Video Guide

White Paper FAQ

1. Registration of chainless wallet (5)

Answer:

  1. Download the chainless wallet and register;
  2. Follow the airdrop procedure.
  3. The steps include the user providing the Bitcoin address to the chainless system, the system verifying the user’s address qualification and medal information, the user confirming the signature, and the system confirming the signature. DW20 tokens enter the user’s chainless wallet, etc.

You can refer to the “airdrop Q&A”.

Answer: After downloading the chainless Platform application, follow the steps the chainless Platform system prompts.

Answer: When registering a chainless wallet on the chainless platform, you can register under your real name or anonymously. Both real-name customers and anonymous customers can obtain DW20 coins through airdrops. Still, real-name users can get an additional $50 of chainless platform currency CLY and participate in the DW20 coin lottery. However, the amount of DW20 obtained depends on whether you have a Bitcoin address.

Answer: First of all, this is for Bitcoin owners. Any Bitcoin owner who registers as a real-name user or anonymous user on the chainless platform will have a certain number of DW20 coins based on the number of Bitcoin addresses owned by the user. , put into the wallet by the system as an “airdrop,” and the registered user owns this part of the currency. As long as you register, you can get DW20 coins. That is, the operation of user registration is equivalent to the mining operation on the Bitcoin system. On the Bitcoin system, mining will get Bitcoins. On the chainless system, registration will get DW20 coins. , this is the meaning of “registration means mining.”

Answer: The $50 tokens awarded when registering for the chainless platform and the $100 tokens awarded when registering for DW20 refer to the number of tokens worth $50 or $100.

2. Airdrop and issuance (15)

Answer: There is no need to pay cash or online cryptocurrency to purchase.

Answer: No. The number of DW20 obtained varies according to different registration conditions. Even if you don’t have a Bitcoin address, you can get DW20 tokens equivalent to 50 US dollars by registering with your real name.

Answer: After the user registers chainless into the airdrop procedure, he can wait for the system airdrop. There is only one chance to get coins through airdrop. In this sense “registration means mining.” As long as you register, it is equivalent to completing the mining work. When a certain number of DW20 coins “fall from the sky” and enter, you are After adding your wallet, congratulations, you have successfully “mined.”

Since each registered user’s Bitcoin address has only one chance to receive an airdrop, and the airdrop of DW20 coins will be carried out within 30 currency issuance cycles, the airdrop coins obtained in each cycle are different. The airdrop coins issued in each previous cycle are relatively more, and the number of coins issued in subsequent cycles will decrease. In this sense, the earlier you register, the more advantageous it is. Those who register earlier can get more DW20 coins and CLYs than those who register later.

Answer: First of all, the introduction of the DW20 coin is ultimately to promote the formation of the Bitcoin standard. Although the ultimate goal is to achieve most people agreeing and using DW20 coins for transactions. After all, the DW20 coin is new, and the early formation of consensus must rely on users who understand and love Bitcoin.Even if you don’t have a Bitcoin address, you can get DW20 tokens equivalent to 50 US dollars by registering with your real name.

Answer:

The first phase: The total circulation of DW20 is 210 billion, and there will never be additional issuance.

Phase 2: In the stablecoin phase, users can issue DW20 by mortgaging Bitcoin. There is no limit. The amount of the mortgage can be redeemed. When redeeming Bitcoin, the corresponding DW20 will be destroyed.

Answer: In the stablecoin stage, the size of the fund pool not only includes the US$210 billion in funds already formed from the 210 billion DW20 coins airdropped at the beginning but also includes the DW20 coins issued as a result of mortgage Bitcoin. On the one hand, the market value of Bitcoin determines the entire mortgage amount, which indirectly determines the upper limit of the capital pool. On the other hand, when the demand for DW20 increases, its price rises. At this time, some people buy Bitcoin for the mortgage, which also promotes the growth of Bitcoin. The price of the coin increases.

Answer: Shrinking issuance is a significant feature of Bitcoin. According to Satoshi Nakamoto, Bitcoin’s implementation of total supply control and periodic shrinkage are necessary innovative measures. This idea has been proven to be very correct and successful in practice. DW20 is the future stablecoin and transaction currency of the chainless platform. The chainless currency CLY represents the value of the chainless project. For the DW20 airdrop, we still use a shrinking distribution method. This method is in line with the natural growth curve of users and will also make the distribution of tokens relatively even. Continuous shrinking airdrops and lottery-based airdrops will also lead to continued customer growth. Compared with Bitcoin, the issuance of DW20 is more even. Since the number of airdropped coins in the 30 cycles of DW20 coin issuance is different, its principle and mechanism are the same as the issuance of Bitcoin, and it also adopts cyclical shrinkage issuance. Therefore, the earlier users register, the better it is.

Answer: DW20 is distributed similarly to Bitcoin, so it needs to go through gradual consensus growth like Bitcoin. DW20 will also achieve market pricing through the Bitcoin mortgage redemption mechanism in this process. Moreover, when all DW20 is issued, it will have complete correspondence with Bitcoin, thus having all the characteristics of Bitcoin and solving the pain points of Bitcoin. DW20 will become a Bitcoin-based auxiliary tool. In the final stage, DW20, together with the Bitcoin and chainless systems, will form a complete Bitcoin-based financial system, and DW20 will become a commodity benchmark that replaces or competes with the U.S. dollar.

Answer: The specific allocation of DW20 is as follows:

  1. Airdrop: 80%, 168 billion
  2. stable Fund: 10%, 21 billion
  3. Team: 5.42%, 11.382 billion
  4. Market: 4.58% 9.618 billion

Answer: In the first stage, the meme currency stage, the total circulation of DW20 is 210 billion, and there will never be additional issuance.

The second stage is the Stablecoin stage; DW20 can be issued by mortgaging Bitcoin, with no limit.

The final amount depends on Bitcoin’s market capitalization.

Answer: The market address allocates 4.58% of DW20 tokens (i.e., 9.618 billion), mainly used for event promotion expenses, of which about 3% are reward fees for currency holders of various activities. It includes activities encouraging Bitcoin users to participate and promoting ecological growth.

Answer: 80% of DW20 is issued by airdrop. With 168 billion, we expect that 50 million Bitcoin addresses will receive airdrops.

The growth of DW20 tokens is divided into three stages. Only the first stage has vulnerability problems. Therefore, it is necessary to refer to the successful experience of primary market pricing, issue 10% as a stable fund, and form a market-making fund equivalent to a “bookmaker.” The market-making fund operates based on the DW20 value benchmark, equal to USDT based on the U.S. dollar. There are bookmakers and value benchmarks; operating rules are formed through these two points, which can maintain the upward trend of DW20 and avoid ups and downs.

In order to control the risk of the actual controller, the team referred to the practices of Ethereum. As DW20 is a token issuance project with the same principle as Bitcoin, the currency-holding ratio of the entire team should not exceed Satoshi Nakamoto’s currency-keeping ratio. According to the public Bitcoin holding data, Satoshi Nakamoto took 5.428% of Bitcoins. Therefore, the number of DW20 coins allocated by the entire DW20 team is 5.42%, slightly less than the proportion of Bitcoin coins held by Satoshi Nakamoto.

The team’s power is reflected in handling 4.58% of DW20 tokens, which belongs to market operations, but who can get the tokens is public. About 3% is the reward fee for currency holders of various activities, including activities encouraging Bitcoin users to participate.

Answer: Bitcoin has a total of 33 growth cycles, totaling 132 years. It is the condition given by Satoshi Nakamoto.

DW20 is not issued by time like Bitcoin but by the number of Bitcoin addresses. It is a “registration mean mining” with limited conditions. Referring to Bitcoin and chainless systems, 30 issuance cycles are still used. It is expected to be released in 2-3 years. It is estimated that there are about 50 million anonymous and real-name users.

Answer: You can purchase it in the market. Market purchase is divided into on-chain purchases and off-chain internal purchases. The off-chain internal supports exchange transactions. On-chain purchases refer to purchases on exchanges with off-chain foreign currencies.

  1. Within the chainless platform, transaction fees are meager.
  2. On-chain purchase:
    1. Exchanges that support DW20 on the chain have high fees.
    2. Exchanges that support DW20 tokens among external centralized exchanges.

Answer: This question is for readers to sort out the logical chain of issuing DW20. There are other independent answers to the links in the chain.

The ultimate goal is Bitcoin standard → Since Bitcoin has problems in payment, it cannot yet form a Bitcoin standard (it is only a stored value currency) → Introduce tokens to help Bitcoin solve problems (acting as pricing and micro-payments in Bitcoin standard Tools) → Why not use the current stablecoin (non-market pricing) → Introduce DW20 tokens (which have the advantages of market pricing, initial funding, etc.).

3. Foundation Fund and Stable Fund (12)

Answer: The foundation fund will issue 210 billion DW20 coins in the first phase, 80% of which will be airdropped to registered user as the foundation fund. Assuming that DW20 reaches US$1, the initial funding is US$210 billion.

