Sign in to your account
Forgot password?

OR

With an account in the social networks
- - - Earn up to $ 5 every 10 days for activity in the comments - - - Insurance! RCB! Promotions! More opportunities not to lose. Details in the section Promotions and Site Updates - - -
You do not have access
This functionality is available only for authorized users

About Wanchain

16/12/2018 09:00
« back

Wanchain cryptocurrency

Wanchain stands for the platform striving to become the first cryptocurrency bank, solving the issue of blockchain isolation. If everything goes well and Wanchain technical idea will be fully implemented it will increase at once the amount of useful financial applications and decrease crypto stock exchanges influence.
May  04, 2018 has been the date of historical maximum during which Wanchain cryptocurrenсy rose in price till the level of 9,82 $. After this, the crypto went to downtrend and has been traded on the level of 0,6-1,5 $ from August till October 2018. We consider Wanchain to be underestimated project the price of which can rise till the level of 30-50 USD.
Let’s check the structure of Wanchain ecosystem and try to guess its practical value. After studying this material you will have enough information to get the common idea about this project. Be sure to assess the risks and check additional material at Wanchain official website in case if you decide to make investment.

Official website home page

Project idea

New cryptocurrencies aimed at the solution of various users tasks keep appearing in the world:

  • Bitcoin is responsible for safe money transactions;
  • Ethereum can transfer money, form smart contracts and create software shell for blockchain applications development;
  • Monero has the possibility to create one time addresses and circle signatures, which will turn payment into an anonymous money transfer.
  • Other popular cryptocurrencies offer own innovational developments and form own financial network.

All cryptocurrencies have two issues; they have limited functionality and can’t borrow the lacking functional from other projects. For example, in case if you own Ethereum you will not manage to conduct hidden payment. You would need anonymous cryptocurrency you would need to buy though crypto stock exchange. You will not manage to use another crypto blockchain for nothing.

The Wanchain is the way to cope with the limited functionality of each specific cryptocurrency. Wanchain acts as cryptocurrency bank the only place, where each person can use all available financial services.

Brief presentation video. Wanchain developers have decided to develop multifunctional eco-system extending beyond the frames of money transfers between users. Wanchain supposes all financial services in one place. It is the place uniting physical and digital assets and enabling their interaction with other blockchains.

Architecture

Wanchain business model is designed for the provision of various services spectrum:  you can contact other blockchains conduct open and closed transactions, create blockchain application, get rewards for network maintenance support.  All this became possible at the account of the interior structure consists of cross-chains, smart-contracts, software shell for blockchain developments, encryption center and Proof of Concept consensus model.
Cross-chain. It supposes the capacity of one blockchain to interact to another blockchain without intermediaries. Wanchain stands for the platform which plans to provide the connection of Bitcoin and Ethereum blockchains. Here is an example of how it might work:

  • User №1 has Bitcoin wallet.
  • User №2 has Ethereum wallet.

If both users connect to Wanchain platform they will be able to conduct any final transactions without a crypto stock exchange.

In future, Wanchain will enlarge blockchains list and insert less popular cryptocurrencies there. The more refined financial system will appear once it will be done.

Smart contracts. Wanchain smart contracts stand for instrument inside Wanchain network which will control all transactions conducted in frames of cross-chain between various blockchains. Such a policy will remove fraud and disputes between process participants.

Blockchain developments network. Wanchain platform enables the option to design various decentralized stock exchanges, ICO platforms and various instruments for assets management. Users can create virtual window via which they can exchange assets, provide loans and accept payments in other cryptocurrencies. While all decentralized applications developed on the basis Ethereum for ERC20 token can operate at Wanchain platform.

Encryption center. Wanchain network supports specialized mode the connection of which enables to hide all conducted transactions. It can be done at the account of one time addresses and circle signatures meaning the technologies built into anonymous cryptocurrencies blockchain.

Proof of Concept consensus model. Proof of Concept supposes business model with the same meaning. It goes about the way at the account of which the Wanchain network can normally function and support its operational status. Proof of Concept  model supposes the involvement of three types of participants:

  • Vouchers will conduct the verification of all network transactions.
  • Validators will move all completed transactions to the blockchain.
  • Storemen - these people should be always online and provide access to private keys.

Users are interested that Proof of Concept model to function and provide network high operability. They have rewarded in Wanchain cryptocurrency for this.

Wanchain project architecture combines bank and full-scale platform for blockchain developments in one place.

