Wanchain 3.0, Now in Alpha Testing, Will Be a Conduit Between Bitcoin and Ethereum Blockchains
WanChain is a blockchain venture that is mainly focused on facilitating the interoperability of blockchains. Simply put, it works towards the seamless linking of blockchains, thus enabling unhindered communication between both blockchains.
At present, blockchain seems to exist in separation and therefore it is not in a position of communicating with others, majorly as a result of the exceptionality of each blockchain. In this regard, WanChain used cryptographic concepts which were built recently in order to establish a non-copyrighted cross-chain protocol as well as the disseminated ledger that registers both cross-chain and intra-chain business dealings.
This basically implies that WanChain wants to ensure that there is a possible transfer of properties between diverse blockchain ledgers in a distributed manner. The WanChain protocol works in support of smart contracts, as well as virtual asset exchange confidentiality protection.
The WanChain Cross-Chain
The Wanchain cross-chain aims at making it possible for the exchange of any virtual asset from any blockchain into a matching proxy asset on the platform’s blockchain. This will go a long way in enabling the expansion of cross-chain decentralized applications. The cross-chain is also in the process of giving their support to all protocol virtual assets as well as ERTC-20 virtual assets.
The Release of WanChain 3.0
On September 10th, 2018, Wanchain declared that the Alpha test net has gone live. Wanchain 3.0 is the conduit that connects Ethereum and the Bitcoin blockchains. As a result of adding Bitcoin to its interoperability, investors with virtual assets are now in a position of transferring their assets from the Bitcoin blockchain to that of Ethereum, and vice versa.
The impact of this incorporation is that virtually any decentralized application or protocol which is running on Ethereum will now be in a position of being linked to Bitcoin. For instance, devolved exchanges that exist on the Ethereum blockchain will be in a position of having to trade in Bitcoin pairs.
How it works
In order to have Bitcoin connected through WanChain, a specific amount of BTC is locked on its chain, while at the same time, a proxy virtual asset (1:1 with Bitcoin), and called WBTC is unveiled on WanChain.
Consequently, the WBTC can then be utilized without a glitch across the Wanchain bionetwork. At any time a user desires, the WBTC is then able to be exchanged back to BTC. This is irrespective of if the consumer was not the person who locked the BTC for the WBTC.
The team behind WanChain is way ahead of time following the release of WanChain 3.0. This is an indication that the team is hard-working even as they seek to deliver the vision of the firm. After it is fully unveiled, the team will now put a lot of focus on incorporation with other private chain, which is expected by end of next year.