Yesterday Wanchain, the team behind the WAN cryptocurrency announced the release of Wanchain 3.0 which claims to be the world’s most advanced blockchain interoperability platform. We want to explore a little bit more about what this means for cross chain compatibility between Bitcoin, Ethereum and Ethereum’s ERC-20 tokens.
What is Wanchain?
“Wanchain is a blockchain platform that enables decentralized transfer of value between blockchains. The Wanchain infrastructure enables the creation of distributed financial applications for individuals and organizations. Wanchain currently enables cross-chain transactions with Ethereum, and today’s product launch will enable the same functionalities with Bitcoin.”
Wanchain is a series of blockchain based products that aim to make the blockchain more accessible. The first of such products is the Wanchain wallet, a digital wallet that allows for the secure transfer of cryptocurrencies and digital assets. Within the wallet, users are able to hold and move WAN, Bitcoin, Ethereum and more.
The key focus for Wanchain is cross chain compatibility - using Wanchain, bridges can be built between the Ethereum and Bitcoin blockchains to allow for multi-asset investing, decentralised loans, multi-coin payments and also for the facilitation of decentralised cryptocurrency exchanges.
According to Wanchain:
“Based on complex algebra, locked accounts with SMPC enables low threshold to convert any digital asset from any blockchain into a corresponding proxy asset on Wanchain's blockchain. This unleashes the power to build compelling distributed cross-chain Dapps and removes centralized counterparty risk. Wanchain will support ERC20 and protocol tokens.”
Wanchain also allows users to develop and deploy their own Wan smart contracts, much in the same way users of Ethereum can. Within Wanchain however, new tokens that are issued via Wan smart contracts are issued with added privacy protection, making the Wanchain ecosystem more ‘private’ than the Ethereum blockchain.
Furthermore, according to Wanchain:
“Wanchain's blockchain builds upon the strengths and robustness of Ethereum. Any Ethereum Dapp will run on Wanchain with zero code changes, yet, applications can be enhanced with Wanchain's APIs to leverage privacy protection and cross-chain capabilities.”
In essence, Wanchain is a very technological ecosystem that allows investors, traders and developers to take advantage of a number of cool functions and features. Though Wanchain is a young project, the technology behind it is quite fascinating.
The launch of Wanchain 3.0
The big news this week comes in the wake of the launch of Wanchain 3.0. Wanchain have so far seen two prior releases, the first in January 2018 (Wanchain 1.0) laid out the foundations for the initial Wanchain platform. The next release (you guessed it, Wanchain 2.0) integrated a bridge to the Ethereum blockchain. Now, the the third release (yep, Wanchain 3.0) includes a Bitcoin bridge and the integration of a number of Ethereum ERC-20 based projects. According to the official Wanchain announcement, the CEO and Founder of Wanchain Jack Lu has said:
“Wanchain 3.0 is our biggest release ever, bringing the network of Bitcoin users to projects and tokens built on Ethereum. I am very proud of our team for achieving our final 2018 milestone laid out in the initial launch of our company. Wanchain continues to be laser-focused on the long term where we see our platform being one of the fundamental components linking all digital assets in a decentralized, trustless and permissionless manner.”
What does this mean?
The biggest implication for this is the facilitation of decentralised exchanges on the Wanchain ecosystem. Ethereum based decentralised xchanges built with Wanchain are now able to offer Bitcoin trading pairs, thanks to the way Wanchain allows the two blockchains to communicate (in layman's terms at least). This is a good thing as it increases the liquidity of the tokens within those exchanges and opens up the potential for other exciting use cases, including;
“Cross-chain crypto loans, crypto payments leveraging multiple chains, and any other use case for bringing Bitcoin to applications currently siloed to Ethereum. The opportunities cross-chain with Bitcoin will bring for Wanchain and the industry are quite exciting.”
The overall vision for Wanchain is a world that is fully decentralised. By building bridges between blockchains, Wanchain are ensuring that this industry can remain as decentralised as possible. They want to keep on building upon this in order to improve the Wanchain ecosystem and of course, in order to make cryptocurrencies and blockchain technology a far more democratic space for users, traders, developers and investors. They believe the future lies within mathematics and algorithms, not brands, governments or institutions.
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