Sphere of application

Ready Wanchain architecture can perform the functions of full-scale cryptocurrency bank. Let’s review some principal options which will become available for all network users.
Loans and deposits. Wanchain will have a specific mechanism allowing to provide and get loans. Let’s say one user needs money for the launch of new blockchain application. He enters Wanchain network and creates smart-contract for funds obtaining. Smart-contract stipulates all important conditions:  loan sum and term, percentage, payments schedule and other important moments.
The same principle will apply for the mechanism of deposit provision and getting the reward for cryptocurrency storage at specific accounts. Such interaction will cause the formation of a new financial system with a lot of advantages in comparison to centralized banks. Parties will get the possibility to move their capital more quickly, earn more and save assets from sudden threats.
Payments. Paypal, VISA and other similar services exist for transactions conducting. They are convenient for one-time payments and transactions between network users. For example, in case you make online purchases and pay them with VISA.
If the payments are numerous and should pass via various payment gateways lot of difficulties arise: commissions, delays, and other unforeseen circumstances. Wanchain platform plans launching multicurrency wallet, which unites cryptocurrency and fiat, decreases commissions and simplify the entire procedure of digital transactions.
Currencies conversions. Now the exchange rate is regulated by the intermediaries or decentralized exchanges. Wanchain offers parties independent regulation of deal conditions via smart-contracts:
●    required currency is integrated with Wanchain.
●    parties open smart-contract and stipulate their own exchange rate.
●    conduct the transaction and set additional conditions in case of necessity.
Wanchain smart-contracts help parties to regulate exchange rate, protect themselves from system failures and not to overpay for conversion services.
ICO organization. Due to technical specific traits most modern ICO start-ups are being developed at Ethereum platform. That is why ETH is mentioned in most crowdfunding smart-contracts as the main payment method. Such way is inconvenient for modern investors who know blockchain technologies quite good.  Wanchain platform offers the organization of multi-currency smart contracts, allowing to accept payments in any available cryptocurrencies.

Roadmap

2016. Everything has been started from theory researches during which the cryptographers tried to access the viability of development of the cross-chain platform for the interaction of non-connected blockchains. As soon as the theory got proofs the authors have announced about the idea of launching first cryptocurrency bank on the blockchain. The bank has got the title “Wanchain”. Afterward, the process of development has been started, the architecture design has been created and the model of Proof of Concept consensus model has appeared.
2017. In the first half of this year, the Wanchain team has formed White Paper, Yellow Paper, Commercial White Paper and other technical documentation for investors.  In September of the same year, the project team has organized an ICO during which the Wahcnhain team wanted to attract 120000 ETH. Everything has passed on a high level, the required sum has been collected for 12 minutes and more than 100 millions of Wanchain tokens has been entered into circulation. After funds collection, the developments have been started and the platform beta-version became ready.
2018. For the design of Wanchain the developers used Ethereum source code. Initially, Wanchain network existed as Ethereum fork and supported ERC20 tokens. In January everything has been changed: the beta version has been replaced for the first working version of Wanchain 1.0. Wanchain 1.0 use WAN tokens instead ERC 20 tokens, which are being traded at Binance crypto stock exchange.
June has been marked by the issuance of network second version 一 Wanchain 2.0. It is characterized by the multi-currency wallet and full integration with Ethereum cryptocurrency. If there is no deviation from roadmap plans in December 2018 it will be fully integrated with Bitcoin and third version of the network Wanchain 3.0.

Official presentational reel of Wanchain 2.0. network

2019. The fourth version of network Wanchain 4.0 should appear by December.

It will be a completely operable product capable to perform the functions of cryptocurrency bank. The options of Wanchain 4.0 will be limited only by the amounts of blockchains, connected to the network.

It is not understandable what will happen with Wanchain after 2019. The main question is about the list of blockchains with which cross-chain connection will be made. For now, it goes about ETH and BTC.

Team

Jack Lu, the founder. He specializes at the development of blockchain applications and organization of business processes. He is the technical director of Wanchain project. In 2014 he has been acting as the co-founder of Factom project: he helped to organize ICO, attract 2279 BTC and bring project to the TOP-100 on the amount of capitalization.
Dustin Baington, the co-founder. Acts as the president of Wancain project. Earlier he has participated at the launching of the following projects: Bitcoin College, Tendermint, Stokens Venture and Satoshi Talent. Many years of experience in the sphere of IT developments and blockchain.
Zayne Lan, the scientific supervisor. He specializes in the development of cryptography algorithms, computational equipment, and security. He has been doing engineering researches for 20 years and re-qualified to the industry of blockchain developments since 2015.
Leading engineer Roger Chang.  He specializes at data processing, architecture design, the operation of parallel services and technologies of information processing by means of one-time addresses method. The former employer of Talking Data, Huawei and other technology companies.  
In 2018 Wanchain team consists of 25 permanent employees. The advisors and specialists from other spheres are invited for complex tasks solutions. You can check all team members at «Wanchain Team» section.

