstration significance.

Please refer to the chainless system white paper for a more in-depth understanding of the platform.

3. Technical realization basis of DW20

The DW20 standard currency inherits the ideas and technical achievements of cryptocurrency.

BRC20 is a format standard for issuing homogeneous tokens on the Bitcoin system, created anonymously by @domodata on Twitter on March 8, 2023, based on the Ordinal protocol. It stipulates the name, circulation, transfer, and other functions of tokens issued in the Bitcoin system. Its function and role are similar to Ethereum’s ERC20 standard. At the same time as the release of the BRC20 standard, @domodata launched the first memecoin Ordi issued on the Bitcoin system using the BRC20 protocol, with a total issuance of 21 million. This innovation has aroused the eager attention of the market.

However, the meme currency has no value support, and the excitement will pass. What the market needs are BRC20 tokens with practical uses.

The release of the BRC20 standard is of great significance for improving the ecological function of the Bitcoin system, and the market’s enthusiasm reflects this point. In the past, Ethereum relied on the ERC20 standard to take the lead in ecological functions, and now the Bitcoin system has made up for this shortcoming. Since the security of the upgraded Ethereum has not been tested for a long time, like the Bitcoin system, the introduction of the BRC20 standard has prompted the team to pursue a more secure project to switch the project implementation platform from the Ethereum system to the Bitcoin system.

It will be very controversial to directly store the content generated by BRC20 in the Bitcoin system, and the price drop of Bitcoin reflects the market’s opinion. However, BRC20 opened up the imagination of the Bitcoin system as a root of credit through segregated witness. As a reliable root of credit, the Bitcoin system provides machine credit confirmation for the authenticity of the second-tier ledger and NFT through the storage of hash values, showing Unlimited imagination. The chainless system is such a second layer.

The chainless platform also adds ecological value to the Bitcoin system. According to the BRC20 protocol, the Bitcoin standard currency DW20 distribute is completed on the chainless system platform as the second layer of Bitcoin. The DW20 standard currency will form a complete Bitcoin-standard financial system with Bitcoin and chainless systems. The value of this trinity system finally shows the value of Bitcoin.

4. Why issue DW20 standard currency

After 15 years of financial and technical training, Satoshi Nakamoto designed a genius solution to the currency credit problem by combining imitation, modification, and innovation. He raised three issues in his Bitcoin Debut Notes on January 9, 2009: the central bank’s excess currency issuance, commercial bank bubble lending, and the inconvenience of micropayments. He has prepared ample room for script instructions for this. From a practical point of view, the Bitcoin system is the most suitable system for issuing stored-value currency. However, the Bitcoin system must be used to solve bank bubble lending and micropayments that replace fiat currency. In that case, it will add many functions to the Bitcoin system, making it too complex and affecting the stability and security of the Bitcoin system. From a practical point of view, even if a purely distributed system is added with smart contracts, it is difficult to achieve this goal.

The Trinity financial system, composed of DW20 standard currency, Bitcoin system, and chainless platform, is one of the solutions to solve the above problems from another angle.

Why must we issue a new token instead of the current stable currency? Because it is impossible for any cryptocurrency stablecoin to become a standard currency, it is impossible to become an element in the construction of Satoshi Nakamoto’s financial system, and DW20 tokens have the conditions to become a standard currency in the future.

The emergence of DW20 is still the result of a combination of imitation, modification, and innovation.

5. Issuance and Acquisition of DW20

The release code is DW20.

DW20 is a BRC20 token issued according to the BRC20 protocol and distributed based on the chainless system. In the first phase, 210 billion tokens were issued, 10,000 times the number of Bitcoins. The 210 billion DW20 issued in the first phase was minted at one time, and the total amount was recorded on the Bitcoin system.

The 210 billion DW20 minted are stored in four addresses in the chainless system in proportion. These four addresses are all multi-signature addresses in the chainless system, and the issuance methods in different addresses differ. The DW20 indicator in a chainless system shows the total number of deposits and the number issued.

Address 1: The token address for user distribution. Store 80% of all coins that is, 168 billion DW20. The release of this part of DW20 has the following characteristics:

1. All of them will be issued by automatic delivery. The object of delivery is all Bitcoin holders.

2. The issuance of the first phase is divided into 30 cycles, not all at once. The distribution method is also like Bitcoin, with limited and shrinking issuance. Which is compared with Bitcoin, the distribution of DW20 is more even. The 30 coin issuance cycles in the first phase are expected to be completed within two to three years. After the end of the first phase, all the minted 210 billion DW20 coins were issued.

