What is Wings?
No relation to the post-Beatles McCartney project of the same name, Wings is a blockchain-based platform run by and for DAOs (Decentralised Autonomous Organisations). Of the 100 million Wings tokens distributed during the ICO, 75 million have been distributed to the central managing DAO and the remaining 25 million to referral and advisory bounties.
The platform has been billed as a kickstarter for DAOs: designed to facilitate their creation and management. As such, it permits them to be launched, funded and managed more easily and transparently than at other blockchains. Moreover, it is designed to force DAOs to compete for attention with other DAOs on the platform.
The idea is to take advantage of the democratic governance permitted by DAOs, and promote greater transparency by encouraging DAO creators to create timelines for project milestones: committing them to key dates. The platform is also set up with a toolkit to make it easier for DAOs to reach democratic decisions.
How Does Wings Work?
Wings tokens are rewarded for campaigns, using smart contracts visible on secure public ledgers like Ethereum and bitcoin. The platform functions on the Futarchy engine, through which anyone can make a proposal to a DAO (suggesting they update their social media game for instance), and token holder then begin voting on the proposal based on whether it will positively impact the price. This vote is displayed on a graph, with a y axis pertaining to the ‘yes or no’ of accepting the decision, and the x axis to whether it is likely to increase the price of Wings tokens.
If it is forecasted, based on token holders’ vote, that the proposal will increase the value of the token, and if it is passed, then the DAO’s founders must commit to that proposal. This is a process called ‘swarm intelligence’, in which token holders collectively forecast the price of the token, using chatbots to vote and offer proposals.
Investors are dis-incentivised from simply holding tokens, because they will receive no rewards for voting. The more one participates in the community, the greater the stockpile of their Wings! This should hopefully help with liquidity and stave off the impasse faced by bitcoin and Ether.
The project was, in part, developed in response to the catastrophe with the DAO on the Ethereum blockchain, in which internet bandits made off with a third of the DAO’s Ether, following which miners voted to fork the blockchain to edit the ledger, which in turn gave rise to Ethereum Classic when a disgruntled minority of miners declared the code as law and split away.
To restore some faith in the DAO model, and prevent anything like this happening again, Wings allows users to build their own DAOs using standard smart contracts, and contribute to a trusted community on a well-established blockchain.
What is the Value of Wings?
During the ICO, the Wings project racked up 2000 bitcoin ‒ a very good result for a young cryptocurrency. Wings is certainly a long-term investment, and has recently undergone a pretty significant dip to a value of 0.6 USD (from highs of over 1 USD). However, fluctuations are only to be expected in these early days, and things appear to be stabilising. The token is definitely on an upward trajectory in the main. As of October 2017, the market cap stood at $53m, which is more than competitive.
How to Trade Wings Online - Step-by-Step Guide
Because Wings is compatible with both the Ether and bitcoin blockchain, it is available to trade on a number of respected exchanges. We recommend Bittrex for this token, as it offers a secure and user-friendly service for purchasing and exchanging Wings.
- Get on over to bittrex.com and create yourself an account. You will need to provide all the standard details, including your name, a valid email address, your date of birth, your current location and a preferred payment method. If you wish to trade at higher limits, the client will ask you to provide some kind of photographic ID.
- First, click “Wallets” in the menu bar at the top of the landing page and deposit yourself Ether or Bitcoin. Simply post your wallet address from anywhere you’re holding Ether of bitcoin, or alternatively purchase some with fiat after getting some cash into your balance (Bittrex allows you to trade fiat against cryptocurrencies).
- Click on the plus button when you’ve selected the amount of currency you would like, and wait for your funds to arrive.
- Once you have bitcoin or Ether in your balance, select the WINGS icon.
- The client will show you a chart of the coin’s market performance. For more strategic edging, you can play with the client’s fields and tools. For instance, you can look at the performance of Wings over longer or shorter periods of time. You can also select various market indicators or add trend lines.
- You can check the coin’s spread in a box on the right hand side of the market chart, next to a 24 hour high and low, so you can get a sense of minute-to-minute performance.
- Underneath the market chart, you have the option to set your limits for buying and selling. If you have a minimum figure in mind, you can put that price in If you like, you can put in an order below the market price and select “Good ‘Til Cancelled”, after which the platform will simply make the purchase when someone matches your set price.
- You are now trading Ether or bitcoin for Wings: congrats!
What are the advantages of Wings?
Wings provides a real shot in the arm for the DAO model, so in need of a PR boost after the debacle on the Ethereum blockchain. Cleverly, and in the spirit of creating a trustworthy community, users can delegate their voting privileges to other, trusted members of the community. The platform also aims to be very accessible ‒ not a single line of code needs to be written, and no smart contract knowledge is required to establish one.
Moreover, the push for transparency means that founders of new DAOs can showcase plans, ambitions and project proposals. Users can also share information like coin inflation and supply, which allows everyone to plan strategy and proposals intelligently and democratically. Also, the democratic process is very flexible, because communities can reach quorum on changing rules if need be. The code is not so much king, as the consensus.
Whenever a new DAO is founded, users will be notified immediately, and founders can also publish and or/confirm their identities, which allows users to perform background checks more easily. The fact that Wings is operating on both the Ether and bitcoin Rootstock side-chain for forging its smart contracts is also very advantageous, and promises good things for the platform’s future.
