Wanchain WAN coin review! The Wanchain ICO had tons of hype. Here’s a coin analysis of the WAN altcoin / cryptocurrency & the Wanchain Foundation.
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Number 10: What is Wanchain?
Wanchain is a type of blockchain technology aimed at creating financial markets for the constantly growing digital economy. Similar to the way in which traditional banks make up the infrastructure of today’s financial industry, Wanchain’s purpose is to build a new infrastructure for the digital economy. In order to achieve this ambitious goal, Wanchain connects and exchanges value between different blockchains in a distributed manner. It implements cryptography into its protocol, while its distributed ledger records both intra-chain and cross-chain transactions. This means that any and all blockchains that integrate with Wanchain, whether they are public, private or consortium chains, are able to establish connections with different ledgers and transfer assets in a safe and private manner.
Number 9: Why Was Wanchain Created?
In case things are getting a bit confusing, it’s worth noting that what Wanchain essentially aims at doing is creating a distributed bank that facilitates transactions between different blockchains. Despite the number of tokens, coins and blockchains in the current cryptocurrency ecosystem, there hasn’t really been a decentralized, efficient manner of exchanging value amongst them. This is a problem that Wanchain aims at fixing by connecting accounts from independent chains and providing them with a framework to exchange digital assets.
Number 8: What Are the Advantages of Wanchain?
With Wanchain each institution or individual can basically create their own virtual teller window in order to provide a number of bank-like services such as credit payment, asset exchange, transaction settlements or lending. Since Wanchain was forked from Ethereum, it therefore retains a number of its key features, such as the ability to create and run smart contracts, thus enabling community developers to create more complicated applications. Privacy is another major advantage as Wanchain is one of the first blockchain projects to implement privacy within smart contracts. Its features include ring signatures and One Time Addresses. The signatures necessary to verify a transaction are disguised within a larger group of them, making it hard to determine the true originator of a transaction. Users can also opt to generate a new address with each transaction, thus making it harder to trace an individual’s transaction history.
Number 7: What Are the Uses of Wanchain?
As explained by the project’s commercial whitepaper, Wanchain has a variety of applications. A first possible application is that of using the Wanchain wallet for multiple cryptocurrency exchanges. Institutions and individuals alike can take advantage of the platform’s distributed cross-chain transaction mechanism for cryptocurrency exchange services with privacy protection. Wanchain can be used for loans, investments and financing of digital assets. Wanchain also supports ICOs with multi-currency smart contracts. ICO tokens are automatically converted to real cryptocurrencies in a completely decentralized process. This marks crowdfunding as another possible use for Wanchain.
Number 6: How Does Wanchain Work?
Wanchain’s backbone is its cross-chain communication protocol which offers a way for data to be transferred between it and other chains. The protocol features 3 functional modules. The registration module registers that an asset is being transferred and registers the chain where the transaction originates from. The cross-chain data transmission module initiates the transaction request to Wanchain and acknowledges whether the validator node returns success or not. It also facilitates the legal transaction from the validator node to the original chain. The status of the transaction is monitored by the transaction status query module. Validator nodes, which I’ve mentioned earlier, are part of Wanchain’s Proof-of-Stake consensus algorithm and tasked with recording and verifying the transactional data. Vouchers and Storemen are two other types of verification nodes which are vital to maintaining the network, in return for portions of the transaction fee. When there are multiple parties involved, Wanchain uses the locked account generation scheme to secure funds and keys. Storemen maintain and manage the appropriate key shares of the locked account for transactions. Since the locked accounts are generated through multi-party computations, Wanchain effectively increases decentralization. Any transaction with a locked account is done through the original chain, meaning that it can easily interact with Wanchain without the need for new validators or transaction types. The technical aspect of Wanchain can get pretty complex and is covered extensively in the project’s whitepaper. In case you have trouble figuring out its mechanics, just remember that its cross-chain communication protocol basically uses smart contracts to allow you to exchange assets to Wanchain and vice-versa. Other factors to take into consideration are that the exchanges are entirely private and that they take place in a decentralized manner.
Number 5: What is Wanchain’s native coin?
Wanchain’s native tokensa are the Wancoin, or the WAN. A certain amount of WAN are consumed during a transaction. Whenever you make transactions, you will need to pay WAN security deposits to the cross-chain verification nodes. The ICO token price was placed at 0.34 U.S. cents, or the equivalent of 0.00114 ETH. During their ICO, the team behind Wanchain sold 107.1 million tokens, which accounted for 51% of their supply. The team raised 122,000 Ether or the equivalent of 36,000,000 U.S. dollars. The team stated a plan to use 60% of the ICO funds towards research and development.
Number 4: Where Can I Buy WAN?
At the time of this recording, only ICO contributors have access to the coin and it hasn’t started trading yet. Since the project’s blockchain wasn’t available during the Initial Coin Offering, the participants were given ERC20 tokens. The recent launch of the mainnet means that ICO participants can now trade in the ERC20 tokens for WAN. Wanchain provides a wallet that is available on Linux, MAC and Windows operating systems. Although at the moment the wallet can only hold WAN, it will soon be able to support multiple currencies.
Number 3: Who is Behind Wanchain?
Operating as a non-profit organization, the Wanchain Foundation has offices in Singapore and Austin, Texas and an impressive team behind it. Jack Lu, a respected player in the blockchain space, is the project’s founder as well as its current CEO. Before Wanchain, Lu co-founded the successful Factom, which currently has a market cap of just over 250 million USD. Lu also started Wanglu Tech, a blockchain development company which is currently the main contributor to the Wanchain project. Blockchain veteran Dustin Byington is the project’s president. In 2014 he founded Bitcoin College and also co-founded Tendermint, which is a software mechanism that replicates applications across machines. Byington is also one the founders of Satoshi Talent, a platform which blockchain entrepreneurs can use to connect with developers. The team is comprised of 23 members and 11 advisors with extended experience across their various business domains. The Wanchain team is comprised of experts from the fields of cryptography, finance, software engineering, and media and community management. Aside from the team’s rich commercial expertise, it also has resources in countries such as China, Singapore and the United States.
Number 2: What is the Future of Wanchain?
Wanchain has been in development since the middle of 2016. After the launch of their main net in early 2018, Lu and his team have an ambitious agenda set for the rest of the year. The next release, Wanchain 2.0, is scheduled for June 2018 and it will include a multi-currency wallet and Ethereum cross-chain trading. Wanchain 3.0 will feature integration with Bitcoin and, according to the project’s roadmap, by the end of 2019, it will also enable interactions with other private chains. Wanchain will undoubtedly face some competition from other projects such as Stellar or Ripple which are also heavily involved with financial institutions. Even Ethereum can be seen as a competitor, since you can also build decentralized applications within Wanchain. The unique element that Wanchain brings to the table, aside from the ability to provide anonymous smart contracts, is most likely the idea that it can create an entire financial ecosystem.
Number 1: Why Should I Care?
As we're reaching the end of our Wanchain video, it’s worth outlining some key elements that might make it an important player in the years to come. The fact that it is associated with Factom gives the entire project a higher sense of confidence. In terms of USD, Factom’s market cap has increased dramatically in the course of just over 2 years since it started. Wanchain has some of the brightest minds in the business behind it and a CEO who has more than proven himself in the blockchain space. Since 2016, the project has remained faithful to its roadmap, and so far, hasn’t shown signs of slowing down. The public has also shown great interest in the long-term goal the Wanchain Foundation is trying to achieve. Part of Wanchain’s high appeal is the basic idea upon which it was built: that of creating a type of distributed, decentralized and private financial environment that will eventually transform the digital economy.
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