Address 2: Stability fund token address. Store 10% of the total number of coins that is, 21 billion coins. This part of the coins is specially used as a stabilization fund. The stabilization fund is an original mechanism of the DW20 standard currency system. This part of the currency will be issued at one time when the stabilization fund is established. The role and operation of the stabilization fund will be specifically described below.

Address 3: Team token address. Deposit tokens belonging to DW20 teams. This part accounts for 5.42% of the total, with 11.382 billion coins. There is no period limit for the release of this part. However, the tokens allocated to individuals have a periodic lock. When the tokens are obtained, they will be one time unlocked 20% every year one tame for 5 years.

Address 4: Market token address. Used to store tokens for marketing efforts. There are 9.618 billion tokens in this part, all used for market promotion. Also not limited by the release cycle. However, the tokens allocated to individuals have a periodic lock. When the tokens are obtained, But tokens allocated to individuals are uniformly unlocked evenly daily for 270 days.

How to get the DW20 tokens in address 1 in the automatic delivery of the system

The number of these tokens accounts is 80% of the total amount of tokens issued, who can obtain DW20 tokens :

Users who can get this number of tokens have to hold a Bitcoin address and can register anonymously; or without a Bitcoin address, they can register under their real names. However, the number of tokens received varies. Users without a Bitcoin address will receive the equivalent of $50 in tokens, while those with a Bitcoin address will receive the equivalent of $100, even if they are anonymous.

As long as these registered customers have a valid Bitcoin address, no matter how many Bitcoins there are in the address, they can obtain DW20 tokens under the automatic airdrop of the system within 30 issuance cycles. How much bitcoin is irrelevant. At present, tens of millions of addresses are less than the handling fee of Bitcoin. Through the sending of DW20 coins, the assets of these customers are revitalized in disguise. It is very beneficial for users with little bitcoin change in their addresses, not enough to cover transaction fees.

Obviously, for all Bitcoin holders who get DW20, “sign up is mine.” Once you complete the real-name or anonymous registration on the chainless platform, you can automatically get the airdrop of DW20 coins. Users can choose real-name or anonymous registration methods. The chainless system encourages customers to register with real names. In addition to receiving DW20 coins, customers who register with their real names can also receive CLY, a chainless platform currency equivalent to US$50.

Since the number of airdrops coin in the 30 cycles of coin issuance is different, it is the same as Bitcoin, which adopts periodic shrinking issuance. Therefore, for users, the sooner they register, the more beneficial they are, and the greater the benefits. That is the same principle and mechanism as Bitcoin issuance.

After 30 coin issuance cycles, this process is expected to take about two to three years, and all 210 billion DW20 coins will be issued.

The sign that the issuance of DW20 coins has entered the second stage is that customers can issue DW20 with a Bitcoin mortgage.

At this stage, DW20 has completed the growth from memecoin to stablecoin. Every customer of the chainless platform who holds bitcoins can issue new DW20 tokens by mortgaging bitcoins on the platform and then exchanging DW20 back to bitcoins at any time according to their own needs. It can be profitable for users, and the DW20 coins returned to the platform after the exchange will be automatically destroyed. This stage of mortgage issuance will continue indefinitely.

6. Value Analysis of DW20

The value growth of DW20 is divided into three stages. Like Bitcoin, value growth is a process of increasing consensus. From the stage of meme currency, it grows to the stage of stable currency and finally grows into the standard currency. Success at each stage is the result of active user participation.

In fact, there are signs to distinguish these three stages. When someone mortgages Bitcoin and issues DW20, it can be considered as entering the second stage. The division between stable and standard currency is that the fluctuation of DW20 is less than 1.2%. In fact, fluctuation is a process, and there is no such conversion point. The process is gradual, and the following description may be more precise.

The first stage is the memecoin stage. This process is expected to wrap up two to three years after launch.

In the first stage, all 210 billion DW20 coins have been issued. The first round of airdrop was 17,000 people, and the valuation of DW20 after the airdrop ended was 0.004 cents. DW20 did not have Series A financing, and the listing price of the DW20 was determined by market maker funds. Starting at 0.05 cents per coin, the initial market cap of 210 billion coins is $100 million. From the initial valuation of 0.05 cents, the price of DW20 has gradually grown, and the growth in the first stage will be significant.

