All You Need to Know About Wanchain (WAN)

If you've been active in the crypto space for a while, you may, just like me, have heard about Wanchain (WAN) a lot but took the time to look into it. Let's take a look to understand what this project is all about. Put simply, WAN is trying to build a distributed bank. Not a conventional bank but more like a bank for the digital economy.

Wanchain is trying to tackle the following problems:

Ordinary investors can only buy relatively low-end financial products from financial institutions and banks
Ordinary investors can't take part in early-stage investments in companies before they are listed on stock exchanges
It is difficult for some SMEs to obtain loans from banks

Wanchain is a fork of Ethereum with additional functions:

Cross-Chain Asset Transfer

Wanchain will connect with mainstream public chains such as Bitcoin and Ethereum, as well as with private chains. It will be possible to transfer assets from original chains to Wanchain, transfer assets from Wanchain back to the original chains, and trade various assets on Wanchain.

wanchain-wan-cross-chain-transaction

Transaction Privacy Protection

This will allow trading parties to conduct transactions privately if they wish to do so and also to provide anonymous protection of digital asset holders.

Other Possible Functionalities

In addition to the previous two core functionalities, WAN has the goal of carrying out a deposits and loan business for multiple digital currencies. Also, the platform aims to allow transactions of digital assets using digital currencies. Just like Ethereum, it will also be possible to issue and trade brand new digital assets. (ICOs and other assets)

Incentives

Contrarily to Ethereum that uses a proof-of-work consensus mechanism, WAN is using a proof-of-stake mechanism. Therefore, there won't be any miners on the network.

What are the incentives to hold WAN tokens?

Both cross and intra-chain transactions will consume a certain amount of WAN. The validators that complete the recording of transactions on the platform will gain a part of the transaction fees. Also, tokens are used in security deposits for the cross-chain verification nodes.

Team

Wanchain has built a big team comprised of a professional cryptography research team with the goal of applying cryptography to the blockchain space and contribute to the industry. The founder of the project co-founded Factom in 2014, a very respected data project in the industry. The big team at Wanchain has a lot of experience in different useful fields for their project.

Recent Developments

Here are some recent developments for Wanchain.

Wanchain 2.0

50 community developers are currently testing the Wanchain 2.0 Alpha Testnet. The Beta Testnet should be released shortly. This one will be open to all participants and it will offer bounties from the Wanchain Foundation.

Partnership with Quantstamp

A couple weeks ago, Wanchain announced a partnership with Quantstamp for auditing and security advisory of the Wanchain's platform.

Also, Quantstamp will help the Wanchain ecosystem by contributing to the development of WANLab. WANLab is a blockchain accelerator and incubator powered by Wanchain.

Partnership with Pundi X

Wanchain's team vaguely announced a partnership with Pundi X during Consensus 2018. We don't have any details but it definitely could be a good thing for both parties. Pundi X is developing a system to allow payments in cryptocurrency at physical stores.

To sum up, Wanchain aims to build a super financial market for the digital economy. It is doing so by taking the Ethereum platform and try to improve it by changing the code a bit and adding brand new functionalities. Multiple projects are working on cross-chain functionalities and privacy so it's only a matter of who's able to build the best performing platform first.

Posted from my blog with SteemPress : https://satoshi.blog/2018/06/17/all-you-need-to-know-wanchain-wan/