Wings project purpose and description
What is Wings?
Wings is a unique blockchain platform that is designed for community services. The idea behind Wings is to create a community where users can seed and nurture their projects.
This blockchain platform also helps this cause by providing an avenue where developers and users who are interested in these causes can nurture their projects, with the aim of making sure that the projects eventually get launched and released to the masses.
Other than offering a platform to launch projects, Wings is also useful in garnering support and promotion for new projects. All this is made possible thanks to their organizational structure, a model referred to as A Decentralized Autonomous Organization (DAO).
Through DAOs, Wings provides an avenue for independent governance in organizations, self-determination, operations, and management by executing smart contracts, and leveraging the services on an immutable blockchain platform.
There are a lot of ideas that have been borrowed from other successful blockchain projects, which have been combined successfully in Wings. Some of these include smart contracts, security for federated funds, forecasting markets, governance models and attention rewards.
By design, Wings is meant to encourage the community around it to identify proposals for projects that have a very high possibility of yielding high returns and push them to the forefront of development and attention. Such projects eventually attract investment from interested investors.
Through the decentralized forecasting ecosystem, Wings is able to offer incentives to those who hold Wings tokens. This is supposed to encourage them to put in more effort into making decisions that eventually help them maximize their ROI and rewards.
What is the problem that Wings solves?
Ever since Bitcoin, a lot of blockchain projects have come up in the past. All these have different promises to the investors, but not all of them eventually live up to expectations.
Many are those who have invested their hard-earned money in such projects, only for the projects to turn into scams, and in the process, the investors lost their money.
This is one of the biggest challenges that is also affecting the adoption of blockchain technology. Most people have read and heard about such gory stories, projects that never lived up to their expectations.
On Wings, the community and developers try to ward off inappropriate projects. Developers are encouraged to push their projects to the platform so that the entire Wings community can have a look at their prospectus. Upon further discussion, the community can agree on the feasibility of a project, and the possibility for success.
This makes work easier for both the developers and the Wings community. On the part of the developer, they get a confidence boost and know they are on the right track. They can also come away with investors in their project.
Another problem that Wings tries to solve is that of failed investments. This is often possible when people invest in a project that is inappropriate. There are experts on Wings and members of the community who have a high likelihood of knowing about the project that a developer is pitching.
As a result, if the project is not feasible, the entity behind it will be made aware. This also helps would-be investors prevent the risk of putting their money in a project that will eventually fail.
The process of submitting projects to the Wings community is also a means of filtering out unworthy submissions. This makes work easier for a lot of people. Other than filtering out proposals that are deemed unworthy, the successful ones subsequently get the backing they need.
Apart from the backing, these projects are pushed forward to the community, and this gives the developers an unprecedented promotion, so they only need to figure out how to take advantage of this backing and ride it to success.
How does Wings solve the problem?
Wings basically uses a decentralized forecast market to arrive at the decisions as to whether a DAO project proposal has the potential to succeed or fail. There are so many possibilities yet to be actualized following the emergence and understanding of swarm intelligence. Swarm intelligence is all about gathering information and acting on the information obtained through self-organized, decentralized systems.
Through this, the possibilities for creating new methods and tools through which event prediction and decision consensus can be done is immense. There is a reward protocol for those participants who present new proposals to the Wings community, as do those who forecast the ability of the DAO project to meet set milestones, including raising funds.
As a result, Wings uses an incentive system to foster a sense of cooperation. The forecasts for such projects are made according to expectations of loss and gain. Because of this, there is a possibility of participants missing rewards because of their choices, and as a result, this encourages them to proactively research on the projects that are presented to them before they make their forecasts.
Wings is a system that by design, awards decisions that are well-informed and make correct predictions about projects that are proposed to the community.
What makes Wings better than the competitors?
There are some features inherent to Wings that set it apart from any of the projects that are currently running on blockchain or otherwise, that are designed with the same goal.
Wings uses extra-predictive applications to make forecasts on projects that have been presented to the community. These applications combine the expected outcome and the decision to make a forecast. In multidimensional markets, token holders are often requested to predict some of the important decisions, and at the same time give a perceived view of the value of the tokens they hold should their prediction come to pass.
After the time to the decision has lapsed and the prediction turns out to be true, the blockchain evaluates the value of the token and the holders who came closest to the right prediction get rewards.
There is a lot of flexibility in implementing this forecast pattern. A common scenario would see token holders asked to predict the success of a DAO project, based on the amount of money that they believe the project can collect in the backing phase of the campaign.
