What is WeKu? What opportunities are there on WeKu today?
WeKu is a social media blockchain network which is very similar and based off of Steem except if you miss the kind of good old days on Steem, you might absolutely love WeKu. I’ll show you weku.io, where you can find out about it. In WeKu teams words, this is the first SAAS community chain, where you get rewarded based on your creative content and it’s all about the community. I just made my first post on WeKu after this video interview that I’m about to show you in the screenshot below.
The video above was sponsored by the WeKu team which I’m very grateful for. If you’d like to get your video sponsored with me, you can go to jerry.tips/sponsored. It will take you to the service on my platform Uthena, which is our next generation online education and business marketplace. What follows is, an interview with WeKu’s team member Cat for short or you can find her @Siamcat on WeKu. In order to make your best start with WeKu, I recommend watching the “How to sign up on WeKu” video that I’m putting out in close proximity to this video on my Youtube channel. If you’d to watch that video, you’ll be able to see how to actually signup on WeKu? What steps to take? How to buy WeKu? How to do your intro post? How to do uploads? How to power up? Etc. Thank you very much for getting started with this and now we will do the interview with Cat from the WeKu team. So that we can get an honest in-depth presentation of what WeKu is today. What WeKu’s been through so far and what’s coming up on WeKu that might be exciting for you?
Jerry: Let me get to know about your platform here a bit better. Does it look a lot like Steem? Is it actually a smart media token or something else?
Cat: It is Ethereum smart media tokens.
Jerry: Okay so, is it on Ethereum?
Cat: Yes, It has its own blockchain but it is created from the smart contract of Ethereum.
Jerry: So, is it an ERC 20 token?
Cat: Yes, but it is our own blockchain. It is called WeKu blockchain with its WeKu tokens and WeKu dollars. So, it is similar to Steem and the source codes are actually developed from Steem’s source codes. I would say it’s about 90% similar. As you can see, it’s similar but has a different interface and the landing page but very similar to Steem. Many of the Steem people are on WeKu. Do you have any questions?
Jerry: Yes, I’ve got a lot of questions. I appreciate you telling me about it. So, you said it’s about 90% similar to Steem. What I’d like to know is that, what are the main differences that you’ve made on WeKu vs Steem?
Cat: WeKu is actually a service blockchain community. It decided to be focused on the community. We have the biggest community. What we have right now are India, Pakistan, and Indonesia. One day if you have enough users, each platform is to be like just for this language. Each community can communicate with its own language. On Steem, if you don’t speak English and if you have no English knowledge, you will have no chance to make an earning on it. But WeKu supports each community’s each language and give them a chance to make an earning based on their own language. So, nobody has to copy-paste anyone from the internet trying to make an earning. So, just be themselves r and write in their own language. Whatever it is, good or bad but that is something you would like to see.
Another different thing from Steem is, we could have very strict rules regarding intellectual property. We will ask them to at least sort every picture which does not belong to them or every chapter from whatever book they took it from, which does not belong to them. We support original content that could give a lot of education to community builders. We are looking for everyone who has any development idea, building community on WeKu, developing apps or whatever because we are new and we need to develop it. We are looking for everyone out there who say, “Hey look, I am able to do this and what can you offer me? How can I support you and how can you support me?”.
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WeKu is more like a family friendly community. You know, dramas happen everywhere. We solve it and people could talk to us that, “Yeah, you just took a court problem.” We don’t like that. We don’t like violence. It is like representing the positivity and more to the beautiful side of the blockchain. Whether flags, spammers or scammers but not as flag wars like Game of Thrones or whatever. That will not happen on WeKu. At the moment I am an advertiser of the WeKu buster project and this is like a spint clean. I found this project and at the moment we run a project with over 2 million WeKu power delegation. We need more cleaners to join our team. Our team is still quite small and we have like15 volunteers who are like a team. Still, it’s not big enough because sometimes some people take a day off like not everyone can be there every day. So, I just wanted to be very honest. I don’t want to sell whatever it’s not the fact. So, if anyone wants to join in, they should understand their situation and willing to improve the platform with us.
