Welcome to the intergalactic world of Woolongs.
The Woolong (trade symbol: WLNG, icon: W with only 1-line traversing horizontally just above center) is the standard unit of currency in the Solar System. Woolong (WLNG) can be traded in physical paper notes, metallic minted coins, digitally transferred electronically through user interface (computer), or with special devices.
THE WOOLONG CORP PHILOSOPHY When we sat down to analyze what makes Cowboy Bebop so unique, from its superfluid fight scenes to its insane grab bag of a soundtrack, we kept running into the same problem every episode. With all the kaleidoscope of references, philosophies, narratives, and forms, it seemed downright impossible to pull on just one thread to figure out the philosophy of the Cowboy Bebop genre. Then, a background appeared in the opening movement around the beginning of season two. It read '…been in 2071, in the universe the bounty hunters who are gathering in a spaceship "BEBOP," will play freely, without fear of risky things. They must create new dreams … BY BREAKING TRADITIONAL STYLES. The work, which becomes a new genre itself, will be called Cowboy Bebop." (Translated from the original Japanese)
These last two sentences about breaking traditional styles and creating a new genre gave us pause. You see, Cowboy Bebop isn't just about great characters and deep thoughts. It's about blurring the lines between three distinct genres, Syfy, Westerns, and Noir.
Ray Bradbury tells us, "Science fiction is the fiction of revolutions. Revolutions in time, space, medicine, travel, and thought, above all science fiction is the fiction of warm-blooded human men and women, sometimes elevated and sometimes crushed by their machines."
In other words, at the heart of any good sci-fi story (or digital currency) are people, in which machines are only a part. Bradberry's words go a long way for us in explaining why we continually see digital currency offerings that are surprisingly heavy on technology. Please make no mistake, technology is what got us here, and it will be technology that provides a better user technological experience. However, today, the "user experience" of digital currencies is limited to a specific type of user. Only those who are tech-savvy can access digital currencies and use them. While this discrimination is unintentional, all current digital currencies' functional and operational design inadvertently lock out non-tech-savvy people. The "user experience" will have to adjust its focus before any significant global adoption of digital currencies becomes a reality.
To address the disconnect between digital currencies and a broader user base, we committed ourselves and our resources to challenge the "traditional style" of the current user interaction in the digital currency space. Identical in principles portrayed in the Cowboy Bebop genre, where technology is simply the tool, Woolong Corp focuses on blurring the lines between a select demographic of tech-savvy users and a significantly broader user base, consisting of everyone that wants to engage in the digital currency revolution. Changing the current user experiences facilitates the next stage in digital currency evolution and adoption. And what better collateral to start with than WOO. ABSTRACT Statistics from research firms show that digital currencies are gaining popularity at a blistering pace. Some stakeholders are even claiming that soon digital currencies will replace fiat currencies. However, some experts argue this growth is not sustainable due to digital currency fundamentals challenges. Fundamentals include inordinate delays, high transaction costs, coin devaluation, poor usability, and security and data privacy issues. Relying on the Binance Smart Contract platform, Woolong Corp mitigates these issues by supplying a digital currency coin that is fast, affordable, secure, usable across multiple gaming platforms, and easy to use for everyone.
MARKET OVERVIEW Since the start of blockchain technology twelve years ago, digital currencies and their related blockchain applications have been amongst the most talked about topics in the technology and finance industries. Despite suffering various drawbacks, the industry has continued to attract substantive attention from investor communities across the globe. This attention has seen most leading blockchain-based currencies increase their value by more than 200 percent in the past two years, with some emerging digital currencies registering indescribable value growths of as high as 7000 percent.
Digital currencies are not just gaining value. According to insights from reputable research firm, Statista, the digital currency market steadily increases its number of participants. According to Statista, between 2018 and 2020, the industry has grown its number of users from 35 million to 101 million, denoting a 188 percent growth in only two years. A similar report by Morning Brew shows that the digital currency market capitalization has also been growing quite fast. The agency asserts that the blockchain market capitalization has grown from $200 billion in 2019 to $2.4 trillion in 2021, with 77 digital variations valued above $1 billion each and 1600 worth at least $1 million. Digital currency adoption as a means of payment is also on the rise. In 2019, before the covid-19 pandemic interrupted global markets, Coinbase commerce processed transactions worth $135 million for thousands of merchants, a 600 percent increase in unique transactions via Coinbase from the previous year.
Besides market growth and an adoption increase, the market is gaining recognition universally. For many years, digital currencies were considered informal currencies. However, recent developments have attracted the attention of governments and large corporations. Various countries, China and Nigeria, have launched their digital currencies. Several banks have also started buying digital currencies, and some have set up their own as an alternative to fiat currencies used as a payment choice for their clients. In October 2020, PayPal announced plans to upgrade its platform to support digital currencies. The platform aims to allow its users to buy and sell digital currencies. Also, the platform has announced plans to enable digital currencies to be used as a funding source.
