Wanchain (WAN) – cryptocurrency review
The appearance of Bitcoin in our world is only beginning to change the existing industries, technologies and any other aspects of our lives. Thousands of developers around the world are trying to implement blockchain, literally in everything that is possible. You have already seen various cryptocurrency reviews on the blog for retail, IT technology, and even for developments in the field of Artificial Intelligence.
However, today we will touch upon a more fundamental topic – the theme of the global financial system. The key innovation that Bitcoin introduced for the existing financial system is the basic principle of mathematical laws. In such a system, everything is subject to strict immutable mathematical laws, and not to individual institutions or the state. In fact, the very concept of currency is a kind of consensus. Having passed the evolutionary path from the exchange of goods to paper money, our financial system is gradually getting to its true nature. Thanks to blockchain technology, the accounting and financial control system becomes simpler, more transparent and does not obey anyone else, which is much fairer. The concept of financial integration aims to provide disadvantaged people and small enterprises worldwide with access to the financial system and low-cost financial services. Two and a half billion people in the world are unable to use banks, open savings accounts or receive credit cards, as a result of which they are denied access to the systems of the world economy.
There are many problems that are bare in the modern financial structure and do not have universal solutions. That is why when Venezuela devalued its currency, Bitcoin became the most popular savings asset among the inhabitants of this country. And in the Philippines, and at all, employees trust the transfer of their funds only through the blockchain.
Now there are more than 1500 different coins and tokens on the coinmarketcap, it is clear that the lion’s share of these assets is complete garbage, but the speed with which the new financial system is developing is simply amazing. Those who actively follow the news in the cryptocurrency world are well aware that integration is ongoing. Organizations and states seriously consider this area as an active use. Business structures and financial institutions are gradually mastering cryptocurrencies as a form of payment. And online exchangers and cryptocurrency exchanges are generally a separate market where millions of dollars circulate every second. However, now these disparate objects are not united in any way and also still have a lack of centralization.
Wanchain is creating an innovative platform to become the first decentralized “bank.’ In reality, such a “bank” will be very different from traditional banks, but in essence Wanchain wants to combine various digital currencies, assets and blockchains on its platform. This should be the place where financial products and contracts based on digital currencies and digital assets can be created and implemented, where transaction confidentiality can be effectively protected. In this new digital financial infrastructure, each member will have equal rights.
What is a Wanchain
Wanchain is a blockchain-based distributed superfinancial market. This is exactly what the whitepaper developers offer. It is noteworthy that under this loud name hides a really interesting filling. Just as traditional banks are the infrastructure of the current financial system, Wanchain seeks to build a new distributed infrastructure of digital assets to improve the existing one. The Wanchain platform allows you to exchange digital assets between other blockchains. It uses the latest cryptographic theories to build a generic cross-chain protocol and a distributed registry that records both cross-chain and internal transactions. Any blockchain network, whether public, private or consortium, can integrate with Wanchain to establish connections between various registrars and perform low-cost transfers of digital assets between ledger books. Wanchain ledger not only supports smart contracts, but also protects the privacy of token exchanges. With Wanchain, any institution or individual can create their own virtual “banking branch” and provide services such as obtaining a loan, exchanging assets, credit payments and calculating transactions based on digital assets. Under the guarantees of “banks” based on the blockchain infrastructure, more people can participate in financial services based on digital assets.
By establishing links between the various blockchains, an intermediate transfer of assets is achieved, providing an infrastructure for financial applications based on digital currencies and digital assets. Wanchain seeks to fully utilize the main concepts of the blockchain – transparency and decentralization. In terms of technology development, the Wanchain blockchain employs secure computing, threshold secret separation, an elliptic cryptography ring signature scheme, a one-time account generation mechanism and many other cryptographic technologies. Wanchain also addresses the issue of protecting the privacy of smart token transactions. To some extent, Wanchain is an advanced cryptographic application that solves the real problems of blockchains and represents an advanced direction in the development of these technologies.
Wanchain has a professional cryptography research group that successfully applies its knowledge. If we consider the project from the point of view of the blockchain platform, Wanchain is more than just a blockchain project that provides cross-chain transactions and the compatibility of several blockchains. Wanchain is a complete blockchain development platform. Wanchain achieves the function of cross-chain transactions, but it is also a blockchain that works independently; It contains its own 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.
How does Wanchain work
Wanchain provides the infrastructure for cross-chain operations between different blockchain networks. Wanchain is a distributed registry that:
- Provides interconnection and interaction between various blockchain networks;
- Complete transaction records between chains
- Saves transaction details between chains.
Wanchain supports cross-chain operations between any networks.
The Wanchain architecture has several components, which we will discuss below.
- Distributed Registry (ledger) and Smart Contract Virtual Machine. Wanchain is a universal registry based on Ethereum, which runs applications on its own, with account models and smart contracts that implement various Ethereum source functions. In addition, cross-chain transactions were added here and the protection of the confidentiality of smart contracts was achieved.
- Ecosystem Token – Wancoin (WAN). Any transactions on the network will consume a certain amount of Wancoin. Wancoin is also used as a defense mechanism for nodes that provide security and network verification.