Banks have reserves when issuing currency, and the priming funds are similar to bank reserves. Groundwork funding addresses system resilience and early vulnerabilities. DW20 serves as a payment tool for Bitcoin, so the preparatory funds play the role of automatic market adjustment.

Answer: Concerning Bitcoin and chainless systems, assuming Bitcoin 50 million addresses will be divided into 30 cycles to issue about 168 billion coins, which are expected to be completed in 2 to 3 years. Refer to Chapter 3, Section 5 of the DW20 White Paper for detailed calculations.

Answer: In order to solve the vulnerability problem in the first stage of the growth of DW20 tokens, we issued 10% as a stable fund to form a market-making fund.Stable funds are not aimed at making profits but at stabilizing currency prices. Therefore, although the market maker is hired externally, it does not own the stable fund. The majority of currency holders own the stable fund. We will agree through a contract that the market maker will make the market according to our conditions. Market-making funds and operations aim to enable DW20 to grow steadily and gradually and complete the transition to a stablecoin.

In the first stage, the number of stable funds is 10% of the total amount of foundation funds, which is 21 billion DW20 coins. Initially, the stable funds have no money, only coins, and no independent operators. After the funds need to be invested in equal proportions, a new market-making fund will be formed, and other teams will manage the market-making fund and make the market.

The second stage: Existing external funds will gradually withdraw from the market-making fund, and there is no need for external funds to join the market-making fund. The market-making fund will become a guaranteed fund. The fund maintains a “50%:50%” proportional relationship between DW20 and U.S. dollars or U.S. dollar stablecoins.

The third stage: The sign of the third stage is that the fluctuation of DW20 is smaller than that of the U.S. dollar, and there is no depreciation in the price comparison of commodities. At this time, the market naturally uses DW20 as the anchor. The original “50%:50%” proportional relationship 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 USD and BTC. The final fund maintains the proportional relationship between DW20 and Bitcoin of “50%:50%”. At this time, the DW20 standard currency is established.

Answer: The role of stable funds:

The first stage : It is forming a market-making fund and making markets based on the DW20 value benchmark market-making fund.

Stage 2: Participate in price maintenance in extreme risk situations.

The third stage: A small Bitcoin stable fund.

Answer: Market-making funds are the main form in which stable funds play a role in the first stage. Initially, the stability fund had no money, only coins, and no independent operators. After the funds need to be invested in equal proportions, a new market-making fund will be formed, and other teams will manage the market-making fund and make the market. The goal of the market-making fund operation is to make DW20 grow steadily and gradually and complete the transition to a stablecoin. Processing after the transition is completed will follow community proposals. Market-making funds are traditional funds and are regulated by traditional financial laws.

In the value formation stage of meme coins, coin price fluctuations are adjusted through lock-up mechanisms and market-making funds. Details can be found in Chapter 3, Section 9.5 of the chainless white paper.

Answer: First, let’s look at the composition of market-making funds. Initially, 21 billion DW20 were priced at 0.05 cents per coin, with an overall valuation of US$10 million. Introduce external investors, raise US$10 million, and jointly form a market-making fund. The equity of the market-making fund is 50% each held by the DW20 project party and external investors. The project party’s dividends will not be withdrawn but deposited in the market-making fund to support the continuous growth of the fund. The final result If there is no need to raise new external funds, the project party’s rights and interests in the fund will become larger and larger, and the rights and interests of external investors will continue to decrease until All the rights and interests of external investors are separated.

Answer: Market makers are hired from outside. Although market makers make profits, they do not own stable funds. The goal of the market-making fund operation is to make DW20 grow steadily and gradually and complete the transition to a stablecoin. Processing after the transition is completed will follow community proposals.

The independent market maker invested US$10 million in the first phase of the fund. The distribution of benefits depends on the market-making fund gambling agreement signed by the DW20 team and the investors. The stable fund pays management fees, and the profits from the stable fund are retained to expand the fund’s portfolio, but no dividends are distributed. The stable fund gradually expands its scale as the currency price rises to enhance the strength of DW20. Fund managers will be selected through global auditions starting from the second phase. Management fees are charged at 1%-2%. It is mainly stipulated through the gambling agreement. The lead investor in the first phase, will be entrusted to conduct auditions.

Answer: Market-making funds are the main form in which stable funds play a role in the first stage. Initially, the stability fund had no money, only coins, and no independent operators. After the funds need to be invested in equal proportions, a new market-making fund will be formed, and other teams will manage the market-making fund and make the market. The goal of the market-making fund operation is to make DW20 grow steadily and gradually and complete the transition to a stablecoin. Processing after the transition is completed will follow community proposals.

Answer: The growth of DW20 tokens is divided into three stages. Only the first stage has vulnerability issues, so the successful experience of primary market pricing must be referenced. We issued 10% as a stable fund to form a market-making fund, equivalent to a “bookmaker”; the market-making fund operates based on the DW20 value benchmark, equal to USDT based on the U.S. dollar. There are bookmakers and value benchmarks. Driving rules are formed through these two points, which can maintain the upward trend of DW20 and avoid ups and downs. If the operation of the market-making fund on the price stability of the DW20 coin is understood as “making a banker,” then this “making a banker” will not harm DW20 holders; it will only improve the price stability of DW20, thereby protecting the benefit of DW20 users, enhancing the system security of DW20 will make people feel more at ease.

Answer: Assuming that DW20 reaches US$1, the initial funding is US$210 billion. The current market value of stablecoins in the blockchain market is roughly the same. This part of the funds constitutes the basic liquidity of the market, that is, the foundation funds. What is this fund used for? When the United States tightens the liquidity of the U.S. dollar, the global economy is affected. This action is equivalent to us redeeming Bitcoin and destroying DW20. Assuming DW20 has no underlying funds and is only issued through mortgages when all the mortgages are recovered, it will be equivalent to the drying up of liquidity. But with US$210 billion in backing funds, liquidity will never dry up – when all mortgages are recovered, there will still be US$210 billion in backing funds on the market, hiding wealth among the people. Moreover, all the base funds are used to provide liquidity and can be used to meet customer exchanges, and there are no profit indicators.

Answer: One of the main functions of the market-making fund is to maintain a 1:1 relationship between DW20 and the U.S. dollar, that is, to form a price of one DW20 coin for one U.S. dollar. In the hands of a market-making fund, if the proportional relationship between DW20 and the U.S. dollar is “50%:50%”, this is the value center of the market-making fund. Since the operation of market-making funds will cause the fund ratio to deviate, this is a gradual return in situ.

Answer: Initially, the Stable Fund had no money, only coins, and no independent operators. After the funds need to be invested in equal proportions, a new market-making fund will be formed, and other teams will manage the market-making fund and make the market. The independent market maker invested US$10 million in the fund’s first phase, meaning that 21 billion DW20s are worth US$10 million, and the entire DW20 plate is valued at US$100 million. The price of a DW20 is 0.05 cents. Market-making funds and operations aim to enable DW20 to grow steadily and gradually and complete the transition to a stablecoin. According to the standard model, when DW20 enters the stablecoin stage, it will reach 1 USD per DW20. In this way, the value of the airdropped DW20 coins alone reached $210 billion. Since collateral Bitcoin to DW20 tokens can be issued, the total value of DW20 will be much more than that.

4. Locking and releasing (4)

Answer: Since our airdrop coins are all given away, the entry of customers is random, and we have different lock-in periods for customers. If there is no lock-up period, customers often sell out as soon as the market opens after receiving the airdrop, which is not conducive to the long-term development of DW20 coins. Lock-up combined with linear release allows customers to pay attention to DW20 coins long-term and deepens their learning and understanding of DW20 coins. and observation of the board.

In addition, when the currency price reaches 10% below the lower Bollinger Band, we will temporarily lock the currency in the lock-up period until the currency price returns to the middle Bollinger Band and the lock is released. It will be beneficial to the overall stability of the DW20 currency price.

Answer: Locking up is to avoid disorderly release after users receive the airdrop of DW20 coins. The DW20 coins users will be released daily based on the number of locked days after listing. The system automatically locks and unlocks positions according to the locking mechanism. The lock-up mechanism has established a grading system. Different levels determine the length of the lock-up time.

For the sake of fairness, the classification of levels only refers to two conditions: the age of the user’s Bitcoin address and the number of Bitcoins owned by the user. The more Bitcoins a user has, the longer the age of each Bitcoin address, the higher the level obtained, and the shorter the lock time.

According to the age of each user’s Bitcoin address and the number of Bitcoins in each address, the locking period for airdrop customers is divided into six levels. The locking periods of the six levels are different, and six types of medals are used. To represent for traders to identify.

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

A coin is worth one point for one year, 0.08 points for one month, and no points for less than one month. One Bitcoin in the account address is worth 1 point. Less than one Bitcoin is also scored according to face value, and the scoring unit is rounded to two decimal places. The coin of this address may change throughout the period. It is calculated based on the number of coins held by the address on the application date.