Jerry: Here’s the ability to down vote posts on WeKu which you mentioned. Will you tell me more about that? That’s what I really hated about Steem and it is the whole down voting system. Can anyone down vote or it’s limited to certain accounts?
Cat: It is similar to Steem. If you want to downvote, you have the flag like pop-up window saying “Okay, you can flag this user due to this reason”. I’ve been on WeKu since the beginning. I have not seen people flag because they don’t like it or because they hate each other. It’s because of intellectual property stolen or using below the level words against each other and then it will reflect but not like on Steem. I have some friends on Steem who suffered from flag Wars and some users didn’t even involve but still, they got support like a flag. We want to go to another direction and WeKu policy does not support it. The flag should only be the last solution. Until now, we have the blocking tools like we used to block spams who created thousands of accounts. WeKu is the small platform and when this happened, we used the blocking tool. It means that users cannot lock in their accounts anymore except they are going to the appeal process. It means that person has to appeal with certain information such as social media accounts, Steem accounts, and other blockchain platform accounts. We compare them and we say, “Okay we used a tool to track your accounts. You created like 200 or 300 accounts. We give you only five accounts and use these five accounts and not the 300. So, that’s what we have been doing in the past and of course, there’s a lot of critique on that. Because blockchain is supposed to be something like a welcome spammer and welcome scammer. At the beginning when the platform is too weak like WeKu, we cannot welcome all of that because it will drain us even before we start for it. So, now we have implemented a tool that can protect all of that. So we stopped this locking tool that locks users from using it. We have another tool that is more decentralized. That mean, it’s a combination of many things like the API gate. So, it’s not like sensor anymore but it’s just like protection. That’s why we stopped blocking tool.
Regarding the white paper, if you click at the white paper at Weku.io. We took it down a week ago and we can replace it back by next week. We took it down to update the ICO part which after the meeting, we decided to not have the ICO anymore. It will not be the right solution, but the platform is under the opinion of our CEO. That’s why we took it down and we update that part and then we place the white paper back by next week. I think in another few days or next week, you will be able to read the full white paper.
Jerry: Where’s the token available? You said it was on Bitshare.
Cat: Yes, it is on Bitshare.
Jerry: It it anywhere else?
Cat: No, just on Bitshare at the moment and we are looking forward to being listed on another platform too. So I’ll say we’re always working on that and of course we are trying to be at least on a platform like similar to Bitshare. Maybe, it will not be really possible for us to be listed as the big company like Binance or whatever because we have still less resource, less traffic, and fewer users. To be listed on those big platforms, you need more traffic. At the moment, we are trying to make the best out of it and Bitshare is their first solution. Then maybe the internal market and also in the fourth quarter of this year, we want it to be listed on another trading platform that’s maybe a bit more popular than Bitshare. Because Bitshare this is quite complicated. You have to go through many complicated processes before you can trade. So, users just like something simple such as Steem, block trade or something that is quite simple and more user-friendly than Bitshare. This is something we are planning to do in an upcoming quarter this year.
Jerry: So, if I can summarize. It’s very similar to Steem as some people said, Steem was started when there were no things like voting bots and flag wars similar to Bitshare right now. So to me the potential value if it’s listed on more exchanges and if the user community grows, then it has the potential to keep self-sustaining growth from there. Is it growing on its own right now? How are the user numbers on it now?
Cat: Currently we have about 50,000 accounts but I think about 15,000 are fake accounts. So, WeKu used to have the referral bonus in the past when you refer your friends and family, you would get a little bonus from the referrals. But many users created alt accounts to take their referral bonus. So, we analyzed it not long ago from the 50,000 accounts. They were like 15,000 inactive accounts that never post anything. So for us, it is like this is the fake referral bonus account and it is like that. So, we track a lot of those bonuses and also you track them all. Now, we don’t have that anymore. We have like the referral program and if users bring friends and family in, they have to drop certain evidence of those friends and families. Like, let them introduce themselves with the introduction post, social media accounts and anything like having them active at the platform before we give their referral bonus. So a month later, we will give their referral bonus just to see if they are real persons. So one thing I know I’ve been using big bots several times in the past long ago but on WeKu, we do not support big bots. We will not have that. We will even maybe try different types of promotions and self-promotion by using WeKu dollars. WeKu dollar is not quite a bullet. It will be a plan to use that just for the internal use like promote posts or in the future, if people offer service or something like that, it should be paid by WeKu dollar.
