A founding member of Wanke Cloud said: What do you think of the announcement released by Thunder Finance about the “Wanke Coin illegal scam”?

What I know more about is the relationship between Wanke Coin, Star Domain CDN, and Bitcoin, which is also the focus of the following article. As for Xunlei Finance, although it is the direct initiator of this incident, it does not actually affect the nature of Wanke Coin, and some experts have already briefly discussed its relationship with Xunlei, so I will not repeat it here.

To put it bluntly, there is nothing wrong with the traffic sharing model of Star Domain CDN, but Wanke Coin has nothing to do with blockchain, so it can be said to be a scam.

Supplementary conclusion

Some people in the comments questioned whether Wankecoin used a private chain. I would like to add a few words here. Maybe my wording was too strong, so I softened it a little. But it does not affect the conclusion. Those who do not understand blockchain can skip it.

First of all, maybe Wankecoin is really modified with some open source blockchain code, but considering that this is a public project rather than an internal company settlement, I don’t think the term “private chain” applies here. Let’s not discuss whether the so-called “private chain” really belongs to the blockchain - in fact, this is controversial.

Secondly, even if this is using blockchain technology, as described later, is the machine used to upload traffic or to mine? The two have nothing to do with each other, so why should they be linked together? Please reply if you understand, thank you.

The relationship between Wankecoin, Star Domain CDN, Money Maker and Crystal

• crystal

The earliest of these concepts is actually the word "crystal". The crystal project is also very simple to say, I believe that you don't need any programming knowledge to understand it.

Simply put, many users of Xunlei, including you and me, actually have idle Internet at home most of the time, and Xunlei wants to make use of this idle network resources. The method is that users install a software of Xunlei, namely Crystal Client, which will upload traffic to Xunlei when the user's network is idle. This is equivalent to Xunlei purchasing the user's idle traffic and paying the user on a monthly basis. The amount of money is calculated according to the traffic uploaded by the user, about a few cents per G.

So what does Xunlei do with the traffic it buys from users? The answer is to sell it to other websites or apps, which then provide it to their users. To put it more simply, the xx movie you downloaded with Xunlei may have been transferred from the computer of Mr. Wang next door.

If you are familiar with the Internet, you might be thinking, isn't this the legendary BT or eMule? Well, it's basically the same...

At that time, the official website of the Crystal Project was http://shuijing.xunlei.com/, but now it is 502 when it is opened.

The settlement unit given to users at that time was called crystal.

It should be said that Crystal's business model is very clear, which is to buy and sell traffic and make a profit from the price difference. No matter how much money it is, it is a solid profit.

• Star Domain CDN

As mentioned earlier, the traffic purchased by Crystal is to be sold to other websites or apps. So, how exactly is it sold? At present, it is sold to the outside in the form of a CDN product. Well, it means that a website that sells traffic is built (this website happened to be the one I was responsible for at the time, face covering). This website or product is called Star Domain CDN, and Lei Jun personally supported it when it was released.

I didn’t save a screenshot of the Crystal Client and Thunder Download before, which I regret deeply. Fortunately, I can put a screenshot of the Star Domain CDN website here. As follows:

• Money making treasure

As mentioned earlier, the crystal method is that users install the crystal client on their computers, and then they can automatically upload traffic to earn phone bills. This requires users to keep their computers on all the time. In order to solve this problem, money-making treasures were developed. Money-making treasures are customized computers that are specifically designed to mine crystals. However, how long will it take to get your money back if you buy a piece of hardware specifically? I haven't tried it.

• Wanke Coin

I resigned not long after MoneyMaker came out, so I didn’t pay much attention to Wanke Coin until I saw the news about Xunlei’s self-criticism yesterday. Then I looked up what Wanke Coin was. It was really!!!

Since it is still about buying and selling traffic, Wanke Coin is still a settlement of traffic, which has nothing to do with blockchain and Bitcoin! At most, it is similar to Q Coin.

Detailed explanation of the differences between Wankecoin, Bitcoin and blockchain

You may not understand blockchain and Bitcoin, so I will try to explain it in a straightforward and simple way. However, people have different understandings of blockchain. If you think what I said is wrong, I understand, as long as it does not affect my conclusion.

Blockchain is a method and concept used to solve human trust issues.

Traditionally, if we want to gain the trust of others, we can usually do it by notarizing or seeking third-party guarantees. This has been the case for thousands of years. But now some people have proposed that we can actually use mathematical and computer methods to do this. It is similar to making a record online, and everyone keeps a copy of the record. Every time there is a new record, everyone adds a new record to the generation they have saved. In this way, once the record is made, it cannot be changed unless you can change everyone's backup.

So how is this record added? The answer is that everyone uses the same algorithm to calculate, and when they get the result, they write it down, and at the same time they can add some other records, just like transferring money and leaving a message.

So, there are several requirements:

• First, this algorithm is public, and every parameter and principle must be made public.

Bitcoin is an example of this. Every line of Bitcoin code is public, and you don’t even need to use an existing Bitcoin client, but write one based on the principle. As long as the algorithm is the same, it will still work.

But Wanke Coin is not public. You can’t see the Wanke Coin code, nor do you know the specific algorithm. In short, you can’t do anything except buy a machine and waste electricity.

• Second, this system must be guaranteed by computing power, and this computing power cannot be misappropriated.

As mentioned before, the way to add records is to calculate, which consumes computer and power resources. This resource is equivalent to the security system of a bank, which is by no means dispensable and cannot be used for other purposes. Why is there no counterfeit Bitcoin? It is because the computing power is here and cannot be faked. I always see people complaining about Bitcoin's power consumption. I have always sneered at this and feel that it would be a loss of status to refute it, but I still can't help but complain here.

What about Wankecoin? Is the computing power of the user's machine used to upload traffic or to mine? If it is the former, then it has nothing to do with blockchain. If it is the latter, how can it upload traffic and provide storage services at the same time?

Let's look at the Thunder's documentation:

If you can't see clearly, I'll copy it:

Sharing idle bandwidth and storage at home through Wanke Cloud can earn Wanke Coin rewards. We call this process "mining". The mining score is determined by the user's uplink bandwidth, hard disk storage space (recommended to be more than 200G), and online time (recommended to stay online 24 hours a day). The coins generated on that day are distributed to the mining machines in the entire network according to the weight of the score in the total score of the entire network.

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It can be seen that Wankecoin is indeed uploading traffic, just like the initial Crystal project, it is still buying and selling traffic. So I say it is a scam.

• Third, blockchain-based virtual currencies must be independent of a company and able to circulate.

We have never heard of which company Bitcoin belongs to, because it is built on the Bitcoin blockchain, and anyone can produce and circulate Bitcoin. It should be said that Bitcoin is a challenge to the existing world monetary system, and directly challenges the central bank's right to mint coins.

But Wanke Coin is not like this. You can only produce Wanke Coin if Xunlei Company allows you to produce it; if Xunlei Company says your Wanke Coin is invalid, then it is invalid. Moreover, Xunlei Company has not made any promises about the value of Wanke Coin. So how did the current market price come from? Magical.

Let me state the conclusion again: There is nothing wrong with the traffic sharing model of Star Domain CDN, but Wanke Coin has nothing to do with blockchain, and it can be said to be a scam.