Welups Blockchain (WELUPS) has now fully evolved into the most popular blockchain for smart contracts, thanks to the network’s extreme security, decentralized blockchain and ascending performance.
Welups is based on its delegated proof-of-stake (DPoS) network. Notably, DPoS is a verification and consensus protocol on the blockchain that competes with other proof-of-work and proof-of-stake models as a way to verify transactions and promote blockchain organization. Welups is an identity blockchain platform used to verify identities in social media, digital banking, credit services, entertainment and almost all other services vital to improving society’s efficiency. It strives to reduce the risk of fraud and scams.
DPoS: The consensus mechanism of Welups
DPoS is a process of selecting trustworthy third parties or delegates based on reputation and real-time voting. In addition to accepting or rejecting different network transactions, these delegates also create the blocks that hold these transactions. Since these transactions are a cumulative decision of all delegates, it is unlikely the details can be changed.
There are different rules for how blocks are generated sequentially by delegates in each system. Inflation, commission or transaction costs may create incentives for members to make a decision, but it is in their best interest to support the network as much as possible and to perform at high levels to be admired by stakeholders.
Since delegates are competing, the admiration of stakeholders is necessary. If a delegate fails to manufacture a block in time or a representative does a lousy job, this becomes immediately apparent to the community. There would be other delegates more qualified for the position, so the bad representative could be voted out and replaced. All members of the DPoS protocol are self-governed, assuring the network’s best interests by outlasting any bad actors.
Additionally, Welups is a decentralized blockchain-based identity platform that brings the power of identity to the digital world. It is noteworthy that Welscan is the first blockchain explorer on the Welups blockchain. On Welscan.io, users can explore the Welups coin’s data.
Staking WELUPS on Welscan.io is a way for users to vote for super representatives. It allows users to declare their tokens and nonfungible tokens (NFT) with smart contracts using WRC-20, WRC-721 and WRC-10 token standards.
The Welups testnet is live now, demonstrating the power of blockchain 3.0. The testnet is designed to allow testing of new blockchain improvements without affecting the original network.
The Welups testnet allows developers to test their project without paying gas fees and can be seen as a stepping stone to the mainnet’s launch this year.
About the Welups blockchain
In the digital age, Welups is the first blockchain-based identity platform to verify identities in social media, digital banking, credit services, entertainment and almost all other services vital to improving society’s efficiency through Electronic Know Your Customer verification or IDShare. As part of the platform’s design and structure, it has been designed to be compatible with a wide range of other technical solutions.
Because of its remarkable high-performance scalability, Welups is a viable alternative to existing decentralized networks. Welups provides a truly decentralized internet, e-commerce and life services by leveraging blockchain identity management, NFTs and digital-asset management.
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