Key metricsKey metrics
PricePrice$0.2444
Asset TypeAsset TypeCryptocurrency
StructureStructureFoundation
Project StatusProject StatusMVP
OwnershipOwnershipFree
SectorSectorInteroperability
IndustryIndustryBlockchain
FoundedFounded3-Oct-2017
Funds raisedFunds raised36M
CountryCountryChina
Key personKey personJack Lu

Wanchain (WAN) Information{coin_name} ({symbol}) Information

Cross-chain transactions with Bitcoin, Ethereum and ERC20 tokens.

Wanchain aims to build a super financial market of digital assets. It is an infrastructure connecting different digital assets with Private Cross-Chain Smart Contracts. WAN Chain aims to set up a super financial market of digital assets. It is an infrastructure connecting different digital assets. With this infrastructure, the financial services based on different digital assets can be carried out in a distributive mode, finally forming the financial market composed of different business providers, different application developers and different clients.

OrganizationsOrganizations

Wanchain Foundation LTD

Company NumberCompany Number UEN : 201721311H
22 North Canal Road, #02-00, Singapore, 048834

Questions and AnswersQuestions and Answers

What exactly does Wanchain do?
Wanchain is implementing cross-chain transfers of assets by setting up connections between the accounts of different blockchains and providing a framework for financial applications based on digital currency and digital assets. Wanchain is not just a cross-chain platform, performing cross-chain transactions and interconnections between multiple assets, it is also a blockchain network that can operate independently. It includes native coins, supports intelligent contracts and owns the privacy protection mechanism for transactions.
What do the key traits distinguish you from your competitors?
Some consider that the cross-chain related projects are all our competitors. In fact, we are more cooperative rather than competitive (See https://medium.com/helloiconworld/blockchain-interoperability-alliance-icon-x-aion-x-wanchain-8aeaafb3ebdd for further details about the Interoperability Alliance). Wanchain would like to rebuild a financial infrastructure with three key characteristics: cross-chain + privacy protection & smart contract, which means that the assets from the other chains can be moved to Wanchain and be created cross-chain smart contract with privacy protection. This is unique. Frankly, there isn’t any other existing project that can cover the total three characteristics. Wanchain 1.0 is live with the explorer, wallet, native coins, smart contract functionality and privacy protection.
How is Wanchain's cross-chain trading different from atomic swaps?
For the atomic swaps, you must implement and modify the original chain. The parties involved in this atomic swap must go through many procedures. It is very difficult to build a decentralized exchange or any advanced applications on top of atomic swaps, so the user experience is not so good. For Wanchain, users can move assets to this platform and have those “proxy tokens” transferred within the platform much faster than the current state of atomic swaps (HTLC protocol). Once the applications are on the Wanchain, we can create complicated cross-chain transactions with the use of Wanchain smart-contracts. Atomic swaps cannot do that.
How is Wanchain treating scalability?
Scalability and performance are the big challenges for the whole space. Communities, including Ethereum community are looking at many solutions. We will keep close with those projects in the communities whilst also having a dedicated team researching about the best practices. We are also partnering with several of the top research institutions in the world to have them research into scalability and offer commits to our code. These partnerships will be revealed in the coming months. Stay tuned!
How do you plan to scale to meet the transaction requirements of the global financial system?
The global financial system is a huge and complicated system. There isn’t any existing system that can cover every aspect. Our development team is in continuous progress. Along with the development of blockchain technology, traditional financial systems will gradually embrace this new technology. So, what we think the most important thing at this moment is not the throughput itself but the use of blockchain on real application scenarios.
Wanchain will feature masternodes: cross-chain transaction proof nodes (vouchers), locked account management nodes (storemen), and general verification nodes (validators). Could you please elaborate a bit on their roles?
The verification nodes on Wanchain are divided into three categories: Cross-chain transaction proof nodes (Vouchers), locked account management nodes (Storemen) and general verification nodes (Validators). Vouchers are used to provide proof of transactions between the original account and the locked account. A Voucher is required to pay a certain security deposit. The higher the deposit, the greater chance the proof if provides will be adopted. If the proof is found to be false, the security deposit will be deducted from the holding account and the authorization of the Voucher is revoked. The Storeman, upon receiving a notice, is responsible for computing the signature shares according to its own part of the key and merging the signatures parts into a complete signature for the lock account. When this is done, operations related to the locked account are performed. The Validator informs the Storeman of operational actions related to the locked account and complete the record of operations on the Wanchain whenever a transaction proof reaches a consensus.
How is Wanchain's marketing expansion and community development?
Wanchain really focuses on this. We reserved some tokens for marketing, business development. We use these tokens for our bounty system for people around the world to support, give presentations and expand the overall Wanchain presence globally. We have a vibrant group of community managers from across the world. Our main offices are in Beijing and Austin, but also have a big presence outside of these regions. All our community managers are really the key points of interface to the community. So, if anyone who is interested in and really wants to participate in this, feel free to contact us, and we would love to help and support you growing the ecosystem of Wanchain and share our vision of the world.
