Wanchain is a platform built on a distributed financial infrastructure which will rebuild present financial systems by seamlessly connecting varying digital assets that is built on different blockchain networks together on a single blockchain.
Wanchain is the world’s first interoperability blockchain with secure multi-party computing
Wanchain aims to provide top-notch financial services based on digital assets for clients on the blockchain in a secure and transparent way. It will be a financial ecosystem comprised of various business providers, dApp developers and clients. This means that individuals or enterprises can set up their own business and offer financial services which include lending, asset exchange, credit payments and transaction settlements – all based on digital assets using the wanchain platform.
Traditional banking systems evolved from currency conversion to savings then financial planning and investments. The evolution does not end there. Demand for credit and debit services, payment settlements and investments keeps growing. As a result, traditional banking institutions are seeking for ways to implement blockchain technology in order to provide better services. Just like the internet gave birth to different e-commerce models, blockchain technology will bring about the rise of revolutionary commercial methods. There is, however, one major setback that must be overcome in order for this to happen. What are the problems facing digital currencies and how does Wanchain solve them?
The Problem – Why Wanchain is Necessary
The cryptocurrency industry is experiencing an avalanche of crypto projects along with their digital assets built using different cryptographic structures. But presently, there is no way for these blockchain networks to directly interact with each other or to move value across different chains. The only way value can be transferred between chains is through a cryptocurrency exchange of which most of them are centralized exchanges.
Apart from the charges incurred while using an exchange for value transfer, it does not exactly make sense to use a centralized approach to transfer value between decentralized networks. Relying on exchanges also involve some security risks and compromise of anonymity in most cases.
On another note, when explaining blockchain and cryptocurrencies one of the very first things to mention is that blockchain eliminates middlemen which in turn makes it cheaper to handle transactions. This is ironical because digital assets on different blockchains still need third-party exchanges to interact. Basically, what was achieved is just a replacement of middlemen because blockchain technology was supposed to eliminate middlemen but we still require middlemen (crypto exchanges) to exchange value.
The emergence of blockchain and cryptocurrencies has already made huge impact in different economic sectors but the mainstream adoption we look forward to is not going to happen if we do not have some kind of digital bridge that will facilitate value transfer across different blockchain networks.
Instead of using another centralized approach, Wanchain provides an efficient and decentralized solution in a number of ways. These include:
Providing an Interoperability Protocol:
Wanchain makes it possible to connect and exchange value between top cryptocurrencies like Bitcoin and Ethereum at a minimal cost without having to modify the original chains. Consortium chains developed using wanchain protocol can also be integrated with Wanchain. This integration facilitates the movement of assets to and from Wanchain as well as the trading of different digital assets. Another important feature is security of cross-chain transactions and stability. Wanchain ensures this too.
Ensuring Transaction Privacy Protection:
One of the key features of traditional banking systems is that they protect user privacy. For Wanchain to efficiently rebuild finance, it has to protect user privacy. Wanchain has this capability and more. Wanchain will allow traders to decide if they want to carry out transactions using privacy protection or not. Digital asset holders can also decide to remain anonymous while having privacy protection for the exchange of digital assets.
Providing a Multi-asset Wallet:
Currently, almost every cryptocurrency on their own blockchain have their own unique wallet address which cannot be used to store a different digital asset. What this means is, if you have bitcoin, ethereum, ripple, etc you cannot hold or store all of them on one wallet address because they are very different from each other.
Supporting Complex Decentralized Applications:
With the aid of smart contracts and universal protocols, developers will be able to develop complex decentralized banking applications while eliminating centralized counterparty risks. The intra-chain and cross-chain connections open up more options to developers.
Extending Functions of the Platform:
Wanchain is not just a project that achieves cross-chain transactions and allows for exchange of digital assets across blockchains. Wanchain will also handle deposit and loan businesses for various cryptocurrencies, use digital assets as a medium to perform transactions and when consortium chains are integrated, new digital assets will be created and traded
The WANCOIN (WAN)
Wancoin is the basic cryptocurrency of the Wanchain ecosystem and most transactions will be done using it. Wancoin has a total supply of 210 million WAN and circulating supply of 106,152,493 WAN. Wancoin reached an ATH (all-time-high) price of $10 but the current price of WAN is $0.98 which can be attributed to the ongoing bear market trend. Needless to say, with continuous implementation of its technology and protocol, the value of wancoin will most likely appreciate. This is actually the best time to get in and invest in Wanchain. Imagine a bounce back to its previous ATH, that will be about 1000% gains on any investment right now.
Conclusion
Wanchain is an innovative blockchain solution that provides an ecosystem for distributed financial infrastructure. Wanchain will solve one of the biggest problems facing all blockchain by providing a cross-chain interoperability protocol that allows interaction and exchange of value across different chains. It also supports the development of complex decentralized applications for financial services and uses a complex method to ensure privacy.
Personally, I think Wanchain is a long term project and they have been following their roadmap so I am not just investing for short term gains. I am looking at a long term investment which I’m very positive that it will yield huge rewards. But that is just my opinion (based on research though).
To find out more about Wanchain, please visit the official website or the social media handles:
· Website: https://wanchain.org/
· Products & Services: https://wanchain.org/product
· Documents: http://www.wanchaindocs.org/en/latest/
· Facebook: https://www.facebook.com/wanchainfoundation/
· Medium: https://medium.com/wanchain-foundation
· Telegram: https://t.me/WanchainANN