Bitcoin addresses less than 180 days old are not scored.

For gold medal customers, the sum of address age and Bitcoin must reach 50 points, and the address age must be at least 2 years.

Silver customers must have a score of 25-49 and an address age of at least 1 year.

Bronze customers score 12.5-24.9, and the address age must be at least 1 year.

For iron brand customers, the score reaches 6.25-12.49. The address age must be at least 1 year.

For tin-level customers, the score reached 3.125-6.24. The address age must be at least 1 year.

For card customers to reach 0.5 points, the address age must be at least 5 months.

Unlicensed customer airdrops are airdropped as campaigns in the early days, and movements may be terminated or changed early in half the number of airdrops for Bitcoin users.

That is to say, any newly registered chainless user, whether purchasing Bitcoin on a centralized exchange or the DEFI platform, must enter the address on their own Bitcoin chain and maintain at least non-zero addresses in the Bitcoin system for more than 5 months to get a medal.

For example:

If a user’s Bitcoin address holds 20 coins and holds the coins for more than 6 years, it will be 26 points, which is a silver medal.

The charging of Bitcoin transaction fees is beneficial to large investors, and under this arrangement, since many small change addresses have never been touched, the change addresses have an advantage.

The release after lock-up is linear: dividing the total amount of coins received 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 by day.

  • Rules for releasing airdrop coins:
    1. Gold customers can complete the linear release within 30 days;
    2. Silver customers can complete the linear release within 60 days;
    3. Bronze customers can complete linear release within 90 days;
    4. Iron brand customers can complete the linear release within 120 days;
    5. Tin customers can complete the linear release within 180 days;
    6. Card customers can complete the linear release within 270 days.
  • The release date is calculated from the day it is listed on the exchange.
  • For chainless customers who register with their real names, they will also receive chainless CLY coin rewards while receiving the DW20. The rewarded chainless coins follow the release rules of chain-free coins.

Answer: The medal system mainly does two things. One is to classify users (i.e., different medals) according to their Bitcoin address age, and ownership, thereby stipulating the lock-in period of DW20 obtained by each category of users. ; The second is to determine the linear release rules (the number of DW20 tokens awarded has nothing to do with customer medals). Please refer to Chapter 3, Section 4 of the Chainless White Paper for details.

Answer: On the one hand, the classification idea in the medal system helps to find high-net-worth users of Bitcoin (longer currency and more currency holdings), and these high-net-worth users usually know Bitcoin better, so their lock-in period is Shorter; the DW20 releases faster. On the other hand, the linear release rule of the medal system is to determine the amount that can be released every day based on the total amount of DW20 coins received by the user divided by the limited number of days; that is, it is released evenly daily to keep the currency price stable.

For example, gold medal customers are old users of Bitcoin and have the shortest lock-up time, but their probability of selling is also small. Solitaire customers are new users of Bitcoin and have the longest lock-up time. It is necessary to prevent such customers from making short-term speculation on DW20 coins and other things that are not conducive to the long-term development of DW20.

5. Mortgage issuance (12)

Answer: In principle, any chainless platform user who owns Bitcoin can mortgage Bitcoin to issue DW20.

Mortgage Bitcoins to a chainless system. The chainless system is a transparent centralized platform that controls the mortgage coins by user private keys and system multi-signatures. It belongs to the smart contract method. The user determines the number of multi-signatures. When the mortgage is released, it is also controlled by the multi-signature. The private key of the chainless system only plays a verification role. After the user’s private key is signed, the money cannot be transferred without the system’s private key signature. It ensures that the entire system is transparent and non-misappropriate.

The mortgaged DW20 is calculated as 1 USD, and the Bitcoin is mortgaged at the market price with a mortgage rate of 50%.

Answer: Press the button of the mortgaged BTCy, and the system will pop up the number of DW20 that needs to be decompressed and the system’s decompression address. After the user enters the amount of DW20 into the address, the system performs destruction and decompression while changing the value of the DW20 indicator in the general ledger.

Answer: There are only two ways to issue DW20. The first is to issue 210 billion coins in the first phase. After that, no new DW20 coins will be issued in this way. The second method of coin issuance is after entering the second stage, the stablecoin stage. Each user can mortgage their own Bitcoin to issue new DW20 coins. In addition to mortgaging Bitcoin to issue new coins, other users cannot mortgage other valuable assets to issue DW20.

Answer: When the growth of DW20 enters the second stablecoin stage, users can issue DW20 coins by mortgaging Bitcoin in the chainless system. As a stablecoin, DW20 is anchored to the U.S. dollar. Within a specific range, the price ratio between DW20 and the U.S. dollar is within a limited range of 1:1, which is subject to certain fluctuations. Just like the Hong Kong dollar and the U.S. dollar fluctuate within the price range of 7.75:1 to 7.85:1. When the exchange rate rises above the upper limit of 7.85, the Hong Kong Monetary Authority will sell U.S. dollars and buy Hong Kong dollars in the market. It will cause the Hong Kong dollar to rise, and the exchange rate will sink toward 7.75. When the exchange rate drops below 7.75, the HKMA will retake action, selling Hong Kong dollars and buying U.S. dollars, and the exchange rate will rise again. When the Hong Kong dollar floats between 7.75 and 7.85, it is considered stable, and the HKMA will take no action. The market-making funds in the DW20 system play a role similar to that of the Hong Kong Monetary Authority. Then, users can use their Bitcoins as collateral to issue DW20 when the price comparison is high and redeem their Bitcoins when the price comparison drops. In this process, users achieve arbitrage and have more DW20. , and naturally, obtain “market-making benefits.” Note that the mortgage and redemption exchange scale is U.S. dollars, thus creating arbitrage space for DW20.

When DW20 is in the meme currency stage, users can issue DW20 by mortgaging Bitcoin. However, it is unprofitable at this stage, so naturally, no one does this. After entering the stablecoin stage, someone discovered that this opportunity had come one day and made the first mortgage arbitrage action. For the entire DW20 system, this is equivalent to Laszlo’s pie, which means that DW20 has completed an “amazing jump,” just like Bitcoin back then.

Answer: When DW20 is officially launched on the exchange, the market-making fund has been established and implemented. Market-making funds will enter the market to buy when the DW20 falls and reaches the predetermined position of the Bollinger Band. Similarly, when the price goes to the predetermined position of the upper Bollinger Band, the market-making foundation sells DW20, thereby ensuring that DW20 is a general trend of orderly upward growth.

Answer: When the demand for DW20 in the market is greater than the supply, the price of DW20 rises, and customers holding Bitcoin can mortgage Bitcoin to issue DW20. According to a 50% mortgage rate, for every 1 USD of Bitcoin mortgaged, 0.5 DW20 worth can be issued. This step is to inject liquidity and increase the supply of DW20 coins, which in turn causes the price of DW20 to fall. In the same way, when the demand for DW20 is less than the supply, the price of DW20 falls. Customers can redeem and destroy the DW20 issued as collateral and, at the same time, withdraw the mortgaged Bitcoin. At this time, the supply of DW20 in the market decreases, and the price of DW20 rises.

Answer: The entire process of DW20 mortgage redemption is carried out freely by customers in the market, which is different from the U.S. dollar. The injection of U.S. dollar liquidity into the market is controlled by the Federal Reserve and is based on indicators. Therefore, the pricing mechanism of DW20 is more responsive to the market than the Federal Reserve. At best, the Federal Reserve’s monetary adjustments are monthly, while DW20 occurs at any time, and the interval may be less than one minute.

Answer: For example, during the stablecoin stage, when the price of DW20 is higher than 1 USD (assuming it is 1.05 USD), the market maker can mortgage Bitcoin to issue DW20, stipulating a 50% mortgage rate. Tokens can issue DW20 worth 1 U.S. dollar, which is 1 DW20 (the DW20 issued as collateral is calculated as 1 U.S. dollar). After the DW20 issued by this part of the mortgage enters the market, it is sold at US$1.05. Then, when the price of DW20 recovers to US$1, another DW20 is bought, which can then release the mortgaged Bitcoin, and the arbitrage income is US$0.05. In the same way, if the price of DW20 is US$0.95, which is lower than US$1, the market maker can buy DW20 at a low price and sell the DW20 at a high price of 1.05 yuan. The Bitcoins mortgaged by DW20 are released, and the arbitrage income is US$0.10.

If the above methods are adopted, ordinary users can have profit opportunities.

Answer: Yes, it is risky for users to set a mortgage rate that is too high. 100% is impossible because there is no way to put a liquidation line. Users who choose high risks must bear the consequences at their own risk.