What kinds of partnerships will Wanchain establish?
We have the interoperability alliance which we announced late last year as well as the KyberNetwork and recent Austin Blockchain Collective. During the mainnet launch, we went through that how Wanchain plans to rebuild the financial industry and what technological and business partnerships are going to be built coming months. More details will follow in the coming months about the Wanchain Ecosystem and the Wanchain strategy moving forward.
Could you please first share with us a little basic background, what are the basic concepts behind cross chain technology? What are the core problems which are solved with cross-chain? In your opinion, what is the biggest challenge of implementing cross chain to achieve value transfer between different chains?
Actually, this question is quite big. Let me break it down into three smaller parts: 1. First, what is the meaning of “cross-chain”? In China, we like to use the word “cross-chain”, the term “interoperability” is used more frequently in foreign countries. Interoperability is also one of the important technologies identified by Vitalik for the development of a future blockchain ecosystem mentioned in the Ethereum white paper. So cross-chain is basically the concept of interoperability between chains. 2. The core problem solved by cross chain is that of “multi-ledger” synchronous accounting In essence, blockchain is a distributed bookkeeping technique, also known as distributed ledger technology. Tokens are the core units of account on each chain, there currently exist many different chains, each with their own token. Of especial importance is the way in which each ledger uses tokens to interact with each other for the purpose of clearing settlements. 3. The core purpose of the cross-chain technology is as one of the key infrastructures of the future economy based on digital currencies. Cross chain technology is one of the foundational technological infrastructures that is necessary for the large scale application of blockchain technology.
As we all know, there are many different kinds of cross-chain technologies. Please give us a brief introduction to several popular cross-chain technologies on the market, and the characteristics of each of these technologies
Before answering this question, it is very important to share two important concepts with our friends: heterogeneity and homogeneity, and centralization and decentralization. These two points are especially important for understanding various cross-chain technologies, because there are many different technologies and terminologies, and these are some of the foundational concepts needed for understanding them. There are also two core challenges which must be overcome to implement cross-chain: Combining the above two points, we look at the exploration of some solutions in the industry and the design concepts of other cross-chain projects. First I’d like to discuss the Relay solution. However the Relay solution must consume a relatively large amount of gas to read the BTC header. Another downside is that, as we all know, Bitcoin’s blocks are relatively slow, so the time to wait for verification will be long, it usually takes about 10 minutes to wait for one block to confirm, and the best practice is to wait for 6 blocks. The next concept is the idea of Sidechains.
As mentioned in the white paper, Wanchain is a general ledger based on Ethereum, with the goal of building a distributed digital asset financial infrastructure. There are a few questions related to this. How do you solve Ethereum’s scaling problem? How does it compare with Ripple, which is aiming to be the standard trading protocol that is common to all major banks around the world? As a basic potential fundamental financial infrastructure, what makes Wanchain stand out?
This question is actually composed of two small questions. Let me answer the first one first. 1. Considerations about TPS. First of all, Wanchain is not developed on Ethereum. Instead, it draws on some of Ethereum’s code and excellent smart contracts and virtual machine EVM and other mature technical solutions to build the mainnet of Wanchain. The TPS of Ethereum is not high at this stage, which is limited by various factors such as the POW consensus mechanism. However, this point also in part is due to the characteristics of Ethereum’s very distributed and decentralized features. Therefore, in order to improve TPS, Wanchain stated in its whitepaper that it will launch its own POS consensus, thus partially solving the performance issues related to TPS. Wanchain’s POS is completely different from the POS mechanism of Ethereum 2.0 Casper. Of course, at the same time, we are also paying close attention to many good proposals from the Ethereum community, such as sharding, state channels, side chains, and the Raiden network. Since blockchain exists in the world of open source, we can of course learn from other technological breakthroughs and use our own POS to further improve TPS. If we have some time at the end, I’d love to share some points about Wanchain’s POS mechanism. 2. Concerning, Ripple, it is completely different from what Wanchain hopes to do. Ripple is focused on exchanges between different fiat pairs, the sharing of data between banks and financial institutions, as a clearing and settlement system, and also for the application of DLT, for example the Notary agent mechanism. Wanchain is focused on different use cases, it is to act as a bridge between different tokens and tokens, and between assets and tokens. For various cross-chain applications it is necessary to consume WAN as a gas fee to pay out to nodes. So it seems that the purpose Ripple and Wanchain serve are quite different. Of course, there are notary witnesses in the cross-chain mechanism, that is, everyone must trust the middleman. Ripple mainly serves financial clients, banks, so essentially everyone’s trust is already there.
