Everyone in the blockchain world is on a collective mission to restructure the world that we live in. The dawn of Web 3.0 was already initiated ever since the bitcoin whitepaper came out a little over 10 years ago. We are witnessing a plethora of different blockchain solutions, joining the cause but there is one problem to it, they all operate in silos. Blockchain interoperability has become a grave concern for the industry as many believe that system will be stronger and adaptable if all these different blockchains, seamlessly interact with each other. To address this issue, Wanchain might be able play a pivotal role for the industry. Wanchain’s ultimate goal is to bring together different blockchains and form a powerful and secured network, where all the blockchain solutions can easily interact with each other in an extremely secured environment.
Jack Lu, the founder of Wanchain, talked to BlockPublisher about the milestones they have achieved, the challenges Wanchain is facing and how focused his team is in finding new solutions, he said;
‘We are doing pretty well in terms of our road map. We are doing things a step-by-step. After implementing privacy protection and smart contracts, we immediately looked at cross-chain capability, first with Ethereum because it has smart contract capability and it is easier for us to implement. We implemented that in July 2018 and demonstrated how ethers can be moved from Ethereum into Wanchain by creating proxy tokens and those tokens can be moved back and forth, which was a huge milestone for us because we found a generic way to use a decentralized integration of public blockchains’.
‘Then we looked at bitcoin because majority of the blockchains are derived from Ethereum and bitcoin. Bitcoin was a little more challenging and we took some time to figure out the right way. Since bitcoin does not have the smart contract capability, we used scripts to do it and we also added a bunch of more ERC20 tokens for Wanchain 3.0, launched in December 2018. The only thing left for us is Wanchain 4.0, which is integration with the private chains or consortium chains and to take it forward from there. It shouldn’t be challenging for us but we are looking for the perfect partner so that it would showcase our capability in the financial world or traditional industries and we have several candidates. Once assets are on blockchains, they can be moved from one chain to another and those assets will be tradable or converted to a smart contract with other assets. That is the vision we want to propose to the world and to showcase to the community that we can actually do it’.
Jack also talked about decentralizing Wanchain and to integrate current financial industry with cryptocurrency, he said;
‘We Are trying to find the perfect partner to showcase that and we want to prove a real use case that assets can be moved from the traditional world into the digital world and we are bridging the traditional financial industry to the new crypto industry, that is the vision we have. We have what we call the ‘Wanchain Enterprise Solution’ to show that assets can move around. Another thing that we are looking at is the decentralization of Wanchain, which will take some steps. I am a software developer for a long time and I know that software world cannot take big steps every time so we are taking baby steps. The original solution was not very decentralized, we gradually wanted decentralization like Ethereum or bitcoin but we want to use POS. That is what we decided in the early days and published our whitepaper’.
Jack stressed the need of decentralized crypto exchanges (DEX) to be built on Wanchain and they are focused on seamless exchange of different crypto assets. Talking about Wanchain 3.0, he said;
‘It is a pretty stable, after we launched Wanchain 3.0, we don’t have any issues, neither with Ethereum integration in Wanchain 2.0 nor with bitcoin. We are building the protocol for other developers to build applications on top, I think that is another challenge for us. In this bear market, there are not many projects or developers building applications at this point but I think that’s a big step for us. Apart from building applications on Wanchain, we are also taking smaller steps since the market is down’.
While giving the idea about Wanchain 4.0, which will prove to be revolutionary for enterprises as it will allow private chain interaction, he stated;
‘The biggest use case right now is a decentralized exchange, we are working with partners to build decentralized exchanges on Wanchain. We are doing pretty good as we are also integrating multiple stable coins and some other coins on Wanchain ERC20 tokens, so that they can be exchanged. I think to have real use cases is certainly a challenge for every public chain and we are looking at the decentralized exchanges and also some other financial applications. We are also looking in to decentralized token loan applications and financial applications as these are things that we can do at the same time while looking at other enterprise use cases for Wanchain 4.0’.