Another notable development in the industry is the change in market share. As of 2015, Bitcoin controlled more than 86 percent of the digital currency market. Today, Bitcoin's market share has been reduced to 47%. Projections show that Bitcoin's market share will continue to erode as more players join the market and that the digital currency market is no longer monopolized. Any player can come in and claim a share—great news for digital currencies such as Woolong to profit from the opportunity by gaining users and growth.
Based on these insights, the industry is growing steadily. Some stakeholders quote these statistics to assert that digital currencies will soon replace fiat currencies. While digital currencies may soon become the primary modes of payments, experts and professionals in the industry are warning that this may not happen as soon as expected due to some challenges. The modern blockchain industry is characterized by many challenges that make digital currencies unattractive to many potential users. The following section describes these challenges.
CHALLENGES FACING CRYPTOCURRENCY AND TOKENS
Research conducted by the founders of Woolong Corp before developing their digital currency Woolong ("WOO") (Trade Symbol: WLNG) was meant to address pertinent challenges facing digital currencies. This research revealed that virtually all digital currencies are susceptible to challenges limiting their usability and adoptability, limiting growth. The research also exposed vulnerabilities that may not be affecting digital currencies now. Still, it will soon present added barriers to what should be a very bright future — some of the potential challenges discovered by the research include.
Inordinate Delays One of the leading reasons entrepreneurs create digital currencies is to supply an alternative payments system enabling users to remit payments locally and internationally swiftly. Between 2009 and 2013, this goal seemed to have been achieved in the early day. However, as digital currencies started to gain traction and attracted more users, they started experiencing various technical and functional challenges hampering a fundamental aspect to adoption and growth, transaction speeds. For example, crypto platforms implemented extra security layers to combat the increasing security threat. These added layers increased the number of steps needed for authenticating and verifying transactions, resulting in more time required to complete and causing an uptick in the number of transactions in queues waiting for completion. An upsurge in processing time also introduced liquidity challenges, hampered by limited transaction speeds, increasing the time required to initiate and execute transactions. Even though emerging digital currencies are relatively faster than fiat systems, virtually all are relatively slow. According to Zipmex, users must wait for up to ten minutes or longer before their transactions are processed, and in some cases, transactions can take several hours, days, or even weeks before processing. Transaction delays make it impossible to use digital currencies in traditional markets. Despite transaction speeds being essential in payment platforms, most platforms cannot solve transaction delays. Woolong Corp addresses this challenge.
Exorbitant Transaction Cost Another reason entrepreneurs developed digital currencies was to supply a financial system with a mechanism to reduce the cost of sending local and international payments. Pioneers of the technology postulated that dropping intermediaries such as banks and fostering peer-to-peer transactions would significantly reduce the cost of transactions. The cost of digital currencies transactions between 2009 and 2013 was less than one US dollar. However, as digital currencies became popular and the activity in the crypto markets rose, the cost of duplicate transactions started to increase. Today, some digital currencies charge higher transaction fees than banks. Coin Desk has reported that the average cost of transactions for popular digital currencies is $55. CNBC has even reported some platforms charging as high as $16 for transactions worth $25. Extrapolations show that as digital currencies proliferate into the financial mainstream, the cost of transactions will continue rising. According to a survey by Iris, about 37% of digital currency users cite high transaction costs as a significant problem and one that needs correcting to assure the progress of digital currencies. Woolong Corp has successfully overcome these High transaction costs.
Slow Merchant Adoption Rate A digital currency will become widely usable when its adoption rates are exceptional. For digital currencies to become universally accepted as means of payment, they must propagate across several fronts. Even though insights show that the number of people using digital currencies has increased by 188 percent in the past two years, the figure still stands at a mere 101 million users in a world of six billion potential users. Digital currencies are used by just a handful of people, making merchants somewhat reluctant to accept them as payments for goods and services. Theoretically, adoption rates can be increased by actively marketing these currencies across all marketing mediums. Unfortunately, most payment platforms are developed by founders who do not yet promote their solutions to overcome this shortcoming. The result is that users do not recognize digital currencies as a practical alternative. This short-sightedness on the part of Merchant Payment Platform developers slows digital currencies' assimilation and adoption rate even when promoted. Woolong Corp identifies with fans of at least three Sci-Fi animated series and is at once noticeable. These television series use Woolongs exclusively as a means of payment and represent digital currency as an alternative payment solution experience.
Coin Devaluation Currently, most digital currency value is on an upward trajectory. As mentioned in the earlier section, most leading digital currencies gained value with more than 200 percent in the past two years, with some increasing their value by as much as 7000 percent. While this growth is commendable, experts warn that it is not sustainable. Subsequently, leading digital currencies require mechanisms to ensure their value increases or, at the very least, remain stable. Some successful digital currency principals allow their users to earn more units through avenues such as mining and farming features. While these offerings are beneficial and attractive to users, they generate more units in the market if they are not regulated and can cause oversupply, which negatively affects its value. Though digital currency value is currently growing, Woolong Corp is keenly aligned to avert any risk of coin devaluation due to oversupply.
