WHAT IS WANCHAIN?
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Wanchain acts as a global financial platform that is able to exchange assets / value between different kinds of blockchains. Let us keep it as simple as possible -> Imagine Wanchain as a digital decentralized bank.
The cryptocurrency market has been pushing limits all around the world even if it shows signs of slowing down at the moment. With the development of a better blockchain technology, the growth of the industry has been shooting upward. Of course, this growth also means that a certain level of control has to be implemented because of the increasing number of cryptocurrencies and the complexity.
The high level of control lies within the technology of the cryptocurrency financial markets around the world. Although the financial markets are very efficient in managing the movement of cryptocurrencies, these markets are still rather centralized.
In order to address this, Chinese tech innovation firm Wanglu Tech has designed Wanchain, a digital cryptocurrency platform that aims to be a decentralized financial market for distributing cryptocurrencies. The goal of Wanchain is to allow users to manage and exchange their assets through various blockchain networks with the base currency being the Wancoin.
One of the biggest contributors of the Wanchain project is the Wanchain Foundation, which is a non-profit organization in Singapore that aims to strengthen and develop the cryptocurrency economic system as a whole. The foundation aims to raise more funds for the development of the Wanchain platform and all of its contributors.
The Invention of Cross Chain Transactions
The vision of Wanchain is very simple. I wants to allow the use of digital assets for service offerings like loan, credit card transactions, asset exchanges, and payment. The Wanchain protocol allows credit and lending facilities, for businesses and individuals, for different digital currencies. In a way, users will have their own virtual ATMs at their disposal wherein they can use the currencies for their said transactions.
This has all been made possible with blockchain technology. In fact, Wanchain itself is a decentralized platform that can carry over transaction without the help of any third party payment services provider.
Wanchain is able to link several blockchain networks through its own internal blockchain network. It also has smart contract functionality like leading smart contract coin Ethereum. The best part is that all user transactions are complete anonymous because of the decentralized and private nature of the blockchain technology.
Wanchain Among the Other Cryptocurrency Applications
Along with existing cryptocurrency exchanges like Poloniex and cryptocurrency loans like Coincheck and cryptocurrency settlement platforms, Wanchain aims to take a step higher and offer a more efficient platform for digital asset transactions as well as digital currency investing. Their structure replicates the models of traditional financial platforms but with more innovative infrastructure so that the users can utilize more financial services with the use of digital currencies.
Some key facts:
- Cross-Chain Asset Transfer: Asset transfers would be possible across major blockchains, such as Bitcoin and Ethereum, Any blockchain — private, public, or a consortium chain — can integrate with Wanchain to establish connections between different ledgers and perform low cost inter-ledger asset transfers.
- Transaction Privacy Protection: Wanchain protocol provides the option to execute private transactions, similar to those provided on privacy coin platforms, based on one-time addresses and ring signatures.
- Functional Extensibility: Wanchain protocol allows credit and lending facilities, for businesses and individuals, for different digital currencies.
- Complex Application Support: Developers can develop more complicated applications based on smart contract and universal protocols.
How Wanchain Was Created
Wanchain was created by the founder and current CEO of Wanglu Tech, Jack Lu. He created a team for Wanchain’s development after successfully completing a cross chain transaction that was protected. This was done in late 2016 and was launched last November 2017.
Before Wanchain, Lu had already previously launched an ICO campaign of his project Factom. This project garnered a total of $9 million, making Factom one of the top 30 cryptocurrencies in the world. Today, it has an approximate value of over $200 million.
Following this endeavor, Wanchain was engineered by Lu’s team consisting of engineers from both the US and China. The team had experts in software engineering and cryptography.
Wanchain was set its ICO crowdsale starting on the 6th of September 2017 in which there was a public offering of Wanchain ERC-20 tokens for interested investors. However, due to the new ICO rules and regulations set by the Chinese government, the Wanchain ICO was postponed.
As of now, the total supply of Wancoins is at 210 million coins for offering. The Wanchain ERC-20 tokens were given to investors through their Ethereum wallets and are similar to how the smart contract tokens of Ethereum are processed.