Posted on April 12, 2018
Wanchain is designed to be a distributed financial platform that allows cross-chain private transactions. It uses the latest cryptographic theories to build a non-proprietary cross-chain protocol and a distributed ledger that records both cross-chain and intra-chain transactions. Any blockchain network, whether a public, private or consortium chain, can integrate with Wanchain to establish connections and perform low cost inter-ledger asset transfers. The WAN ledger supports not only smart contracts, but also token exchange privacy protection.
With Wanchain, any institution or individual can set up their own virtual teller window in the “bank” and provide services such as loan origination, asset exchanges, credit payments and transaction settlements based on digital assets.
Wanchain was forked from Ethereum and, as such, it retains many of its key features, such as the ability to create and run smart contracts.
- The Wan Wallet is designed to allow for moderating of token assets from all organizations
- Allows for peer to peer loans, credit services, exchanges and crowdfunding features
- Wanchain offers the possibility to make transactions private
- There are a lot of emerging projects in the cross-chain transaction market, so WAN might have trouble gaining market shares
- They have not yet implemented PoS despite it being scheduled for release at the same time as the mainnet.
The network has been up since January 18th, 2018.
2018.06: Wanchain 2.0 (Integration with Ethereum, Multi-Coin Wallet)
2018.12: Wanchain 3.0 (Integration with Bitcoin, Multi-Coin Wallet)
2019.12: Wanchain 4.0 (Integration with Private Chains, Multi-Coin Wallet)
WAN will use a Proof-of-Stake consensus protocol that runs with 3 different nodes:
The Transaction Proof Nodes (Vouchers) provide proof of transactions on connected blockchains, the Locked Account Management Nodes (Storemen) manage locked accounts, preventing or allowing for transactions to take place from them and the Verification Nodes (Validators) inform Storemen of actions relating to locked accounts, and record transactions taking place on Wanchain.
In order to become a verification node, users must stake a minimum amount. Someone with an insufficient amount of WAN can also lend their Wancoins to an existing verication node. This would entitle the user to a portion of Wanchain’s exchange fees, in proportion to the funds they stake.
Similar to Ethereum since it is possible to create and run smart contracts on it. It is also similar to Monero because they both use ring signatures for transaction privacy. Finally, it is similar to ICON with its chain-bridging features.
WAN joined ICON and Aion to create the Blockchain Interoperability Alliance. Wanchain has also entered a partnership with Kyber Network.
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This document is intended for informational purposes only. The views expressed in this document are not, and should not be construed as, investment advice or recommendations.