Wanchain is a distributed financial blockchain based on the use of digital assets. Find out how it works today in our Wanchain.org review.
What Is Wanchain?
Wanchain is a blockchain technology that aims to build “super financial markets for the new digital economy.”
The goal of Wanchain is basically to build a distributed bank. Just like traditional banks are the infrastructure of the current financial industry, Wanchain wants to build a new infrastructure for the digital asset economy.
Specifically, Wanchain connects and exchanges value between different blockchain ledgers in a distributed manner. It uses cryptographic theories built into a cross-chain protocol and a distributed ledger that records cross-chain transactions and intra-chain transactions.
That means any blockchain – private, public, or a consortium chain – can integrate with Wanchain to establish connections between different ledgers and perform low cost inter-ledger asset transfers.
In more basic terms, it means Wanchain can allow developers to create applications on both the Ethereum and bitcoin blockchains.
It also means that any institution or individual can use Wanchain to create their own virtual teller window (effectively, their own bank) to provide services like lending, asset exchange, credit payments, transaction settlements, and other bank-like services.
The first version of Wanchain is scheduled for release before the end of 2017. The company’s ICO is taking place throughout September.
Uses For Wanchain
As mentioned above, Wanchain can be used by individuals or organizations to effectively create their own bank. Some of the proposed applications for Wanchain include:
Wanchain can facilitate the exchange of multiple cryptocurrencies. Institutions or individuals can rely on Wanchain for distributed cryptocurrency exchange services, taking advantage of the platform’s distributed cross-blockchain transaction mechanism.
All transaction processes are executed by computer programs based on smart contracts and the cross-chain protocol. Users hold their assets and debts in a decentralized way (using different tokens). Wanchain then ensures asset safety and transparency throughout the process.
Wanchain can facilitate transactions between two different blockchains. The transaction can be executed via Wanchain. Wanchain uses an automatic transaction process to allow for “payment on delivery” while also ensuring asset safety throughout the process.
Wanchain supports ICOs with multi-cryptocurrency smart contracts. There are automated conversions from ICO tokens to real cryptocurrencies. The ICO process is completely decentralized.
Essentially, Wanchain is more than just a universal cross-chain protocol (something we already have, or is already in development by other organizations). Instead, Wanchain is a distributed ledger that records cross-chain and intra-chain transactions. The ledger supports not just smart contracts, but also privacy protection.
Some of the core features of Wanchain’s technology include:
Distributed Cross-Chain Mechanism:
Wanchain supports cross-chain transactions of mainstream public chains (like bitcoin and Ethereum). It also supports cross-chain transactions among consortium chains, or between public chains and consortium chains. The distributive cryptographic key management is achieved “by the threshold secret key sharing mechanism, joint anchoring, multiparty computation, and multi-role node design.”
Universal Cross-Chain Protocol:
The universal cross-chain protocol between the Wanchain and the Wanchain wallet, along with the communication protocol between Wanchain and its homogenous chain, provide request and confirmation communication for cross-chain transactions. Community developers can create independent multi-asset wallets and setup chains according to their application requirements.
Wanchain and homogenous chains support privacy protection based on smart contract assets. Wanchain achieves the privacy protection of smart contract token transactions using ring signatures and one-time addresses. As the Wanchain.org official website explains, this makes Wanchain the first to achieve privacy protection for smart contract token transactions. This is a key development that will make Wanchain and blockchains more applicable to financial applications.
Support For Complex Applications:
Wanchain supports more complex applications through its use of smart contracts and universal protocols. Some of the proposed complex applications include applications that use multiple currencies. Developers can also create more complex applications based on the connections between public and private chains or consortium and public chains.
Who’s Behind Wanchain?
Wanchain was launched in June 2016. The company published its whitepaper online in July 2017. By November, the developers hope to launch Wanchain 1.0, which will include core features like privacy protection, WANCoin, POS, a wallet, and a blockchain explorer.
In 2018, the developers will launch Wanchain 2.0, which will offer Ethereum integration and a multi-coin wallet. By December 2018, the company hopes to launch Wanchain 3.0, which will offer integration with bitcoin, and by 2019, Wanchain hopes to launch version 4.0, which will offer integration with private chains.
The Wanchain crowdfunding campaign begins in September 2017.
In terms of developers, the Wanchain team includes three PhDs with applied mathematics. Listed contributors on the Wanchain whitepaper include all of the following: ：Jack Lu, Boris Yang, Zane Liang , Ying Zhang, Demmon, Shi, Eric Swartz, and Lizzie Lu.
The Wanchain ICO
The Wanchain ICO is scheduled for September 6, 2017 at 12:00 UTC. There will be a total supply of 200 million WAN Coin tokens. 107.1 million (51% of the total supply) will be available during the ICO. A further 20% (42 million) will be reserved for the team, 19% (39.9 million) for the Wanchain Foundation, and 10% (21 million) for miners.
Wanchain is a technology platform that aims to enhance the usability of blockchain for financial applications. The company is launching cross-blockchain protocols that will allow for the creation of complex applications – like applications that are based on multiple blockchains. It’s a unique concept that could fuel the widespread adoption of blockchain technology across the financial sector.
You can learn more about Wanchain and their upcoming ICO online at Wanchain.org.