- Wanchain Overview
- Features
- WAN Token
- Where to Buy and Trade WAN Tokens?
- Where to Store WAN Tokens?
- Is Wanchain Safe?
- Conclusion
Wanchain Overview
Wanchain is a blockchain-based distributed superfinance marketplace. This is the definition that the developers whitepaper suggests. It is noteworthy that this loud name hides a really interesting filling.
Just like traditional banks are the infrastructure of the current financial system, Wanchain is committed to building a new distributed digital asset infrastructure to enhance the existing one.
The Wanchain Foundation is a non-profit organization primarily based in Singapore but also has a major office in Austin, Texas, USA.
Wanchain was founded by Jack Lu, a respected player in the blockchain space. Prior to his current position, Lu co-founded Factom and started Wanglu Tech, a blockchain application development company.
Wanglu Tech is the main sponsor of the Wanchain open source project. Dustin Byington serves as President of Wanchain.
The Wanchain platform allows you to exchange digital assets between other blockchains. It uses the latest cryptographic theories to build a non-proprietary cross-chain and distributed ledger protocol that records both cross-chain and internal transactions. Any blockchain network, whether public, private or consortium, can integrate with Wanchain to establish links between different registrars and perform low-cost digital asset transfers between ledgers.
Wanchain ledger supports not only smart contracts but also token exchange privacy protection. With Wanchain, any institution or individual can create their own virtual “bank branch” and provide services such as obtaining a loan, asset exchange, loan payments and digital asset settlement. Under the guarantees of "banks" based on blockchain infrastructure, more people can participate in financial services based on digital assets.
Wanchain has a professional cryptographic development research team that applies their knowledge successfully. From the point of view of a blockchain platform, Wanchain is more than just a blockchain project that provides cross-chain transactions and interoperability of several blockchains. Wanchain is a complete blockchain development platform.
Wanchain achieves a cross-chain transaction function, but it is also a blockchain that operates independently; it contains native coins, supports smart contracts, and has privacy protection mechanisms for token transactions and smart contracts. Any developer can develop applications on Wanchain in accordance with their application development standards.
Features
Wanchain is committed to making full use of the main blockchain concepts - transparency and decentralization. In terms of technology development, Wanchain blockchain adopts secure computing, threshold secret sharing, elliptic curve cryptography-based ring signature scheme, one-time account generation mechanism, and many other cryptographic technologies.
Wanchain also solves the problem of protecting the privacy of smart token transactions. In a way, Wanchain is an advanced cryptographic application that solves real-life blockchain problems and represents the cutting edge of these technologies.
Wanchain provides the infrastructure for cross-chain transactions between different blockchain networks. Wanchain is a distributed ledger that:
- Provides interconnection and interaction between different blockchain networks;
- Completes transaction records between chains;
- Keeps details of transactions between chains.
Wanchain supports cross-chain operations between any networks.
The Wanchain architecture has several components, which we will look at below.
- Distributed Ledger and Smart Contract Virtual Machine. Wanchain is an Ethereum-based universal ledger that launches applications on its own, with account models and smart contracts that implement various original Ethereum functions. In addition, cross-chain transactions have been added here and the privacy protection of smart contracts has been achieved.
- Ecosystem token - Wancoin (WAN). Any transactions on the network will consume a certain amount of Wancoin. Wancoin is also used as a defence mechanism for nodes to provide security and network verification.
- Consensus mechanism. Wanchain adopts a Proof of Stake (POS) consensus mechanism for regular transactions and implements consensus and incentive mechanisms for cross-chain transactions.
- Transactions on the network. The general transaction methods in Wanchain are the same as in Ethereum, but privacy protection mechanisms are added here, which are implemented through a ring signature scheme and a one-time account mechanism.
- Cross-chain integration. Both blockchains and assets that integrate with Wanchain must first be registered with Wanchain for verification and identification. Wanchain is a turnkey platform that can be applied to broad privacy-protected financial applications for smart token transactions. More importantly, the other blockchains built on Wanchain share the same reciprocal chain mechanism and easily interact with each other.
- Cross-chain transactions. When an unregistered asset is transferred from the original network to Wanchain, Wanchain creates a new asset using a built-in asset template to deploy a new smart contract based on the cross-chain transaction information. When a registered asset is transferred from the original network to Wanchain, Wanchain issues corresponding equivalent tokens in existing contracts to ensure that the original network assets can still be traded on Wanchain.
WAN Token
Wancoin (WAN) is a native token on the Wanchain chain. Transactions consume a certain amount of WAN, and besides, you need to use this token to pay security deposits on cross-chain verification nodes when conducting transactions.
During their ICO, the team sold 107.1 million tokens, raising just over 120,000 ETH. These tokens account for 51% of the total.
The team plans to use the funds received during the ICO as follows:
- 60% for research and development;
- 10% for community development;
- 10% for marketing;
- 10% for infrastructure;
- 10% for current expenses.
Where to Buy and Trade WAN Tokens?
At the time of this writing, WAN has not yet traded. Only ICO participants have access to the coin. The blockchain of the project was not ready during the ICO, so the team distributed ERC20 tokens.
However, following the recent mainnet launch, ICO participants can now sell these ERC20 tokens for WAN tokens.
Be careful. The WAN ERC20 token currently traded on EtherDelta has no value. Since trading these ERC20 tokens violates the ICO Terms of Service, you will not be able to exchange them for new Wancoins.
Events that may affect future WAN pricing include further updates, partner announcements and overall platform usage.
Where to store WAN Tokens?
WAN should be stored in a wallet provided by Wanchain. There are versions for Windows, Mac and Linux operating systems. Although currently only WAN can be held there, support for multiple currencies is coming soon.
Is Wanchain Safe?
Wanchain is one of the first blockchain projects to include privacy in smart contracts. The platform uses ring signatures and one-time address generation to ensure the anonymity of your transactions.
An in-ring signature, your signature as a sender is mixed with several fake accounts. This mixing makes it very difficult to track you as the actual sender.
In addition, Wanchain generates a new address for every transaction, so detecting your transaction pattern is nearly impossible.
Conclusion
Wanchain is unique in that it combines the functionality of many other large projects to create an entire financial ecosystem. It is also one of the few projects, if not the only one, using ring signatures and disposable addresses to ensure the anonymity of smart contracts.
Wanchain's goal is to decentralize the financial industry by leveraging the best technology developments in the industry, including cross-chain smart contracts. This will enable businesses to build applications that are linked to the chain of transactions, investments, payments and more.