Wanchain (WAN) – Expanding Blockchain Functionality to New Heights

Project Reviews / 22.10.2020

Wanchain seeks to bring more interconnectivity and functionality to the market. The platform introduces a variety of next-gen protocols to allow data to flow freely and securely between chains without a centralized third partyConsequently, Wanchain continues to gain investor attention due to its unique business model and endless potential. 

What Problems Does Wanchain Attempt to Fix?

Wanchain attempts to tackle multiple concerns in the market. Primarily, the team wants to create more interoperability within the sector. There are thousands of different blockchain projects across the industry. Each of these platforms put forth considerable effort to service their niche market. Rather than have blockchains compete to achieve the same functionalities, Wanchain allows users to enjoy features from across the Wanchain ecosystem in a seamless manner.  

How Does Wanchain Work

Wanchain combines a variety of different technologies to achieve its goals. This public blockchain features advanced support for the development of smart contracts using Solidity. Impressively, Wanchain combines aspects from secure multiparty computation, atomic swaps, threshold secret sharing, and decentralized account management. Together, these technologies allow different blockchains to mingle and interact with each other inside DeFi applications.

Wanchain functions as an intermediary between blockchains. For example, imagine if you could stake TRON but get your staking rewards in BTC. The possibilities are endless with this technology. Best of all, Wanchain accomplishes these tasks without ever needing custody or direct control over the assets and information within its network. 

Storeman

Wanchain utilizes the Storeman algorithm. In a Storman network, all the nodes work together to manage the exchange of assets and information. Specifically, they verify cross-chain transactions and ensure the smooth and secure transfer of value between independent blockchains. 

Galaxy Consensus

The Galaxy consensus mechanism first came to light via a paper published by Wanchain’s Research & Development team. The document explained the concept of the Galaxy and highlighted its advantages. For example, the system is a far more efficient alternative than PoW networks such as Bitcoin. Notably, the team spent years researching different consensus mechanisms before deciding to create a completely new protocol.

Staking Options

Wanchain also offers its users the chance to earn some free crypto via its staking protocol. Users must decide how much cryptocurrency and for how long they intend to lock their funds up in the network’s wallet. These funds determine the amount of your reward. 

Privacy Intact

The coolest thing about this technology is that the Storeman nodes can work together in a way that allows them to complete complex cross-chain transactions without revealing the private keys of the accounts involved. This makes Wanchain a favorite of privacy-focused investors. 

To ensure that all Storeman nodes act in a way that is conducive to expanding the network, the system requires they put up collateral. Keenly, a node can only approve transactions as large as the collateral they put up in the Wanchain ecosystem. If the node acts maliciously, the system will confiscate the collateral to complete the transaction properly. 

Benefits of Wanchain

Wanchain brings a lot of benefits to both users and developers. Developers benefit greatly from the platform’s advanced programmability and its use of Solidity, Ethereum’s programming language. Additionally, developers can easily write smart contracts, build DAPPs, or issue both fungible and non-fungible tokens using Wanchain. 

Multi-Chain Dapps

Wanchain makes it possible for developers to accomplish some truly amazing protocols. Since it’s possible for any blockchain’s assets to be connected with and circulate on Wanchain, developers can explore the deepest realms of their creativity when developing Dapps for this system. Impressively, Wanchain can communicate with all types of blockchains, including public, private, and consortium chains

Wanchain users can withdraw their assets back to their native blockchain or send it to a new blockchain to utilize it in a different Dapp. In essence, this platform opens the flood gates for intuitive developers who understand the different niches each blockchain was built to accommodate. 

Ring Signature

Wanchain utilizes ring signatures to ensure your security remains intact. Ring signatures are digital signatures that allow any member of an organization to approved transactions. The system provides approved members with separate keys for trackability purposes. 

Ring signatures are an excellent feature for corporations seeking to delegate certain blockchain transactions and interactions. They increase security and allow firms to integrate blockchain systems into their business models better securely

Wan DEX

Wanchain is the world’s first cross-chain DEX. The platforms decentralized exchange protocol, Wan DEX, expands the platform’s functionality considerably. The protocol utilizes a system of off-chain matching and on-chain settlement to accomplish its goal. 

Currently, Wan DEX is live and supports a nice selection of coins. Specifically, you can enjoy cross-chain transaction features for most top cryptocurrencies, including BTC, ETH, EOS, and various ERC20 tokens. Even more amazing is the fact that developers can create their own DEXs utilizing Wanchain’s network.

WAN

WAN is the native utility token for the network. Developers utilize this token to initiate and program smart contracts. It can also function as a cryptocurrency. WAN is fast and efficient. You can send it globally in minutes securely. As such, WAN has endless use cases in the market. This versatility continues to drive interests in WAN.

How to Get Wan

WAN is available on select reputable exchanges at the moment. You can pick this coin up at Kucoin, Coinswitch, and Huobi. You will need to first register for accounts. Once you are approved, you can fund your account with Bitcoin and then trade for Wanchain. The entire process is simple. 

WanChain – Expanding Blockchain Functionality

When you come across platforms like Wanchain, you recognize the potential the platform holds. The ability to utilize the best features from every blockchain is ingenious. Additionally, it helps to quail competition and increase cooperation within the industry.

David Hamilton aka DavidtheWriter is a long time Bitcoinist and cryptocurrency journalist. Currently, he has over a thousand articles published on blockchain technology. His expertise and experience makes him one of the most reputable writers in the sector.