Opinions

How Wanchain (WAN) Works & Advantage of Cross Chain Protocol

Wanchain is a cryptocurrency that was created to facilitate cross chain distribution together with smart contracts. This will be used in the future digital economy. The founders of this blockchain platform envisioned a world where everyone is using the digital currency. Well, their dream is not far fetched. This is because of the recent increase in the number of cryptocurrencies worldwide. Soon after the profits of Bitcoin were publicized, developers saw an opportunity to create altcoins that will be used in the future of the crypto world.

If you also had the capability to create your own altcoin considering the success of Bitcoin, wouldn’t you like to try? The answer is obviously yes. Unfortunately, most of the altcoins created were not able to increase or even start their market cap hence they ‘died’. The few those were able to succeed, have been able to provide an alternative to the coveted Bitcoin. Some of the altcoins include Wanchain crypto coin.

In this article therefore, we are going to discuss the history of the Wanchain crypto, its founders and the overall functions of the coin. In addition, I will touch on any relevant information that will help you have a better understanding of the coin.

History of the Wanchain Cryptocurrency

This cryptocurrency was first introduced in January 2018 which was inclusive of its wallet, protection keys, the WAN coin and a blockchain explorer. We soon expect the launch of 2.0 Wanchain in June 2018 which will include an integration of this coin with Ethereum plus a multi crypto coin wallet.

The Wanchain cryptocurrency was founded by Jack Lu, a graduate student of Peking University and Ohio State University. He also happens to be the founder of Wanglu Tech. and co-founder of Factom. Other members who helped in the creation of this cryptocurrency include:

  • Tony Zhang
  • Ying Zhang
  • Demmon Bai
  • Dustin Byington
  • Zane Liang

Most of the members of this team have experiences in areas such as software development and Silicon Valley. This shows off their prowess in this field hence you are sure that the crypto is in good hands. The entire tech team members are also familiar with most programming languages, experience in other different startups which additionally adds to their experience and competence to their work at Wanchain.

The Wanchain foundation was first established in Singapore as a non-profit organization dedicated to providing the Wanchain’s community with the best quality service. In addition, the foundation also supports and raises funds to the members of the open source community.

Even though the Wanchain platform is based on the digitization of the economy, it is also trying to digitize assets. For instance, they are trying to convert some historical photos into current digital images. The routine is also the basis of the cryptocurrency since it converts money into digital currency. Therefore, this makes conversions to digital assets easier with digital currency.

The cryptocurrency has a feature that makes it stand out among other cryptos. Users in this platform are able to function as their own ‘bank tellers’ hence each individual has the capacity to provide the buyers with services similar to that of common banks. These include transaction settlements, credit payments, asset exchanges, and loan origination which are all based on the digital currency. This makes the currency more than just your ordinary cross chain cryptocurrency.

The cryptocurrency platform also has its own support smart contracts and native coin. To top it all up, the currency also has a very secure protocol to protect privacy of its users in transactions made. Each user also has access to the application guidelines which will help them develop their own individualized financial applications in the system. This will give the users freedom to create applications that might actually change the cryptocurrency world as we know it.

Cross-Chain Protocols in Wanchain

This is one of the major features of the Wanchain cryptocurrency. However, it might be a bit complex to contemplate how this feature functions. Each locked user account has the SMPC (Secure Multi Party Compute) protocol which helps them to convert digital assets into proxy assets that are on the Wanchain. This is by virtue of its complex algebra. The advantage of this routine is that there is no central counter party risk when creating cross-chain applications on the platform.

The Wanchain also incorporates multiple privacy protocols to ensure the security of their customer’s privacy. The ring signature protocol in this platform allows total anonymity between the two parties involved in the transaction. However, a signature is shared between the two parties to verify the transaction. More to that, the transaction is broken down to standard denominations which helps in hiding the transaction. Additionally, the platform offers an address that is offered once which completes the anonymity feature in the blockchain.

Wallet of the Wanchain Platform

A wallet is a set of protocols capable of retaining the digital currencies. The wallet acts like a digital bank where you can transact your digital coin in exchange for other cryptocurrencies, goods and services. Finding the best wallet for a given cryptocurrency is always an uphill task. Fortunately, the Wanchain cryptocurrency has its own wallet designed specifically for the Wanchain crypto coin; The Wan Wallet.

This helps solve the hard time that new buyers of a given crypto have to face when looking for a storage place. Improvements on this cryptocurrency are underway so that this wallet will be able to handle other cryptocurrencies. The wan wallet offers the users the choice of transacting both private and public transactions with complete anonymity.

In conclusion, I hope with the above description, you now have a better understanding of this cryptocurrency. The WAN coin sounds like a good opportunity for the growth of the digital asset feature in the crypto world. We can only hope for the best in this crypto since it has a great potential to reach incredible heights. However, this is still a new cryptocurrency and hope it will be able to reach the likes of Ethereum in the near future. You can choose to jump into this wagon and see how it goes but I urge you to be cautious.

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Noor Najam

Contributes guest posts to BlockPublisher with industry analysis & news in the blockchain space. Email: editor.opinions@blockpublisher.com

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