Agreements can be made on the Bitcoin blockchain, these agreements are implemented by having a valued transaction such as Peer-2-Peer energy trading, Peer-2-Peer Insurance, Peer-2-Peer sharing etc. Newly developed coins were introduced by other blockchains that tried to improve the Bitcoin blockchain protocol. The second generation blockchain "Ethereum" developed a different blockchain with independent features from the Bitcoin idea, the smart contract is a disconnected layer from the protocol of the core blockchain which presents an advanced way of computerised transactions and online market possibilities for blockchain users.
Private institutions have tried to use private blockchains and implement blockchain technology in form of a distributed ledger for rendering financial security, efficiency and solving fraudulent problems, but the private blockchains are so contentious and disputed. Distributed ledgers are still relevant in blockchain technology, however, they are implemented with the use of public blockchains, which uses the aid of blockchain networks to interact with one another. This is the very important step of the Wanchain project, to use the concept of decentralization and interoperability to create an ecosystem with different blockchains transacting with one another.
About Wanchain.
Wanchain project has built a blockchain ecosystem that uses cross-chain and smart contracts privacy protection to enable the exchange of digital assets between blockchains. Individuals and financial organisations will be able to perform financial services such as asset exchange, loans, asset management, multi-asset ICOs and other capabilities of the Wanchain financial infrastructure. Wanchain enables cross-chain functionalities with Ethereum in the 2.0 version and the 3.0 version will involve the same collaboration with the bitcoin blockchain. Below is a detailed explanation of the Wanchain applications.
Borrowing And Lending.
It's nearly impossible for banks to fund small businesses or individuals who have interest in developing something tangible, traditional financial institutions have made it difficult for people to secure funding. The demand for proof or some documents such as collateral, consistent cash flow, operating history, and personal guarantee make lending and borrowing agreements almost impossible. Wanchain has introduced a safe and conducive way of creating more value to digital assets through borrowing an lending. However, cryptocurrencies can be used for either blockchain projects or other purposes. Wanchain uses the Ethereum smart contract and cross-chain transaction to calculate interest with a programmed lending contract. The lending and borrowing processes are very transparent and secure.
Payment And Settlement.
A lot of companies have now opened doors to online payment, with the advantages of saving time, effort and a fast means of payment. Online payment methods such as Alipay, Paypal, Visa etc companies now offer their clients the opportunity to make payments with the varieties of online payment, anywhere around the globe. Digital currencies now serve the same purposes, due to the huge amount of money coming into cryptocurrencies, people now make payment and settlements with their digital assets. Wanchain has a developed distributed multi-currency platform, where users can make payments and settlements with different digital assets on one secured wallet.
Exchange And Transactions.
The blockchain and cryptocurrency communities are ready to accept decentralization but the most popular exchanges are centralised, these exchanges are controlled by some central authorities, leaving our funds in their hands. Wanchain's platform has an exchange where capital deposits, order books, assets exchange and making of orders are fully decentralised, users are in charge of their funds and the ecosystem is permission-less. The Wanchain exchange implements and peer-to-peer system where transactions are made via smart contracts. All transactions that require privacy are secured with the Wanchain privacy support transaction mechanism, users can transfer their funds from different wallets to the Wanchain multi-currency wallet and back to the same wallet of origin after exchanging their digital assets.
Investment And Financing.
When it comes to traditional financial companies, there are several ways in which a company can get sources of funds in order to expand or develop their business. In most cases, these companies tend to start small, gradually build themselves with the funds generated by the owners, and if there is need to go public, a part of the company is given out for ownership stake. The other way of public crowdfunding is by calling individual investors through selling of the company shares with the logic of Initial Public Offering (IPO).
In the cryptocurrency space, Initial Coin Offering (ICO) are the same as Initial Public Offering (IPO) in the traditional investment system. When a company has an idea to create a new coin, an App or a new cryptocurrency service, they look for interested investors to buy into their project which is mostly done using Ethereum or Bitcoin. Investors that participate in ICOs also hold other cryptocurrencies, and would want to invest with these digital assets without exchanging them for Ethereum or Bitcoin. The Wanchain platform eradicates these difficulties by creating a multi-currency investment space, which enables investors to participate in Initial Coin Offerings with different crypto assets. Wanchain also considers linking consortium chain to the Wanchain platform to create financial assets where investors can use their digital assets to invest. The financial assets will be recorded using distributed ledgers that are supported by consortium chains.
Wanchain holds a lot more applications that will gradually transform financial technology on the blockchain. A multi-currency credit card, asset backed securities, peer-to-peer lending, crowd funding etc are other applications that the Wanchain platform provides to it's users.
Wanchain links for more information:
Project Website: https://wanchain.org/
Whitepaper: https://wanchain.org/files/Wanchain-Whitepaper-EN-version.pdf
Products & Services: https://wanchain.org/product
Documents: http://www.wanchaindocs.org/en/latest/
Telegram: https://t.me/WanchainANN
Disclaimer:
The information contained within this post shall not be taken as financial advice. I am not a financial advisor and none of your investment decisions should be carried out based on any information presented here. You can lose all of your money by investing. The information presented in this article reflects my understanding of the project.