The key thing about Wings, however, is the ease of setting up one’s own DAO. It should be remembered, the DAO on Ether held around 13 percent of the Ether supply chain before it was fleeced ‒ joint management really does provide for a very effective investment model.
What Is Different About Wings?
Wings is basically a hybrid of a Kickstarter and a Dao, that unites community building with all the advantages of DAO governance, and a fully decentralised crowdfunding platform. The project seeks to build trust, and seeks to reward users with the willingness to forge long-term investment opportunities. Rather than the perks enjoyed by other token-based platforms on the basis of bulking up security algorithms (essentially a passive process), or encouraging a technological arms race through mining, Wings backers receive rewards through becoming stakeholders in a project.
The democratic swarm-intelligence process by which this decentralised marketplace operates provides backers with security and a genuine say over vision and strategy for Wings. Those projects deemed to have legs will receive funding, and funded projects means more tokens. This will hopefully become a self-fulfilling prophecy in which DAO management incentivises users to create projects of real value, rather than simply dashing to the glass ceiling of liquidity or transaction speeds that have made bitcoin so much less exciting than it used to be.
The prediction markets underpinning wings also allow for the thrill of the betting sector, introducing a whole new dimension to cryptocurrency trading.
Future of Wings Trading
The creators of the Wings project are apparently so bullishly confident in the prospects of their creation that they imagine a future where the first question asked of a new project in the cryptocurrency world will be: “Does it have wings?”
Famed cryptographer Ralph Merkle has also pinned substantial hopes on Wings, arguing in a whitepaper that crowdsourcing and DAOs could promote better decision making in business, economics and politics: perhaps even leading to whole new forms of democracy (couldn’t be worse than the one we have at the moment…)
Wings is the first cryptocurrency platform to combine swarm intelligence with decentralised forecasting markets with smart contracts and a participatory governance model. It is deliberately courting early adopters and has already been courted by venture capitalists and bankers. The establishment of an eager community is the make or break issue for this token, but it does seem like a platform that lends itself to getting in early.
This is probably not going to be a passive money-maker: the value of the wings token will be necessarily limited by the democratic management of their distribution and the relatively significant time and commitment necessary to obtain the approval and trust of the DAO, or to establish a DAO of one’s own. If you’re looking to edge or mine, this isn’t for you. But if you want to be part of something, this is a project that could take off.
How to Buy Wings with Credit Card
Wings is compatible with both the Ether and bitcoin blockchains, which offers ample options for obtaining some tokens by purchasing and trading some popular cryptocurrencies. We recommend that you begin by creating an account on Coinbase, which you can then link to you’re a nominated bank account. Alternatively, you can make payments to your Coinbase balance with a number of popular credit or debit cards. This method boasts a number of advantages, such as improved security and reducing waiting times for transactions to clear.
You can add credit to your account in exactly the same way as by using a bank transfer. All you have to do is choose credit or debit cards as your preferred payment method and enter you details. Adding fiat to your balance with a credit card will however incur a small fee, which you should be aware of. Also, you must use a credit or debit cards for any lower limit purchases. After you’ve added some cash to your Coinbase balance, use it to obtain Ether or bitcoin, which you can then use to trade for Wings tokens.
How to Buy Wings with PayPal
If you are a United States citizen, you have another payment option at Coinbase. The platform is currently supporting PayPal for US customers only, meaning that users from this territory can link a PayPal account to Coinbase and transfer funds directly from their balances.
All you need to do is add PayPal as a preferred payment method, after which you will be asked to verify your chosen PayPal account with the Coinbase platform. After which you will be able to purchase any of the coins available on Coinbase (bitcoin, Ether and Litecoin) using funds held in your PayPal balance, and transfer fiat from your Coinbase wallet into your PayPal account.
The advantages of this method include a very high level of security and very quick transactions. Drawbacks include low limits and a small fee, comparable to credit and debit card transfers. The service is still in beta, but Coinbase has promised to roll out the option to users from territories outside the USA in the near-future, so those of you on the wrong side of the Atlantic won’t be left out for long!
Cryptocurrency Guide list
Enjoyed this Bitcoin guide? Then see our other cryptocurrency guides:
- How to buy and trade Bancor
- How to buy and trade Bitcoin
- How to buy and trade Bitcoin Cash
- How to buy and trade Dash
- How to buy and trade Dogecoin
- How to buy and trade EOS
- How to buy and trade Ethereum
- How to buy and trade Ethereum Classic
- How to buy and trade Factom
- How to buy and trade GameCredits
- How to buy and trade Gnosis
- How to buy and trade Golem
- How to buy and trade IOTA
- How to buy and trade Litecoin
- How to buy and trade MaidSafe Coin
- How to buy and trade Monero
- How to buy and trade NEM
- How to buy and trade NEO
- How to buy and trade Peercoin
- How to buy and trade Potcoin
- How to buy and trade Ripple
- How to buy and trade Steem
- How to buy and trade Storjcoin X
- How to buy and trade Stratis
- How to buy and trade Tezos
- How to buy and trade Waves
- How to buy and trade Wings
- How to buy and trade Zcash