The cryptocurrency has gone mainstream with the surge in total volume of crypto market as well as the awareness of decentralized economy. In order to inspire and encourage people to perform valuable actions and make decisions, a new crypto platform, called World Open Network (WON) has emerged.
What You Need to Know About World Open Network?
World Open Network is an innovative, global cryptocurrency community focusing on rewarding activities that create useful applications and services. It claims to be one of the world’s first crypto networks to enhance the brand awareness of millions of businesses. This is applicable using WON’s built-in compliance mechanisms.
Current project issues, WON addresses!
- Current projects are subject to outright scams, incompetent project team and unethical practices that split the trust factor among project and audience.
- ICOs are often running out private sale as a potential opportunity that enables only few wealthy investors to rule over a huge volume of tokens secretly.
- As per the Satis Group report of 2017, 78% of the ICOs are mostly scams.
- It so happens that half of the ICOs dies just within four months of the Token sale.
- The threatening part is that, as per the Autonomous Research, the ICO activity has dropped over 90% in 2018.
- ICOs have received negative signs from some of the countries like China, Mexico, Russia, Saudi Arabia and South Korea.
But WON is trying to fix these issues by using community crypto with built-in compliance mechanisms:
- All the users and third-party developers should undergo Mandatory KYC/BSA/AML.
- World Open Network provides services only to the jurisdictions, where cryptocurrency is applicable. WON Inc., maintains the related licenses during the service.
- This platform strives to make cryptocurrency that is immediately accessible to end users.
- The most effective mechanism of WON platform is that all Third-Party Developer Coins (TPD DC) will be based on the WOB network. However, the value of their crypto will be tied to the usage of their applications. Also to the services that will be placed before GENESIS.
The platform works in accordance with compliant guidelines:
- To offer security to developers and users, WON provides KYC compliance service.
- WON allows registered users to interact and transact safely.
- WON account will be able to trace every transaction in compliance with KYC/BSA/AML requirements.
- In case of discouraging speculation, WON ensures that the value of Ŵ (The cryptocurrency token commodity of WON INC) and DCs (Developer Coins) will be dependent solely on the value of products and services of WOB.
- Hence it creates feedback that encourages developers to boost productivity and creativity. This increases the demand for their applications and services.
In a nutshell
The WON Team utilizes its network security experience to develop a fast and scalable open-source blockchain software. Relying on their experience within gaming and virtual currency trading, the team creates an easy way to use the platform to globally issue coins and DApps.