What is Wanchain?
Wanchain is an independent distributed ledger that enables communication between different blockchains (public or private). The platform also acts as a distributed banking system in which parties can create their own digital tokens and assets by building a market above the Wanchain infrastructure.
The platform not only provides encryption transfer capabilities. Users can create a variety of financial applications by using privacy protocols and WAN tokens (WANs) in addition to smart contracts.
How does Wanchain work?
Although Wanchain emerged from an Ethereum branch, the project operates on a unique block chain, and the native token WAN (WAN) is not based on the ERC20 protocol. The platform is based on a complex infrastructure that consists of many parts:
Wanchain implements the Consensus Protocol (PP) to establish an agreement between the network participants. Since other blockchains developed on Wanchain are similar to Wanchain, this facilitates the cross-chain mechanism, which increases interoperability.
Transactions work like Ethereum's. The difference, however, is that they provide privacy by implementing a ring signature plan. Ring signatures use elliptic curve cryptography that generates a unique address (OTA) that provides the signatory of a transaction with complete anonymity while allowing verification of the sender's signature.
Cross chain integration
The cross-chain communication protocol allows data transfer between other chains and Wanchain. The communication protocol is based on three modules:
registration module: Registers the source chain of a transaction along with the transferred asset
Cross chain transaction data transmission module: Transfers the cross-chain transaction request to Wanchain, indicates whether or not the validator node succeeds, and performs the legal transaction from the validator node to the external chain
Transaction status query engine: Monitors the transaction and its status
The cross-chain communication protocol uses intelligent contracts to facilitate the conversion of assets into Wanchain and vice versa.
Smart contract token transaction anonymity
Wanchain is one of the first blockchains to implement a privacy feature in its intelligent contracts. By implementing ring signatures and unique address generation, the platform anonymizes transactions.
In addition, Wanchain generates a new address for each transaction that prevents any search for transaction patterns.
Blocked account creation scheme
Wanchain uses a locked account creation system to ensure the security of keys and money when more than one party is involved. The system is based on Shamir's Secret Sharing Scheme, which divides the key into parts and distributes it to all involved.
Wancoin (WAN) is the sign driving the Wanchain platform. Transactions require a certain amount of WAN, and WAN security deposits must be paid for cross-chain verification nodes.
During its ICO, 107.1 million tokens were sold, collecting over 120,000 ETH donations. The chips sold in the ICO make up 51% of the offer. The ICO funds were distributed by the team accordingly:
- 60 percent: research and development
- 10 percent: community development
- 10 percent: marketing
- 10 percent: infrastructure
- 10 percent: daily business
WAN currently costs $ 0.310378, the current WAN offering is 106.152.493 and the market capitalization is $ 32,947,379. The crypto counts 103 by market capitalization.
Where do you buy WAN?
There are not many exchanges that support WAN trading. The following exchanges list WAN trading pairs: Binance, Bitbns, Bitkub, Bitrue, DragonEX, Huobi Global, KuCoin. The coin is mainly traded against BTC and ETH, but there are also options against XRP, BNB, INR and THB.
Binance is the highest trading volume per 24 hours, accounting for 53.4% of total WAN trading volume.
WAN coins should be kept in the team's official Wanchain wallet. The wallet is compatible with computers running Windows, Mac, and Linux operating systems. The wallet currently only supports WAN and ETH, but later, additional cryptos will be added.
Roadmap and future progress
Since its founding in 2016 and the launch of an ICO the following year, many goals have been achieved for the project. In early 2018, Wanchain launched its mainnet with privacy, Wan Wallet, Wancoin and Blockchain Explorer.
Wanchain 2.0 was released in July 2018. This version has brought interoperability with Ethereum. The following expected release is version 3.0, which includes interoperability with Bitcoin. Then the version 4.0 with integration of the private chain is planned.
Wanchain is a blockchain project that implements intelligent, in-bound contracts with privacy to increase interoperability between all blockchains and allow users to conduct anonymous transactions.
Pictured image: Hackers lunch
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Contribution Source: Wanchain Review: Introduction to WAN
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