In the initial period, DW20 is very similar to the early “mining” stage of Bitcoin. Before the application is developed, it only has the value of memecoin. At this stage, market makers need to be introduced. The initial value of DW20 is discovered by market makers, who stabilize the long-term trend.

DW20, as a memecoin, has the concept of “valuable memecoin.” How is memecoin valued?

The value of memecoin has a floor price and a ceiling price, like Bitcoin. The generation method of the floor price has POW “mining,” which is generated through algorithms such as Dogecoin. The other kind, such as SHIB, is not obtained by “mining.” The standard to measure its floor price is to examine the number of participants. In the Internet age, the estimated value of a registered user is about $50, which is how venture capitalists value an unprofitable business. When Facebook acquired Whatsapp, a customer paid $46. The value of financial customers is different, and the valuation recognized by the market is even higher and can even reach a price of 500-1,000 US dollars per customer, which is also called customer acquisition cost. Based on this, people can calculate the value of the acquired company.

At the beginning of the first phase, DW20 can also use the customer value of the project as the basis for valuation against Dogecoin, which is the level of the total market value of 12 billion U.S. dollars. At this time, the D.W. 20 customers are around 4 million.

DW20 designed an airdrop of 168 billion airdrop coins for Bitcoin customers. Bitcoin, which accounts for about half of the market capitalization of cryptocurrencies, is the most high-quality customer of cryptocurrencies. From this point of view, assuming that 50 million Bitcoin address holders eventually become DW20 users, with the valuation of Dogecoin, DW20 can reach a valuation of 150 billion U.S. dollars. It is unreasonable for the DW20 valuation to be lower than Dogecoin.

In the first stage, DW20 will follow market fluctuations. Since its price is meager, no one will pledge to make a market. At this time, its value reflects the needs and expectations of the market and also depends on the market’s evaluation of the advantages of DW20. Its advantages are:

1. It has the same credit and legal advantages as Bitcoin;

2. The advantages of Activating bitcoin change;

3. Advantages of Bitcoin micropayment;

4. The advantages of authenticating Bitcoin customer value;

5. The advantages of decentralized standard currency; real market regulation;

6. As a solution to the problems left by Satoshi Nakamoto;

7. The advantage of the price ruler under the Bitcoin standard;

8. Advantages of capital pool formation;

9. The advantage of psychological suggestion. As mentioned in “Issuance Method 2”, the mortgaged DW20 is calculated at 1 USD, implying that one DW20 is 1 USD. If the market value of Bitcoin reaches 20 trillion, DW20 will follow up. There will be no stable currency status if there is no adjustment mechanism. It will follow the fluctuation of Bitcoin and become the shadow currency of Bitcoin, just like BCH and LTC. That does not lead to an increase in the value of Bitcoin. Therefore, there must be a stabilization fund in the first stage. It may lead to a rise in the value of Bitcoin.

The second stage is the stablecoin stage. It is expected to be completed within 10 to 12 years after issuing the currency.

When it grew into a stable currency, the price rose to around the price range of 1 dollar, an astonishing 2,000-fold increase compared to the initial price of 0.05 cents when it was issued. The distribution of 210 billion coins has been completed, and no new coins will be minted. The second stage of coin issuance is to issue DW20 tokens through users’ mortgages of Bitcoin on the chainless system. Every chainless user holding bitcoins can issue DW20 by mortgaging their bitcoins in the chainless system and redeeming the mortgaged bitcoins with DW20 at any time. The system will destroy the corresponding DW20 coins recovered. The system completes the above process automatically and is open, transparent, and checkable.

Since the price of DW20 fluctuates within a specific price range of around $1, users can realize arbitrage by mortgaging bitcoins to issue DW20; It also solves the pain point of the Bitcoin ruler.

DW20 fluctuates within a limited range of around $1. The stabilization fund will play a role when the volatility is too large and exceeds this limited range. By buying and selling DW20 in the market, the fluctuation of DW20 tokens is maintained Within a limited range of around $1.

The third stage is the standard currency stage. It becomes a measure of commodity value and is estimated to enter this stage about 24 to 28 years after the currency is issued.