Jerry: How much does the top earner on the platform make that’s now like a WeKu team member anything?
Cat: It is similar to Steem. If you’re a good blogger, a community builder, people with the position, lead the community project or whatever, they earn more than a regular blogging user. So, like my account Siamcat for example. I just type my account name, you will be able to see.
Jerry: That’s 1,164 WeKu dollars. So, how much is that like if you wanted to actually sell your earnings on that, how much would you get out of that?
Cat: It’s about 1 cent at the moment on bitshare.
Jerry: So, how many WeKu do you get out of the posts? Do you get a 1,000 WeKu out of the 1100?
Cat: I think it depends either, I selected a hundred percent power up option or I select 50/50%. Then I will have 50% in Wekuti and a half 50% in WeKu. WeKu dollar is trading underhand between 3 to 5 cents for the token. Many keep that because many expect that to beat the real value of WeKu in the future. Because as their WeKu tokens, that does not really have to. So, we expect that WeKu dollar will be worth much more if it will be backed to the American dollar in the future. So, many people keep that.
Jerry: How many authors do you have that are posting original content to WeKu first?
Cat: More than a half because we promote not long ago the WeKu first content and just as we have on Steem and many different platforms at the moment cross-posting. We don’t support cross-posting but we can give them decorations sometimes if, the content is good. But we will alter the location project like the basic income project or decoration projects. We’re looking toward to support the WeKu content first and the cross-posting content will be like a second place but it is not what we are not against the cross poster. It is like, we don’t really support them as much as we support the WeKu first content creator.
Jerry: How are most people coming to the platform now and do you have some kind of statistics or database that updates in real time? Like how many users there are? How many posts there is every day?
Cat: Post at the moment is less. It depends on the time period. Most of our users are Asian based users. If you see the traffic time of the Asian, it will be a lot of course but for the Asian people, the traffic will reduce much more. Like people are going to sleep or something and it is like that. Basically, people joining from Steemit or like user based blockchains have a bit understanding about their blocking and also friends and families. We didn’t have really a big promotion yet and we hope with the investment of one investor that like to invest money in our platform, we can use that to run more promotion and hire more developers to support our platform. Because our CEO has promised us that if they have the money, that money will be for their development process and that is something we need the most ultimately.
Jerry: I see you’ve got posts coming out every few minutes on their website which is good. I took a look at the witness page.
Cat: We are all are disabled at the moment. We have been asked to disable our witness. I did disable my witness 5 years ago, some less than that and some before that. Because the rent of the server is still higher than the earning at the moment and all just equal. But we have been asking to disable for a while until the court is ready and all the witnesses supposed to be back by next week. We will have many name witnesses and from the previous witnesses, we will not have all of them on board again. Because many of them decided that the server renting at the moment does not make a lot of profit yet because it’s about like 10,000 WeKu power per month which is between $50 to $100. And some people win server like $30, $40 or less than that. I could have a chance to bear a very cheap server. So for me, it is like, I pay like $20 per month. So, it doesn’t matter whether it is perfect or not. We can open the witness binary for the public for the very first time. Our previous witnesses are just like if they’re interested, they were local team members, they were community leaders or they wanted to be the witness. We provided them the code directly to their email address and ask them to register but it is not the open source. But this is the first time, we will open source for the witness. Everyone can be a WeKu witness if they have the interest to do. So, this is our next step to the completely decentralized system.
Jerry: In the witness system, how many witnesses participate? Is it similar to Steem, where there’s like the top 20 and then there’s another one or did you do it differently?
Cat: Yeah we have like the same similar system like Steem. Just like their top 20 first witnesses will make like at least 10,000 WeKu power per month and people below that will make the least. But we still have less active witnesses than the 21 position. So, everyone, we have a chance to be on the top 20 at the moment if they are interested to build their community with us.
Jerry: The last question There are so many options of networks which people can use now. There’s Steem, minds.com and there’re several other ones too. What is it that makes a user say, “I’m going to devote and focus on WeKu instead of Steem and minds.com?