Lack of Security Since the digital currency market became popular, it has been challenged by cybercriminal activities that have resulted in the loss of virtual assets worth millions of dollars. According to a survey by Coin Desk, digital currency platforms lose assets of about $2.7 million weekly to cybercriminals. The survey further revealed that the security risk has increased by thirteen times since 2018, and it will continue growing in the future. Besides stealing users' assets, there is an increase in "Digging" and "Dipping" attacks. Digging attacks focus on winning rewards by unscrupulously solving digital currency chain challenges. The technique tries to extend a mining block. Dipping attacks are like Digging attacks, but they extend multiple blocks instead of one block resulting in the added blocks falling prey to the hacking protocols. While it is easy to propose that platforms adopting the latest technologies and security systems can address the security problem, it is crucial to understand that hackers continually advance their techniques, making exchanges and crypto platforms play catch-up. Bitcoin UP propounds that about 40 percent of digital currency enthusiasts cite insecurity as one of the significant challenges facing crypto platforms. Woolong Corp has addressed these major security concerns.
Data Privacy A central marketing point for digital currencies in the past was the anonymity of their users. However, recent evidence shows that most crypto platforms no longer offer anonymity to remain compliant with banking institutions. Platforms are forced to Know Their Customer (KYC) and collect data to facilitate Anti-Money Laundering (AML). These requirements impact users' data privacy by collecting and storing users' sensitive data and increase the chances of this data falling into the wrong hands of attackers. Some platforms may even sell this data to interested parties. Besides KYC and AML data, some platforms collect users' IP addresses, email addresses, and transaction history. If unauthorized parties access this data, they can access and transfer users' virtual assets on the offending platform. Besides, criminals can use this data to harm users outside the platform. For example, they can use the information to access victims' bank accounts or even insurance plans. Woolong Corp is a Register Money Services Business with FINTRAC and is therefore bound by compliance regulations to report transactions that exceed a particular value, verify users' information, and report transactions that try to circumvent the reporting rules. Additionally, Woolong Corp has taken advantage of several data protection protocols within the Binance Smart Contract platform.
Lack Of Off-Chain Value Most digital currencies are designed to be traded on exchanges and used in mining, farming, and staking features. Beyond these functions, most do not have any other uses. They do not have any real-world value. They cannot buy goods and services, and they do not stand for any noble cause in their community. Lack of off-chain value creates a perception of digital currencies as useless propositions and can discourage people from adopting them and assimilating them into their daily lives. To give digital currencies an edge over traditional currencies, they must have an off-chain value, and users should not just see them as virtual assets for trading online. Off-chain value was an essential factor when developing WOO digital currency.
Poor System Usability The long-term goal of digital currencies is to increase communities across the globe and become a universal medium of payment. To achieve this, crypto platforms and their currencies must be accessible to all people, regardless of their digital literacy. Today, the usage of digital currencies is limited to a specific type of user. Only those who are tech-savvy can access these currencies and use them. While this discrimination is unintentional, digital currencies' functional and operational design inadvertently locks out non-tech-savvy people. Also, the registration process on the platforms is a complex procedure that can last for days or even weeks. Buying digital currencies is a sophisticated process as interfaces on some platforms are also too complex for conventional users. The complexity of enrolling in digital currency platforms, buying coins, and using the platforms is one of the leading reasons potential crypto users are yet to adopt the technology. Woolong Corp explicitly addresses this challenge.
Exchange Scams Exchange frauds are an issue often associated with emerging digital currencies. Unfortunately, it is not uncommon to come across stories of upcoming digital currency raising exorbitant funds through hyped ICOs (Initial Coin Offering) and IEOs (Initial Exchange Offerings) and disappearing before launching their services. Usually, these nefarious characters do not refund their members' investments when these platforms disappear. In some instances, their investors' data is still vulnerable, risking their privacy and safety. Due to increased occurrences of these frauds, many crypto investors are skeptical about investing in new digital currencies, causing a shrink in finance sources for new digital currencies and may slow down the industry's growth. Woolong Corp will instill confidence in its investors by limiting exit strategies for its founders and employees.
Environment Impact Though digital currencies promise countless benefits to humanity, environmentalists are concerned that this technology may negatively affect the environment. For example, according to a survey by Cambridge University, one of the dominant digital currencies has a carbon footprint of 34.76 megatons of CO2, equal to that of Demark. The study also found that the same digital currency consumed 0.4 percent of global electricity consumption, equivalent to 0.36 percent of electricity produced globally. Considering these figures, 0.36 percent of global electricity can power all-electric kettles in the UK for 29 years. If the unmentioned digital currency were a country, it would rank 40th in power consumption, above countries like the Czech Republic and Columbia. This digital currency has a significant carbon footprint and consumes lots of energy because it relies on the Proof of Work (PoW) algorithm, wherein "mining protocols" are needed to complete transactions. Woolong is designed to be environmentally friendly and is not based on a mining principle. Therefore, it does not require mining protocols to complete transactions.
