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What is Wanchain
Wanchain is a platform built on the blockchain that enables communication between various blockchain networks. Without intermediaries or third-party intermediaries, it enables the transfer of assets and data between various blockchain ledgers.
Wanchain connects several blockchain networks and offers cross-chain transactions in an effort to build a more secure and effective ecosystem for digital assets. Additionally, it includes privacy protections that let users protect the privacy of their data and transactions.
The native token of Wanchain is called WAN, and it’s used to pay transaction fees and transfer value within the system. Wanchain smart contracts (WSC), the platform’s proprietary smart contract language that is interoperable with Ethereum smart contracts, are also available.
Wanchain’s overall goal is to build a decentralized, universal financial infrastructure that is usable for more than just financial transactions and is open to all users.
The history of Wanchain blockchain-based platform
A group of blockchain professionals lead by Jack Lu, who also co-created the blockchain project Factom, founded Wanchain in 2017. The team was inspired by the idea of building a seamless and interoperable blockchain environment, where users could simply move assets between various blockchains and different blockchain networks could communicate with one another.
The Wanchain platform was created as an ERC-20 token on the Ethereum blockchain, but in 2019, it introduced its own blockchain, dubbed the Wanchain mainnet. This was a significant accomplishment for the project since it gave it the capacity to increase scalability and security while also incorporating its own native smart contract language (WSC).
Wanchain has since added new features including cross-chain atomic swaps, which enable users to trade assets across various blockchains without the need for a centralized exchange, to continue to grow its capabilities. In order to give users more anonymity, it has also included privacy features including ring signatures, stealth addresses, and one-time addresses.
With a growing community of partners and developers striving to increase its features and use cases, Wanchain is currently one of the top blockchain interoperability projects. Prominent investors have also backed the project, including Hashed, Fenbushi Capital, and Blockchain Ventures, among others.
How Wanchain platform works
The Wanchain platform is designed to enable interoperability between different blockchain networks, including public and private blockchains, and allow for the transfer of assets and data between them. Here’s a brief overview of how it works:
- Wanchain operates as a bridge between several blockchains, allowing them to speak with one another and connecting them. It makes use of the Wanchain cross-chain mechanism (WCC), a cross-chain communication protocol that makes it easier to transfer assets and data between blockchains.
- Wanchain facilitates the movement of assets between other blockchains using a method known as token wrapping. An asset is first wrapped in a Wanchain-specific token when a user sends it from one blockchain to another (e.g., wrapped Bitcoin or wrapped Ethereum). Once on the destination blockchain, this token can be unwrapped and exchanged for the original asset.
- Wanchain Smart Contracts (WSC), which are compatible with Ethereum Smart Contracts, is the language used for its own smart contract system. This makes it possible for programmers to create decentralized applications (dApps) that can communicate with several blockchains at once, opening up a variety of new use cases.
- Ring signatures, stealth addresses, and one-time addresses are just a few of the privacy features that Wanchain uses to give users more anonymity. These features boost privacy and security by making it harder to track back where transactions came from.
- The native token of Wanchain is called WAN, and it is used to pay transaction fees and move value within the system. It also has an impact on the platform’s governance because token holders can cast votes for proposals and network improvements.
Overall, Wanchain’s architecture is designed to enable seamless interoperability between different blockchains, providing a more efficient and secure ecosystem for digital assets and data.
Can Wanchain platform be trusted
Wanchain has established a strong reputation within the blockchain industry and has demonstrated its commitment to building a secure and reliable platform. Here are some of the factors that contribute to its trustworthiness:
- Team with experience: Wanchain is led by a group of blockchain experts with years of experience and a successful track record. Included in this are the company’s creator and CEO Jack Lu, who also co-founded the blockchain initiative Factom, as well as other skilled programmers and consultants.
- Strong alliances: Wanchain has forged alliances with a number of blockchain projects, including ICON, Aion, and Ethereum. These collaborations show the platform’s capacity for productive interaction with other blockchain networks and the development of a robust partner and user ecosystem.
- Security is a top priority for Wanchain, which has a specialized team of security professionals in charge of keeping an eye out for platform vulnerabilities and safeguarding the protection of user cash. The platform has been subjected to numerous security assessments and has put in place a number of security features, such as multi-signature wallets and two-factor authentication.
- Wanchain is being created as an open-source project, allowing anyone to contribute to its development and examine the source code. This guarantees that the platform is accountable and transparent, and that any potential problems can be found and resolved by the community.
Overall, Wanchain has demonstrated its commitment to building a secure and reliable blockchain platform, and has established a strong reputation within the industry. While no technology is 100% secure, Wanchain’s focus on security, partnerships, and open-source development make it a trustworthy platform for users and developers alike.
