What is Wanchain? Wanchain is a decentralized platform that allows users to connect and transfer digital assets between different blockchains. It also offers privacy features, a native WAN token and smart contracts.
Wanchain is trying to solve one of the most significant problems in the crypto industry – interoperability. It connects isolated public and private blockchains to facilitate a clear flow of digital assets and data.
What is Wanchain?
Wanchain is a cross-chain blockchain infrastructure designed to facilitate asset transfers and host dApps for the financial industry. The network’s vision is to replace legacy banking systems worldwide with blockchain-based solutions.
To achieve this, it employs a Locked Account Generation Scheme to secure funds transferred on the platform. This method combines Shamir’s Secret Sharing Scheme with multi-party computations to generate locked accounts. This ensures that all parties involved in a transaction share key shares for the account. This system also has more stability than other systems that rely on individual key shares to generate signatures for locked accounts.
In addition to securing accounts, the Locked Account Generation Scheme also requires no third-party custodians to verify transactions. This allows the network to avoid interferences by a third party and makes it more decentralized.
This means that it’s a perfect match for the plethora of crypto projects looking to disrupt the finance industry, including OmiseGo and Zcash. Both projects use ring-signatures and one-time addresses to secure their smart contracts, which helps them to avoid third-party attacks.
Furthermore, Wanchain’s interoperability is not limited to currency transfers – it can also digitize assets and other valuable items. Its smart contract technology makes it possible to convert a mortgage lien, insurance binder or even a work of art into its equivalent digital value.
The Wanchain interoperability platform is built on a wide range of technologies that include the cross-chain communication protocol, tokenization, smart contracts and privacy protection protocols. It also features a native cryptocurrency, Wancoin (WAN), which can be used to pay for services or to purchase goods and services on the platform.
Wanchain’s vision is to build a distributed financial infrastructure. This new distributed system will allow users to borrow or lend money, make payments, conduct transactions and exchange digital assets “on chain” in a secure, private manner.
Wanchain is also working toward a vision of decentralized blockchain interoperability, by creating a non-proprietary cross-chain protocol and a distributed ledger that records both cross-chain and intra-chain transactions. The platform will support smart contracts, ring signatures and Monero-like privacy features that can protect users’ transactions and digital asset holders from being hacked.
The project’s goal is to connect chains, which will accelerate blockchain adoption by enabling assets to flow freely from one blockchain to another. This will benefit many industries including banks, securities, ICOs, and more.
Currently, a crypto user may have to download multiple wallets and use centralized exchanges to conduct their financial dealings. This can be a time-consuming process and involves counterparty risk.
To address this issue, Wanchain is working on a decentralized network that allows value transfers between different chains (blockchains). The platform uses the latest cryptographic theories to develop a non-proprietary cross-chain protocols and a distributed ledger that records both inter-chain and intra-chain transactions.
In addition to its vision for a decentralized network, Wanchain is also focused on making significant contributions to public blockchain specifications and interoperability standards. This includes formalising conceptual frameworks, identifying salient technical and security challenges, and defining protocol architecture and specifications to drive standardisation and adoption. Additionally, the company is committed to empowering its community, which means encouraging participation, collaboration, and innovation. It also offers competitive compensation and flexible job opportunities for qualified employees.
Wanchain is a decentralized network that connects isolated blockchains, bringing them together. It is a platform that aims to make financial transactions between digital assets easier and more accessible.
The team behind wanchain believes that the current financial system is broken and needs to be revamped. They also believe that by connecting different private and public blockchains, we can integrate digital assets and data more easily.
To achieve this goal, wanchain is developing a network of cross-chain bridges between 18 different blockchain networks. This will help developers create decentralized dApps that can be used by the wider DeFi community.
This network will also enable users to carry out non-custodial NFT transactions between chains. This will be useful for a wide range of uses, including mobile payments and more fully connected enterprise blockchain ecosystems.
In addition to cross-chain bridges, wanchain is developing a native WAN token that can be used for transaction fees across applications and to validate blocks in its Proof of Stake consensus. The token is available for trading on Binance, KuCoin, Bitrue, and Huobi, and it will soon be supported in the wanchain wallet.
There are two ways to buy wanchain: by using a crypto wallet that supports wanchain, or by buying it with a fiat currency. The easiest option is to purchase wanchain with a credit or debit card, but there are other options as well.
Before you can purchase WAN, you need to open an account with a crypto exchange or platform that supports it. Kriptomat, for example, accepts a variety of currencies and provides a secure portal to the world of cryptocurrency. To make the process as simple as possible, we recommend opening an account using a national ID or passport. Once you have your account, you can then buy WAN using your chosen currency.
Wanchain’s technology is designed to bridge multiple blockchains and facilitate financial transactions between them. It also aims to create a more efficient distributed-asset trading network.
The technology is based on the Ethereum ERC20 protocol and is designed specifically for use in the financial industry. It offers Turing completeness, smart contract functionality and privacy protection for all network transactions.
It also includes a cross-chain mechanism that allows users to transfer assets between blockchains without affecting the original asset’s total value, as is the case with traditional centralized exchanges. This is a major advance for the industry and could pave the way for other blockchains to follow suit, such as Ark, ICON and Stellar.
Unlike other cross-chain solutions that require a lot of technical work, this method is easy to implement and highly secure. It uses a lock-mint-burn-unlock strategy wherein a token is first locked on the source chain before it is minted on the destination blockchain, and then burnt to retrieve the original asset.
In addition, wanchain is one of the first blockchains to use privacy within smart contracts using ring signatures and one-time address generation, similar to what’s used in private coins. This helps to increase the security of P2P transactions and data transfers between dApps.
The team behind wanchain has a wealth of experience in the crypto world. Its founder, Jack Lu, studied Enterprise Management at Peking University in China and has over 20 years of experience in the e-commerce sector.
The team has a strong focus on research and development, including academic partnerships and regional hubs in key markets worldwide. These locations help to foster relationships with local stakeholders and support the development of decentralised applications. The company is also in the process of building a thriving dApp community through its APIs and SDKs, which are available for free.
Wanchain’s roadmap is centered around three key pillars: cross-chain interoperability, privacy, and smart contracts. These pillars are designed to facilitate the creation of a distributed financial market, allowing anyone to develop and use a suite of applications.
Cross-chain interoperability allows assets from different blockchains to be transferred freely between chains. This feature has helped Wanchain become one of the most popular platforms in the world and is set to improve the way cryptocurrencies interact with each other.
Currently, Wanchain’s decentralized bridges connect several blockchain networks to support cross-chain transfers. It recently launched a new version of its cross-chain mechanism that will reduce the gas fees required to move assets across the network.
In 2021, Wanchain will expand its reach with additional public chains and add more assets to the platform. In addition, it will continue to foster the development of applications that use its technology.
The project is led by an international team of professionals. Its president, Dustin Byington, is a blockchain veteran who previously founded Bitcoin College and co-founded Tendermint. He also co-founded Satoshi Talent, a platform that connects blockchain entrepreneurs with developers.
He has also served as the CTO of Factom, a blockchain application development company. Other members of the Wanchain team include Li Ni and Oliver Birch.
These professionals have years of experience in their fields and are dedicated to improving the financial system through the use of decentralized technology. They believe that the blockchain revolution will change the way we do business.
The Wanchain team is composed of professional individuals from around the world who are passionate about helping people achieve their financial goals. They are committed to a sustainable, decentralized, and transparent financial future through blockchain technology.