These are some of the main challenges facing digital currencies for the digital currency industry to achieve sustainable growth and realize universal recognition as a means of payment. Though some emerging players in the industry are trying to mitigate these issues, Woolong Corp research found that most solutions are destined to fail. As a result, WOO was developed to address pertinent challenges facing conventional digital currency.
WOOLONG CORP Woolong Corp is the creator of the digital currency Woolong "WOO." Woolong Corp. was created to address the disconnect between digital currencies and a broader user base; they committed themselves and their resources to challenge the "traditional style" of the current user interaction in the digital currency space. They intend to disrupt the crypto industry by offering a digital currency immune to the everyday challenges facing conventional digital currencies mentioned above. Woolong Corp has drawn its inspiration from three television Sci-Fi animated series; Cowboy Bebop, Space Dandy, and Carol & Tuesday. In each of these shows, WOO is the single mode of payment. WOO is a BEP-20 digital currency based on the Binance Smart Chain network. And aims to be the first digital currency available across multiple game platforms and offers a unique user experience, an immutable blockchain, exceptional transaction speeds, reduced transaction costs, environmentally sustainable, socially beneficial, highly usable, private and secure. To achieve this, WOO uses a mix of innovative technologies and techniques backed up with the best practices in the cryptocurrency industry.
Inordinate Delays Stringent security measures cause transaction delays. They are also a consequence of reduced liquidity in the market. Challenges like these are addressed by deploying mechanisms that increase liquidity in the market and using lightweight security systems. An automatic market marker can also ease buying and selling of digital currencies. BSC platform has incorporated several of these protocols, and Woolong Corp has developed a few bespoke mechanisms to help hinder transaction safety and delays.
Liquidity Pool One of the solutions to transaction delays is listing on an exchange that can accommodate a robust liquidity pool. A healthy liquidity pool can be developed by meticulously planning token distribution so that there are enough tokens in supply to ease buying and selling of tokens at any time. Another strategy for a sustainable liquidity pool is using the deflationary token technique. This method injects part of the transaction fee into the liquidity pool hence ensuring the liquidity pool keeps growing. A growing liquidity pool not only solves the liquidity challenge but also pushes the price floor of the token higher, thus enhancing the stability of the digital currency.
Novel Security System As mentioned, one of the leading causes of slow transactions is the installation of extra security layers that elongate the process of authenticating users and verifying transactions. The best option to reduce transaction time is to use novel security systems that reduce steps needed to authenticate users and verify transactions. However, these technologies should not sacrifice safety for speed.
WOO will sustain all these techniques to provide its users with fast transaction speed and support a robust liquidity pool that can ensure no delays when starting transactions. A strong liquidity pool is achieved by ensuring that at any given time, at least 30 percent of the total tokens are in active supply. WOO will also strive to achieve a growing liquidity pool on exchanges that offer this solution. A part of each transaction fee will be injected into the liquidity pool, ensuring WOO value keeps growing. Woolong is fitted with an AMM system. This system will ensure Woolong holders on these exchanges do not wait for people to match wants before starting and completing transactions. Technology supporting WOO employs lightweight peer-reviewed security technologies to confirm users and transactions quickly. To ensure the protocols keep at par with the required security standards, they will be audited regularly and updated whenever it is necessary.
Automated Market Maker (AMM) Automated Market Marker is a trading protocol that ends the need for the coincidence of wants for a transaction to occur. In other terms, AMM is an autonomous trading mechanism that enables sellers and buyers to sell or buy virtual assets anytime, regardless of whether parties in the market are waiting to transact with them. Some exchanges run this solution. As of this writing, WOO is trading on 2 of these platforms, PancakeSwap and by proxy DEXTools.io. Soon, WOO will be listed on centralized exchanges to entice participants who function in these platforms.
High Transaction Costs A quick analysis of the transaction costs of leading digital currencies reveals that the transaction fee changes under the level of activity in the market. During high transaction periods, the cost to complete the transaction increases and, conversely, declines as the number of transactions decreases. The only mechanism to curb the challenge of fluctuating transaction costs is implementing a flat transaction fee rate. Hidden costs are another reason for high transaction costs. For example, some platforms charge conversion, platform, and wallet fees. These costs are not communicated to users in advance. The potential of removing or reducing these exorbitant fees can significantly lower the cost of transactions. Woolong Corp plans to address the high transaction costs problem by setting a flat transaction fee rate. Even though the rate is not yet decided, the currencies founders are working on a rate that will make WOO one of the most competitive digital currencies in transaction costs. Having a standard fee rate will ensure WLGN still is affordable, irrespective of the transaction levels or happenings in the industry. WOO is also free of expenses such as platform fees or conversion fees when buyers buy WOO from the Woolong Corp website, Woolongs.com. As the WOO matures, Woolong Corp may incorporate new strategies to reduce the transaction cost further.
Slow Adoption Rate A slow adoption rate is a repercussion of a myriad of issues. These issues can include poor marketing techniques, lack of shared values, poor usability, difficulty registering on the platform, or users perceiving the currency as useless. Woolong Corp. can enhance its adoption rate through aggressive marketing such as airdrops, participating in community welfare programs, and improving ease of using the coin.
