Whether you’re new to crypto or you’ve been around since the beginning, we’ve all experienced the limitations set by centralized exchanges. These limitations exist thanks to the pressure to abide by the laws of their respective governments.
With this in mind, we should be happy that there are platforms like Wanchain that are focused on providing decentralized, cross-chain transactions in a way that everyone can use them.
That being said, there are some important things you should know before purchasing Wancoin, so let’s get right into it
Impressive team:
Founded by Jack Lu, the same man who brought us Factom back in 2014. The entire team behind wanchain is impressive to say the least. This team is stacked. Not only do they have a long list of individuals rich with encryption, software development and blockchain experience, but they also have a few solid individuals handling the marketing side of things. Both of which are paramount for any crypto project to have a chance at success.
According to Oliver Birch of Wanchain, at its core, Wanchain wants to address the problem of value transfers between different ledgers or blockchains, and also achieve a more widely spread blockchain technology and digital asset applications.
According to their white paper they plan to achieve this by pursuing:
- Cross-chain asset transfer
- Transaction privacy protection
- Functional Extensibility
These three things are intertwined and will ultimately enable more people to interact with different blockchains in new ways.
Their big plans include the ability to exchange different cryptocurrencies through their decentralized cross-chain transaction protocol.
They aren’t exactly the first to pursue cross-chain transactions, but they are coupling this with privacy features like ring signatures, you might recognize this one from Monero, and also single use accounts.
Wanchain’s approach is different from centralized exchanges and even decentralized exchanges, although decentralized exchanges are a better option compared to their centralized counterparts, they still ultimately rely on that third party to provide the OTC (over the counter) trades.
If you’re interested in learning more on how Wanchain’s protocol completely removes the third party problem then I definitely suggest going over their white paper, it’s very well written and they go over in detail how they will achieve this and how their privacy features work.
Next up, they will also open the door for the possibility for individuals to create deposits and loans for different cryptocurrencies while at the same time reducing counter party risk.
Their platform will also allow for digital asset transactions using cryptocurrencies as a medium. This platform will also be a place for developers to create applications that can work on different blockchains, like Ethereum and Bitcoin.
Two days ago they released Wanchain 1.0 onto the mainnet so you can go ahead and check out their wallet, privacy features and block explorer.
They’ll be implementing the multi-currency wallet around June of this year, the first crypto they’ll be integrating with is Ethereum and later yet will be Bitcoin, and sometime in 2019 we can expect interactions with other private chains.
What the coin is for:
Wancoin is used to pay for the fees on the network, and they are also necessary for ensuring cross-chain transactions. Because the coin is directly related to the cross-chain transactions occurring through Wanchain, the more cross-chain transactions occur, the more valuable wancoin will become.
Let’s say you’re interested in purchasing some wancoin.
They had a massively successful ICO that sold out quickly. If you didn’t get the chance to take part in it, usually your best bet is to purchase the tokens on EtherDelta.
EtherDelta is that one decentralized exchange that lists nearly all ERC20 tokens.
It’s also notorious for being a pain to navigate and often slow to make trades, but it is for this reason that EtherDelta is also a chance for you to purchase a promising token before it hits a major exchange and most likely jumps in price.
If this is your plan to get a hold of some wancoin, let me stop you right there.
The wancoins or more appropriately called tokens that are offered on EtherDelta will not be able to be easily redeemed, or redeemed at all for use on Wanchain.
Reason being that in order to redeem your tokens on wanchain, you need to verify that you indeed own the wallet that they are stored on.
This means that those who took part in the ICO will have no problem with this, but those who purchase the tokens on EtherDelta are only purchasing pure speculation of the price and will not be able to use those tokens on the actual platform.
I believe this situation is still up in the air in regards to how people can purchase this one in a way that allows you to redeem them on the platform.
So I suggest keeping an eye on their twitter account for announcements regarding this situation.
They also have a plethora of other options for contacting their team.
All links will be included down below.
Additional Reading/Sources:
Website
White paper
Review of their ICO
Twitter
Telegram
Discord
Reddit
Facebook
Weibo
Understading the difference between public/private/consortium blockchains