Candidates for Global Commodity Value Scale: The concept is “replacing or competing with fiat currency as the standard currency.” At this point, the price of the DW20 will be $1. A market value of over $210 billion + 1 / 2 bitcoin total. Market commodities are priced at DW20. In the third stage, Bitcoin is used to measure global wealth and growth, and DW20 is used to measure the price of specific commodities. At this time, the fluctuation of economic growth is reflected in Bitcoin, and DW20 can replace the U.S. dollar to measure Bitcoin. In this way, it means that DW20 has become the standard currency. In other words, the price of Bitcoin continues to rise while the price of DW20 does not move.

For the decentralized standard currency DW20, because it has the vision of the Bitcoin standard, it will enhance the imagination of the future of Bitcoin.

7. Stability principle and mechanism of DW20

The development of DW20 follows the principle of Bitcoin and relies on the natural growth of the market. Other stablecoins, such as USDT and DAI, whose price is directly set at $1, have not gone through this growth stage.

Establishment of the stabilization fund:

The stability fund is 10% of the total circulation, totaling 21 billion coins. This part of the currency belongs not to any individual but to all DW20 currency holders.

Initially, investors are introduced in the same proportion to form a new market-making fund. 21 billion coins account for 50% of the fund’s equity, and investors invest 10 million U.S. dollars in cash, which also accounts for 50% of the fund’s equity. It means that 21 billion DW20s are worth $10 million, and the initial market capitalization of the fund is $20 million. It equates to a DW20 price of 0.05 cents, so the initial valuation of the entire DW20 plate is $100 million.First phase is community consensus people organise their own subscriptions.  The Stabilization fund pays management fees, and the profits of the Stabilization fund are retained to expand the fund’s plate without dividends, gradually increasing DW20’s strength as the token price rises. Fund managers are globally selected starting from the second phase. Management fees are set at 1-2%, mainly stipulated through VAM management agreement, with first-phase Fund managers  undertaking the selection. 

The second period ends when the fund’s market capitalization reaches $1 billion. The fund enters its third period, which ends when the market capitalization of the fund grows to $3 billion.

Throughout this process, stabilization fund equal treatment injection of DW20 tokens is required.

At this time, the investors who make the market may hold a large amount of DW20 coins; just like the constant change of hands of Bitcoin, the coins eventually flow to the big players. In an upward trend, market-making investors have little risk.

The second stage is mortgage bitcoin market making.

Laszlo bought two pizzas with 10,000 bitcoins, completing the amazing jump of bitcoins from “air” to commodities. Similarly, for DW20, the sign of entering the second stage is the start of someone mortgaging Bitcoin to issue DW20. At this time, DW20 entered the process of standard currency. In other words, it was no longer necessary to join external funds at this time, and external funds began to withdraw from market-making funds until they were all gradually withdrawn. The market-making fund becomes a guaranteed fund, similar to the operation of the chainless white paper and the chainless currency guaranteed fund. The fund maintains a “50%: 50%” ratio between DW20 and the U.S. dollar or the U.S. dollar stable currency.

8. Lock-up mechanism

80% of the 210 billion tokens issued in the first phase of DW20, up to 168 billion tokens, were divided into 30 cycles and airdropped to registered users of the chainless platform with Bitcoin addresses. That is equivalent to laying down funds and playing the role of bank reserve funds.

Each Bitcoin address can only get one airdrop opportunity. According to the actual situation of the current online Bitcoin addresses, there are about 50 million such Bitcoin addresses.

After users get DW20 through airdrop, they cannot put it into trading immediately, but there will be a lock-up period. For the sake of fairness, the length of the lock-up period for different levels of users is different.

According to the time length of each Bitcoin address of the user, that is, the difference in the age of the currency, and the difference in the number of Bitcoins in each address, the lock-up period for airdrop customers is divided into six levels, and the lock-up periods for the six levels are different. Represented by six medals for traders to identify.

A Bitcoin address may often appear in the ledger, and the currency age should be calculated based on the latest address. Coin age refers to the length of time from the time when an address first generates a Bitcoin address to when it applies for the DW20 airdrop.

Coin age over a year counts as one point, 0.08 points a month, and less than a month does not score. One bitcoin in the account address is worth 1 point. Less than one bitcoin is also scored according to the face value, and the scoring unit retains two decimal places. The token of this address may change throughout the period. Calculated according to the amount of currency held by the address on the application date.

