Wanchain: The First and Only Interoperable Blockchain
Wanchain coin is a unique project with the aim of creating a new digital financial asset market. This project facilitates cross-chain transfers to this effect, essentially making it possible for users to transact across different blockchains.
There are a ton of coins, tokens and other digital assets in the cryptocurrency ecosystem. Accordingly, Wanchain will fill this niche by implementing cross-chain transfers across different blockchains. This will create an unprecedented level of efficiency in decentralized exchange of value. This means you can easily connect accounts of different independent chains and provide a synchronized framework to exchange digital assets.
Besides transfers, there are also smart contracts; privacy protection protocols as well as a native Wancoin token (WAN) to go along. Therefore, as a user, you are not short of options to seamlessly build financial applications.
The Cross-Chain Communication Protocol
This is the backbone of the project. Accordingly, the protocol offers an efficient channel to transfer data between Wanchain and other chains. This is possible through three modules:
- Registration module-This module registers the chain which the transaction originates from as well as the details of the assets involved.
- Cross-chain transaction data transmission module- The second module simply acknowledges whether the validator node returns success or not. Besides, the module also initiates requests and facilitates legal transactions between the node and the original chain.
- Transaction status query module-This module simply monitors the status of a transaction.
Wanchain mining will follow Ethereum’s lead in moving to Proof of Stake Wanchain mining using proof of stake is more energy efficient and generally better. However, it is important to note that Wancoin (WAN) is itself not an ERC 20 token.
The cross-chain nature of transactions makes Wancoin’s security strategies a must-have. Accordingly, the project uses accessories like ring signatures and one-time address generation for transaction anonymity. The platform has a secure Wanchain wallet available for multiple operating systems. Alternatively, you can use hardware wallets like Ledger Nano S for best security of your WAN offline
Jack Lu and Dustin Byington are two notable figures behind this project. They are both respected and experienced in the blockchain space boasting an impressive combined repertoire both in innovation and management.