Wanchain – (WAN) – Full Report
Classification: Utility Token
Function: Financial Ecosystem
Project Status: Functioning
Circulating Supply: 106,152,493
Total Supply: 210,000,000
Exchanges: Binance, Huobi, KuCoin, Bitbns
Consensus Algorithm: Proof-Of-Work (POW); moving to Proof-Of-Stake (POS) eventually
Points of Confidence
Transaction Privacy Features
Decentralized Finance Platform
There are certain variables that open up investors to risk outside of market volatility. For example, this project, as well as its competitors, are depending on whether or not they are able to solve the challenge currently presented by the lack of communication between blockchain networks. Moreover, it could be hindered depending on how regulations play out moving forward. However, at the current time, most regulators seem to understand that blockchain innovation shouldn’t be weighed down by too much regulation.
Wanchain is building a decentralized financial network that focuses on interoperability, privacy, and the exchange of digital assets. The Wanchain network will have many varying use cases beyond transfer and storage of value. Cross-chain asset transfer is a feature that will allow for, as the name suggests, the transfer of multiple assets across varying chains. This means a user will be able to send Bitcoin or Ethereum to Wanchain and be able to transfer those same assets back out or trade the different assets on the Wanchain network.
However, it’s vital that the cross-chain asset feature ensures transactions are not only secure but can be made private as well. Transaction privacy is important to blockchains because it allows different people to trade assets without that transaction being public. This is important because it helps to ensure that all parties involved in the transaction are safe and their digital assets are protected. Also, private transactions on a blockchain network mitigate the chance a user has of being targeted by potential malicious intentions by third-parties not associated with the transaction. Intra-chain connections function similar to Ethereum transactions but with the added features of privacy, accomplished via ring signatures, and one-time accounts.
Cross-chain transactions require that an asset is first registered on Wanchain, and they are completed usingmulti-party computing and secret sharing joint anchoring schemes. Additionally, blockchains developed on Wanchain will have the same cross-chain mechanisms and seamless integration embedded in the network by default. Moreover, cross-chain transaction privacy protection begins with the digital assets, such as Bitcoin and Ethereum, existing on their originating chain. When a transaction is initiated between two parties, both initiators of that transaction are first hidden across a collection of varying accounts with ring signature technology.
Because of this, transactions are not traceable back to the owners who were involved in the transaction. Also, Wanchain utilizes one-time accounts to further obfuscate the accounts corresponding to the original owners. This methodology allows for confidential transactions to take place cross-chain. In addition, it is important to understand the data flow that constitutes the cross-chain communication protocol. First, data is sent to the registration module which provides two separate functions, the first of which is to register the original chain participating in the transaction to generate a distinct ID through an algorithm to maintain the identity of the original chain. This is to ensure that no fraudulent chains can be registered on the network.
The second function registers the assets that are to be transferred. The second module is the cross-chain transaction data transmission module, and it provides three functions. First, the user makes a request to Wanchain, and that request is sent to and validated by the validator node in the network. If the validator node approves the transaction, the record of it is then sent back to the original chain so that the transfer-back process can be completed. The third module is the Transaction Status Query Module, and its main function is to query the status of a transfer-in transaction on the original chain back to Wanchain’s locked account as well as query the status of a transfer-out transaction from Wanchain’s locked account back to the original chain.
Overall, Wanchain’s vision is to manifest a new “Internet” of blockchain and help achieve the move from chains to internet. By doing so, Wanchain’s ecosystem will be founded upon thousands of interconnected chains in a system where value can move freely, thus assisting in the reshaping of the economic ecology. All of this can only be accomplished with an array of cryptographic features, such as multi-party computation, threshold secret sharing, ring signatures based off of elliptic curve cryptography, one-off generation mechanisms of accounts, immutable records, and most importantly, network decentralization.
Also, Wanchain is solving the problem of privacy protection of smart contract token transactions. All in all, Wanchain isn’t just simply a blockchain project working on solving one problem; it is focused on solving many of the problems facing blockchain technology. Therefore, Wanchain is a complete blockchain development platform with the function of cross-chain transactions that can also run independently in and of itself and contains a native token on the network. For those reasons, Wanchain needs its blockchain because it is working on solving the direct problems faced by blockchain technology today.
