The key to enhanced service delivery is an improvement in the level of technology. The traditional banking system is pretty easy to use now but it wasn’t always like that. Technology brought about a superior way of doing things and now with the aid of mobile apps and debit/credit card services, we can even bank from the comfort of our homes without having to visit any banks at all.
I have carried out more transactions from home these last few years than I have done inside a banking hall. This is all because of the availability of technology. I remember a period when people from where I live prefer not to use the services of corporate banks because of the level of difficulties involved in their processes. Here, individuals who are worth millions of naira choose to keep their money with local money lenders or even bury it in their homes. However, most of the individuals that think along that line have been changing their opinion about the banking system as far as convenience is concerned. This is as a result of the monetary innovations also brought to us by technology.
This is not to say that the traditional banking systems are now perfect because of the adoption of technology among them, but instead, it would be proper to say that technology has solved some major problems that banks and their users faced in the past. However, due to the level of abuse in these financial technologies which most traditional banks get involved in and their connection with biased centralized authorities of the country where they operate, they are constantly being manipulated through an “apex bank” model. This resulted in a pyramid in the financial scheme where only a privileged few enjoy the highest benefit of this corrupt banking system. This is why I do not disagree with Dan Larimer when he referred to the centralized government as “an organized crime syndicate”.
Low transparency, High level of corruption and Manipulation of peoples’ minds through their finances. The tool used here is “policy manipulation”. Centralized governments have mastered the art of manipulating their economies through the financial system. The financial system became highly politicized and less democratic (being clouded with a lot of sentiments). The need to have a truly democratic financial system is what necessitated the creation and establishment of the popular blockchain technology.
a blockchain is a digital, decentralized, public ledger that is used for verifying cryptocurrency transactions… However, the applicability of the blockchain technology is more than just more than the creation and transfer of digital currencies.source
A friend once asked me the essence of introducing the blockchain technology and the simplest answer is that “it renders centralized governments powerless”. (Disclaimer: I am not saying all centralized governments are corrupt). However, the bottom line is that some of them are and there is a great need to reform our financial systems.
Wanchain is going to be one of the greatest instruments in pioneering this historic change. In an attempt to solve the issues centralized governance the blockchain technology emerged and thousands of cryptocurrencies we created for the fostering of services provided in the digital space and some of them are even useful offline. The blockchain also has a great challenge in terms of creating currencies that can really serve as a medium of exchange and store of value at the same time.
Developers from all over the world have been in a quest to enhance the blockchain model but each project they created ended up being isolated from others that are already existing in the space. The strength of the traditional banks is the connection that each one of them has with the others. Nothing scares an investor than the fear of having their funds stuck in a place. Wanchain will be enhancing the interaction between digital financial projects in such a way that will improve the level of interaction between these decentralized, independent blockchain projects.
The goal of Wanchain is to set up a purely decentralized model by removing all forms of reliance on centralized exchanges. Wanchain will also provide institutions and individuals with the ability to set up their very own virtual teller window with services such as asset exchanges, credit payments, loan organization and transaction settlement in real-time. In other words, Wanchain is rebuilding a financial system on the blockchain in a way that’s superior to what we see with offline financial systems.
One of the greatest components of finance is a “medium of exchange” this is why this innovation wouldn’t have been anywhere possible without the native currency of the Wanchain model – The WAN token. WANcoin is the instrument of exchange within the Wanchain ecosystem. Just like the real money, it serves as a medium of exchange for all transactions within the ecosystem, not just on the Wanchain blockchain but on every other blockchain that is connected to Wanchain. The token can be used to pay for services such as deposits (chain and cross-chain). The good thing here is that the tokens don’t have to be converted to other cryptocurrencies as long as those projects are connected to Wanchain.
The objective presented by Wanchain is very ambitious and in my opinion, will be the prototype of what the 3rd generation of blockchain projects would be; having the capacity of interoperability. They have climbed several milestones one of which is the successful connection already established on the Ethereum blockchain. By the end of 2019, Wanchain will go to it’s fullest capacity and this will be a great thing for the world of cryptocurrencies. Since the project has a high potential to attract more investment.
The world’s financial systems need to be reformed and the success of Wanchain would be an enhancement of the already existing alternative financial technology (the blockchain technology). This is an era of change for the world’s economies and will be a huge attack on all offline governing authorities. Take the first step in the right direction by visiting the Wanchain website. You can also learn more from their whitepaper using the links below this paragraph. This is Bait and I’m bringing you words from the Offline Minnow School.