Gold medal customers, the sum of the currency age and Bitcoin needs to reach 50 points, and the currency age must be at least 2 years.

Silver medal customers, the score is 25-49, and the coinage must be at least 1 year.

Bronze medal customers should reach 12.5-24.9 points, and the currency age must be at least 1 year.

Iron brand customers, reaching 6.25-12.49 points. The currency age must be at least 1 year.

Tin-level customers, reaching 3.125 points – 6.24. The currency age must be at least 1 year.

Paper-level customers, to reach 0.5 points, the currency age must be at least 5 months or more.

Unlicensed customers, those who do not meet the above standards are unlicensed customers. Register with your real name to receive DW20 airdrop equivalent to US$50.

A newly registered user with a Bitcoin address, whether purchasing Bitcoin on a centralized exchange or the DEFI platform, must transfer to his own Bitcoin chain address and maintain non-zero addresses in the Bitcoin system at least 5  Months and above.

For example:

If a user holds 20 bitcoins in his Bitcoin address, he will earn 26 points if he holds the currency for more than 6 years, a silver medal.

The collection of Bitcoin transaction fees is beneficial to large users, and under this arrangement, since many change addresses have not been moved, the change address has an advantage.

Release after lock-up.

• Lock-up: means that the airdropped coins cannot be sold immediately and must be released linearly according to the lock-up time.

• Linear release: refers to the total amount of coins obtained divided by the limited number of days to determine the amount that can be released daily. Different medals have different amounts that can be released every day. Release evenly throughout the day.

• Release rules for airdrop coins:

1. Gold customers can be released linearly within 30 days;

2. Silver customers can be released linearly within 60 days;

3. Bronze customers can be released linearly within 90 days;

4. Iron customers can complete the linear release within 120 days;

5. Tin brand customers can release it linearly within 180 days;

6. Solitaire customers can be released linearly within 270 days;

7. Unlicensed customers can be released linearly within 270 days.

• The release date is counted from when the DW20 is listed on the exchange.

• For chainless customers registered with their real names, they will also receive chainless currency rewards while receiving Bitcoin addresses. The rewarded chainless coins follow the release rules of unchained coins.

9. The prospect of DW20 becoming the stan9dard currency

What is the prospect of the decentralized standard currency DW20 combining Bitcoin to realize the Bitcoin standard?

As mentioned earlier, DW20 is a memecoin in the first phase, and in the second phase, it becomes a stablecoin against the U.S. dollar. In the third stage, DW20 became the standard currency and a candidate for the global commodity value gauge. Its concept is to “substitute or compete with legal tender as the standard currency.” At this time, the price of DW20 is most likely to be 1 U.S. dollar, and the total market value is more than $210 billion + 1 / 2 of the total bitcoin market value. Market commodities are priced at DW20. In the third stage, Bitcoin is used to measure global wealth and growth, and DW20 is used to measure the price of specific commodities. At this time, the fluctuation of economic growth is reflected in Bitcoin, and DW20 can replace the U.S. dollar to measure Bitcoin. In other words, the price of Bitcoin continues to rise while the price of DW20 does not move.

The sign of the third stage is that the volatility of DW20 is smaller than that of the U.S. dollar, and there is no depreciation in the price comparison of bulk commodities. At this time, the market naturally takes DW20 as the anchor. The original “50%: 50%” ratio between DW20 and the U.S. dollar in the hands of funds began to change. DW20 still accounts for 50%, and the other 50% corresponds to the U.S. dollar and Bitcoin. Ultimately, the fund maintains the “50%:50%” proportional relationship between DW20 and Bitcoin. In turn, the DW20 Fund is a small Bitcoin stabilization fund.

10. Risk Analysis

DW20 risks mainly come from three aspects, compliance, competitors, and its own logic and technical loopholes. The risks are mainly those at the “seedling” stage. The following specific analysis:

1. The actual controller risk of DW20

80% of DW20 coins are issued through airdrops, which the team cannot control. Although the team does not own 10% of the stable fund, it has control and still has 10% of the currency allocation right. This power is similar to that of the Ethereum team.

