Wemade held a press conference at TOKEN2049 on Sep. 29 and explained in detail the Wemix3.0 mainnet, Wemix dollar, and DIOS protocol.
Beginning the conference, Wemade CEO Henry Chang said, “Four years ago, two people started to develop a blockchain game and platform, and now we’re here. We have been operating the most successful blockchain game platform, Wemix, and more than 1,500 people are working on developing games and blockchains. I believe we are making meaningful history by expanding to the platform business through new technology in the traditional game industry.”
“It’s crypto winter, and there were accidents related to stablecoin, so no one has really been able to even think about making a stablecoin — we thought this was the best time,” added Henry. “We’ve been investing much time into making a good stablecoin for the past few months.”
With the success of Mir4 Global, Wemade felt the necessity of a stablecoin that could communicate more directly for the digital blockchain economy to activate and grow and started focusing on developing a stablecoin. At TOKEN2049, Henry Chang had a keynote speech about the three key elements of a stablecoin: stability, stable/native reflexivity, and scalability.
If the stablecoin works as intended, the Wemix dollar (Wemix$) would contribute to expanding Wemade’s mainnet ecosystem, and moving forward, it could become the key currency in the blockchain world, and Henry said that they would not miss out on the chance.
In the press conference, Henry revealed the launch date of Wemix3.0 mainnet: Oct. 20. About the rather slow game launches, he said, “it was due to the overall market environment,” and added, “the number of games to be launched will slowly increase. By the fourth quarter, there will be an explosive increase in the number of games launched.”
The following is the Q&A session held during the press conference.
In the crypto winter, no one is trying to make a stablecoin. Why did you think this was the best time to make a stablecoin?
Last year, the stablecoin was a hot potato. Many people were confused because people weren’t even able to answer the question, “Where will you use cryptocurrency?” — and the question, “Where will you use stablecoin?” piled on. To make it worse, unstable stablecoins appeared, so people started to say that stablecoin isn’t sustainable.
However, the Wemix ecosystem’s economy grew through Mir4 Global’s success, and we realized that without a stablecoin, it’s difficult to scale more. No one was able to answer how much DRACO was, the game token of Mir4 — no one was able to tell exactly how much an NFT was. When we saw this, we thought this could not become an economy. We should be able to tell the price to each other for an economy to exist. That’s why we thought we needed stablecoin early this year.
When I said this was the best time, it didn’t mean we wanted to publish a stablecoin because it’s crypto winter — it means that since we feel the necessity, we will publish a stablecoin despite it being crypto winter. Others haven’t been making one, whether because they’re worried or don’t know, and this made it the best time.
Many games don’t reveal the concurrent users in a game, but Wemade opened everything. How and why did you come to that decision?
I believe managing information transparently is one of the key virtues of blockchains. So with Wemix dollars, you can see transparently how many stablecoins were issued and how much USDC it has. When the key virtue of blockchain is transparency, a platform that makes blockchain games shouldn’t hide information.
When data isn’t transparent, it could lead to opaque operation. A platform can’t succeed if it makes internal decisions without being able to state a specific reason for questions like “why are you publishing that game first?” or “why doesn’t this game have any support?” I believe it’s compulsory for a successful platform to open information clearly and to support good games more so that it can make more revenue.
The Wemix DeFi platform is a financial platform apart from gaming. The biggest concern investors, coin purchasers, and gamers have is about the company. Since Wemade is a game-developing company, they wonder if you have the proper manpower and resources to run a financial platform.
Four and a half years ago, when we first started, we started small since we weren’t capable of making a blockchain. So it was important to use outer resources efficiently. At that time, we chose to make a sidechain instead of creating our own mainnet.
However, we clutched on to gaming well and didn’t give up when others did. With our success last year, we now possess the world’s no.1 blockchain game. To contain this business prowess, the small chain we began with wasn’t big enough, so we felt the necessity of a mainnet, and we’ve assigned more talent suitable to the business prowess to gain more resources.
Last year, we had about 700 people, but now, it’s around 1,500. Most of the increased number of people is related to blockchains. It’s quite big even when you compare the size with other mainnets of the world. I think we’ll hit 2,000 employees soon. I can say that the quality and quantity of our talent do not trail to any other company.
You had said that transitioning from a traditional game company to a platform company was meaningful. What’s the biggest focus for you in the transition of company identity?
The company culture has transitioned to cooperating with other economic units and co-surviving. The games within our platform have to succeed for our platform to succeed, and Wemix holders have to fare well for us to be successful. A platform business has to make others do well. We need to become a company that has a platform-based thought process for us to succeed as a wholesome platform company.
