[ICO REVIEW] WONO (update) - from ERC827 to ERC20

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WONO wants to a an alternative for all Uber, AirBnB and Upwork. Recently, they have decided to change contract type from ERC827 to ERC20 for security issues

WONO token

  • Token: WONO - ERC20
  • Contract: ERC827 to ERC20
  • ICO price: 1 WONO = 0.5 USD
  • ICO time: 3/9/2018 - 1/10/2018
  • Total supply: 79,166,667 tokens, 47,500,000 tokens for sale
  • Soft cap: 5,000,000 USD
  • Hard cap: 20,000,000 USD
  • Raised: 152,726.53 USD on presale

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WONO token will be used for internal transactions on Wono ecosystem:

  • As as a means of payment for products and services on Wono
  • As a transaction fee
  • Insurance crowdfund to protect users from contract violations
  • As a kind of arbitrator for dispute resolution

Wono aims at creating an internal currency for all activities on its platform. Its users are not encouraged to exit and convert tokens to fiat externally. It is the fact that many ICOs are trying to get their token listed on big cryptocurrency exchanges in order to create liquidity and increase adoption. However, almost all altcoins now are under Bitcoin’s domination which causes high volatility of token prices, and of products & services prices as a consequence. To avoid this scenario, Wono needs to develop a strong community and offer a wide range of services and in sufficient quantity for retain users.

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In that case, WONO token may only be attractive to normal users because investors or traders  prefer volatility and high trading volume that may generate better profits. Scalpers are recommended not to buy WONO token.

Moreover, WONO token price is quite high  (0.5 USD) compared to other decentralized sharing platforms like OriginTrail (0.05 USD) or BeeToken (0.01 USD). If investors want to hold WONO token for a long-term investment, they should consider to join the pre-sale for 70% bonus. (more details about WONO’s bonuses)

ERC827 and ERC20 on Wono

At first, Wono used ERC827 as a standard for its contracts, which was proved to make the contract system vulnerable to cyber risks. To be specific, ERC827 callback function may lead to “reentrancy attack vectors” that cause deposits in clients wallet to disappear gradually without owners’ notice.

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Although ERC827 may support feeless transactions, 20 days ago (on Aug 7th, 2018), Wono decided to change standard to ERC20 due to security concerns. For the time being, there’s no need to worry about security issues.

WONO token is built on Ethereum blockchain which is overloaded. We all know that congestion and long processing time have raised transaction fee on ethereum by 400%, as a result the price has increased to $2,5. If Wono wants to ensure cheap and smooth transactions for micro contracts in their system, they need to find out solutions which can be:

  • Waiting for casper and sharding update on ethereum which can accelerate TPS (transaction processing speed) significantly; though the timeline for improvement is not fixed officially.
  • Building their own blockchain on their demand and requirement

Exchange rate effect

Prices of assets and services will be determined by USD but listed and settled by WONO token. The rate will be the average of market price based on the price quoted on Bancor (an Dex) and other crypto exchanges. As a result, to some extent, users still have to bear the risk if WONO tokens devalue or inflate due to market turbulence.

Conclusion:

  • Interesting and great idea
  • Highly competitive market.It’s easy for competitors to copy the idea
  • Limited transaction on Ethereum blockchain => need further technical improvement
  • Not suitable for a short-term investment
  • Marketing plan and promotion activities are essential to bring Wono into life

Stay tuned for more update about Wono ICO with nami.today. We welcome all contributive comments from you guys.

Part1: https://nami.today/icos/ico-review-wono-revolutionary-idea-for-sharing-economy-276.html

Written by nami.today

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