Answer: Compared with the first stage, in the second stage, with establishing basic consensus, the value of DW20 currency gradually stabilized. On the one hand, staking Bitcoin has become an important market-making method; on the other hand, market-making funds still exist and play a role as a guarantee. In the second stage, the market-making funds maintain a “50:50” ratio between DW20 and the U.S. dollar. When the value of the DW20 coin drops, users who have issued DW20 by mortgaging Bitcoin will redeem the Bitcoin and reduce the number of DW20 in the market, driven by arbitrage, if the currency value of DW20 is still less than 1 U.S. dollar, the market-making fund can still buy DW20 to push the value of DW20 back to US$1. See DW20 White Peper Chapter 1, Section 6, DW20 Stabilisation Principles for specific market-making methods.

Answer: For example, a 50% mortgage rate means that if you mortgage Bitcoin worth $10, you can issue $5 DW20 coins (that is, 5 DW20 coins, each DW20 coin is worth $1). A mortgage is a common practice adopted by everyone and an industry practice, but the mortgage rate differs. The current mortgage rate used in the formation stage of DW20’s stablecoin is 50%, which is a relatively conservative situation. We will give users the power to choose the mortgage rate, and the users themselves will bear the risks caused by the choice.

Answer: There is no interest rate for mortgaged Bitcoins, so there is no interest. For mortgages and redemptions in the chainless system, only a minimal verification fee is charged as long as they are not transferred out of the system.

6. Market, value and application (32)

Answer:

Phase 1: DW20 is a meme coin (community currency). DW20 can be used to pay handling fees for various transactions on chainless platforms. No matter what the price of the DW20 is, it’s priced at $1.

After the airdrop, DW20 has as many or even more users than Bitcoin. Bitcoin users are high-quality crypto users. Bitcoin users have a deeper understanding of coins, consensus values, and cryptocurrency technology.

Phase 2: DW20 is a stablecoin.

After the most difficult first stage of development, the second stage has reached the stablecoin era of DW20, which is the stage of extensive transactions. DW20 will stabilize at around $1 as the application expands, consensus grows, and price fluctuations will gradually decrease. Users can mortgage Bitcoin to issue DW20 tokens, actively participate in the market pricing of DW20, and maintain the value of DW20. At this time, the market value of DW20 coins was at least US$210 billion, ranking third in the current coin circle.

At this stage, the value of the DW20 coin comes not only from consensus but also from application value. Legal currencies such as the U.S. dollar and the British pound are credit currencies that need to be endorsed by national power, but Bitcoin backs DW20 and is an asset currency. It does not require strong endorsement, just like gold, and the asset value naturally exists. DW20 represents the value of Bitcoin, and there is no worry about depreciation. When drinking milk tea on the streets of Yangon, Myanmar, vendors are willing to charge DW20 coins; when renting a car at Hertz in Washington, the United States, the car rental company is willing to accept DW20 coins; at the Khalidiya Palace Rayhaan by Rotana in Abu Dhabi For accommodation, the hotel is willing to accept DW20 coins; for dining at Fulinmen Hotel in Hong Kong, the hotel is willing to accept DW20 coins.

The third stage, DW20, is a standard currency (world currency).

In the era of the DW20 standard currency, people are more willing to accept the DW20 currency and are no longer willing to accept legal currencies such as the U.S. dollar and the British pound. Because they are very sure that the DW20 currency will not depreciate, just like the scale of a ruler will never change. The solidification of the DW20 consensus has been unparalleled, and the DW20 currency has become a measure of value. When people think of how much something is worth, they think of how much D.W. it is worth, how much D.W. a ticket to Mars is worth, how much D.W. a simulated robot is worth, and how much D.W. the total transaction is.

Answer: About 60% of Bitcoin addresses have a Bitcoin value that is less than the transaction fee, and these become account losses. According to the principle of Bitcoin, change will always exist, and revitalizing the change currency of these Bitcoins will be the source of continued demand for DW20. We have funds reserved for various activities and will continue to inventory change addresses. DW20 gives a way to change funds, which will improve the efficiency of the Bitcoin system and the wealth of Bitcoin users and is also conducive to the popularity of Bitcoin.

The addition of historical assessment of Bitcoin users’ credit and the revitalization of Bitcoin change funds add value to Bitcoin users, which Bitcoin users will welcome.

Answer: What we call micropayment is payment similar to WeChat Pay and Alipay. Such payments must be fast and require minimal handling fees. If people put micropayment settlement on a layer of the Bitcoin system, it would be too expensive.

The operation and management costs of the chainless system are meager, and the fees are lower than those of banks. When DW20 becomes a stablecoin, there will be no charge for transfers of less than 1 DW20 on the chainless platform, and the speed is equivalent to that of the centralized payment system.

Therefore, the chainless system can serve as the second layer of the Bitcoin system and closely connect the chainless platform and the Bitcoin system through the BRC20 protocol. That enables micropayments through DW20. (Micropayments are one of the uses of DW20 coins.)

Answer: The buying and selling methods of DW20 are divided into two types: on-chain and off-chain internal transactions. On-chain transactions refer to decentralized exchanges; off-chain internal transactions can also be conducted on centralized exchanges.

Answer: DW20 as a payment tool will be implemented after DW20 becomes a stablecoin. The vision of DW20 is to become the most popular payment currency in the world. In the DW20 stablecoin stage, people are willing to use DW20 coins for transactions. In the DW20 standard currency stage, people are very sure that the DW20 coins will not depreciate, just like the scale of a ruler will never change. when people think of how much something is worth, they will think of how much it is worth in DW20. People are always more willing to use DW20 coins for transactions and are no longer willing to accept legal currencies such as U.S. dollars and pounds.

Answer: The initial pricing of DW20 is 0.05 cents. For pricing, please refer to Chapter 1 of the DW20 White Paper, 6.1.2 stable Fund’s Market Making Cooperation.

Answer: Small-amount payment business refers to processing one or more small-amount payment businesses within a certain period. It is a payment and clearing service that requires low cost and large business volume. Bitcoin’s transaction fees are relatively high, and there are no concessions for micropayments.

When the DW20 currency grows into a stablecoin of Bitcoin, this problem can be solved well.

Answer: For transactions that require payment of handling fees on the chainless platform, the platform can charge DW20 as a handling fee.

Answer: The development of DW20 and consensus formation must go through three stages. In the first stage, we will airdrop 168 billion DW20 coins; in the future, the DW20 airdropped will only be a fraction of the total amount of DW20 on the market because a large number of DW20 is issued by mortgaging Bitcoin rather than being airdropped. The market entirely regulates this issuance and has no upper limit. It provides ample liquidity to the market. In comparison, even if all Bitcoins are mined in the future, the total number will only be 21 million.

Moreover, its settlement speed is slow, payment fees are high, and the price of each coin is too high, all of which lead to its Reasons for poor liquidity. On the contrary, DW20 has successfully solved these problems, and its liquidity will be stronger than Bitcoin. In the DW20 standard currency stage, DW20 will become a commodity value scale that can replace the U.S. dollar, and its total circulation will be huge.

Answer: This is mainly due to the following reasons:

(1) After DW20 enters the standard currency stage, Bitcoin will measure global wealth and growth. Fluctuations in economic development and changes in global wealth will be reflected in the price of Bitcoin, but the price of DW20 is basically stable at 1 U.S. dollar; the market value of DW20 alone will exceed $210 billion+1/2Bitcoins value. If Bitcoin can be used to measure global wealth, its price and value will be far from what Bitcoin is today.

(2) After the price of DW20 remains generally stable, and the Bitcoin system is combined with the chainless system and DW20, it can further bring ecological value to Bitcoin. In the past, Bitcoin only had stored value, and the valuation level of Bitcoin will be improved a lot.

(3) Currently, many Bitcoin addresses only have minor changes, which are insufficient to pay the handling fee when exchanging. The use of DW20 can revitalize small Bitcoin accounts in disguise, which can also increase the value of Bitcoin.

Answer: DW20 does not have Series A financing. The initial pricing of DW20 coins is determined by the market maker fund, which is about 0.05 cents per coin. After that, the price will gradually grow, and the growth in the first stage will be the most significant. DW20 has entered the second stage of the stablecoin era and has entered a phase of widespread trading. As users increase and consensus grows, DW20 will eventually reach a price of around $1, achieving an astonishing 2,000-fold increase. The above are the main benefits of DW20 early users. The characteristic is that the earlier you register, the higher the benefits.

The second phase of currency issuance of DW20 is completed by users staking Bitcoin on a chain-free system. Every chain-free user holding Bitcoin can issue DW20 by mortgaging their own Bitcoin in the chainless system and can also use DW20 to redeem the mortgaged Bitcoin at any time. Since the price of DW20 floats within a price range of around $1, users can achieve arbitrage by collateral Bitcoin to issue DW20.

Answer: First, there are product, technology, and legal risks. Because DW20 is unique and first-of-its-kind, there may be some “newborn” risks. However, DW20 extensively summarizes the experience and lessons in the cryptocurrency field, making it more complete, scientific, and feasible. At the same time, the chainless system and DW20 refer to Bitcoin’s one-person system and improvement mechanism to ensure the reliability and stability of the system while allowing users to participate in the improvement of the system.