After the forecast period is closed, the project is released on Wings, complete with a unique set of tokens and contracts, and the project can then begin the backing phase. Once the campaign is over, the funds collected from the blockchain is announced, and the token holders who came closest to predicting the actual figure that would be raised get their rewards.
These forecasts can also be used in decision making for DAO proposals that might involve milestone payments to contractors, for changing the core operating ruleset of the DAO or on work that should implement a capability or feature on Wings.
Over time, people who participate in forecasting on Wings get public ratings according to how close they come to making the correct predictions. To do this, Wings uses a liquid DAO governance system, which establishes the protocol for delegating votes. As a result, a token holder is able to delegate (loan) another token holder, especially those who have a higher reputation on Wings than they do.
Forecast ratings on Wings determine the nature of the rewards that the delegates and token owners get. An individual with a high rating is someone who has constantly outperformed, and as a result, they have a good reputation. Therefore, other token holders would not have qualms about loaning them their forecasting rights. This, in essence, creates a meritocracy in the Wings decision-making system.
The forecast ratings for individual accounts will either increase or decrease with each round of forecasting that they participate in, and also depending on the forecasting activities of the token holder. Wings has an equilibrium point for forecasts, upon which ratings do not change. Ratings increase in lieu of the accuracy of the predictions and decrease proportionately.
Another factor that determines the forecast rating is the outcome of the proposal submitted to the community for review. In case the proposal is flagged for spamming, the account that submitted the proposal gets penalized. On the other hand, some proposals might not generate a lot of interest, therefore attracting very few participants. Some might also have a very shallow forecast spread. In such a case, the forecast rating is not penalized. However, depending on the results of the forecast, the ratings will still increase or decrease. In the event that the proposal did not attract a lot of participants, yet it still had a good number of forecasts, the account that submitted the proposal will enjoy an increased forecast rating.
The way forecast ratings are designed, they die a natural death. The natural decay is reset whenever a forecasting event is ready, and if the token holder does not participate in subsequent forecasting events, eventually their forecast rating drops to nil. This is a mechanism that was put in place to encourage more people to play an active role in the forecasts because these projects eventually affect their lives. At the same time, by involving a lot of people in the forecasting process, users on Wings can look forward to better decision making and distribution.
How can Wings be categorized?
Wings is a governance blockchain platform for projects, and it provides incentivized forecasting services.
What’s Wings’ vision on Security?
Security is one of the primary concerns of the Wings platform, especially when it comes to the collected funds and smart contracts. To build a fortress, there are different innovative ideas that have since been implemented, including last case emergency recovery, functional programming, and formal verification of the contract code.
Last Case Emergency Recovery
This is done through the RSK federation. The RSK federation is a number of companies in the Bitcoin ecosystem whose purpose is to act as gatekeepers for transactions. Any BTC that is deposited in the blockchain has to be linked to a side chain with a multi-signature key of the RSK. For this reason, therefore, users can only withdraw BTC after a majority of the members of the federation have confirmed the transaction on the side-chain.
Functional is a situation where instead of using procedures or objects to serve as the building blocks of any program, functions are preferred. Functions are simple mathematical equations that determine the nature of the relationship that exists between entities in the blockchain.
According to recent research, using an Ethereum VM bytecode producer to extend the functional language compiler can help developers reduce some errors that are common on the blockchain. Wings is currently using only the languages supported. However, in the long run, plans are in place to provide funding for and support the development of a functional language support for the DAO smart contracts.
Smart Contract Verification
By verifying smart contracts, this is a representation of contracts that offer an assurance the contract will perform the role it is written to. The process tests all the code to determine their feasibility for all the possible outcomes, states, and inputs. Wings has automated provers that verify code branching and conditions for execution.
Examples of Wings use cases/applications
By default, the Wings platform is supposed to reduce the level of on-boarding that users often experience when using new platforms. To do this, Wings allows users access through platforms that they are used to, like a chat messenger.
Through messengers and chatbots, users can start using the Wings platform almost immediately, and all they need is personal knowledge of how to use their messaging apps and chatbots
Wings is built to work with the popular messaging networks, including Slack, telegram, WeChat, Facebook Chat and probably many others that might come up in the foreseeable future. Wings will deploy an IM HUB. Through this, users can communicate across different chat networks, enjoying the best-unrivaled experience without necessarily having to switch from one service to the other. With the Wings chatbots, users are able to perform the following seamlessly:
- Follow other Wings users
- Manage graduated DAO projects
- Predict the success of project proposals
- Discuss opportunities
- Learn more about DAO projects
- Manage project proposals
All sensitive operations like signing transactions are delegated to a sandbox on the web client for security reasons. This allows users to engage an operation in the messenger platform, and sign off on a web client.