Wapps are decentralized smart contracts designed to work with Workchain that anyone can create for free. Wapps (Workchain apps) provide a financial incentive mechanism for anyone to create, improve upon, manage or change the thing that the Wapp is being used for.
Wapps are born from the idea that anyone should be able to easily participate in a free market economy. The best way to do this today, it could be argued, is with cryptocurrency tokens.
With tokens we can distribute the power and authority of endless economies to users directly. Further, we can turn the most underutilized capital in the world – the ability to think and do – into liquid assets that are represented by those tokens.
A Wapp is a Workchain smart contract that:
- is easy to deploy on the user side, and
- makes something easier to do on the user's side
Users can use Wapps to facilitate social and economic experiences that are:
- hard for competitors to duplicate, but
- easy for users to share.
Wapps allow blockchain to become a part of everyday, economic and social transactions. It also promises to make blockchain more accessible and easy to use for the average person.
By providing a multitude of incentives for all participants to self-organize, Wapps can serve as a permissionless layer under any new or existing entity where users can seek to produce value for the system rather than waiting for a bureaucracy to approve of those actions.
Each Wapp is its own economic system and can be used for anything from getting a business off of the ground to education to community groups and much more. Wapps can be deployed instantly with the Workchain OS interface (or in about 5-10 minutes now deploying a contract on MyEtherWallet).
Users can join a Wapp by getting its token. Workers do not need to get the token, but do need to produce some kind of value for the Wapp by submitting something to it at least once, along with their personal or business digital currency (PDC or BDC) in order to get validated to receive rewards.
Other features include:
The Wapp price is always a calculation of it's 'genesis price' and a setting in the Wapp, such as the number of addresses that hold the Wapp token, the number of transactions where the token was obtained, or something similar.
A continuous reward schedule for as long as there is participation, without end dates. Wapps can, in theory, reward its participants' labor forever.
No Need for Exchanges
Send Ethereum tokens to a Wapp smart contract address and receive its tokens back automatically.
Resistance to Scams
Standard Wapp code is designed to be incompatible with cheating. Feeding into the ‘self-aware’ economic organism of the Wapp, a continuous flow of human intelligence can move its consensus away from malicious – or unproductive – actors.
Resistance to Malicious Attacks
Wapps turn actions that are intended to harm the system into actions that have an overall benefit to its economy.
Flexible Pay Periods
Pay periods align with work blocks, which are periods of time for validation of productive activity. They can be set to daily, weekly, bi-weekly, monthly, etc., according to the needs of the Wapp.
Open Participation for Workers
Anyone can join a Wapp and start working for it immediately.
Competitive Worker Rewards
As a reward for their labor, workers receive funds provided by holders during a pay period The more a worker's contribution is validated in comparison to other workers the more rewards they will receive for their labor. If their work has not been validated, they will not be scheduled for a reward. Their position can change at any time during the pay period, depending upon the fluctuating positions of other workers as jobs are validated.
Open Participation for Holders
Anyone can become a holder of a Wapp within seconds. By doing so, they receive tokens of all projects in the Wapp at the end of each pay period.
Competitive Holder Rewards
When a holder sends ETH to the Wapp they receive the Wapp's native tokens. In addition, they will receive rewards in the form of tokens of other projects and entities. The more Wapp tokens that a holder has in comparison to other holders, the more rewards they will receive. These values can change at any time during the pay period, depending upon the fluctuating positions of other holders.
Endless Distributions to Holders
As a reward for their labor, holders will receive distributions of tokens that have been added to the Wapp, every pay period. Once the holder has approved of the work in the Wapp for that pay period (by 'signing'), they will receive a distribution and can do as they want with it. This can continue for as long as they are holding.
Freedom to Roam
A worker may decide to become a holder and vice versa. This can be easily done by using two wallet addresses instead of one.
Endless Participation From All Sides
There is no limit to the number of holders in a Wapp, nor the number of workers, nor the number of its token distributions or other rewards. The greater the level of participation, the greater the rewards for work in the Wapp.
An Endless Supply of Valuable Tokens
Workers are provided with incentives to continuously add more value to each pay period's distribution. Additionally, their worker rewards help them to add tokens from different projects outside of the Wapp.
No Need for Oracles
Wapps rely on human consensus rather than needing to access data through outside services, making it more secure and less centralized.
No Need to Look at Charts
The success of each Wapp depends upon the immutable parameters set forth at genesis, as well as the evolving dynamics between holders and workers. The irrationality of cryptocurrency markets is transformed into a clearer picture of value that is based on more easily-perceived and measurable market traits.
A Level Playing Field
Transparent, everyone can get all relevant information in a Wapp at the same time. ‘Inside information’ does not provide any material advantage to any party. Parties conspiring together are limited to conspiring to benefit a Wapp's economy.
Wapps are designed to be completely independent and incorruptible, offering the same rights and authority to everyone after it is deployed – including its creator.
New functionality can be added onto Wapp via smart contracts (or even other Wapps) at any time. Simple Wapps can self-organize into more complex or disruptive ones.
A Wapp runs without end. It allows value based on the promise of future labor to be used today for an endless variety of reasons, like the money in your pocket.
At any time, holders can request a refund of the value that they put in. Any tokens received can be kept by the holder, and serves as the reward for their labor. (Refunds are not guaranteed, of course.) This feature can be removed from the Wapp if the creator so chooses.
Traditional blockchains have a winner-takes-all consensus approach that invalidates most of the resources used in the validation process. Wapps use a multi-tiered, dynamic algorithm where every validation forms part of the composite picture of consensus. This all-take-part approach ensures that there is no loss of productivity or idle resources, and is more rewarding for more participants. Further, as the nature of work is to evolve without end, the picture of consensus changes each pay period, never needing to reach finality.
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