The Wanchain company is an Ethereum inspired ledger company which was established in Singapore by Jack Lu and a team of technical experts graduating with Masters and PhDs from various ITT institutions around the US. Jack Lu co-founded a famous blockchain project known as Factom before developing Wanchain.
All staff involved have extensive credentials and are heavily submersed into the R&D of the cryptographic theories for block chains. The company officially launched in 2017. Wanchain’s primary objective, as the Whitesheet elucidates is “a distributed super financial market based on blockchains”.
Currently, Wanchain specializes in acting as an online teller platform for managing one’s transactions. While differences with the parent sites such as Bitcoin, Ethereum, and Kraken vary to Wanchain, it does offer its’ own form of cryptocurrency, the ‘Wancoin’.
In addition, private and public transactions are available through their smart contracts so if security is paramount, the user is covered. The platform does have CMD software available for a user to code mine and can be downloaded simply by one click. Wanchain’s specialties lie in their ledger.
We are sad to report from our findings that there is little to be offered in lieu of a promising outcome thus far.
In regards to conversion/token exchange rate with Wanchain, the Wan Wallet must be downloaded. Conversion to other cryptocurrency is executed via a multi-currency smart contract wherein Wancoins and other forms of digital tokens such as Ether are all integrated into the nodes for investment. According to Wanchain’s Whitesheet, the rate of exchange was based on market value, for which the Wancoin seems undefined at this time.
Here is what the pros of using Wanchain revealed: The Wan Wallet is designed to allow for moderating of token assets from all organizations. In addition, peer to peer loans, credit services, exchanges, and even crowdfunding features are an option. Wanchain’s software ledger system is akin to Ethereum in that users are able to develop smart contracts through the coding. In terms of their team, customer service seems readily available.
Wanchain touts discretion and privacy protection for their smart contracts utilizing ring signatures and one time accounts. Also, if you are dreading the exchange fees for your nodes, another incentive the company offers is bond deposits at each node to continue the flow of blockchain activity. Nice feature, right?
Now for the cons. If you are not already well familiarized with navigating the world web of blockchains, Wanchain appears somewhat difficult for an inexperienced investigator to explore.
In addition, the Wanchain’s web link to their Tokenswap is not yet established, which essentially eliminates the ability to have a direct exchange of cryptocurrencies. That being said, if the user wishes to convert their finances from Wancoins to USD, it is not accessible at this time other than via multi-currency cross chains. Investing in other ICO blockchain projects is also off the table until the network is more established.
The big question. How would one even be able to cash out? Wanchain’s payment method is by linking to Paypal, VISA, and Alipay. This ensures you are able to withdraw from a trusted settlement corporation. These arrangements are according to their Whitesheet, and would be the case if there was an available medium to engage with the token data.
The Verdict For Wanchain WAN
With what little tools are available to factor in, the jury is still out on this company. The concept for developing a self-governed online teller system is certainly fascinating. However, being that the platform is still in its infant stages, Wanchain has its own set of challenges; the user interface is advanced for beginners who are not fully tech savvy. Currency exchanges are not available due to Wancoin’s unestablished token value on the market, other than its connection with Ether tokens.
If you’re seeking to garner experience in cryptographing, block-chaining and mining, we recommend you try Ethereum or Bitcoin (much easier to follow) first. On the bright side, if your prerogative is to ensure anonymity in your transactions or develop return smart contracts, this may be a program for you to consider once it has all the nuts and bolts worked out.