The native token on the Wanchain network is known as (WAN). It is integral to the network because all transactions, including cross-chain and intra-chain transactions, will consume a specific amount of (WAN) when they are executed. Additionally, (WAN) is used in cross-chain verification nodes as security deposits. Originally, (WAN) was launched on Ethereum as an ERC-20 token. However, Wanchain’s mainnet launched in late January of this year. All users were able to exchange their (WAN) ERC-20 tokens for native WAN tokens, classified at WRC-20 on the main chain, at a 1:1 ratio. This means that (WAN) is no longer compatible with ERC-20 wallet addresses and must be stored in WAN-specific wallets. Verification nodes will be incentivized to participate in the network because they will receive transaction fees as a security deposit from the corresponding shares. However, if the proof of transaction is found to be false, the deposit will be deducted from the account and the authority for the node will be revoked, creating an incentive mechanism for users to stake their shares with a trusted verification nodes, leading to system integrity and stability.
Currently, Wanchain isn’t in competition with other projects that are working to solve the same issues. Rather, they are allies and have formed an interoperability alliance. This alliance stems from the fact that companies involved realize it is more important to work together to tackle common industry goals. The main goal of The Interoperability Alliance is to collaborate on research on intra-chain transactions and communication. Furthermore, the alliance will develop common industry standards, and protocol architecture.
Jack Lu, Founder
Was a co-founder of Factom, a transparent business network built on blockchain technology.
Li Ni, Vice President
Marcos Cunha, Director of WanLabs America
Previously, Marcos led development teams in building technology for enterprise clients, worked on Wall Street at Goldman Sachs and various other Fortune 100 companies. Also, he served at Google as a Developers Expert for Growth. Currently, he is an advisor at various companies, as well as a mentor at Google’s Pioneer Accelerator.
Dynal Patel, Head of Development & Execution of Strategic Partnerships
Dan Reecer, Director of Global Marketing
Prior to working at Wanchain, Dan was a brand marketer at Eli Lilly & Co. and has worked on several multi-billion dollar brands in roles spanning the United States, such as global brand marketing, product pricing, and digital marketing technology.
Ying is a senior engineer from Huawei and has served as CAO and CTO of several companies. He was also a senior developer of Ethereum and has a deep understanding of and engineering experience with blockchain architecture, smart contracts, and consensus algorithms.
Albert Ching, Founder of i-Sprint
i-Sprint is a world class Solution Provider in Identity, Credentials and Access Management Solutions that enable individuals, organizations, and societies to build trust and identity assurance for powering huge productivity gain through digital identity and Identity of Things.
Loi Luu, CEO and Co-Founder of Kyber Network
Token Type: ERC-20
ICO Price: 1 WAN = 0.34 USD (0.00113636 ETH)
Initial market cap: $36,000,000 USD (122,000 ETH)
Originally (WAN) was in a strong uptrend and saw a high of ~0.0010745 (BTC) at the time of report it has fallen with the market down to a low of ~0.0003418 (BTC) almost ⅓ of it’s all time high.
Token circulation: Currently, 106,152,493 tokens are in circulation and a net supply of 210,000,000 WAN.
Exchanges: Binance, Huobi, and Kucoin.
News & Resources
Our community will be pleased to learn that Trezor hardware wallet now officially supports $WAN as part of our latest GUI wallet update. Please see this post for a guide and further details. https://t.co/Te0Bdss5h0
— Wanchain (@wanchain_org) July 18, 2018
Wanchain announces strategic alliance with Chainfund, whose vision is to disrupt the asset management market with blockchain technology and connect traditional investors with modern crypto investments. https://t.co/pnaBbh2e2D
— Wanchain (@wanchain_org) July 27, 2018
The #Wanchain ERC20 Tokens to Wanchain Mainnet Wancoins Swap will finalize in 3 days. The swap procedure will terminate on the 23rd of August. We will not accept any more swaps after this deadline.
— Wanchain (@wanchain_org) August 20, 2018
Wanchain is pleased to announce a new partnership with @KronosToken, a financial platform that allows the average investor to access elite trading strategies employed by traditional fund managers around the world.https://t.co/IUXaEOwm0G
— Wanchain (@wanchain_org) August 22, 2018