What kind of consensus mechanism is currently used by Wanchain? In addition, what is the consensus and incentive mechanism for cross-chain transactions, and what is the purpose of doing so? And Wanchain will support cross-chain transactions (such as BTC, ETH) on mainstream public chains, asset cross-chain transactions between the alliance chains, and cross-chain transactions between the public and alliance chains, how can you achieve asset cross-chain security and privacy?
It is now PPOW (Permissioned Proof of Work), in order to ensure the reliability of the nodes before the cross-chain protocol design is completed, and to prepare to switch to POS (as according to the Whitepaper roadmap). The cross-chain consensus has been mentioned above, with the participation of a small consensus (at least 16 nodes) in a set of 21 Storeman nodes through sMPC and threshold secret sharing. In addition, the incentive is achieved through two aspects: 1) 100% of the cross chain transaction fee is used to reward the Storeman node; 2) Wanchain has set aside a portion of their total token reserve as an incentive mechanism for encouraging Storeman nodes in case of small cross-chain transaction volume in the beginning. It can be revealed that Storeman participation is opening gradually and will become completely distributed and decentralized in batches. The first phase of the Storeman node participation and rewards program is to be launched at the end of 2018. It is expected that the selection of participants will be completed within one quarter. Please pay attention to our official announcements this month. In addition, for public chains, consortium chains, and private chains, asset transfer will also follow the cross-chain mechanism mentioned above, and generally follow the sMPC and threshold integration technology to ensure cross-chain security. When it comes to privacy, this topic will be bigger. Going back to the Wanchain Whitepaper, we have provided privacy protection on Wanchain mainnet. Simply put, the principle is using ring signatures. The basic idea is that it mixes the original address with many other addresses to ensure privacy. We also use one-time address. In this mechanism a stamp system is used that generates a one-time address from a common address. This has been implemented since our 2.0 release. But now only the privacy protection of native WAN transactions can be provided. The protection of cross-chain privacy and user experience will also be one of the important tasks for us in 2019.
At present, Wanchain uses Storeman as a cross-chain trading node. Can you introduce the Storeman mechanism and how to protect these nodes?
Let me one problem from two aspects. 1) As I introduced before in my explanation of sMPC, the Storeman node never holds the user’s private key, but only calculates the transaction in an anonymous and secure state, and the technology prevents the Storeman nodes from colluding. 2) Even after technical guarantees, we also designed a “double protection” against the risk from an economic point of view, that is, each node participating as a Storeman needs to pledge WAN in the contract as a “stake”. The pledge of WAN will be greater than the amount of any single transaction as a guarantee against loss of funds. If the node is malicious (even if it is a probability of one in a billion), the community will be compensated for the loss caused by the malicious node by confiscation of the staked WAN. This is like the POS mechanism used by ETH, using staking to prevent bad behavior is a common principle.
On December 12th, the mainnet of Wanchain 3.0 was launched. Wanchain 3.0 opened cross-chain transactions between Bitcoin, Ethereum and ERC20 (such as MakerDao’s stable currency DAI and MKR). What does this version mean for you and the industry? This upgrade of cross-chain with Bitcoin is the biggest bright spot. So, if now you are able to use Wanchain to make transactions between what is the difference between tokens, then what is the difference between a cross chain platform like Wanchain and cryptocurrency exchanges?
The release of 3.0 is the industry’s first major network which has crossed ETH and BTC, and it has been very stable so far. As mentioned above, many cross-chain, password-protected theoretical designs are very distinctive, but for engineering implementation, the whether or not it can can be achieved is a big question mark. Therefore, this time Wanchain is the first network launched in the world to achieve this. Users are welcome to test and attack. This also means that Wanchain has connected the two most difficult and most challenging public networks. We are confident we will soon be connecting other well-known public chains. At the same time of the release of 3.0, we also introduced cross chain integration with other ERC20 tokens in the 2.X version, such as MakerDao’s DAI, MKR, LRC, etc., which also means that more tokens of excellent projects on Ethereum will also gradually be integrated with Wanchain. Some people will be curious, since Wanchain has crossed so many well-known public chains/projects; how is it different with crypto exchanges? In fact, it is very simple, one centralized; one distributed. Back to the white paper of Nakamoto, is not decentralization the original intention of blockchain? So what Wanchain has to do is essentially to solve the bottom layer of the blockchain, one of the core technical difficulties. Anyone trying to create a DEX (decentralized exchange); digital lending and other application scenarios can base their application on Wanchain. There is a Wanchain based DEX prototype made by our community members Jeremiah and Harry, which quite amazing. Take a look at this video below.
What are the specific application use cases after the launch of Wanchain 3.0? Most are still exploring small-scale projects. According to your experience, what are the killer blockchain applications of the future? What problems need to be solved during this period? How many years does it take?