- Consensus mechanism. Wanchain adopts a Share Confirmation Consensus (POS) mechanism for regular transactions, and implements consensus and incentive mechanisms for cross-chain transactions.
- Transactions within 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 the blockchains and the assets that integrate with Wanchain must first be registered with Wanchain for verification and identification. Wanchain is a ready-made platform that can be applied to broad financial applications with privacy protection for smart token transactions. More importantly, other blockchains created on Wanchain have the same reciprocal chain mechanism and easily interact with each other.
- Cross-chain transactions. When an unregistered asset is transferred from the source network to Wanchain, Wanchain creates a new asset using the built-in asset template to deploy a new smart contract based on cross-chain transaction information. When a registered asset is transferred from the source network to Wanchain, Wanchain issues the corresponding equivalent tokens in existing contracts to ensure that the original network assets can still be sold on Wanchain.
Scope of Wanchain
In this section, we will look at some additional features of Wanchain that will improve the existing financial system.
- Borrowed funds and lending. The Wanchain platform offers a unique mechanism for lending and opening deposit accounts on the network. Let’s take Ethereum again as an example. A certain service provider uses a smart contract to create a deposit application and sets an interest rate on Wanchain. A user who likes the conditions transfers ETH from the Ethereum blockchain to the corresponding address of the Wanchain smart contract through a cross-chain transaction. A deposit on Wanchain issues a corresponding voucher to the user’s account, on Wanchain. Then the smart contract automatically calculates the interest. When a user needs to withdraw a deposit, the voucher will be transferred back to the supplier’s address, after which the reverse cross-chain transaction will be made. The ETH corresponding to the voucher is unlocked on the Etereum blockchain and transferred back to the original user account. Deposit reserves (blocked assets in the source chain corresponding to the intermediate address) are always transparent.
- Payments and settlements. Currently, there are many payment methods, such as VISA, Paypal and others, each of which has its own payment procedures and settlement processes. Wanchain is a distributed multi-currency platform that combines various banking registers into a single register. Any business or user can install a Wanchain wallet for multi-currency payments and settlements without having to install several digital wallets.
- Currency exchange and transactions. Currently, digital currency exchange depends on centralized exchanges and over-the-counter markets. All transactions are based on the trust of exchanges and intermediaries. After several currencies are integrated with Wanchain, exchanges or intermediaries can achieve multi-currency auction trading and one-to-one transactions using smart contracts. Wanchain allows you to import digital currency into Wanchain, run private transactions on Wanchain, and transfer digital currency back to the source network.
- Investments and financing. ICO has become an important means of financing in the blockchain space. More and more projects, especially those based on Ethereum, directly use smart contracts for ICOs, which makes the whole process more transparent and fair. But ICOs that use only ether cause inconvenience to investors holding other digital currencies. At Wanchain, an ICO issuer may issue a smart contract that supports multicurrency investments. Investors will be able to invest using Ethereum, Bitcoin or any other cryptocurrency integrated with Wanchain, and issuers can more easily manage their funds. In addition, when a new blockchain is launched, the conversion between crowdfunding stocks and the native currency can be completed through the Wanchain transaction cross-chain.
Initially, Wanchain planned to conduct an ICO from October 4-28, 2017, with a $ 36 million hardcap. The ICO, launched on October 4, was completed in 12 minutes, collecting the full amount of the hardcap.
- Total issue of tokens: 210,000,000 WAN.
- Sold on ICO: 107.1 million WAN
- For the project team: 42,000,000 WAN
- Wanchain Fund: 39.9 million WAN
- To support the network: 21 million WAN
At the time of the ICO, the price is 1 WAN \u003d $ 0.34 and the token was issued under the ERC20 standard. However, in the light of the latest news, the situation has changed dramatically. Read more about this below.
- On January 18, 2018, on Twitter, the company announced the long-awaited launch of the first version of the Wanchain 1.0 network. This news speaks of two positive things at once. Firstly, the launch of the network clearly matches the intended roadmap. They promised to do it in January, and they did it. Secondly, the company already has a finished product, and still work and work on it, but in any case this is not another hypothetical super-idea.
- After the network launched on January 29, 2018, the company announced the replacement of ERC20 tokens sold on ICOs with original WAN tokens of the Wanchain blockchain. That is, everyone who participated in the ICO or in any other way received an ERC20 WAN standard needs to exchange them for genuine tokens.
- To do this, go to the official website of the company https://wanchain.org/ and select ‘Tokenswap’ in the top menu. A new tab will open, where you will need to follow the instructions.
- On February 13, 2018, all on the same twitter, the news of a partnership between Wanchain (WAN) and Kyber Network (KNC) is released.
- On March 23, 2018, the coin first goes to the exchange and immediately to which one, at Binance! Binance warning: from March 24, 2018, Binance does not accept ERC20 WAN tokens, only the original WAN, Wanchain’s mainnet blockchain. In general, if you have coins with an ICO, before selling them on the exchange, be sure to exchange genuine tokens on the official website. Do not send the WAN ERC20 to the exchange, you may lose them forever.