Since the invention of Bitcoin almost ten years ago, literal thousands of new blockchains have been released. Some of them are essentially Bitcoin clones, and others are worlds apart and completely incompatible with each other.
While blockchain adoption stands to massively benefit the human population in many different industries and areas of life, lack of public awareness isn’t the only thing holding it back. While everyone was busy putting together the newest, coolest, most unique blockchain they could think of to solve any or all of the world’s problems (or just to make a quick buck), one project out there was watching from the sidelines thinking: “Wait a minute – how the hell are we ever going to connect these damn things together?”
Wanchain’s task is to enable interoperability between blockchains, allowing them to combine their functions to form web 3.0. This is also something on the Ethereum agenda, and while Ethereum has been doing an incredible job of covering more use cases and projects than any other network by a wide margin, there are some projects out there that have shunned the Ethereum network and are doing their own thing.
Private enterprise blockchains, for example, do not and should not function on a public blockchain like Ethereum. Hyperledger Fabric is used by IBM to create permissioned blockchains for wholesalers and industry retailers, and even within the public blockchain space there are non-Ethereum platforms developing decentralized apps. Instead of creating a Highlander type situation where “there can only be one”, it’s best to welcome all worthy projects with open arms – the more the merrier, particularly if they can all link up to create the blockchain internet of the future.
What Does Wanchain Do Exactly?
The project aims to allow transfers of value and information to take place between and across multiple blockchains.
As CEO and Founder Jack Lu put it:
“Let’s say you were to open a bank on the Bitcoin blockchain. You would be able to trade, lend, borrow BTC in a fully decentralized and peer to peer manner. Now let’s say you wanted to trade other assets using the same bank on the Bitcoin blockchain, you would have no way to execute these trades.”
“The Bitcoin blockchain, working as a silo, has no knowledge of other outside blockchains.”
On the other hand traditional banks don’t just deal in one currency but in many, and a person with a US bank account can also buy or receive Euros, Pounds, Yen, etc.
Wanchain aims to create a network for stablecoins, real estate, commodities, and new protocol tokens from other blockchains to interact.
Wanchain 2.0 was launched in September and is connected to Ethereum. The project states that it is now the world’s first and only interoperable blockchain with secure Multi-Party Computing.
Ether tokens from the Ethereum blockchain can be sent to the Wanchain platform and seamleslly converted into WETH token – this stands for WAN-ETH and is a proxy token with a 1:1 value peg used to connect both chains.
Ether can be transferred cross-chain from Ethereum’s blockchain and accurately represented 1:1 on Wanchain’s blockchain with WETH which can be sent to another user’s Wanchain address, redeemed, and unlocked to allow the recipient to receive ETH in their Ether account within the WanWalletGui.
Much like ether in the Ethereum gas price system which covers operational costs and allows for Turing complete loop capabilities (allowing code to repeat itself automatically), WAN is a utility token that goes beyond the function of a security-esque token and actually fuels the platform, covering transaction costs and providing bond deposits for Wanchain nodes.
Ethereum DApps can run on Wanchain without any code changes but Wanchain APIs can modify apps to leverage privacy protection and cross-chain capabilities if users wish.
Like Monero, Wanchain uses ring signatures to provide complete anonymity to the signer of a transaction while also allowing the receiver to correctly verify that the sender did, in fact, sign the transaction. The optional One Time Addresses (OTA) provides complete anonymity for the receiver of every transaction. Private Send function breaks down every transaction input to a standard denomination, thereby providing further obfuscation to the transaction amount.
CEO Jack Lu states:
“We figured that privacy is important. When you have an open network, your transaction can be traced and that is not a good idea. We not only want to link to existing public blockchains but also to the traditional financial area as well. If their assets or fiat currencies move to a private or consortium blockchain, we want to connect to them too.”
This is a useful tool for any financial services network, particularly one that will be running Ethereum apps dealing in peer-to-peer lending like ETHlend as well as other marketplaces, gaming, and utility DApps allowing for secure micro/macrotransasctions between users.
Jack Lu is the founder and CEO, and a prominent figure in the crypto space. He has a masters degree in business and another in computer science – he also cofounded Factom which was worth hundreds of millions before the crash and is now valued at a more modest $35 million.
He graduated from the prestigious Peking University and assembled a crack team of other graduates to be the software engineers and cryptographers for Wanchain itself is now valued at over $100 million and is ranked 54 on Coinmarketcap.
“For Wanchain 3.0, we plan to connect and be completely interoperable with Bitcoin. At the same time, we are working with other infrastructure tools to ensure the Wanchain ecosystem is optimal for future tools, dApps, and platforms.
Our main goal is to connect with Bitcoin and to prove to the community that our approach does work with the Bitcoin family, the Ethereum family, and most of the other chains in today’s blockchain world,” says Lu.
“Once we have these two established, we can help other communities, developers and projects to scale up and to connect with the most chains. After 3.0, we will be connected and compatible with the two biggest digital crypto economies and we can host a lot of dApps.”
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