Wanchain WAN coin review! The Wanchain ICO had tons of hype. Here’s a coin analysis of the WAN altcoin / cryptocurrency & the Wanchain Foundation.
Wanchain is a type of blockchain technology aimed at creating financial markets for the constantly growing digital economy. Wanchain’s purpose is to build a new infrastructure for the digital economy. Wanchain connects and exchanges value between different blockchains in a distributed manner. It implements cryptography into its protocol. Its distributed ledger records both intra-chain and cross-chain transactions. This means that any & 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.
What Wanchain creates a distributed bank that facilitates transactions b/w different blockchains. Since Wanchain was forked from Ethereum, it retains a number of key features, like the ability to create & run smart contracts, enabling community developers to create more complicated applications. Privacy is major advantage as Wanchain is one of the first blockchain projects to implement privacy w/in smart contracts. Its features include ring signatures & One Time Addresses. The signatures necessary to verify a transaction are disguised w/in 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, making it harder to trace an individual’s transaction history. As first possible application is using the Wanchain wallet for multiple cryptocurrency exchanges. Institutions & individuals can take advantage of the platform’s distributed cross-chain transaction mechanism for cryptocurrency exchange services w/ privacy protection. Wanchain can be used for loans, investments & 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. Crowdfunding is another possible use for Wanchain. Wanchain’s backbone is its cross-chain communication protocol. The registration module registers that an asset is being transferred & registers the chain where the transaction originates from. The cross-chain data transmission module initiates the transaction request to Wanchain & 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, are part of Wanchain’s Proof-of-Stake consensus algorithm and tasked with recording & verifying transactional data. Vouchers & Storemen are 2 types of verification nodes which are vital to maintaining the network, in return for portions of the transaction fee. Wanchain uses the locked account generation scheme to secure funds & keys. Storemen maintain & manage appropriate key shares of the locked account for transactions. Since locked accounts are generated through multi-party computations, Wanchain effectively increases decentralization. It can easily interact with Wanchain without the need for new validators or transaction types. The technical aspect is covered the whitepaper. Its cross-chain communication protocol uses smart contracts to allow you to exchange assets to Wanchain & vice-versa. The exchanges are entirely private & take place in a decentralized manner. Wanchain’s native tokens 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. 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, participants were given ERC20 tokens. The recent launch of the mainnet means ICO participants can now trade in the ERC20 tokens for WAN. At the moment the Wanchain wallet can only hold WAN, it will soon be able to support multiple currencies. The Wanchain Foundation has offices in Singapore and Austin, Texas and an impressive team behind it. Jack Lu the founder & CEO. Lu co-founded the successful Factom. Lu also started Wanglu Tech, a blockchain development company. Blockchain veteran Dustin Byington is the president. He is one the founders of Satoshi Talent, a platform which blockchain entrepreneurs can use to connect with developers. The Wanchain team is comprised of experts from the fields of cryptography, finance, software engineering, and media and community management.
Disclaimer: This is not financial advice. I absolve myself of all responsibility (directly or indirectly) for any damage, loss caused, alleged to be caused by, or in connection with the use of or reliance on any content, goods or services mentioned in this article. As usual, DYOR.