The Hong Kong based coin aims at providing a decentralized platform that allows its users to build and develop applications for various industries. This distributed network has fully incorporated features characteristic of blockchain 3.0 that allow for scalability of the platform, fast transactions and sustainability in development.
WaykiChain (WIC) has shown promise in its early days but the recent bear run in the cryptocurrency market has affected its growth greatly. The coin lost almost half its value in January, in a week that saw the coin drop from a high of $1.01 to an all-time low of $0.466. However, with only 4 months till the FIFATM World Cup finals in Russia, the cryptocurrency may well be headed to $2.
According to Statista, online gambling/sports betting accounts for 30-40% of the total gambling proceeds that also includes casinos and lotteries. This amounts to over $150billion raised by companies in the industry. Of this, the football betting industry attracts sums close to $50 billion.
Russia 2018 World Cup logo (FIFA)
This is set to increase even further with the FIFA World Cup coming up this June. The event expected to increase the number of bets to over 30% the normal annual volume. This comes as no surprise as the FIFA World Cup, the single most watched event in the world in the 21st Century, looks to add its viewership this year. The previous world cup had a total of 3.2 billion viewers across the one month period with a total of 1 billion watching the final.
The development team announced on its website, that the network will first be used to build an online betting application, WaykiBetting. With the increasing cases of illegal betting on Asian betting sites and high betting fees, WaykiBetting offers a platform that is decentralized and offers close to free betting fees. The platform users are required to place their bets using the WaykiChain (WIC) tokens and if the bet is won, payouts are made instantly.
WaykiBetting also offers a real time betting and transparent feature through the blockchain technology. The blockchain feature creates a public and searchable catalogue of all bets placed with records that cannot be manipulated.
The development team has currently been able to meet milestones as stated in its 2018 roadmap. This year, the mobile decentralized betting application was completed and the team launched the startup of WaykiChain project. The team also expects the online betting platform to be functional by April to allow registration of the World Cup match bets.
The coin looks to launching a decentralized assets transaction application in 2019 and aims at May 2020 as the startup of the development of the decentralized exchange application.
However, the prospect of passing the $2-mark is blurred by the continuous hitches that the platform experiences from time to time. The company released its beta test and has yet to provide an update on the results. The mobile platform and PC website is still in early development. The coin needs to solve their minor development problems so that they may survive in this increasingly crowded industry of decentralized betting sites coming up.
As the time ticks to the first kick of the ball in the 2018 FIFA World Cup, WaykiChain (WIC) coin holders and enthusiasts will be hoping for a positive result when they check the goals achieved by the coin at the end of the tournament. Will we see WIC crossing the $2-mark this June?