Two key players in the DeFi space, Wanchain and 0Chain have announced a strategic partnership that aims to further the decentralised vision of the two companies. Through this partnership, both DeFi platforms hope to bring enterprise grade decentralized storage to multiple chains with the highest privacy and security protection.
The formal announcement follows the recent declaration that the State Grid Corporation of China integrated Wanchain’s technology to automate and upgrade their national data management system.
Li Ni, Wanchain VP of Business Development and Operations commented on the partnership:
“0Chain’s approach to decentralization is a perfect philosophical fit for Wanchain. Together, we will unlock the full potential of true DeFi.”
Both 0Chain and Wanchain aim to create secure Interoperability between blockchains, and
have outlined the scope of the partnership as the following:
- 0Chain will launch and operate a Wanchain Storeman node, beginning with the fifth Storeman Group. 0Chain’s Storeman node is the first step towards bringing 0Chain’s decentralized storage to WanChain’s users and clientele.
- Wanchain and 0Chain will create and provide initial liquidity for a WAN/ZCN pair on Wanswap, a community-run cross-chain DEX. This is in addition to the existing WASP/ZCN pair that’s been recently added to WanSwap.
- Wanchain and 0Chain will jointly determine the feasibility of integrating 0Chain’s decentralized & distributed storage technology into Wanchain’s cross-chain infrastructure.
Interoperability has been the focus of many projects in the DeFi space, born as a way of ensuring the smooth transaction of data, and allowing multiple blockchains to communicate with each other. One of the key players in the DeFi space is Polkadot, which claims to provide true interoperability for financial transactions as well as for computation and data transfer. Wanchain has thus far focused on financial industries, but has increasingly collaborated with various industries to address a broad spectrum of applications.
The 0Chain platform’s mission is to eliminate business threats such as censorship, privacy liability and data breach, providing decentralized storage solutions to multiple chains.
Mo Siam, 0Chain Director of Operations, commented on the future of DeFi:
“We anticipate the next wave in DeFi shall be one that unlocks value from data sets; and the underlying bedrock for this wave shall be interoperability and decentralized storage networks flexible enough to provide high throughput, compete with incumbents on functionality, compliance and cost; yet securely & verifiably store and keep data ownership & control in the hands of its true owners; those that create, generate or buy it.”
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.