Cat: I think to be honest at the moment, Steem has the most user base and minds.com maybe have more. In minds.com, you have a lot of intellectual property issue and copyright issue. They don’t tend to something really against this. On WeKu, it is different and one thing that really is interested at the moment. I just can talk from the opportunity side first. WeKu has 400 million tokens in which about 10 million tokens have started using less to upload. That means, 1 upload is really high on WeKu. That means 1 million WeKu upvote is now like 300 WeKu. On Steam, I’m working with testing. We have 1 million daily delegations from stinging. 100% upvote from the 1 million is now less than 50 Steem at the moment. On WeKu, it’s still like 300. We are in the good developer phases like if people are looking forward to becoming a big fish on WeKu, now is their opportunity to become like them. One day it will become like Steem. Every new signup account will get automatically 200 WeKu power delegation which I think is for one year. You can create your account within 10 minutes and it is very simple. You only need your email address to register an account with your email address and 10 minutes later you have that account. You don’t have to wait a week like in Steem or just pay for it. Then out of that, the top of them will get the 200 WeKu power delegation and then a 100 WeKu welcome bonus will be like a gift for a newcomer. This is our promotion so, it just needs someone with a similar vision to get there with us.
Jerry: I think that’s all the questions I’ve got for now. You’ve covered the platform very effectively and I like that we got to the key selling point which is if you want to then now’s a good time to get in on WeKu to have a shot and to be kind of like a big fish. On Steem, that opportunity’s long past. But if you signed up on Steem early on, you could start from nothing and now be a huge fish by now even if your upvote still doesn’t get that much.
Cat: Many people leave Steem again because people expect that they can really make some earning out of it. Maybe to pay rent or whatever and you know they have that dream. In the end, they barely make even the zero zero zero point out of one post, most of them. They were disappointed and then a lot of them are on WeKu because WeKu supports more. So they really didn’t have a chance to make an earning anywhere else. We support them as long as they create their original content. So, we really have strict rules under intellectual property. That’s why it’s also a spammer ran away from us. We know that many of us including our users have been through a lot of disappointment in Steem. I have some disappointment on Steem too but I don’t want to just say something here and this is why I still work on Steem. But deep in my heart, I knew that it is not going anywhere else. This is the end of the road for the community and for the opportunity. But the blockchain will grow more apps. The most important thing is that the moral of the blockchain stopped growing long ago on Steem. Just the blockchain itself is growing. I think many of us need them and this is why we’re looking for somewhere else and I really support everybody to be everywhere, not just to be on Steem, to be on WeKu or to be on voice. You can be anywhere you want to be. This is the opportunity to make the real living out of blockchain which one day can be like in China. Where everyone uses Weshare and go to the market and just pay with the Weshare. it’s just simple like that and I hope that to happen where else and not just in China. That’s why maybe we have a long way to go but if we don’t start, we will never get anywhere.
Jerry: I appreciate you talking with me today and I think now is probably a good time to wrap up it.
Wow! you made it all the way to the end of this interview with WeKu’s team member Cat. We are so grateful for the chance to serve you today. If you’d like to join me on WeKu, you will find me back over here on WeKu @jbanfield. I just made my first post and If you want to help me find your posts on WeKu, just add the Jerry Banfield tag on your post. What I do is, I powered up all the WeKu I received. So, I will go through and read the post tagged Jerry Banfield on WeKu by using the WeKu that the team was kind enough to give me an actual for making the video for you. Another video showing the account creation and sign up and what to do next. I trust if you want your own sponsored video like this, you’ll go to jerry.tips/sponsored which will take you to the sponsor pricing page and the pricing is based on availability. So, it’s a higher price than today, you’ll know some other people have bought these and I’m working on them. Thank you very much for being here to learn about WeKu with me. I highly recommend if you’re ready to watch another video, watch my video on, “How to sign up on WeKu?”. The exact steps to take getting started to make your intro post to buy WeKu and to power up. That’s the ideal video to watch after this one. Thank you for being here with me and given me a chance to serve you. I’ll see you again soon.