What is Wanchain (WAN)?
Wanchain is a distributed registry that provides inter-network transactions and the interaction of multiple chains. While Wanchain facilitates transactions between blockchains, it is also a blockchain that operates autonomously. The protocol acts as a distributed registry that processes and maintains records of inter-network transactions.
Transactions on Wanchain occur not only between different public blockchains, but also between private chains. As a fork of Ethereum (ETH), Wanchain has some of the properties of the Ethereum blockchain. The protocol handles applications securely and autonomously using smart contracts. Wanchain's use cases include decentralized exchanges( DEX), lending and borrowing platforms, stablecoins, crowdfunding, multi-currency payments, and settlements.
The platform is completely decentralized and does not require the participation of a custodian to manage or confirm transactions. Unlike other cross-chain systems, Wanchain does not rely on a third-party platform to authenticate transactions. The blocked account mechanism is used to protect and manage accounts on the network, which eliminates the interference of third parties.
Who are the founders of Wanchain?
Wanchain was founded by Jack Lu in 2017 and is headquartered in Beijing, China, and Austin, Texas.
Jack Lu, the founder and CEO, is an entrepreneur and technical expert with an interest in blockchain. Prior to Wanchain, he was co-founder and CTO of Factom in 2014. Lu also founded Wanglutech, a blockchain protocol focused on data deposit certificates and digital assets.
Li Ni, Vice President of Operations, is a computer scientist with more than 15 years of experience in the technology industry. He also has experience in marketing, business development, and sales. He previously worked at ZTE, SuperMap Software, and Delta Electronics.
Weijia Zhang, Vice President of Engineering, is an engineer and research and development expert with expertise in areas such as software modeling, blockchain, and cognitive science. He was the chief software engineer at DELL for several years. Zhang has more than twenty claimed and issued technical patents.
What makes Wanchain unique?
Wanchain is trying to create a broader market for digital assets by establishing links between different autonomous chains. The platform was able to develop a series of applications using smart contracts, security systems, and its own coin (WAN).
Most inter-network transactions are carried out through third-party platforms. The uniqueness of Wanchain lies in its decentralization. The platform uses multi-party computing and secret-sharing threshold technology for offline account management.
The platform has three main cross-chain functions. One of these functions is the registration module. It also has a module for transmitting transaction data between chains and a module for requesting transaction status. These three components are involved in the full process of connection. Similar Wanchain projects include Ripple (XRP) and ICON (ICX).
How many Wanchain (WAN) coins are in circulation?
The platform's own token, WAN, is used in payments and chain management, and at the maximum offer of 100,000,000 WAN, 193,675,011 coins are in circulation.
At the moment, the WAN value is - 0.754897 USD, and with a daily trading volume of - 5,863,324 USD, the market capitalization is 146,204,685 USD.
How is the Wanchain network protected?
WAN is a fork of Ethereum and uses the PoS consensus. Wainchain issued ERC-20 WAN tokens to all ICO participants. When the main network was launched in 2018, the ERC-20 token was adapted for the Wanchain's own network.
Platform verification nodes are divided into vouchers (checking inter-network transactions), storekeepers (managing blocked accounts), and validators (performing regular checks). Nodes need to host a WAN before they can confirm transactions on the network. Blocked accounts are created with the help of cryptographic encryption.
- To own your crypto assets, you need to manage your own private keys.
- Ledger hardware wallets make private key management easy and secure.
- Each unique 24-word recovery phrase creates a new set of private keys.
- Make sure you secure your 24-word recovery phrase properly.