The vision of the Wanchain team is to unify the entirety of digital assets under “the world’s first and only interoperable blockchain with secure multi-party computing.” This is quite the undertaking for a single company and requires a great vision as well as a management team that can get the job done!
Blockchain technology is changing the way financial transactions are being conducted around the world. Transaction times are now quicker, cheaper, and easier than ever before while providing security to both parties in the transaction without the need for a middleman.
The vision of the company
Each company starts with a societal problem that the founders believe they can provide a solution for. Wanchain found that digital currencies are isolated on their individual blockchains and these visionaries have created a goal to connect the blockchain assets via banking applications that can remove the possible risks associated with centralized counterparty usage.
A business that intimately learns what customers or end users need before establishing a product or business model is statistically much more successful than companies that throw something together before market analysis has been conducted. This means that it takes a business longer to bring in sales in the beginning but builds a solid foundation on which to operate from while conveying to customers that they care about their needs.
Has Wanchain succeeded in determining what customers need or will they fall short of the overall goal? That is the question that will be answered as this company grows and continues on their journey.
Customer Offerings
Decentralized Exchange
· Wanchain offers a multi-asset wallet for secure transactions
· This exchange allows for the exchange of many of the world’s digital currencies on the blockchain
· Decentralized exchange applications will allow for protocol tokens like Ether Delta
ICO Platform
· Launch an ICO using a streamlined process found to be proven effective
· Get access to Wanchain’s community to help with the ICO journey
· Collect your funds from many assets
Asset Management Services
· Secure & private trade and position transactions
· A focus on minimizing counterparty risks on the exchange
· A master address gives a simplified and trusted audit to users
How Wanchain works
The whitepaper for Wanchain goes into great detail of exactly how the Wanchain protocol works and is written in such a way that almost everyone should be able to understand the ideas that are being conveyed.
Traditional banks have been used by consumers in order to house and keep track of an individual’s ledger of their personal accounts but a main problem has always been that each bank has their own ledger so it is easy for users to overspend before the ledgers can be updated. The individual’s bank account (or ledger) will be overdrawn but they have already had the opportunity (whether intentional or otherwise) to spend money that belonged to the bank and not to the individual.
The bank adds overdraft fees that must be paid by the individual but that is their only option to try to get the money back that has been overdrawn. Some individuals rack up multiple overdraft charges at a time and end up in a difficult financial position as a result of it.
So how can this be prevented?
BLOCKCHAIN!!
The blockchain consists of ledgers too, but they are decentralized ledgers (not maintained by one single entity) that solve the problem of overspending because every ledger is exactly the same but maintained by each cryptocurrency miner so there is no viable way to add transactions to the ledger without all ledger holders agreeing to add the transaction.
The benefit of this is that overspending is not possible and neither is counterfeiting transactions. These are the two main problems that have plagued global financial systems up until now.
One major problem that exists for blockchain, however, is that if you want to transfer assets to a friend or family member but they don’t hold the same currency you do, you have to exchange your currency for their currency thus incurring fees and the process takes time to complete.
This creates security issues for your currency because exchanges are not well known for being secure (look at how many hacks have happened on crypto exchanges) and this whole process is hindering the mass adoption of cryptocurrency! If you are a supporter of cryptocurrency at all then you understand how the entire community is looking towards mass adoption happening, and the sooner this happens the better.
Introducing Wanchain 2.0!
Wanchain has (so far) connected to the Ethereum blockchain and uses Smart Contracts to securely transmit data from one blockchain to another to record the transaction without needing to jump through extra hoops. This is powerful and completely revolutionary for the world of finance and digital transactions!
The possibilities of this system are virtually endless! This could easily replace the banking system as we know it by offering digital asset management, secure & private transactions from the comfort of your own home or mobile device, and loans or credit card services utilizing blockchain technology!
In the future, Wanchain will connect more than just Etheruem but Etheruem seemed the most logical resource to start with because of the ease of use for smart contracts.
The beauty of the Wanchain business model and team is that they are very communicative with their stakeholders about where the company is currently in their growth and where they are going in the future. The vision has been made very clear to anyone interested in the company.
It is easy to believe in companies that are transparent in their business practices while admitting any delays or changes to the company because a startup that can pivot quickly is often one that is successful in the long term because they have built up a solid foundation.
Have you used Wanchain or looked into this project before? What do you think of what they are working towards and do you think it is possible to connect the blockchains in order to process seamless transactions?
For more information about the company, check out these links:
· Project 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
I would love to hear your thoughts!
Thanks for reading!