Airdrops Management may send digital currencies to users when they achieve milestones to incentivize the adoption of a digital currency. For example, they can reward the new user with digital currencies after registration. After a certain number of transactions, the user may also be awarded more digital currencies. Airdrops are an excellent marketing tool that can increase digital currency assimilation.
Social Programs To familiarize WOO with its fan-based community of users, Woolong Corp will organize social programs designed to support specific initiatives in that community. For example, they will create a charity wallet for supporting environmental conservation. WOO can prove itself a valuable resource to their community through such a program, attracting more users. Reward Programs Woolong Corp. management has a comprehensive program that rewards new holders with WOO. When people register, WOO coins are sent to their wallet addresses. These coins serve as incentives for joining the platform and giving new users coins to start trading. Management is also planning to release more airdrops in the future. Woolong is also a "Social or Fan Token," Besides taking part and funding environmental conservation events, WOO will have a charity wallet for supporting talents from disadvantaged backgrounds. These programs will make WOO popular and show it as a digital currency with real value in the community. Also, WOO shares various traits with fan tokens. With more than one and a half million Cowboy Bebop, Space Dandy, and Carole & Tuesday fans, WOO has the advantage of growing its popularity faster than other digital currencies. Coin Devaluation Coin devaluation is the situation where a digital currency starts to lose its value. Even though most digital currencies are currently gaining value, experts predict that most of these may lose some value in the future. Coin devaluation results from poor tokenomics, which can be resolved by effective tokenomics planning before launching the digital currency or correcting tokenomics errors through token burning.
Well Planned Tokenomics One of the most challenging parts when developing a digital currency is designing tokenomics. Minting too many coins can potentially negatively affect their value. On the other hand, minting inadequate tokens can create liquidity challenges. Poor distribution of coins amongst stakeholders can also adversely affect the liquidity and value of WOO. Effective tokenomics ensures that the number of tokens released in the market is adequate to ease trading without risking devaluation.
Token Burning It is challenging to accurately predict the number of WOO needed in the market. Besides, the administrators might generate more coins through provisions such as minting or profits earned by staking as it runs, which will increase the number of tokens in supply. A "Token burn" protocol can be used to reduce the number of coins and regulate the number of digital currencies in supply by destroying any extra. Before developing WOO, the founders spent considerable time planning and designing tokenomics. The tokenomics are designed not to exceed demand needs and risk liquidity issues. More details about tokenomics are discussed in the tokenomics section.
Digital Currency Insecurity As mentioned earlier, insecurity is one of the significant problems facing digital currencies. Different digital currencies try to address the security challenge using different techniques. For instance, some digital currencies discourage cyber-attacks by making the validation process complex. While this method is relatively effective, it affects the coin's ability to process transactions swiftly. The best strategies for addressing insecurity challenges are using an immutable blockchain and securing transaction endpoints using protocols such as two-factor authentication.
Immutable Blockchain One of the best strategies to secure digital currencies is building them on an immutable blockchain. Blockchain immutability is the ability of the ledger holding data blocks to remain unaltered. This technology employs a cryptographic principle or a "hash" value to protect the data from corruption. The hash value secures each data block separately, preventing it from reverse-engineering. Blockchain technology also relies on the distributed nature of the ledger. Each network node holds copies of the data, and a consensus is conducted to verify the integrity of the data.
Two-Factor Authentication Two-factor authentication is used to secure the endpoints or entry points of a digital currency transaction platform. While an immutable blockchain prevents unauthorized parties from accessing users' data and exploiting it, it does not prevent attackers from accessing the same data from users' endpoints. Two-factor authentication can ensure that only rightful users have access to the system. This verification technique combines at least two identification factors. For example, after a user has created his password, the platform may send a one-time pin (OTP) to his mobile device for further verification.
WOO is built on the Binance Smart Contract blockchain and is one of the best blockchain systems with robust security features. Once a transaction is executed, it cannot be altered. In addition, the network's architecture does not allow unauthorized persons to access its registry — the immutability of the Binance blockchain guarantees that the applications running on it are safe for users. Woolong Corp. intends to implement a two-factor authentication protocol. The protocol will include a conventional password, and a one-time pin (OTP) sent to users' emails. Implementing a two-factor authentication system bolstered with Binance network immutability guarantees secure digital currency users can rely on when sending payments within and across multiple galaxies.
Data Privacy Data privacy is a significant issue in the modern world. Many internet users are increasingly keen on the type of data they send to online platforms. Studies have proven that most online users are more comfortable using online services that require minimum personal information. Besides users, many online companies are skeptical about keeping user information since it attracts cyber-attacks and calls for regulations from government agencies. The data privacy problem can be addressed using two techniques: zero-knowledge proof and cold storage system.
Zero-Knowledge Proof Zero-knowledge proof is a protocol that enables one party (the prover) to prove to another party (the verifier) that a given statement is true without supplying any further information about the statement. The technique lets the verifier know that the other party knows certain information. This protocol preserves users' privacy in two ways:
- It requires users to upload little personal information.