The second is transaction risk. After DW20 enters the stablecoin stage, its price will stabilize at around $1, so there is little risk of price fluctuations. If DW20 has a risk, users may have some risk of transaction price fluctuations when mortgaging and redeeming Bitcoin as the Bitcoin market price fluctuates, but DW20 itself does not cause this risk. Moreover, price fluctuations bring risks, arbitrage opportunities, and benefits.

Answer: DW20 is divided into three stages. The first stage is the value currency/meme currency stage, the commodity stage; the second is the stablecoin stage, with the U.S. dollar as the benchmark; the third is the standard currency stage, Commodities with DW20 as a scale.

Answer: Cryptocurrency requires a specific cycle from issuing coins to forming consensus and developing and growing. That is true for Bitcoin, and so is DW20. Satoshi Nakamoto designed 132 years for Bitcoin. Although the cycle from birth to growth and maturity of DW20 is not as long as that of Bitcoin, its three stages of development must be experienced. As DW20 enters each phase, there will be milestones.

Answer: DW20 solves the shortcomings of some cryptocurrencies and makes up for some of the weaknesses of Bitcoin. Its concept is reasonable and rigorous, and its logic is clear and scientific. Therefore, it will definitely develop to the final standard currency stage.

Answer: There is no Series A investment in DW20. The market maker fund sets the initial currency pricing, and the initial project valuation is US$100 million.

Answer: Each coin is US$0.0005, which is 0.05 cents.

Answer: On the chainless platform or various exchanges that support DW20.

Answer: Small payments can only charge a small fee. The Bitcoin system charges expensive fees, so it is not suitable for settlement on the first layer of Bitcoin but should be settled on the second layer. The chainless system is a transparent and centralized payment platform (see the chainless system white paper) with cheap fees.

Answer: About 60% of Bitcoin addresses have a Bitcoin value less than the transaction fee, which has become an account loss. According to the principle of Bitcoin, small change will always exist, and revitalizing the change currency of these Bitcoins will be the source of continued demand for DW20. We have funds reserved for various activities and will continue to inventory change addresses. DW20 gives a way to change funds, which will improve the efficiency of the Bitcoin system and the wealth of Bitcoin users and is also conducive to the popularity of Bitcoin.

The addition of historical assessment of Bitcoin users’ credit and the revitalization of Bitcoin change funds add value to Bitcoin users, which Bitcoin users will welcome.

Answer: The U.S. dollar has an issuing department, the Federal Reserve, but the Federal Reserve does not price the U.S. dollar directly. The pricing of the U.S. dollar is distributed; that is, it is determined by the market. DW20 does not have an issuing entity like the Federal Reserve. It mainly relies on mortgage issuance to correspond to the currency settlement volume in trade and issues as much as needed.

Answer: The first stage is about 2 to 3 years from the issuance of the coin, with an initial price of 0.05 cents. After that, DW20, as a meme currency, relies on market makers to discover the increase in value, and the long-term price trend depends on market makers to stabilize it. Meme coins are also priced according to the number of users. DW20 is benchmarked against SHIB and Dogecoin according to the valuation standards prevailing in the market today.

The second stage is the stablecoin stage. The second stage may take 10 to 12 years. During this period, the price of DW20 has risen to about 1 U.S. dollar. It should be noted that DW20, as a stablecoin, gradually and naturally grows to 1 U.S. dollar. In terms of price, this is a process of gathering consensus rather than directly artificially setting the price at 1 U.S. dollar like USDT and DAI.

Answer: The chainless currency CLY is an asset coin, which is its essence. Since the issuance of chainless coins, like Bitcoin, is controlled by the total amount, it means storing value. Second, coin holders have dividend rights based on the amount of coins they hold. It is the concept of equity coin. It also has the attributes of governance and platform coin. These are still the attributes of asset coins.

Answer: Coin holders are equivalent to shareholders of the chainless platform. The number of coins they hold can be based on the proportion of coin holdings in the total issued coin, equal to the ratio of equity held. According to this proportion, they are entitled to dividend rights. When voting in the community, the weight of the vote is calculated based on the number of coin holdings, which is equivalent to the voting rights enjoyed by shareholders. These reflect the essence of the equity coin of the chainless coin.

Answer: After DW20 enters the stablecoin stage, its price fluctuations will become very small, and commodity settlement will begin to use DW20 as a yardstick. During this period, the supply of DW20 will change following changes in the global economy. This change is naturally formed by relying on market mechanisms. After the Bitcoin standard is realized, Bitcoin will correspond to the total amount of international economic development, which will ultimately be accomplished by expanding demand for DW20. Therefore, the future supply of DW20 is generally related to changes in the global economy, but its coin price is not directly linked to a specific country’s economy.

Answer: We estimate that around 50 million Bitcoin accounts will receive airdropped DW20 coins. In “mining” terms,” registration means mining.” Our airdropped Bitcoin customers are high-quality customers. DW20 activates the value of these users. User value is recognized in the capital market. When valuing DW20 coins based on user value, according to the valuation rules for Internet financial users, each user is worth 500-1,000 US dollars. During the airdrop stage of DW20 coins, we valued each Bitcoin address at 100 US dollars. Valuation (a very conservative estimate): everyone can easily calculate the total valuation of DW20 based on this. Judging from the performance of the coin circle market, the market price of general cryptocurrency is higher than the valuation of its user value. This is true for Bitcoin, Dogecoin, etc.

Answer: One of the uses of DW20 is micro-payment, and what we call micro-payment is payment similar to WeChat Pay and Alipay, which require both fast speed and low handling fees. Compared with the latter, DW20 relies on a transparent and centralized chainless platform to demonstrate cryptocurrency’s ideological and technical achievements. For example, users can carry out economic activities more freely and prevent manipulation and tampering by a single institution, so it is safe, and its payment speed is equivalent to the latter. Still, its transaction cost is lower than the latter. In the future, its versatility and breadth will be stronger than the last.

Answer: Setting the stablecoin value of DW20 at 1 U.S. dollar is a reasonable psychological suggestion. The goal of DW20 is to become a candidate for the global commodity value ruler and to replace or compete with legal currency as the standard currency. Considering that the coin with the most enormous settlement volume among international standard currencies is the U.S. dollar, and even if the U.S. dollar is not used as the trading medium, the U.S. dollar must be used as the transaction ruler, it is most reasonable to set the coin value of DW20 to 1 U.S. dollar.

Answer: There is a positive relationship between the two.

On the one hand, when the demand for DW20 increases, the price of DW20 will rise. Users will purchase Bitcoin as collateral to issue DW20 to obtain arbitrage income. This process will promote the increase in the value of Bitcoin. At the same time, when the mortgage rate remains unchanged, changes in the value of Bitcoin do not affect Bitcoin’s ability to adjust the supply and demand of DW20. For example, when the value of Bitcoin drops from US$60,000/unit to US$30,000/unit, although a single Bitcoin’s ability to issue DW20 as collateral has been reduced by half, its price has also been reduced by half. Users can purchase more Bitcoins to maintain the overall ability to adjust the supply and demand of DW20 unchanged.

On the other hand, in the Bitcoin-standard stage, Bitcoin will be used to measure the total wealth of humanity, and DW20 will be used as the ruler of Bitcoin to measure specific commodities. At this stage, as the full value of Bitcoin increases significantly, the total demand for DW20 will also increase significantly.

Answer: In the memecoin stage, the logic of sending coins when the coins are not listed on the exchange is determined based on customer value. In the Internet era, the value of a registered user is almost US$50. For example, even if there is a problem with Luna, its customer value is still about US$50. This is the M&A valuation of Internet companies and the venture capital valuation method for an unprofitable company. The value of financial customers is different, and the valuation recognized by the market is higher. This valuation reaches 500-1,000 US dollars per person. Therefore, we set the valuation of a Bitcoin address to $100.

Answer: Among the Bitcoin addresses, about 60% of the addresses have a Bitcoin value that is less than the transaction fee, and these become account losses. According to the principle of Bitcoin, change will always exist, and revitalizing the change currency of these Bitcoins will be the source of continued demand for DW20.

DW20 is divided into three stages. The first stage is the value coin stage, the second is the stablecoin stage, and the third is the standard currency stage. With the realization of the goals of the DW20 stage, the demanding scope of DW20 continues to expand (DW20 is the demand of users in the value currency stage; it is the demand as a currency when it enters the stablecoin stage; it is the demand as a commodity measurement ruler when it enters the standard currency stage).

Answer: Theoretically speaking, DW20 is the shadow currency of Bitcoin and should rise with the rise of Bitcoin. This rise is a price comparison effect, just like the rise of BCH and LTC. But when DW20 enters the stablecoin stage, DW20 will achieve market pricing through the Bitcoin mortgage redemption market-making mechanism because the price is determined based on supply and demand. If the price is constant, the issuance volume will be increased. The issuance of DW20 with Bitcoin mortgage is to expand the issuance volume. In the stablecoin stage, there is no limit to the number of DW20 issued by mortgaging Bitcoin. Therefore, the fluctuation of DW20 will gradually shrink and stabilize at around 1 U.S. dollar.