1) Wanchain is just a technology platform rather than positioning itself as an application provider; that is, Wanchain will continue to support the community, and the projects which use cross-chain technology to promote a wide range of use cases for Wanchain. 2) Cross-chain applications that we anticipate include things like: decentralized exchanges, digital lending, cross chain games, social networking dAPPs, gambling, etc. We also expect to see applications using non fungible tokens, for example exchange of real assets, STOs, etc. 3) We recently proposed the WanDAPP solution. Simply speaking, a game developer for example has been developing on Ethereum, and ERC20 tokens have been issued, but they hope to expand the player base of their games to attract more people. To participate and make full use of their DAPP, you can consider using the WanDAPP solution to deploy the game DAPP on other common platforms, such as EOS, TRON, etc., but you don’t have to issue new tokens on these chains or use the previous ERC20 tokens. In this way the potential user population of the game can be increased greatly without issuing more tokens on a new chain, improving the real value of the original token. This is accomplished completely using the cross-chain mechanism of Wanchain. 4) For large-scale applications, the infrastructure of the blockchain is not yet complete, there are issues which must first be dealt with such as TPS, sharding, sidechains, state channels, etc. These all must be solved for the large-scale application of blockchain applications. I don’t dare to guess when it will be completed, it depends on the progress of various different technical projects. In short, industry practitioners and enthusiasts need a little faith and patience.
Will Wanchain be developing any more cross chain products aimed at general users? For example will the wallet be developed to make automatic cross chain transfers with other public chains? Another issue the community is concerned about is the currency issuance. Currently there are more than 100 million WAN circulating, what about the rest, when will it be released?
As a cross-chain public chain, we are not biased towards professional developers or ordinary developers, and they are all the same. As mentioned above, we provide a platform as infrastructure, and everyone is free to develop applications on us. For example, if it is a decentralized exchange, it must be for ordinary users to trade on; if it is some kind of financial derivatives product, it is more likely to be used by finance professionals. As for cross-chain wallets which automatically exchange, I’m not sure if you are talking about distributed exchanges, the wallet will not be “automatic” at first, but you can “automatically” redeem other tokens. Finally, the remaining WAN tokens are strictly in accordance with the plan laid out in the whitepaper. For example, the POS node reward mentioned above will give 10% of the total amount for reward. At the same time, for the community, there are also rewards for the bounty program. The prototype of the DEX that I just saw is a masterpiece of the overseas community developers, and also received tokens from our incentive program.
There are many projects in the market to solve cross-chain problems, such as: Cosmos, Polkadot, what are Wanchain’s advantages and innovations relative to these projects?
As I mentioned earlier, Cosmos and pPolkadot all proposed very good solutions in theory. Compared with Wanchain, I don’t think that we have created anything particularly unique in our theory. The theoretical basis for our work is cryptography, which is derived from the academic foundation of scholars such as Yao Zhizhi and Silvio Micali. Our main strong point is that we have taken theory and put it into practice.. Actually, the reason why people often question whether a blockchain project can be realized or not is because the whitepapers are often too ambitious. Then when they actually start developing there are constant delays and setbacks. So for us, we focus on completing our very solid and realizable engineering goals. As for other projects, we hope to continue to learn from each other in this space.
How did you come to decide on 21 storeman nodes?
As for the nodes we won’t make choices based on quantity alone. The S in the POS actually also includes the time the tokens are staked, so that even if a user is staking less tokens, the amount of time they stake them for will also be used to calculate the award, so that is more fair. We designed the ULS (Unique Leader Selection) algorithm in order to reduce the reliance on the assumption of corruption delay (Cardano’s POS theory). which is used for ensuring fairness to ensure that all participants in the system can have a share of the reward, not only few large token holders.
Many big exchanges have already begun to deploy decentralized exchanges. For example, Binance, and it seems that the progress is very fast. Will we be working with these influential exchanges in the future? We we have the opportunity to cooperate with them and broaden our own influence?
I also have seen some other exchange’s DEX. Going back the original point, distributed cross-chain nodes and centralized ones are completely different. I’m guessing that most exchanges use a centralized cross-chain solution, so it may not be the same as the 21 member Storeman group of Wanchain, but I think that most exchanges will likely be using their own token and exchange system. This is my personal understanding. But then, if you are developing cross chain technology, you will cooperate with many exchanges that want to do a DEX. Not only Binance, but also Huobi, Bithumb, Coinbase… And if there is anyone else who would like to cooperate we welcome them!
Dai as the first stable chain of Wanchain will open a direct trading channel between Dai and BTC. In relation to the Dai integration, has any new progress has been made on Wanchain so far?
DAI’s stable currency has already been integrated on Wanchain. I just saw it yesterday, let me give you a picture. It’s on the current 3.0 browser, https://www.wanscan.org/, you can take a look at it yourself. This means that users with DAI are now free to trade for BTC, or ETH or some erc20 tokens. There is also a link to the Chainlink, and LRC is Loopring, so basically there are quite a few excellent project tokens. You may use the Wanchain to trade yourself, but since the DEX is not currently open, currently you can only trade with friends you know.

