Out of the numerous cryptocurrency projects that have come up with different ideas and applications of their coins or tokens, very few of them actually have significant real-life use cases. Most of them just remain stagnant on exchanges and never really get to implement the ideas they sold.
Why all the fuss about real-life applications? The answer is simple. If these digital assets can be used regularly in day-to-day activities, it would build trust in more individuals and organizations which in turn will encourage them to bring their businesses or whatever they wish to the blockchain and invest in different digital assets of their choice. If you understand what determines the price of cryptocurrencies then you will understand just how important this is. Just in case you do not already know, divide the market capitalization of any cryptocurrency by its circulating supply and you get the price of the coin. It is very simple.
In my previous post I explained the what, why and how of wanchain which you can find here. In this article, I will discuss Wanchain – a highly innovative blockchain ecosystem and its real-life applications.
Put simply, Wanchain is a blockchain powered banking ecosystem and much more. It is a distributed financial infrastructure that connects and exchanges value between different blockchain protocols. Wanchain aims to be the centre of the current financial framework based on digital assets by providing better, innovative services than traditional banks while solving future problems now. The Wanchain platform is an independent blockchain and an ecosystem made up of different financial institutions application developers and clients.
Wanchain is a distributed super-financial market built on the blockchain
Since Wanchain intends to rebuild the current financial system, it has to be able to provide important services that are already available in a decentralized fashion. To start with, let’s examine current financial services and see how Wanchain will incorporate blockchain technology to make them better.
Current services offered by financial institutions include: currency exchange, savings, deposits and loans debit and credit services, investments and financing, payments and settlements using credit/debit cards. How does Wanchain provide better solutions?
Digital Currency Exchange:
Traditional banks started out by performing currency conversion services for clients which they still do today. In the present world of digital currencies, individuals and firms rely on a third-party exchange to perform currency conversions. This is because digital assets have varying blockchain protocols that do not interact with each other.
Imagine that you mistakenly send Ethereum to a Bitcoin wallet. You would lose your money because it cannot be recovered. Ethereum and Bitcoin are built on very different blockchain networks and different consensus algorithms. They also have different wallet address formats and hence, they cannot connect or interact with each other because they do not understand each other. Bitcoin and Ethereum are just two major digital currencies. Think about the rest of the thousands of cryptocurrencies out there and you would get the picture.
Wanchain founders literally looked into the future and saw that this inability for blockchains to interact would pose a huge problem so they figured out a way to solve the problem. Wanchain introduced an interoperability feature that works with a universal cross-chain protocol. This makes Wanchain a distributed ledger that records cross-chain and intra-chain transactions. On the Wanchain platform users will be able to exchange digital assets between blockchains with privacy protection. Basically, one wallet will support various digital assets and users can easily transfer different digital currencies among themselves on the Wanchain platform without losing funds.
Multi-asset Wallet:
Various financial institutions allow users to save their funds in their wallet while they record transactions on financial ledgers. Wanchain multi-asset wallet enables users to manage and save supported cryptocurrencies including Wancoin on one wallet. More to that, digital asset holders can choose to stay anonymous and handle private transactions based on digital assets. Currently, the WAN wallet supports cross-chain transactions with Ethereum and will no doubt support more cryptocurrencies in the future.
Deposits, Loans, Credit and Debit services:
Demand for digital currency debit and credit services keep increasing because digital currency use cases are on the rise and holders want to maintain and increase the value of their coins. Businesses will be able to use Wanchain as a medium to provide credit and debit services while remaining in total control of their funds. Wanchain uses a cryptographic mechanism that is already stated and tamper-proof to calculate interest rates for deposits, loans and asset conversions. In effect, Wanchain enables individuals and institutions to provide credit services, peer-to-peer lending and direct debits and credits.
Payments and Settlements Using Credit/Debit Cards:
Many merchants already recognize digital currencies as a means of payment and the number is expected to increase in the future. To easily use digital currencies as forms of payment, credit/debit cards are needed. For now, third-party organizations like VISA and Paypal make it possible to sell or pay for goods and services with credit/debit cards. Wanchain will enable more third-parties to handle clearing and settlements and eventually, Wanchain will be able to replace these third-parties and perform clearing and settlements since different banks can connect accounts on the Wanchain platform. This will enable users to easily manage their multiple digital currencies and developers will be able to meet the demands of their clients by developing various types of multi-currency wallets. Also commercial intermediaries can clear settlements more efficiently.
Digital Asset Investing and Financing:
In line with conventional methods of buying financial products in banks (such as bonds, shares, etc) Wanchain enables a large number of digital currency holders to invest in digital based assets with their funds. After consortium chains link to Wanchain, more digital assets will be issued and traded.
Precisely, Wanchain provides better financial services and gives access to more individuals to key into these services.
I already mentioned how important it is for digital currencies to go beyond price speculations to real-life applications. When the Wanchain team implements all the technology they intend to use, the day-to-day applications of Wanchain will be almost infinite. For instance, Wanchain’s interoperability feature can be used for identity verification globally. If an individual wants to travel to a different country, but his country of origin and his destination country use different public blockchains to register their citizens, Wanchain can initiate a cross-chain transfer of the individual’s data to the destination country to verify his citizenship.
In a medical setting, if a patient needs to be transferred from a local hospital to a specialized hospital for better treatment, using the Wanchain platform, the local hospital can conveniently transfer the patient’s data to the specialized hospital almost instantly while maintaining the privacy of the patient. This proves that Wanchain technology is truly innovative and has numerous use cases.
For more information, please visit the Wanchain official website or any of their 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