WAN coins characteristics

WAN stands for an interior calculation unit of Wanchain platform, which has been firstly added to crypto stock exchange at the initial price of 4,25 USD per unit. During ICO the price of one ETH made 750 WAN. It means that the price of 1 WAN made 0,34 USD.
Besides interior payments, WAN cryptocurrency will act as depositary bail during the conducting of cross-chain transactions, when ETH, BTC and other cryptocurrencies will be exchanged via Wanchain network.  
At the beginning of 2018 WAN cryptocurrency could have been mined via Proof-of-Work algorithm.  For this, the Wanchain team has provided 10% of the overall amount of coins. In October 2018 such way of mining has stopped to be supported and WAN cryptocurrency can be obtained via two ways:

  • purchase at cryptocurrency stock exchange.
  • become the participant of Proof of Concept meaning to support the network and obtain rewards in form of WAN cryptocurrency.

WAN cryptocurrency chart

Conclusion

Overall Impression. Wanchain platform stands for cryptocurrency project aiming to become the first large-scale cryptocurrency bank designed on the blockchain. If to compare it to the traditional bank we can mention Tinkoff Bank as both projects do not have actual departments but enable users to use all services online. It goes about the viable idea which can be developed in the future.
As the amount of new blockchains is constantly growing the question of its efficient interaction arises.  The Wanchain platform offers the ready solution, which will allow linking the blockchains of two main currencies: BTC and ETH. In future the integration will continue and Wanchain network will be connected to the blockchains of other projects.
Price forecast. Wanchain has already integrated Ethereum into its platform and plans setting cooperation with Bitcoin by the end of 2018. If roadmap does not change and the launching of the third version turns out to be successful, WAN coin can increase in price till the level of 3-5 USD.
Next important event has been planned for December 2019. By this moment Wanchain project should turn into a completely workable product capable to perform all announced functions. In the case of no deviations from the plan, the price of WAN cryptocurrency should rise by 30-50 $.
Recommendations on investment. In 2018 Wanchain does not have a long-term roadmap but the project team has preliminary warned that other blockchains will follow the integration of Wanchain with BTC and ETH. It means that investors can review Wanchain from the point of view of long-term investment and do not sell coins by the year 2030-2050.
We recommend disposing to Wanchain around 10%  of cryptocurrency portfolio. We recommend leaving 5% of coins by 2020 as it will be the period of strong rise trend. The remaining 5%  can be left for long-term perspective if Wanchain manages to conduct quality development of cross-chain networks and will become full-scale blockchain bank. In such case, WAN can strongly grow in price and compare to top cryptocurrencies.
Risks warning. In 2018 Wanchain looks quite profitable and perspective start-up the team of which does not deviate from the stipulated roadmap. Everything can change any moment. That is why we recommend doing independent and thorough research of the cryptocurrency you like and work with free capital only. Avoid risks in case you have doubts.

Advantages and disadvantages of Wanchain project

Advantages
Disadvantages
The project has various perspectives and a wide sphere of application: money transfers, multi-currency payments, loans provision, currencies conversion, ICO organization, and privacy mode.The idea of cryptocurrency bank on blockchain is simultaneously reviewed by several Chinese start-ups. If Wanchain team will deviate from the schedule the users can come to competitors and WAN coins lose their popularity.
Despite the high level of competitorship, Wanchain has become the first one who solved the task of ready product making. Cross-chains stand for new technology developed by other startups on the level of idea or testings.
Wanchain has copied the main issues of Ethereum platform: scalability and low transactions speed. Blockchain architecture redesign is needed to solve these issues. It can’t be done without qualified teams and significant financial investments. If Wanchain decides to avoid themselves from improvements, this network will become useless by the year 2025-2030.  
Wanchain project has a strong team with detailed road-map and required resources for its timely implementation. All leading specialists have earlier participated in the launching of successful start-ups.
If state authorities will announce global ban of cryptocurrencies or will support only the coins like Ripple there will be no necessity in WAN coin and its price will drop to zero.

The world of cryptocurrency is constantly developing and brings something new, so stay with us and remember to subscribe to our pages in FacebookTelegram news feed channel and YouTube channel to stay in touch about all updates of cryptocurrency world!

insert_chart Please, rate this post
starstarstarstarstar_border

insert_chartExact value 4.00
supervisor_accountUsers count 1
Your rate
OK


Comments:
write comment
No comments

Only registered users can post comments

Bold orange in the comments users are the official representatives of the services. List of representatives
Privacy policy|Buy banner place|BCM editors team|Site map|Feedback|Contacts

Telegram chat:

contests with prizes, 100% insurance during investment, experience exchange, recommendations - join chat

Press this button to close the window
  • 1 hour {{ v.current/v.v_1h | percent }}
  • 24 hours {{ v.current/v.v_24h | percent }}
  • 7 days {{ v.current/v.v_7d | percent }}
{{k}}
{{v.current/v.v_24h | percent}}
{{ v.current | currency }}