1. What is WellSpring?
WellSpring is gathering the power of national blockchain enthusiasts and communities, to quickly pave the official homepage for quality blockchain projects in multi-languages, to synchronized ones official releases with its very original source; to become the “Secondary Official Community” of the global quality blockchain projects.
In the meantime, WellSpring advocates in getting global investor the most direct official updates and bringing the same accesses of purchasing all recognizable blockchain assets with no variety limitation caused by exchanges or service platforms.
Before the WellSpring team officially launch its platform, they have been aiding intensively to the promotion campaign of nearly 20 blockchain projects from six countries and regions, namely China, Japan, South-Korea and Southeast Asia in the past five months. It has involved over 3 million blockchain enthusiasts global-wide and already get out of the red. Its continuous world expansion has now covered China, Japan, South-Korea America and 10 other countries in Europe and Southeast Asia. It collects information from all over the world and builds blockchain enthusiast community altogether. With the purpose of sufficiently bridging those promising projects with users from a wider range of countries, accelerates the community development with incentive mechanisms is essential for the WellSpring team to have its platform developed further.
WellSpring sees itself as a “Secondary Official Community” of all recognizable promising projects, is going to share a rapid growth with the blockchain industry. Thanks to the quantitative financial experiences, the WellSpring Team now can see through any “over-packaged” shell projects and identify the faked ones covered by only concepts. Thus, there will be no fancy concepts nor pseudo-demands appears in the design of WellSpring’s business model and incentive mechanism, but will be set based on years of experiences and the changing demands of market, in order to accelerate the development of promising blockchain projects all over the world.
2. Why do we need WellSpring?
2.1 Backgrounds & Trends
Bitcoin has become the first validated blockchain-based application since 2009. The market space of those virtual central banks and currency issuance supported by blockchain technology has directly pointed to that of the real central banks all over the world.
After the birth of Ethereum in 2016, network settlement efficiency has been greatly improved, which has already supported the tokenization progress of thousands of projects, indirectly and efficiently assisted many of them to realize its asset securitization. The imagination brought by this application scenario has far exceeded that of the global stock market thanks to the same exceeding number of companies and projects that deserves an external leverage acceleration. This will be a sustainable long-term development, something worth expecting!
Blockchain technology might be able to support more application scenarios in the future. But solely the current “tokenize the project asset” can make a hundredfold increase in its transaction volume, meaning any service platform can bring liquidity to the blockchain industry will, or at least to a large extent, rise along the blockchain’s era.
That’s exactly what WellSpring aiming at, to bring more liquidity to the blockchain industry, to become the very original news source of quality crypto assets, to adapt and accelerate the benign development of the whole blockchain industry.
2.2 User Demand
The decision-making progress can normally be defined as follows:
Acquire Information → Compare Evaluation → Choose Platform → Make Transaction
Acquire Information: The information required limits the entrance of investment, from which decision-making are judged by two indispensable conditions- truly and timely, while official releases are prior to all alternatives in most cases.
Investment Advice: Project code and quality evaluations given by expertise, public trend and real transaction statistics collected by big data are considered helpful for investors’ comprehensive understanding of project from multiple perspectives.
Choose Platform: Even if the world’s TOP 100 blockchain assets are launched in exchanges of limited countries, while investors from other part of the world may find it difficult to purchase.
Make Transaction: Safe and easy are the basic pursues, a direct purchasing channel from the project team would be one of the best solutions.
2.3 Project Demand
In the blockchain world, an integrated approach of combining business progress and market promotion with currency management might over-pressuring those diligent hardworking team. Thus the needs in market promotion and community value management emerged, after which the team will be able to concentrate more on its product’s and business’s R&Ds.
Concluded from the cooperation with over 10 foreign projects, the external demand of whom can be described from the following perspectives:
Content Localization: China, Japan and South Korea are the world’s top three countries with the largest crypto-asset trading volumes, thus have become a “MUST” promotion route for all types of promising projects. By results, its four prevailing languages, namely Chinese, Japanese, Korean and English, have become a compulsory condition of communicate and publicize. Then a regular and paralleled update in these four languages will definitely contribute a lot to one’s long-term localization.
Promotion Method: Update and release on Facebook, Twitter, YouTube, Telegram, WeChat, Line, Kakao and WhatsApp etc. are deemed as a standard line for most quality projects. But most of those platforms have various mechanisms that is too hard for project parties to co-promote it.
Build-up Communities: Maintenance and expansion of communities are essential to success even for excellent teams. Communities in China, Japan and South-Korea are most important among all, but cultural language and prevailed platforms are varied with extremely high thresholds, which will normally cause insufficient establishment at high costs.