- User information held on the blockchain is not revealed to any other party allowing KYC and AML rules set by government authorities and banks can be seen without pre-empting using information using this protocol.
Cold Storage This technique is meant to protect users from online attacks. It involves moving data that is not needed to support daily operations offline and moving a certain percentage of coins to an offline system. Here, the target is to reduce data and resources accessed in an attack. For example, security protocols can move social security numbers, names, and emails to an offline system. Sixty percent of tokens can be stored offline, so that only 40 percent of tokens are left online to support transactions. Woolong Corp believes a platform should not disclose users' sensitive information to any other party whatsoever the circumstances. As a result, the technology supporting the digital currencies features a zero-knowledge proof system that requires little information to satisfy KYC and AML rules. Besides, this system ensures regulatory bodies do not have access to any user data held on the blockchain. Besides limiting user data held by the platform, Woolong Corp. is developing an offline system that will hold specific data and a percentage of the coins. This strategy will be a precaution for online attacks targeting users' data and resources. As the Woolong Corp system advances, administrators may adopt more measures tailored to safeguard users' privacy.
Lack Of Off-Chain Value Lack of real-world value exists due to digital currencies being treated as assets only meant for trading on exchanges and crypto outlets — this mentality bars management from developing strategies to give virtual currencies real-world value. Woolong Corp can achieve off-chain value by partnering with merchants to accept digital currency as a means of payment and to fund noble causes in the community.
Merchant & In-Game Partnerships Digital currencies can only reach an actual real-world value when they become accepted by merchants in the traditional marketplace and can only be achieved by Woolong Corp soliciting partnerships with players in the fundamental world markets. For example, WOO is well-positioned to act as a cross-platform Gaming Token, and the actual value of In-Game Tokens brings a new level of potential to WOO.
Noble Causes Pursuing a noble cause in the community is another strategy digital currencies can employ to gain real-world value. For example, a digital currency can commit itself to helping solve a global problem such as food security. A digital currency that commits to solving such a problem can develop a wallet for funding the initiative. This wallet can be designed in such a way that it collects a certain percentage of the currency's proceeds. For example, 1 percent of the transaction fee is transferred to the wallet for every transaction. Besides collecting a part of the proceeds, the wallet can collect direct donations from well-wishers.
The primary aim of the Woolong Corp is to make WOO an internationally accepted digital currency. To achieve this goal, the founders of WOO are actively looking for partners in the real-world market that will accept digital currency as a means of payment. Several merchants have shown interest in the coin, and plans are underway in developing a form of engagement that will ensure businesses that accept the coin get their value back. As the coin matures and its popularity surges, it is expected that more firms in the real world will start to appreciate WOO value as a cross-platform token. Right now, the focus is on gaining momentum. As aforementioned, Woolong Corp is pursuing several noble causes.
Woolong Corp plans to partner with non-governmental organizations that conserve the environment. Through its charity wallet, WOO will fund some of the initiatives undertaken by these organizations. Woolong Corp. has expressed its interest in supporting upcoming talents in the entertainment industry. Many talents, especially from impoverished communities, do not reach their maximum potential due to a lack of mentorship and funds to finance their projects. Using funds collected in the charity wallet, Woolong will set up a mentorship program to spot exceptional talents from struggling communities and support them. This program will not only distinguish WOO as a digital currency with a real impact on society, but it will also contribute to the growth of the entertainment industry through the support of disadvantaged artists, and Woolong Corp has agreed with various multiplayer online games to supply WOO as a payment for their users buying added items and upgrading game equipment.
Poor System Usability System usability and accessibility are critical factors when it comes to adoptability. People tend to be inclined to assimilate technologies that are easy to use and readily accessible. Since the inauguration of blockchain technology, digital currencies have been solely based on PC browsers. Furthermore, the user interfaces of crypto platforms are too complex for ordinary computer users. The usability of these currencies can be increased through,
Simple User Interfaces Users interact with digital currencies through user interfaces. The user experience when interacting with these systems depends on completing processes. Crowded interfaces may discourage users from using digital currencies, and interfaces that require users to go through lengthy processes to complete tasks may also dissuade users. Crypto providers and exchanges can attract users by using simple interfaces to complete tasks with a maximum of four steps and accommodate all users, experts, and amateurs.
Smartphone Support According to Statista, only 47 percent of households across the globe own globe have computers. The agency further says that only a third of households own computers in the developing world. In contrast, more than 4 billion people own smartphones, meaning more than 60 percent of the global population uses smartphones. Smartphone penetration in the developing world is quite impressive. Running digital currencies on PCs alone can only guarantee a penetration rate of 47 percent while supplying digital currencies through a smartphone application can reach more than 60 percent across all communities globally. Offering digital currencies through smartphones increases the efficacy of the currency, reaching more people. Besides, people usually find it easier to use smartphone applications than traditional websites. Customer Support Even though digital currencies have been around for more than ten years, it is still a recent technology many people do not know. Before registering with a cryptocurrency provider, buying digital currencies, or completing any vital process, users may need to seek expert advice. Woolong Corp believes setting up a customer support section where users can send queries and get the necessary help can enhance the currency's usability.