7. Platform operation and management (11)

Answer: DW20 has customer service, but the group owners undertake this customer service work among DW20 users.

Answer: DW20 can be inherited.

Answer:

1. Inheritance of not losing the mobile phone

The multi-signature multi-backup wallet APP has an inheritance button. Press the button to start the inheritance process. The content of the inheritance program is the same in any backup phone, and online backup is also possible.

2. Inheritance if all equipment is lost

Theoretically, it cannot be inherited. For this, the chainless system provides a multi-signature witness service, which can save the inheritance program to the system, set the time, notify the heir when it expires, and perform multi-signature. This inheritance time can be set arbitrarily.

Answer: The inheritance program has automatic triggering and manual triggering. It is introduced in detail as a function in chainless APP.

Answer: If the old mobile phone is lost, the private key will also be lost, but the mobile phone password and user name are not lost. The user can reload the APP and open the backup file using the recovery program. This file can be opened with the multi-signature of the non-lost mobile phone and the password of the lost mobile phone, and then the private key can be recovered.

Before performing this process, you must download the APP, synchronize the device, and then complete the recovery procedure.

The same applies if other equipment is lost.

If all equipment is lost, inheritance will be used.

Answer: Use multiple signatures and multiple backup wallets. Take control of your assets. For chainless external transfers, the chainless system provides verified multi-signatures for personal transfers.

Answer: DW20 decentralized currency is a brand-new and meaningful invention, but DW20 has not applied for a patent.

Answer: Chainless systems will begin applying for invention patents in 2022. Currently, chainless systems are related to general ledgers (Patent name: point-to-point-based data processing methods, systems, computing devices and storage media; Patent number: 202210046337.0) and wallets (Patent name: A Wallet system and transaction method; Patent number: 202210541275.0), and three invention patents for digital asset management (Patent name: NFT-based digital asset management method and device; Patent number: 202310572368.4). An international patent has also been filed based on this patent.

Answer: In cryptocurrency and web 3.0 projects, the industry most recognizes the value of first-of-its-kind projects. The value of non-first-of-its-kind projects is generally much lower than that of first-of-its-kind projects. This is manifested as the 2:8 phenomenon; 20% of the leading projects own about 80% of the market value, which is mostly the case for Bitcoin and Ethereum. Therefore, good first-of-its-kind projects are generally not afraid of competitors. DW20 is an excellent and original project, which is of groundbreaking significance in realizing the Bitcoin standard. In the future, DW20 is not about preventing competitors from emerging. More competitors will promote the progress of the industry and the growth of projects. DW20 has a community decision-making mechanism that can collect opinions through suggestions, proposals, voting, etc., to achieve continuous improvement and stay ahead.

Answer: The security of DW20 can be understood from two perspectives. One is financial security: the chainless system airdrops DW20 coins and issues them as foundation funds. The function of the foundation funds is similar to the capital of a bank, providing system financial security and solving the problem of issues of system resilience and early system vulnerability. The second is transaction security: the chainless platform where DW20 is located is a highly secure circulation and settlement platform. Through the chainless platform, all current blockchain single-signature wallets can be turned into multi-signature and multi-backup wallets, and the inheritance program of the chainless setting can be adopted, making personal assets more secure than current banks, and the individual can completely control the wallet.

Answer: The chainless platform is a brand new platform, and a new language is used for basic development. This language is Greatfree, a general-purpose distributed language written in JAVA language. Its advantage lies in Professor Li Bing, who devoted ten years of hard work to building it. When Bitcoin was created, the development method adopted was also a one-person system. There will definitely be early problems and loopholes in the chainless system, which require everyone to participate in solving them. Therefore, considering these factors, our estimate of the release time of the first phase of DW20 is 2-3 years. The design logic of this product is complete, but the operational 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 launch. Possible problems in the chainless system need to be improved while running. Community proposals will carry out this improvement and processing.

8. Answers to basic concepts (29)

Answer: The mechanism of DW20 to stabilize currency prices differs from that of centralized stablecoins. It uses market mechanisms to naturally stabilize the currency price of DW20 through people’s mortgages and redemption of Bitcoin and DW20. This behavior is market behavior; although stable funds can play an important role, there is no centralized control agency.

Answer: The legal tender currency, also known as the sovereign currency, is a country’s legal currency that serves as the price standard. Decentralized currencies are decoupled from sovereignty and are not priced by a single regulating agency. After DW20, which relies on Bitcoin, becomes the standard currency, it will become a decentralized standard currency.

The current dollar and euro are the international currency benchmarks, the pricing units. The U.S. dollar has an issuing department, the Federal Reserve, but the Federal Reserve does not price the U.S. dollar. The pricing of the U.S. dollar is distributed; that is, the market determines it. DW20 does not have an issuing entity like the Federal Reserve. It mainly relies on mortgage issuance to correspond to the currency settlement volume in international trade. It issues as much as needed. Initially, the 210 billion DW20 airdropped was not a fraction of the total issuance.

Answer: The Bitcoin standard consists of Bitcoin as a stored-value currency and DW20 as a ruler. Together, BTC+DW20 can realize the three characteristics of a standard currency: stored value, transaction medium, and pricing scale.

Answer: The ERC20 protocol is a standardized format definition for deploying contracts and issuing tokens on Ethereum, including defining the name, parameters, data format, etc., of the token.

With the help of the ERC20 protocol, wallets and service providers do not need to match each token individually. They can directly connect to standardized interfaces and identify tokens with different names.

Answer: Let’s take Ethereum as an example. When people use applications on Ethereum, they need to consume ETH. In this process, if the transaction cost of Ethereum is too high, it will cause people to be unable to use it. After no one uses it, it will limit the increase in the price of Ethereum. It is the self-limitation of Ethereum. It is a spontaneous limiting and regulating mechanism.

Answer: Chainless system charges do not have the self-limiting nature of Ethereum. It does not have the shortcomings of Ethereum’s dual-use currency, and there is an upper limit for chainless charges. At most, it is a unilateral charge like a bank. It dramatically reduces the cost of trading smart contracts using an Ethernet-like platform.

Answer: Simply put, each blockchain is only maintained by the nodes on its blockchain. The consensus mechanism ensures that most nodes on its blockchain recognize the ledger’s contents and cannot be tampered with. Then, Chains do not interfere with each other. Cross-chain means that node users of chain A must prove on chain B that their information on chain A is true (for example, users need to prove on chain B how many assets they have on chain A).

Answer: In the scenario of DW20 coins, because DW20 is issued in the chainless system, DW20 is the chainless DW20 when traded within the chainless system, and DW20 is the on-chain token DW20 when traded in a blockchain system other than the chainless system. In addition, the DW20 inside the chainless system is charged according to the standards of the chainless system; the on-chain token DW20 is outside the chainless system, and its charges are the same as those in the Bitcoin system.

Answer: Equity coins are similar to stocks, meaning investors have ownership and control rights. The chainless token CLY represents the equity of the chainless system, and the price of the chainless token CLY reflects the profitability of the system. All chainless currency holders have voting rights and dividend rights. Locking and staking tokens will not affect voting rights and dividend rights.

Answer: The cryptocurrency system should be a system that can be trusted. No one dares to use an untrustworthy system, and trustworthiness must be based on people’s trust. In a system, credit is also graded. The most basic credit is root credit, also known as the root of credit. The credits derived from the credit root are credits two, three, and so on. Take Bitcoin as an example for you. Bitcoin will have at least 10,000 nodes storing the same thing, so it won’t be able to be tampered with. It is the original credit and root credit of Bitcoin information.

Answer: As explained in the concept of the root of credit, the root of credit is the basis for cryptocurrency to gain public trust. Cryptocurrency requires basic credibility guarantees during storage, transaction, and circulation. Therefore, it is of great significance for cryptocurrency to be recognized, used, and achieve market success in the market.

Answer: In a chainless system, users can freely set the level of privacy protection according to their needs. The higher the level, the higher the protection requirements and the better the protection effect. The power to set this privacy level is entirely in the hands of the user. It is a more tolerant and safe solution to user needs and can hide the user’s transaction identity, asset amount, etc. Users can decide whether to use their real names or remain anonymous and how much personal data should be disclosed. Users can also set the privacy level based on the payment amount using a multi-signature and multi-backup wallet. In order to ensure payment security, when making large-amount payments, you can set a higher privacy level. Still, when making small-amount payments, you do not need to set up multi-signature (this is somewhat like the small-amount password-free payment in WeChat Pay), which ensures The security of payment and the speed of payment.