TechnicalTechnical

Key metricsKey metrics

Source Code Repositories

wanchain/go-wanchain 263 Stars 27 Contributers 0 Open Issues

Wanchain Client Source Code

EconomicsEconomics

Tradeable CoinsTradeable Coins
106,152,493 (51% of total) ({tradeable_of_total} of total)

Exchange Markets

ExchangeExchange MarketMarket PricePrice DiffDiff Volume 24hVolume 24h SpreadSpread Spread $1kSpread $1k
Binance WAN/BTC $0.2443 -0.03% $1,230,128 0.48% 0.95%
Binance WAN/ETH $0.2442 -0.07% $153,295 0.43% 4%
Binance WAN/BNB $0.2471 1.1% $39,509 0.6% 5.2%

Latest Wanchain NewsLatest Wanchain News

Wanchain DeFi 🌐 on Twitter

Get started on building your @wanchain_org dapp today with this new tutorial series! Unlock the potential of cross-chain technology. If you're a project currently building on Ethereum, it's very easy to port over to Wanchain as it is a much-improved ETH fork.… https://t.co/LFGsSDNrmE

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Jack Lu | Wanchain on Twitter

Always a pleasure working with the @0xcert team. Check out the first in a series of Wanchain tutorials using the 0xcert framework!… https://t.co/f0CsMSclqb

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0xcert on Twitter

Build your #dapp on @wanchain_org! ????? Check our new tutorial series and develop a Wanchain-based dapp with the 0xcert Framework in just a few guided steps. Episode 1?: Run and prepare Wanchain test node https://t.co/M5toqkRyYf

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Wanchain on Twitter

Wanchain Africa has blown us away this week! They have already assembled a community of 80 people, and we're in the process of getting our first round of Meetups planned. Join our Wanchain Africa telegram for discussion and events in the region! ?? https://t.co/ZuLR1ekv17

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Wanchain on Twitter

Tuesday, Aug 20th: Validators can begin setting up mainnet nodes over a two-week setup period. Aug 20 to Sep 3 (2 weeks): Users are encouraged to Delegate their WAN to the Validators of choice before Sep 3rd. Tuesday, September 3rd: Proof of Stake is officially enabled

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Wanchain on Twitter

WAN Staking and four new products launch on mainnet in exactly ???two weeks???. Who is ready? https://t.co/0YRwYh7AGc…

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Wanchain on Twitter

Wanchain is thrilled to launch our Global Meetup Program to support our community's efforts in hosting in-person Wanchain events around the world. Apply to host a Meetup in your country! More details here: https://t.co/8GrnXdbk5Z

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Wanchain on Twitter

@laBITconf @BitcoinAR @labitcoineta @blockchainchile @BlockAcademyCL @BlokchainBrasil @blockdemy @blockchainhubmx @BlockColombia @Blockchain_Col @blockchainacaco @BitcoinUruguay @SummitUruguay @EmbassyPty

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Wanchain on Twitter

We are thrilled to have over 50 Global Ambassadors ready to join us on this new journey. Apply here to join this group of motivated individuals who will work to build and grow our online and offline communities globally. We'd love more Central/South American ?? applicants!… https://t.co/ww2QpAW8Wd

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Wanchain on Twitter

Alpha test claimed bounties list released. Check the list on Medium to make sure you've claimed your bounty. https://t.co/CHN0IaT6lA

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This information is provided AS IS and is not adviceThis information is provided AS IS and is not advice. May contain errors or omissions. Please always do your own research before trading.May contain errors or omissions. Please always do your own research before trading.
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