Website Functionality WOO is a modern digital currency coin designed with all users in mind. The coin's website is simple enough to be used by average computer users while supporting the needs of advanced crypto traders. Virtually all processes on the website require less than four steps to complete. Both smartphones and computers can access Woolongs.com. In addition, Woolong will launch smartphone applications to enhance accessibility and ease of use in the future. To support its community of users, Woolong Corp has an email address, support@@woolongs.com, where users can send queries and get aid. As the number of users increases, Woolong will deploy an AI-powered bot that will respond to customer requests in real-time and supply 24/7 support.
Exchange Frauds Exchange frauds are tainting the integrity of digital currencies. The tendency of emerging digital currencies to raise money through ICOs and IEOs and vanishing without launching even a single service is branding the virtual assets market a harbour for cons. Exchange frauds can be mitigated through verifiable fair launch and locking coins distributed to founders for a given period.
Verifiable Fair Launch Some digital currencies treat their holders discriminately. For example, some founders enable just a few selected special members to buy tokens at specific windows when the prices are low and urge the rest of the public to buy later at higher prices creating an unfair marketplace where some members have a competitive edge over others. A verifiable fair launch allows everyone to buy tokens at the same price ensuring that no one has a competitive advantage.
Locking Founders' Tokens Exchange frauds are mainly perpetrated by founders cashing out their founders' digital currencies and leaving the platform to die. Investors and users of the platform cannot recover their investments. By locking up founder digital currencies for a given time, founders cannot cash out their tokens and leave. Woolong Corp locks their tokens for between 6 and 24 months. They cannot sell their tokens during that time.
WOO is a community-driven digital currency token. The success of WOO will purely depend on its community of users. As a result, it's designed to treat all its members equally. Since its start, Woolong has indiscriminately distributed the coins to its members. This distribution model was inspired by Woolong Corp.'s vision of creating a virtual assets marketplace that is competitive and free from predispositions.
WOOLONG COIN "WOO" SPECIFICALLY
WOOLONG coin, abbreviated WOO, exchange symbol: WLNG, is a BEP20 token built on the Binance Smart Chain (BSC) developed as a first flag project by the founders of Woolong Corp. The Binance Smart Contract ecosystem governs the digital currency and is written in GO, Java, JavaScript, C++, C#, Python, and Swift programming language. Holders can currently exchange WOO with other digital currencies on PancakeSwap and other DeFi (decentralized finance) applications. As mentioned earlier, initially, WOO will serve as a means of payment for Merchants and a fair value token for buying and upgrading equipment in multiplayer online games.
Why Binance Network WOO shares many characteristics with fan tokens. The best description for WOO is a fan token with digital currency capabilities. Usually, fan tokens are characterized by a vast following; WOO can serve more than one million loyal fans of the animated series it was based on. Serving such a user base requires a stable blockchain with superficial capabilities. Binance Smart Chain is one of the best blockchain platforms supporting digital currencies with large user bases. Some of the critical benefits of Binance Smart Chain that made it suitable for Woolong include:
Performance Suitable for Mass Adoption Binance Smart Chain uses Proof of Staked Authority (PoSA) consensus. The protocol's algorithm is fitted with 21 validators, giving it the power to produce a new block in 3 seconds, making BSC the fastest blockchain network in the crypto industry. Binance Smart Chain's speed gives the applications built on it the speed and power needed to compete with applications built on conventional blockchain infrastructures.
Low Transaction Cost When the crypto market boomed in early 2021, the transaction costs of digital currencies built on conventional blockchain networks hit record highs. In contrast, the transaction costs in applications based on BSC remained almost 20 times lower than that of traditional blockchain networks. Woolong chose Binance Smart Chain because of its low gas fee. BSC's low transaction cost enables Woolong to offer competitive transaction fees, encouraging mass adoption. BSC's low gas fee also relieves the pressure of developers worrying about high transaction fees, allowing them to focus on innovation.
Safe Operations Binance Smart Chain is designed with security at its core. The network's smart contracts are implemented so that once a transaction has been completed, it cannot be modified or reversed. BSC ledger is fitted with various security measures to bar unauthorized access and alterations. BSC wallets are designed to enable users to store their assets away from exchange platforms while at the same time allowing wallet owners to interact with decentralized applications built on BSC and Ethereum. Since its inauguration, BSC has not recorded any significant security breach. Woolong preferred Binance Smart Chain because of its security capabilities.
Borderless DeFi Borderless DeFi means tokens launched on BSC can be used across multiple DeFi applications and chains. BSC's cross-chain infrastructure allows holders of BEP2 tokens and BEP20 tokens to move them across different chains (cross-platform). BSC is compatible with EVM compatible blockchains like Ethereum, meaning tokens like Woolong can transfer tokens launched on BSC to Ethereum and vice versa. One of Woolong Corp's goals is to be tradable in different DeFi applications and usable in multiplayer online games. This goal requires the coin to be movable in various DeFi applications and chains. BSC is the only network that offers this capability while keeping a low transaction fee.
