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HomeNewsWelups, a fraud-free, proof-of-stake identity blockchain, goes live
Welups, a fraud-free, proof-of-stake identity blockchain, goes live

Welups, a fraud-free, proof-of-stake identity blockchain, goes live

Last updated 29th Jun 2022
Disclosure
  • Welups is used to verify identities in digital banking, social media, entertainment, credit services
  • Reduces risk of fraud and scams through Electronic Know Your Customer verification
  • This year, Welups will launch its mainnet

Welups Blockchain is a highly secure, decentralized blockchain with ascending performance based on a delegated proof-of-stake (DPoS) network. DPoS is a consensus and verification protocol that promotes blockchain organization and verifies transactions by competing with other proof-of-work and proof-of-stake models, Bankless Times learned from a press release first published on CoinTelegraph.

Verifying identity in social media, banking, and more

Welups is an identity blockchain platform used to verify identities in digital banking, social media, entertainment, credit services, and many other services, which are key to improving society’s efficiency. The blockchain also tries to reduce the risk of fraud and scams through Electronic Know Your Customer verification or IDShare. It has been designed to be compatible with a wide range of other technical solutions.

Welups testnet now live

The Welups testnet is now live, demonstrating the power of blockchain 3.0. It is designed to make it possible to test new blockchain improvements without any impact on the original network. This year, Welups will launch its mainnet. The testnet lets developers test their project without incurring gas fees and can be seen as the last step before this next major milestone.

DPoS: choosing trustworthy third parties

DPoS is a process of selecting trustworthy delegates or third parties based on voting in real time and reputation. These third parties create the blocks supporting different network transactions and also accept or reject them. Details can’t be changed because these transactions are a cumulative decision of all delegates.

Transaction fees, inflation, or commission costs can incentivize decision-making, but it is in members’ best interest to perform on high standards and support the network as much as possible.

If a representative performs poorly or a delegate fails to manufacture a block in time, it becomes obvious to the community immediately. The community can vote out and replace a bad representative because there would be more qualified delegates.

All DPoS protocol members are self-governed, making sure the network’s best interests are upheld by outlasting any bad actors.

Welups’ other advantages for the digital world

Welups is a decentralized blockchain-based identity platform that brings the power of identity to the digital world. It is the first blockchain explorer on the Welups blockchain. Data of the blockchain’s coin can be explored on Welscan.io.

Users can vote for ‘super representatives’ by staking WELUPS on Welscan.io. They can declare their crypto and NFTs with smart contracts based on WRC-20, WRC-721 and WRC-10 token standards.

Daniela Kirova

Daniela Kirova

Daniela is a writer at Bankless Times, covering the latest news on the cryptocurrency market and blockchain industry. She has over 15 years of experience as a writer, having ghostwritten for several online publications in the financial sector.