Wakweli

As the tokenized assets market evolves and grows, scams, frauds, thefts and infringements proliferate, especially in the Non-Fungible Tokens (NFTs) market. Scams in the NFT industry are hard to avoid and undermine the global trust of the ecosystem.

Up to now, there is no way to ensure the link between the on-chain data (token) and off-chain (asset) rights for assets. In other words, it’s not because you own a token that the asset (ex: graphic representation) linked to it is legitimate.

Wakweli is a revolutionary Web3 protocol based on a new and decentralized consensus algorithm called «Proof of Democracy (PoD)» that aims to certify the authenticity of any tokenized asset. All the PoD’s community (requester, certifier, challenger) involved in the protocol will get strong incentives ($WAKU) for acting fairly and thus develop a standard of trust in the tokenized asset ecosystem.

In other words, the Wakweli certificates will ensure that the digital representation of the asset (off-chain or on-chain) is unique and genuine and that the same asset is not being represented by multiple tokens in multiple platforms.

Once the certificate is issued, the newly certified asset will display a tick mark (Wakweli Tick) which will be a symbol of trust and value among the community.

Certificate requests on the Wakweli network can be initiated by any $WAKUs holder.

A precise amount of $WAKUs will be staked in the request depending on the expected trust level for the certificate.

Elected certifiers will review the request and stake the same $WAKUs amount to validate it.

Based on his skills, personnal research and shared information from the requester, the certifier will be able to take his decision and validate or not the authenticity of the asset.

Once valid, certificates start to generate different rewards in $WAKU based on user roles (requester, certifier and elector)

Wakweli’s community is incentivized to challenge doubtful certificates. Effective certificate slashes will interrupt $WAKU rewards, creating a system equilibrium that encourages telling the truth.

Our mission
We want to become the decentralized and cross-chain certification authority issuing a “certificate of authenticity” for any tokenized assets. We want to foster public confidence in tokenization by handling the trust issues of the web3 ecosystem in order to drive its mass adoption and thus, strengthen opportunities, investments and innovations.

Our vision
We aim to become the reference of trust of the decentralized ecosystem to preserve the tokenized assets market integrity and drive its liquidity.