What is Wanchain?
Wanchain started as an Ethereum-based token that aimed to create a “new distributed financial infrastructure” by connecting different blockchain networks together. The Wanchain development team seeks to accomplish this by creating their own blockchain that implements a series of cross-chain smart contracts, used to determine a fair value of different coins, allowing for the seamless, cost-minimized exchange of one coin or token for another.
Wanchain places a heavy emphasis on the “digitization of assets,” which can be traded using the platform’s built-in Decentralized Exchange (DEX). In this manner, Wanchain follows in the steps of asset creation and management platforms like NXT, Counterparty, Bitshares and Ethereum. Unlike its predecessors, it offers the ability to communicate with outside data systems and blockchains. Their novel advancements in blockchain technology will theoretically create an expanded, all-inclusive ecosystem of digitized assets, in an ambitious attempt to link disparate, closed-system digital economies around the world.
History of Wanchain
The idea for Wanchain was hatched by Factom (FCT) founder and blockchain expert Jack Lu, in 2016. Lu compiled a team of computer science and technical experts from around the world to assemble the Wanchain Team in 2017, which consists of over a dozen veteran members. Their mission was to create a “one-stop shop” cryptocurrency platform through which digital assets of all types could be traded through a cross blockchain-talk system. As of April 2018, Ethereum WAN tokens could be swapped for Wanchain system-native WAN tokens, and the coin surpassed a market cap of $600 million within a record-breaking three days after launch.
How Wanchain Works
According to the project whitepaper, “Wanchain is an Ethereum-based generic ledger that runs applications independently, with account models and smart contracts that implement various original Ethereum functions. On top of those, we added cross-chain transactions and achieved smart contract token privacy protection.” To help provide enhanced privacy protection, Wanchain utilizes a system of “Ring Signatures” which provide anonymity to transactions and their corresponding signatures. This enables a transaction recipient to verify that the sender did in fact sign a transaction with the option of hiding the sender’s identity from the public blockchain. Optional “One Time Addresses” (OTA) also allow for the provision of complete anonymity of a receiver for any transaction.
In addition to its basic functions as cryptocurrency and store of value via its system-native token (WAN), the Wanchain platform offers the following digital-based financial solutions:
- Decentralized Exchange (DEX): digital assets worldwide and hosted across multiple blockchains will all be tradeable through a single DEX hosted within the Wanchain platform.
- Asset Management Tools: provides automated escrow services to minimize counterparty risk, simplified auditing tools and privacy protection for trades and asset balances.
- ICO Launch Platform: in addition to allowing for asset creation and modification, provides instruction for the streamlined launch and promotion of Initial Coin Offerings (ICOs), allowing ICOs hosted on the Wanchain platform to accept a uniquely diverse array of assets to be used for ICO crowdfunding purposes.
- Private Send Functions: serve to translate any transaction input to a standard denomination of value, providing further anonymity of the amount transaction if the option is utilized.