Revenue Model Currently, Woolong Corp's long-term primary source of revenue has yet to be decided. In addition to a small transaction fee currently levied on transactions, Woolong Corp will develop added fees related to real-world usage at the proper time. For transactions involving a bridge from BSC dApp to Ethereum dApp, users will only pay a network fee — no conversion fee. As more features are added, the revenue model will adjust in the future.
The Future WOO is a new digital currency. Currently, currency holders can trade it on DeFi applications and exchanges. However, as the coin matures, WOO will introduce new features. For example, WOO will introduce a token staking feature. WOO may introduce in-Game Token usage and potentially a lottery in jurisdictions where these activities are allowed. The founders are also contemplating implementing an NFTs marketplace. Woolong is working to create partnerships with real-world merchants, multiplayer online games, and charity organizations to facilitate the next chapter in revenue for Woolong Corp.
Tokenomics Before launch, and initially, 10 million WOO were minted. WOO constitutes eight decimal (0.00000000) places. According to expert projections, with the supply of 10 million WLNGs, at least each member on the Woolong Corp. fanbase should receive 1WOO. WOO is to be distributed as follows. • 500,000 WOO (5 percent) to promotions, and airdrops • 1,000,000 WOO, (10 percent) during pre-sale. • 2,000,000 WOO (20 percent) to advisors who guided the development teams, staff and founders. • 4,000,000 WOO (40 percent) to the ICO (Initial Coin Offering), • 2,500,000 WOO (25 percent) the public after the formal WOO launch has been completed. Note Additional tokens can be created (minted) or destroyed (burned) periodically to maintain an equitable economy for all participants. See sections above.
CONCLUSION Digital currencies like WOO can grow and become a standard form of payment across multiple platforms. Given the proper amount of attention, adoption, and real-life value propositions, the WOO's potential could rise to a global token that provides the level of fair value not currently seen in the global economy. Recent insights from famous research firms show that many people are more than willing to assimilate digital currencies because of their benefits, such as democratizing the financial system and enhancing the ease of remitting payments locally and globally. However, for WOO to achieve sustainable growth and become accepted means of payments, they must address the issues barring their proliferation. Woolong Corp. founders have tried to address these issues by developing a digital currency coin based on the currency used in several animated series. WOO is an ultramodern digital currency designed with the necessary technologies to ensure that transactions are fast, affordable, and secure. WOO is also developed to support all users with basic computer skills. Woolong Corp focuses on disrupting the crypto industry by giving users a digital currency trading experience never seen on any other digital currency marketplace. REFERRENCES Morning Brew (2021), Seven charts that explain the current state of crypto. Retrieved From: https://www.morningbrew.com/daily/stories/2021/08/09/seven-charts-explain-current- state-crypto? cf_chl_jschl_tk =QJsfUJGq4f97jxLCkx6zSDENOqbyU32pb9ZwyfZTkYw- 1636433260-0-gaNycGzNDb0 Statista (2021), Share households with a computer at home worldwide from 2005 to 2019. Retrieved From: https://www.statista.com/statistics/748551/worldwide-households-with- computer/ Statista (2021), number of smartphone users from 2016 to 2021. Retrieved From: https://www.statista.com/statistics/330695/number-of-smartphone-users-worldwide/ Statista (2021), Bitcoin price from October 2013 to July 8, 2021. Retrieved From: https://www.statista.com/statistics/326707/bitcoin-price-index/ Statista (2021), 2021: Year of the Digital currency. Retrieved From: https://www.statista.com/chart/24793/selected-digital currency-price-growth/ Zipmex (2021), How long does it take to transfer Bitcoin. Retrieved From: https://zipmex.com/learn/how-long-does-it-take-to-transfer-bitcoin/ Investopedia (2020), Coinbase Commerce. Retrieved From: https://www.investopedia.com/terms/c/coinbase-commerce.asp CoinDesk (2017), Solving the Liquidity Challenge of Decentralized Exchanges. Retrieved From: https://www.coindesk.com/solving-liquidity-challenge-decentralized-exchanges Cambridge University. Cambridge Bitcoin Electricity Consumption Index. Retrieved From: https://cbeci.org/cbeci/comparisons Iris (2018), 4 challenges plaguing the digital currency market and possible solutions. Retrieved From: https://www.iris.xyz/markets/4-challenges-plaguing-the- digital currencymarketandpossible-solutions/ Coin Desk (2021), Bitcoin transactions are more expensive than ever. Retrieved From: https://www.coindesk.com/bitcoin-transaction-fees-more-expensive-than-ever
More information about the WLNG Token To know more about the management people, visit https://woolongs.com/Whitepaper_v2.0.pdf and their social media presence https://woolongs.com/?page_id=1430.
Why did they choose the Binance Smart Chain? Visit https://woolongs.com/?page_id=1349. -30-
Please review Woolongs.com for some additional information and Woolong (WLNG) historical trading rates