Token Sales: High listing fees in Chinese and South-Korean exchanges have increasingly become an open secret within the cryptocurrency industry. But normally, those team who really want to dive into details may find it unaffordable for those hardworking teams. In fact, an non-obstructed asset purchasing channel is proven as a better and fairer means for both project party and investors.
3. Project Introduction of WellSpring
3.1 Project Goals
For industry: To bring fresh blood to cryptocurrency industry and to further expand the access of quality assets to more people in the world;
For projects: To become an incubator and a globalized one-stop accelerator of all emerging quality projects;
For investors: To become the platform that provide only the first-hand resources and original access to assets’ purchasing.
3.2 Product Features
The initial applicable version of WellSpring is App, which will be released in the middle of April, 2018. This V1.0 is mainly launched for individuals, with the following main features:
Reading Articles
Community Establishment
Community Rewards
The following features of WellSpring will be enabled soon in its coming version:
Consumer: Wallet account, real-time price monitoring, token trading (Facing non-China users only)
Business: Press release, community establishment, rewards set-up and sales of token (Facing non-China users only)
3.3 Business Model
Consumer Side: (*Following services will be provided with costs for individuals)
- Transaction fees: Certain amount of tokens will be charged as transaction fees during the token purchasing behavior of user;
- Handling fees: Certain amount of tokens will be charges as handling fees during the withdrawal behavior of user.
Business Side:
- Promotion fees: Certain amount of WELLs will be charged from project parties when localized promotion on WellSpring is needed;
- Service fees: In non-China regions, any cryptocurrency transactions made through WellSpring platform will be charged with certain proportion of its total trading volume as service fees.
The profitabilities and profit-levels of aforesaid business models are widely acknowledged in the blockchain industry, thus it is unnecessary for further illustration.
4. WELL Token Mechanism
4.1 Issuance Mechanism
The ERC20 token issued by WellSpring platform is coded WELL, with the initial supply of 10,000,000,000 in total.
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4.2 Application Scenarios
Following are the main application scenarios for users and blockchain projects separately, which may also be deemed as a rapid value-adding solution of WELL token:
For User:
– Candy Exchange: WELLs can be used to exchange other cryptocurrencies on the platform at a 20% to 70% off-ed market price.
– Deduction of Handling fees:
- Candy Claiming fees: After gaining all types of candies available on the WellSpring platform, 10% equivalent of WELLs will be charged for unlocking the withdrawal and transfer behavior of users;
- Deduction of Transaction fees: Transaction fees generated during platform’s asset purchasing can be deducted by the equivalent of WELLs at a 50% discount.
- Deduction of Handling fees: The small amount of handling fees conducted by users’ withdrawal and transfer behavior can be deducted by WELL at a 50% discount.
For Business:
- Community Establishment: WELLs can be paid to recruit ones community manager and to attract more blockchain enthusiasts’ participation;
- Content Promotion: WELLs can be paid to WellSpring platform for content localization in multi-languages, by which can help to acquire a wider range of promotion opportunities;
- Trading Services: In non-China regions, promising blockchain assets can claim to WellSpring platform to open the purchasing channel available by paying WELLs.
- Token Sales: In non-China regions, any emerging excellent blockchain assets are required to pay 2% equivalent WELLs of its total trading volumes on the WellSpring platform as compensation.
4.3 Value-Adding Solutions
Initial Stage: In order to better guarantee the profit of WELL holders, a token burning mechanism will be adopt at WellSpring’s initial running stage, the WELLs recycled during which will be 100% burnt until the total volume in circulation reduced to 80%.
Mature Stage: As the WellSpring platform matures, more blockchain projects and enthusiasts shall emerge, so will the need of WELLs. By then, a large number of projects will be more than eager to build localized communities and raise awarenesses in it. That’s when the quantitative purchase of WELL comes in. Then the shortage in WELLs’ supply will ultimately leaves the growing room that is worth expecting.
5. The WellSpring Team
Before the WellSpring team officially launch its platform, they have been deeply assisted the promotion campaign of nearly 20 blockchain projects from 6 countries and regions namely China, Japan, South-Korea and Southeast Asia in the past five months. This global team is still expanding throughout the world and currently covers 10 other countries in Southeast Asia, Europe and America. It collects information from all over the world and builds blockchain enthusiast community altogether.
Currently, the WellSpring team consists of 31 people and structured as follow:
1. Product and Tech Development: 6 people;
2. Promotion, Operation and User Maintenance: 5 people;
3. Project Operation: 4 people;
4. Multi-National Community Maintenance: 16 people.
To ensure a better development of the WellSpring platform, detailed information of our team members are not acknowledgeable to all at this initial stage, but the actual performance of our product and operation shall speak for itself.