Answer: Multi-signature means that when a user pays a sum, several parties must “sign for confirmation” and joint verification simultaneously. Multiple back-ups mean that the user’s “receipt and expenditure ledger” (i.e., sub-account) must be backed up in several different places simultaneously. Generally speaking, the user’s private key is stored in 3 hosts, and multi-signature is performed. The user can set the number of multi-signatures; backups are at least 3, but 6 backups are safe enough. The machine completes these tasks, the private key is invisible to the user, and the user does not need to remember the private key. Multi-signature has a perfect preventive effect on hackers because it is unlikely that a hacker can compromise so many devices simultaneously. After adopting this technology, payment, and settlement can be fully accelerated while fully ensuring transaction security, and its security level can exceed that of banks. Chainless System already has two invention patents related to multi-signature and multi-backup technology.

Answer: Smart contracts borrow the concept of cryptocurrency, which is mainly used on Ethereum. On the chainless platform, we call it a smart program. Because this is far more flexible and powerful than smart contracts, because the chainless savings account (Ethereum’s external account) and the contract account are separate, they can be set arbitrarily. Specifically, it adheres to the principles of open-source code and voluntary upgrades by users. Smart programs are more flexible than smart contracts; transplanting existing ones will be easy. It can turn all current blockchain single-signature wallets into multi-signature and multi-backup wallets. Coupled with the inheritance procedures it sets, personal assets are safer than existing banks. At the same time, smart programs can also be used to quickly realize automatic depository of digital assets with machine credit levels, equivalent to traditional securities’ central registration and settlement system. In addition, smart programs can easily implement functions such as third-party payment, third-party escrow, mortgage lending, secure DEX transactions, and secure CEX transactions.

Answer: In the era of industrialized mass production, is robot production on the automatic assembly line safer and more reliable, or is the production by workers on the production line safer and more reliable? The answer is obviously the former. Similarly, in today’s rapid information economy development era, is it safer for a blockchain system or cryptocurrency system to be managed by machines by prescribed procedures and rules, or is it safer and fairer for human management or intervention? The answer is obviously the former. Machine safety is based on systematic equipment and automatically running management programs. The more automatic the system, the more scientific the program, and the more transparent the management, the safer and more trustworthy the machine system will be. The same goes for cryptocurrency systems. The degree of machine trustworthiness represents the degree of automation and transparency of the project. Any areas where automation is insufficient require supervision.

Answer: Bitcoin essentially establishes a machine credit system, and the same is true for chainless systems and DW20. The content of machine security management includes daily operation, supervision, checks and balances, anti-tampering, verification, rewards, multi-signature and multi-backup, reconciliation, transfer, and other aspects. Machine security is based on encryption technology and means, as well as cloud systems, which can ensure that the system never goes down and the data is never lost. Judging from the practice of cryptocurrencies such as Bitcoin, their security can be fully guaranteed.

Answer: The chainless system has an ecological support fund, which accounts for 30% of its issued currency. It is the largest share of ecological support in the cryptocurrency field. Bitcoin has stored value but no ecological value, but Ethereum does have ecological value. Therefore, people’s valuation of Ethereum also includes its ecological value. Bitcoin’s lack of ecological value is a significant flaw. To establish an ecological support fund for a chainless system is to establish its ecosystem and form its ecological value, thereby indirectly bringing ecological value to Bitcoin.

Answer: Value coins are digital currencies with a specific value backed by assets, and their appreciation depends on the increase in the value of the assets behind them.

Answer: Stablecoin refers to a cryptocurrency with stable value. Cryptocurrency prices fluctuate wildly, and stablecoins can maintain relative stability in coin prices by anchoring to the U.S. dollar and serving as a medium of exchange to connect the digital and legal currency worlds.

Answer: There are gold standard and fiat currency standard. The gold standard is outdated. The fiat currency standard is a credit standard. The legal currency standard issued with national credit endorsement is the only legal currency unit used for national and regional pricing and settlement.

An international standard currency is a freely convertible currency that occupies a central currency position worldwide, such as the U.S. dollar, the euro, etc.

Answer: Memecoin is a cryptocurrency inspired by memes or jokes on the Internet and social media. It is named after “Meme”. The famous meme coins are Dogecoin and Shitcoin. Behind them are Cultural support serves as a purpose. Meme coins had no actual use at first. The earliest Bitcoin was also a meme coin. It was finally positioned as a stored value as its actual use. If it has no use, the value will return to zero.

Answer: Currently, the more mainstream meme coins include Dogecoin (DOGE), Shiba Inu Coin (SHIB), etc., in:

1. Dogecoin (DOGE): Dogecoin is the first meme coin in history. It was created in 2013. The Shiba Inu meme inspired it. It was initially just a spoof of cryptocurrency to attract public attention. Dogecoin uses the same PoW mechanism as Litecoin (LTC) and has no supply cap.

2. Shiba Inu Coin (SHIB): Shiba Inu Coin is a competitor of Dogecoin and was created in August 2020. Shiba Inu Coin’s token supply is capped at 1,000 trillion coins, 50% of which are burned or donated to charity. The Shiba Inu Coin ecosystem comprises a decentralized trading platform, NFT art incubator, NFT, and NFT games.

Answer: The PoW (Proof-of-Work) workload proof mechanism is to calculate the difficulty value. Whoever calculates it has the accounting rights and gets rewards. This reward is the digital currency generated by the network.

Answer: PoS (Proof-of-Stake) equity proof mechanism, that is, the more “equity” (shares) you mortgage, the more rewards you can get.

Answer: A smart contract is a code written on the blockchain. Once an event triggers the terms in the contract, the code is automatically executed. In other words, it will be executed when the conditions are met, without human control. Smart contracts further broaden the usage scenarios of blockchain.

Smart contracts cannot be modified once deployed and are vulnerable to attacks that can cause property damage.

Answer: Smart contracts are the concept of cryptocurrency, and the chainless system is a transparent centralized platform. Its transparent and centralized technical environment is better than an environment based on blockchain. The smart contract of the chainless platform is more like the ecological APP of the Internet. It adheres to the principles of open-source code and voluntary user upgrades. At the same time, the chainless system also extends smart contracts to artificial intelligence, which is far more flexible and powerful than the smart contracts of the blockchain. , therefore, it is called an intelligent program.

Answer: BRC20 is the format standard for fungible tokens issued on the Bitcoin system. It was anonymously created by @domodata on Twitter on March 8, 2023, based on the Ordinal protocol. Like Ethereum’s ERC20 standard, it stipulates the name, issuance amount, transfer, and other functions of the issued token.

BRC-20 uses the Bitcoin network for transfers and transactions but has nothing to do with the value of Bitcoin itself. It supports storage and transactions in wallets and exchanges on the Bitcoin network. It clarifies the basic elements of the token contract, including token name, symbol, total supply, decimal point, etc., and can be used in various application scenarios.

Answer: DW20 is an essential application project of the chainless platform. It is a decentralized currency issued through the chainless platform using the BRC20 protocol and the smart program of the chainless platform. In its name, the D.W. is to pay tribute to Satoshi Nakamoto (DAI WEI), so the pinyin abbreviation DAI WEI is used. DW20 can easily make people think of it as the token of the BRC20 protocol. The design of DW20 decentralized currency refers to the issuance principles and methods of the U.S. dollar, Bitcoin, fiat stablecoins, algorithmic stablecoins, and mortgage stablecoins, absorbing their advantages and improving their shortcomings. DW20 is the chainless platform’s transaction token and the cryptocurrency ecosystem’s transaction token.

Answer: Memecoins are cryptocurrencies inspired by memes. In the first stage of value growth, DW20, like meme coins, is mainly supported by user value. The second stage is the stablecoin stage, mainly supported by users and transaction volume.

9. Concept and Explanation (14)

Answer: The first thing to realize is that we have set the value of the DW20 stablecoin and the collateral bitcoin-issued DW20 coins at $1. It is a reasonable psychological cue and a steady state maintained by the negative feedback mechanism. Then, the negative feedback mechanism will be specifically reflected in the adjustment process of the DW20 value. When the DW20 value is greater than 1 U.S. dollar, the demand is greater than the supply. Then, market participants will automatically issue DW20 coins as collateral to achieve arbitrage and increase market supply. , and then the DW20 value returns to 1 U.S. dollar. The same applies when the value of DW20 is less than 1 U.S. dollar. Arbitrage eventually leads to an increase in coin value, and market participants spontaneously carry out this process. It is the negative feedback mechanism in the automatic control system.

Answer: The standard currency must be priced by the market. Simply put, market pricing is determined by market supply and demand. When demand is greater than supply, prices rise, and vice versa.

The market pricing mechanism allows the price of DW20 to be entirely regulated by the market and is not linked to the economy of any country. Its market price directly depends on the demand for DW20 and the market’s adjustment ability. It faces the real market demand and represents the real market feedback. These are beyond the reach of manual adjustments. However, none of the stablecoins currently on the market rely entirely on market mechanisms to achieve market pricing; an anchor object is always required, so they cannot become standard currencies.

