Wanchain Rebuilding Finance With Private Cross-Chain Smart Contracts
Wanchain is a blockchain based technology that aims to build a new generation financial market for the new digital economy. Banks are the basic infrastructure of the current economic structure. Wanchain wants to make a distributed-bank in such a way that it will become the underlying infrastructure for digital asset economy.
Wanchain collects and exchanges value between blockchain ledgers in a distributive manner. Wanchain uses cryptographic theories that have already been built into the cross chain protocol. Another integral part of Wanchain is the distributed ledger that records all the transactions, that is both cross chain transactions and intrachain transactions.
This makes Wanchain a perfect tool for a business of any size. A company that is private, public or a consortium can easily integrate with Wanchain and establish a connection between different ledgers and perform an affordable as well as financial asset transfer in an accounting. In layman terms, Wanchain can help you build a decentralized application in both Etherium and Bitcoin blockchains.
In other terms, we can say that anyone can access Wanchain’s services and can build a bank of their own for their particular need like lending, asset exchange, credit payments, transaction settlements, and other bank-like services. Also, Wanchain can be used for making cryptocurrency loans, cryptocurrency transactions, investments, and crowdfunding.
Wanchain was introduced in June, two thousand sixteen. The company published its whitepaper in July two thousand seventeen. As we all know, Wanchain is a project developed by Wanglu tech which is the same team responsible for the genesis of the very successful Factom coin. They have around twenty-five core members in their Wanchain project.
Jack Lu is the co-founder and CTO of Factom. He is the man who propelled Factom into the top valued cryptocurrency in the market. Now Factom is valued at around one hundred seventy-two million dollars. Wanchain is their new product. Dustin Byington is the second in command and is respected personality as he is a veteran and an industry expert in blockchain space. He co-founded Tendermint, and founded companies like Satoshi talent and Stoken venture capital.
Welch Zhou is another key member at Wanchain. He founded companies like Hishare Exchange. He was the security Advisor of the company Hyperledger. He also decorated the post of Deputy Secretary-General of Europe-China Culture & Economy Commission. He has more than 20 years of experience in investment, business management, and government relationship which is considered as priceless in this industry.
HOW DOES WANCOIN WORK?
Even though Wancoin has been forked from Etherium, it is a blockchain of its own, and Wanchain coin WAN is not an ERC20 token. Also though a lot of parts comprise to form a platform, the cross chain communication protocol is the backbone of a platform. The cross chain communication protocol helps in data transfer between Wanchain and other blockchain services. The three major components of a cross chain communication protocol are the registration module, cross chain transaction data transmission module, transaction status query module. To aggregate, the cross-chain communication protocol makes use of smart contracts to enable the users to exchange assets to Wanchain and from Wanchain to other blockchain services hence enabling Wanchain to perform.
Wancoin is Wanchain native token, and it goes by the name WAN. While in transaction one needs to pay WAN security deposit to cross chain verification nodes to complete the transactions. The team sold nearly one hundred and eight million tokens in their initial coin offering. They raised about twelve thousand ETH using this. Fifty-one percent of the token supply was sold In this way. Sixty percent of the token is for research and development. Ten percent is for community development. Ten percent is for marketing. Another ten percent was used for infrastructure development. The last ten percent will contribute to daily operations.
Wanchain aims in decentralizing financial industry using cross chain smart contracts to its full capacity. Everyone knows that decentralizing such a vast industry is a gargantuan task and is almost impossible. But the team behind this venture should give investors enough confidence that they can pull it off. With the main net already in production, Wanchain is ahead of the majority of other blockchain projects. With V2 coming up forward, 2018 is shaping up to be a big as well as a productive year for this challenging venture. With the kind of team that they have, the rock-solid advisors and investors that back them up, the future for Wanchain is looking bright and beautiful. Those who want to invest should do a profound investigation of their own before investing.