Of course, the market has accepted this approach of Ethereum. There are two points in Ethereum’s method: 1. Openness and transparency as much as possible; 2. Community decision-making, consciously restricting one’s power. Ethereum has established standards for subsequent projects. Its core idea is that openness can be fair, and fairness can lead to consensus.

DW20 team members did not choose to remain anonymous because the current legal environment differs from that before and after Satoshi Nakamoto’s disappearance. “Open” means that the DW20 team is willing to take responsibility. The existing maintainers of Bitcoin are all publicly named, and the reason is the same, they are eager to take responsibility. BM, the founder of EOS, and Vitalik of Ethereum are equally famous figures in the circle. B.M. remained anonymous and left, while Vitalik chose his real name and did not leave. Ultimately, the market chose Ethereum, and B.M.’s departure meant a death sentence for EOS was pronounced. Because Ethereum is entirely different from Bitcoin, it has always needed continuous development as an ecological project. Obviously, anonymity is more suspicious. Satoshi also paid a price for anonymity.

We accept what Ethereum does.

The power of the team is reflected in the handling of 4.58% of the tokens used for marketing in DW20. It is unprecedented and belongs to market operations. However, who can get the tokens is open. The team will seek an open and fair approach to satisfy the majority on the basis of conforming to the interests of the majority.

2. Technical Risks

The chainless platform we chose is a brand new platform, and the basic development uses a new language, the general distributed language Greatfree written in JAVA language. The author of this language, Professor Li Bing, developed it in obscurity for ten years. The language has not been tested in actual combat. Fortunately, the basic code of the chainless system is written by Li Bing alone, which has the basic conditions for creating a great project. It should be pointed out that when Bitcoin was created, its development method was also such a one-person system. The fact is that we have two plan, a one-person system and a public chain, and it may be more realistic to choose one of them. The chainless system will have problems and loopholes, which require everyone to participate in the solution. Therefore, considering these factors, we have estimated the release time of the first phase of DW20 for 2-3 years. The design logic of this product is complete, but the operation details need to be tested, so Chainless will not be listed on the exchange during the public beta phase within half a year of its listing.

3. Product Risks

1. If too many product failures cannot be resolved in time, it will cause negative word of mouth and cause the loss of users.

2. Products with similar advantages beyond DW20 appear. Because a project enters the main battlefield of the Internet only after it enters the market currently occupied by Web2, capital predators and technical expert teams abound, and their strength far exceeds that of ordinary small cryptocurrency teams. Regarding development, our leading ideas and unique general-purpose distributed language have removed the obstacles for them to enter the cryptocurrency field. They will further intensify competition in the entire cryptocurrency field.

3. Product growth is not as good as expected, and the assumption is too optimistic.

4. Products are firmly blocked and restricted by interest groups.

4. Legal risk

Under normal circumstances, the possibility of DW20 being recognized as security is minimal. Now the world is looking at the United States, and the US SEC uses the Howey test as a criterion for judging. There are four Howey tests, the last three of which are subordinate to the first. The first article, “is an investment of money,” If it is not an investment of money; is it not a security? If judged in this way, DW20 is not a security. Conclusion: Under the existing conditions, it is challenging to identify DW20 as security. Suppose DW20 is a security unless Bitcoin and Ethereum are securities.

11. Tribute to Bitcoin and Satoshi Nakamoto

The birth of Bitcoin and the ensuing wave of cryptocurrencies will usher in a new era in human, financial history.

The release of DW20 is based on the continuous exploration and innovation of the cryptocurrency elites starting from Satoshi Nakamoto. It continues to move forward on the road of modification, imitation, and innovation.

Why is it named DW20?

D.W. is the abbreviation of Wei Dai’s name, and 20 is the name taken from the BRC20 program. Taking the name of Mr. Dai Wei is our respect for Satoshi Nakamoto.

In the “Invite Satoshi Nakamoto to welcome the New World” series of articles and T.V. series, the author of the DW20 white paper, Mr. Zhu Weisha, used the research method of sweeping all and in-depth thinking to cite a large number of examples, proving that Dai Wei Mr. Satoshi Nakamoto himself is the sole inventor of Bitcoin.

Bitcoin’s mission is far from complete. With the advent of the chainless system, it is possible to realize the vision of the Bitcoin standard by forming a digital financial system with Bitcoin and the Bitcoin system, the chainless system, and the decentralized standard currency.

Innovation creates new opportunities. At this important moment, DW20 came into being!

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