Answer: Compared with the strict control in mainland China, countries such as Europe and the United States regard Bitcoin as a legal currency and open regulatory measures to it. In contrast, some Asian countries have banned the use of Bitcoin. In addition, with the popularity of Bitcoin and other cryptocurrencies, whether as investment objects or payment tools, more and more countries are adopting cryptocurrencies to escape the global harvest of the U.S. dollar economy, so they have begun to review their legal status and formulate corresponding regulatory policies. Some countries have even introduced clear regulations and legal frameworks to ensure the legality and safety of Bitcoin and other virtual currencies.

Answer: Under normal circumstances, the possibility of DW20 being recognized as a security is tiny. Now, the whole world is looking at the United States, and the U.S. SEC uses the Howey test as a criterion. There are four Howey tests, the last three of which are subordinate to the first. Article 1: “It is an investment of money.” If it is not an investment of money, does it not constitute a security? If such a judgment is adopted, DW20 is not a security. The actual analysis is not that simple. Please refer to Chapter 4, Section 2.4, Legal Risks of the DW20 White Paper.

Answer: Bitcoin is decentralized, and the issuance of digital currency must follow the principle of decentralization. The platform that hosts digital currency or blockchain projects should not be decentralized but must be responsible and run by a team. It is wrong to understand “decentralization one-sidedly” and rigidly mistake absolute decentralization for the characteristics and connotations of the digital currency revolution. It can only bring about the ultimate demise of platform projects. However, how do we ensure that no team member can “do evil” and that no problems arise? It requires transparency to ensure openness and fairness.

Answer: The two sides of the resonance effect mean that the chainless platform is on one side, and the application projects on the chainless platform are on the other. The two parties encourage and influence each other, forming a resonance effect. Application projects run on the platform and bring customers to the platform. These customers register on the platform and, at the same time, receive tokens from the chainless platform. The platform’s success brings more customers to the operating projects, creating a win-win result. It is Resonance.

Answer: The current Bitcoin system alone cannot completely solve the problem of excessive currency issuance by the central bank. However, a global bubble-free financial system based on the Bitcoin standard can fundamentally solve this problem. “Bubble-free financial system” refers to “creating an international reserve currency that is decoupled from sovereign countries and can maintain long-term currency value stability, thereby avoiding the inherent shortcomings of sovereign credit currencies as reserve currencies. It is the ideal of the reform of the international monetary system” (quoted Zhou Xiaochuan, former governor of the People’s Bank of China). Bitcoin is undoubtedly a reserve currency that is decoupled from sovereign currency. The key is how to maintain the stability of its currency value. The chainless system and DW20 came into being for this purpose. After they are organically combined with the Bitcoin system, they can achieve Bitcoin standards and establish a bubble-free financial system, which provides a realistic solution to the problem of the central bank’s excessive currency issuance.

Answer: Bitcoin is an on-chain cryptocurrency. The results of cryptocurrency practice show that there will be no bubbles on the chain. However, the Bitcoin and commercial banking systems are financial systems that operate independently. The two systems cannot be confused, and Bitcoin cannot directly solve the bubble lending problem of a specific commercial bank. The establishment and development of a bubble-free financial system and the practice of cryptocurrencies such as Bitcoin will influence and promote future changes in the commercial banking system and generally solve the problem of bubble lending in commercial banks.

Answer: We will answer this question by referring to the diagram below:

1. The Bitcoin and chainless systems are connected through cross-chain conversion, and the user controls this process entirely. Chainless systems need to verify this.

2. The chainless system is the second layer of the Bitcoin system. It closely links the chainless platform with the Bitcoin system through the BRC20 protocol and also realizes an ecological model of Bitcoin.

3. The chainless system is also a payment platform. It uploads the hash value of the chainless system’s ledger to the Bitcoin system, giving it the credit of the blockchain system.

4. DW20 currency will form a complete Bitcoin-based financial system with Bitcoin and chainless systems.

5. DW20 and multi-signature multi-backup wallet are two application projects of the chainless platform. They resemble the relationship between Contra, Mary Brothers, and Nintendo game consoles.

Answer: At this stage, Bitcoin will be used to measure global wealth and growth, a measure of hundreds of billions of dollars of wealth, while DW20 will be used to measure the price of specific commodities. At this time, the fluctuations in global economic growth are reflected in Bitcoin, and DW20 can also replace the U.S. dollar in measuring Bitcoin, meaning DW20 has become the standard currency. The price of Bitcoin will continue to rise while DW20 remains stable. Market products can be priced according to DW20.

Answer: Bitcoin has an extremely high level of machine credit security. Transaction information is publicly recorded and needs to be verified through the consensus of computing nodes on the network system. Although anyone can view the transaction records, the real identity behind it is usually anonymous and can prevent manipulation and tampering by a single institution or individual. At present, the price of Bitcoin is highly volatile. While price fluctuations create arbitrage opportunities, they also expose currency holders to the risk of losses.

The security of banks mainly relies on traditional security precautions such as firewalls, encryption, and identity verification, and banks bear the responsibility of protecting deposits to a certain extent. However, banks are centralized financial institutions without achieving complete machine credit. Therefore, although banks keep customers’ personal information and transaction records confidential in principle, authorized insiders can still learn about it. In addition, commercial banks also face risks such as bubble lending, devaluation of deposits, and even business failure.

Answer: The security of the Bitcoin system is very high, which has been tested by the market and practice for a long time. However, after storing the content generated by BRC20 in the Bitcoin system, its security and reliability have not been verified by the market for a long time, which will inevitably confuse some people. After the launch of BRC20, although many users were attracted to the Bitcoin platform for transactions in the early stage, the decline in Bitcoin price at this stage reflected the market’s view on this issue.

Answer: The chainless platform is a brand new platform, and the basic development uses a new language. This language is Greatfree, a universal distributed language written in JAVA language. This language has not been tested in large-scale actual combat. Fortunately, Professor Li Bing wrote the chainless system’s basic code alone, which provides the basic conditions for creating great projects. It should be pointed out that when Bitcoin was created, the development method adopted was also such a one-person system. There will definitely be problems and loopholes in the chainless system, which require everyone to participate in solving them.

Answer: DW20 is issued according to the BRC20 protocol and is a BRC20 token that is intelligently distributed based on a chainless system.

The chainless system is a transparent and centralized payment platform. It uses the BRC20 protocol, the space of Bitcoin’s Segregated Witness, and the reliability of the tested POW consensus to upload the hash value of the second-layer chainless system’s running account book. It can be queried using Google Chrome, giving the unilateral accounting system the credibility of the Bitcoin system.

The Bitcoin standard requires a standard currency for pricing and a token for small payments. DW20 uses the Bitcoin system ledger as one layer through the BRC20 protocol and chainless platform, significantly improving the convenience of transactions and demonstrating how to use the Bitcoin system correctly.

DW20 Seed Round Airdrop

Part 1 (10)

Answer: Yes. Our airdrop is the need to build a community and establish a long-term service system and community governance mechanism based on group owners. DW20 is just the transaction token of the chainless community system. In the chainless community, group owners are divided into 4 levels according to the users they serve, ranging from level 5 to 8, and participate in the profit sharing of the chainless system. The Miles version of the chainless white paper has the following dividend base:

The base numbers for each level are as follows:

Level Dividend base

等级Level分红Dividend
11
21.52
32.31
43.51
55.34
68.11
712.33
818.75
928.49
1043.31
1165.83
12100

Answer: Each round has different reward regulations. The airdrop and elimination mechanism of the seed round only applies to the seed round.

Answer: The right to distribute and use the 1 million DW20 tokens belongs to the seed user. We recommend that seed users use these tokens to incentivize their developing users, which will help bring in more new users. Although we do not require that all 1 million DW20 be given away due to competition, there may be hope for an upgrade if all 1 million DW20 is given away.

Answer: Yes. These tokens are issued after the completion of the task is verified.

Answer: If the seed user fails at the end of the first round, that is, the number of downline users he develops does not reach 10, then for less than each person, he is missing 200,000 DW20 tokens. Based on this, he can calculate the number of DW20 tokens that can be obtained. This requirement is only required for the first round.

Answer: Yes. Only the first round has deduction requirements.

Answer: Yes. It ensures that his users use his referral code.

Answer: This is an excellent question. It turned out to be poorly thought out. We apply different standards to newcomers and seniors. The elimination mechanism for older people remains unchanged, with 15 people in each round, and the first 15 new people will enter. Make additional changes to the original standard.

Answer: We hope to be fair, including a fair start. Since there is an information gap between new and old users, does the number of senior users count? The calculation is troublesome and controversial. Satoshi Nakamoto’s computing power is calculated per time and does not consider historical records. Randomness cannot guarantee absolute fairness.

Answer: Yes.

Still have the questions? then send us it.
Please enable JavaScript in your browser to complete this form.
Scroll to Top