What is exactly Wanchain (WAN)? It is doing cross processes

Wanchain creates a new digital asset market by applying for cross-chained transfers in different blockchains. At present, there are no effective and decentralized ways to exchange value between the various coins, tokens, and blockchains in the ecosystem. It is an independent and powerful blockchain that can function by making transactions safely and accounts independent.

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The platform does not apply to currency transfers only. You can use Wanchain (WAN) to create countless financial applications, as well as smart contracts, privacy protection protocols and local WANCO token (WAN) tokens and more.

How does Wanchain (WAN) work?

What is Wanchain
What is Wanchain

Despite being bred from the Ethereum, Wanchain (WAN) is an entirely separate block-cylinder, and Wancoin (WAN) is not an ERC20 token. The platform comes in many pieces, but the cross-chain communication protocol forms the backbone of the system.

Cross-chain communication protocol

This communication system gives some good ways to take data from Wanchain (WAN) to the others. There are three steps on the communication protocol:

Recording module: A chain record that a transaction creates as well as the entity being transferred.

Cross-threaded transactional data transfer module Initiates a cross-chain transaction request to Wanchain, accepts whether the validator node was successful, and facilitates legal processing of the original chain from the validator node.

Transaction status query module shows users what is happening inside the transactions.

Basically, the interchain communication protocol uses intelligent contracts to exchange goods to Wanchain, but vice versa.

Verification Node Consensus Algorithm

WAN BTC Chart of Huobi
WAN BTC Chart of Huobi

Wanchain will move the Ethereum towards a Proof-of-Stake (PoS) consensus algorithm. The platform, Plasma and Raiden Network. PoS has three types of validation nodes that protect the building, general network and divided transaction fees:

Coupons: Cross-chain transaction proof nodes

Authenticators: public validation nodes

Storemen: locked account management nodes

Coupons receive a security guarantee from the transaction fee. In contrast, they provide proof of the transaction between the original account and the Wanchain locked account. If this evidence is wrong, the deposit amount is taken from the holding account, and the Receipt can no longer authorize the transactions.

Wancahin’s transactions are recorded on the platform in order to provide a high security to users that are authorized.

Founders must remain online and retain their key share (more below) to receive their share.

Locked Account Creation Scheme

Wanchain price chart of Cryptocompare
Wanchain price chart of Cryptocompare

When multiple parties are involved, Wanchain (WAN) uses the Locked Account Creation Scheme to secure funds and keys. Based on Shamir’s Secret Sharing Scheme, he effectively divides a key into shares and distributes it to all participants.

Storemen is responsible for maintaining and controlling the appropriate lock share of locked accounts for transactions. There are several benefits of this key sharing method. As Wanchain (WAN) creates locked accounts through multilateral calculations, there is an increase in centralization. There is more stability because you do not need any important sharing to create a signature for a locked account. If some of the verifiers are offline, transactions can be performed with a minimum number of shares.

Finally, any transaction made with a locked account is made over the original chain. It has a meaning that a chain can easily be together with and interact with Wanchain (WAN)  without being in need of new transaction types or different security steps.

Intelligent Contract Icon Transactional Anonymity

What is wan
What is wan

Wanchain is a critical platform to integrate security with the idea called “smart contracts.” The platform uses ring signatures and one-time addressing to provide anonymity in transactions.

In a ring sign, your signature as a sender is confused with other fake accounts. This mix makes it hard to watch you as the actual sender. On top of that, Wanchain creates a new address for each process, so it is almost impossible to determine the process patterns.

Wanchain team and progress

First of all, it is an organization that doesn’t aim to make money, works outside of Singapore and has a good effect in Austin.

The person founding Wanchain (WAN) was Jack Lu, and he was an attractive man in the community of the Blockchain world. Wanglu Tech was the first one that took a step towards the open source Wanchain Project which has managed to arrive today.

As Wanchain (WAN) addresses the entire financial market, there are a few other projects that we think might be a rival. Ripplers and Stellar can be comparable to the project, with an emphasis on financial institutions.

Ark and its overlapping Smart Bridges are also working to combine the obstacles of different digital assets. Additionally, you can create applications with no centre by coding with Wanchain, Ethereum.

Wanchain is a complicated system that everyone can use in order to monitor all the economic status in real time.

At the same time, it is not the only project that uses ring signatures and one-time addresses to provide anonymous smart contracts, but it is one of several projects.

Dustin Byington serves as President of Wanchain. Byington is also a blockchain expert who had founded Bitcoin College in 2014 and at the same time founded Tendermint, a software mechanism for copying machines securely and consistently. Satoshi Talent was also helpt by Byington, and that platform’s style is to make blockchain investors and developers together.

The team recently launched its mainline network and had an ambitious roadmap planned for 2018. June 2.0 version will also consist of Ethereum cross-chain trading and multi-currency, while the version 3.0 will be in Bitcoin.

Where is the WAN stored?

wanchain review
wanchain review

You need to store your WAN in the wallet provided by Wanchain. It can be used on Windows, Mac and Linux operating systems. Although it currently only supports WAN, it will soon support a large number of currencies.

Result

We can easily say that Wanchain has been aiming to distribute the economic status by using some ways such as cross-chain intelligent contracts. After doing it, it will be successful in sharing it securely and creating new blockchain applications.

Debt taking and giving

Payments and settlements

Transactions and exchanges

Investment and financing

Besides, many other financial services.

Even though this is a challenging project, there is a record that should give confidence that the team will attract investors. Since the primary network is already in production, Wanchain looks ahead to most of the other blockchain projects.

Reference: https://coincentral.com/wanchain-beginner-guide/

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About the author

I am graduated from the faculty of communication. I have worked for major companies in the communication field, and acquire more than 12+ years of experience. I like to read empowering books, traveling and researching useful stuff on the internet. For a few years now, I have cultivated and developed a passion in the cryptocurrency world. I have decided to dedicate my time to create some posts on my blog about cryptocurrencies in general. Cryptocurrency World is growing fastly and will have longevity future however it has just born. I intend to improve myself on blockchain technology and share my knowledge.

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