Name: Wanchain - Distributed Infrastructure for Digital Assets
Website - www.wanchain.org/
Price Info - https://coinmarketcap.com/currencies/wanchain
Wanchain seeks to connect blockchains and exchanges throughout crypto space. Any blockchain network will be able to interact with other blockchains through Wanchain in order to establish connections between different ledgers. Some examples of the many use cases include setting one’s own virtual teller window and providing services like credit payments, transaction settlements, loans, and cross-chain trading. Essentially, it will be a –super” financial market that is blockchain based. The Wancoin tokens will be used to secure deposits and cross-chain verification nodes.
Wanchain has achieved a proof-of-concept privacy protection based on one-time addresses (generated for each transaction, so it can not be linked to the true owner) and ring-signatures (mixes the transaction sender in a set of fake members to make the sender untraceable), and will make this function available when version 1.0 of Wanchain is online. Later, Wanchain will implement cross-chain transactions among Wanchain, Ethereum and Bitcoin, as well as the cross-chain transactions of consortium blockchains that are developed based on Wanchain. The token behind Wanchain is Wancoin.
There are two primary functions for Wancoin.
The first is to process fees for Wanchain transactions and cross-chain transactions.
The second function is to bond deposits at each node for ensuring cross-chain transactions.
Wanchain adopts a Proof of Stake mechanism for ordinary transactions (with privacy protection) and implements consensus and incentive mechanisms for cross-chain transactions. When an unregistered asset is transferred from the original chain to Wanchain, Wanchain will create a new asset using a built-in asset template to deploy a new smart contract based on the cross-chain transaction information.
For now there is no more information about the incentives of holding a node. Only those holding a high enough stake in the Wanchain network can become a verification node. The general nodes can entrust the stakes they hold to the trusted verification nodes.
The more transactions there are the more valuable the token becomes. The verification nodes on Wanchain are divided into three categories:
Cross-chain transaction proof nodes (vouchers)
These are used to provide proof of transactions between the original account and the locked account. A Voucher is required to pay a certain security deposit.
Locked account management nodes (storemen)
The Storeman is responsible for computing the signature shares according to its own part of the key and merging the signatures parts into a complete signature for the lock account.
General verification node (validators)
The Validator informs the Storeman of operational actions related to the locked account and complete the record of operations on the Wanchain whenever a transaction proof reaches a consensus.
In order to build a more widely spread blockchain technology and digital asset applications, Wanchain has set the following objectives based on the research on cross-chain technology:
Cross-Chain Asset Transfer
Connect existing major digital currency networks (such as Bitcoin and Ethereum) and completing the asset exchanges without modifying the mechanism of original chains.
Integrate consortium chains with Wanchain. This fulfils the functions of transferring assets from original chains to Wanchain back to the original chains and trading various assets on Wanchain.
Transaction privacy protection
It allows trading parties to choose to conduct transactions with privacy protection. Wanchain provides privacy protection for transfers and exchanges of digital assets. It also provides anonymous protection of digital asset holders.
Aion, Icon and Wanchain have unveiled a new advocacy group centered around promoting interoperability between the disparate networks. In a statement Matt Spoke, the founder of AION gave his vision about this partnership; “We believe that collaborating across projects will help set best practices for blockchain interoperability and encourage broader market adoption across enterprises and the public.”
You can buy WAN in the following exchanges with Bitcoin. It is usually delimited in the WAN/BTC pairs, WAN/ETH, WAN/BNB (Binance Coin).
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