Wanchain is an innovative project that provides decentralized financial services through its interoperable platform that handles cross-chain and intra-chain transactions and supports the developing of decentralized applications.
Imagine what the blockchain ecosystem could look like in a few decades from now. There would be different blockchain networks built using different protocols and consensus mechanisms performing different functions including financial services. Blockchain technology might just phase out conventional banking systems the same way the emergence of the internet and emails replaced post office services. Different blockchain networks will handle different types of transactions and varying amounts of data using different levels of processing power.
Some of these blockchain networks may specialize in different economic sectors ranging from finance, health, delivery systems, social media and even national organizations. These specialized blockchain networks need to interact with each other at some point. Supply chain and logistics projects need to work with businesses, health systems need to work with finances to fund research projects, an organization can even build their own private blockchain and pay their employees using their designated digital currency and the employees will need to purchase goods and services using their salary.
The interaction between different blockchain projects is highly necessary. If there could be a way for different blockchains to interact and exchange value, then this technology could very well become the backbone of the internet. Also if this solution is token based, then the demand for the token will drive the price very high. Now let’s stop imagining because the solution is right here. Wanchain is a distributed ledger that records cross-chain and intra-chain transactions and in effect, makes interaction or better put, interoperability possible. It also uses a token-based solution which means that the price increase of its token – Wancoin is certain.
Wanchain works as an independent blockchain that links the accounts of other independent blockchains to form a network where various digital assets can be exchanged.
Wanchain provides the full package – cross-chain interoperability protocol, a platform for decentralized applications and advanced privacy mechanisms.
Wanchain Architecture
Wanchain started as a fork of Ethereum but has currently moved to its own blockchain. The Wanchain architecture can be grouped into five:
Distributed Ledger and Smart Contract Virtual Machine:
Combining Wanchain’s secure multi-party computation with its threshold key sharing mechanism allows developers to build decentralized financial applications that can access any digital asset from the Wanchain blockchain. In other words, it is ethereum based or can be safely called a fork of ethereum but differs from ethereum by its cross-chain transactions and digital asset privacy protection mechanisms.
Native Cryptocurrency – Wancoin:
The native currency of the Wanchain Platform is the Wancoin. It is not an Erc-20 token although that is what it used to be until Wanchain moved to its independent blockchain and performed a token swap in the ratio of 1:1. It is a utility token that is designed to play an integral function on the Wanchain platform. Wancoin has two major uses:
· processing fees for intra-chain and cross-chain transactions
· Bonding security deposits for cross verification nodes
The best place to store Wancoin is the WAN wallet which is compatible with Windows, Mac and Linux operating systems. Since Wancoin is going to be used for different transactions on Wanchain, the demand would be very high and this would affect the price positively.
Consensus Mechanism:
Wanchain uses a Proof of Stake (POS) consensus algorithm to handle transactions. In simpler terms, a consensus mechanism is put in place to ensure that digital currencies are not spent more than once. It is a set of rules with specific number of steps for performing an action that has been generally agreed on by a certain group of people. Consensus mechanisms are used to validate transactions on a network.
The concept of Proof of Stake is that users have the ability to mine or validate block transactions depending on the proportion of coins they hold. Different ways of selecting validators are used to ensure efficiency. The most popular methods are the randomized block selection method and the coin age-based selection method. It is also noteworthy that any blockchain developed on Wanchain will have the same cross-chain mechanism and will be able to easily integrate with Wanchain.
Intra-chain Transactions:
Intra-chain transactions performed on Wanchain will be similar to that of ethereum but with an additional privacy protection technology. A ring signature scheme and one-time account mechanism is used to provide this added anonymity feature.
Cross-chain Integration and Transactions:
Blockchains and assets that integrate with Wanchain will have to be registered for unique identification. Wanchain combines a multi-party computing scheme with a threshold sharing scheme to ensure that when registered tokens are transferred to Wanchain, the equivalent tokens in the existing contracts can still be traded on Wanchain without modifying the original chain.
Wanchain Products and Services
The Wanchain mission is to provide decentralized banking services for users including disadvantaged low income earners who would be able to request for and receive financial services on the same level as global big players. Wanchain provides any financial service you can expect from traditional banks in an innovative way – credit and debit services, savings, investing and financing, deposits and loans, settlements and payments using credit/debit cards, etc. The products and services Wanchain provides are:
· Credit and debit services
· WAN multi-asset wallet for store of various cryptocurrencies
· Digital assets exchange across different blockchains
· Peer-to-peer lending
· Multi-asset ICO based on smart contracts
· Multi-coin settlements and payments
· Credit/debit card services
· Decentralized applications
· Multi-asset investments and financing
· New token issuance with privacy protection
· Block explorer for tracking transactions
Wanchain Team
Wanchain has an exceptional team made up of experienced engineers, cryptographic experts, IT professionals, marketers, public relations and other professionals in different fields. Most of them are ranked high worldwide and a good number of them graduated from the prestigious Peking University.
The founder, Jack Lu is a proven blockchain technology expert and blockchain entrepreneur. He is a co-founder of Factom – a notable crypto project and Wanglu Tech – a blockchain startup project. Factom was launched in 2014. As a matter of fact, factom’s market cap is presently 38million+ USD. If you usually check for past experience from a working product then this is it.
The vice president, Li Ni graduated from Peking University with a Bachelor’s degree and got his master’s degree from University of Durham, UK. He has over 15 years experience in IT and international marketing. Oliver Birch is currently the vice president of global communications for Wanchain and has experience as a project manager. The rest of the team is made up of 21 employees and 12 advisors, all of them having good qualifications in important fields.
Conclusion
The financial sector is the center of various economic activities. Wanchain provides a financial framework that would place it at the center of the blockchain ecosystem through its interoperable chain architecture. Wanchain provides decentralized financial services and is made up of professional team members with years of experience.
Find out more information about Wanchain and stay up-to-date through 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