You said that Wemix3.0 could become the no.1 mainnet in the world. Compared to Ethereum and other mainnets, it would be more competitive to have others join naturally rather than to onboard more by making investments or forming partnerships. What are your direction and plans for the future in this regard?
Bitcoin and Ethereum have their own solid position — I’m not saying that we’ll be challenging their position. However, behind them are mainnets that compete commercially. When I said no.1 mainnet, I meant that we would become the no.1 commercial mainnet.
To game developers, we need to become a platform that can include blockchain technology in games. To the companies that have content that can create NFT, we need to become a platform that can issue NFT easily and freely in their way. To the finance companies and DeFi developers that want to have DeFi service, we need to become a platform that can easily and directly become a community. In that matter, I’d like to express our mainnet “platform-driven.”
When you see other mainnets, they provide a blank paper, saying that it’s a sandbox. To use that mainnet, people need to study and learn everything as they access it. However, I don’t think this style is an ideal platform. Our purpose is to allow people that have services and content that can be uploaded on our platform to create their own service on our mainnet, even if they don’t know about blockchain technology, tokens, or NFT. This is the true meaning of the “platform-driven” I mentioned.
It has been 40 years since the internet was developed, but the internet itself didn’t earn money — companies like Google or Facebook earned money. In that regard, the economic value of the commercial mainnets that succeeded and survived will become higher than that of Ethereum or tokens of now.
The global market has been talking about regulations on stablecoins after the Terra incident. How has Wemade been preparing by nation, by region regarding that?
When you add “dollar” to the name of a stablecoin, you need to have 100% reserve in dollars. If it were Wemix Won instead of Wemix dollar, we would need 100% reserve in Korean Won. This is basic and intuitive. All advanced countries' government authorities think the same. It is a common opinion of all authorities that if a coin is labeled “stable”, they have to have 100% reserve. This is the first and foremost condition of a good stablecoin — I believe if the Wemix dollar can fulfill this condition perfectly and laws are enacted, we’ll be able to do business legally.
You emphasized easy and comfortable UX/UI along with the DeFi service. I believe preparation for security breaches is important as well. How are you preparing for security breaches?
Blockchain technology is surviving and blossoming because its security is excellent. Compared to other financial services and existing technologies, the technological security of DeFi excels.
However, there are accidents from time to time. Most of those accidents are management issues. Fortunately, Wemade started as a listed company. From the beginning, we had to operate very tightly because we are audited in legal, accounting, taxation, and management, so the management process is clear, and there haven’t been any accidents.
If there is more to manage, there’s more pressure, so we’ve been working to make the management more efficient while maintaining security.
This year, Wemade participated in many global events and focused on introducing the blockchain ecosystem. Now that you’ve announced Wemix3.0, we need to connect not only games but NFT, DeFi, and everyday life. How are the partnerships and investments going?
The traditional art market will take up a large portion of the NFT business. So Wemade participated in Kiaf Seoul and Kiaf PLUS to introduce our NFT service, NILE. Many people are interested in how they will NFT-ize traditional artwork, deal, exhibit, and own them. We are aiming to provide a good service for this. However, as we are not art experts, we have been cooperating with companies that are.
Also, I believe the best way to utilize blockchain technology is to create an economy. Decentralized economy with NFT and DAO will be activated more than before, and we think this will be the most noticeable in entertainment and sports. Fan club NFT and DAO is an economic community that combines fandom, community, and membership. Considering that fans can have economic activities within this structure makes entertainment and sports very intuitive fields for NFT and DAO. So we have been searching for experts in this area. Since Wemade is a platform business, it’s difficult to create all content. However, our duty is to create another successful example for NFT/DAO like Mir4 Global did.
DeFi is finance utilizing coins and NFT. Even in reality, the volume of finance trade is much bigger than the real economy. In the same regard, we can predict that the volume of DeFi trade will become much bigger than that of NFT or coins. However, if there is no mainnet, we can’t make our own DeFi platform. When Wemix3.0 is prepared, we’ll be able to have something that can contain the great DeFi projects around the world. That’s why we have been investing a lot in preparing the mainnet.
Furthermore, the start and main focus of DeFi is the stablecoin. DeFi only works when we have a stablecoin, so we created the most innovative stablecoin, Wemix dollar. Based on this, we’re expecting to settle Wemix3.0 as a well-made, good mainnet in the DeFi area as well.