Wanchain is a decentralized platform that provides its users with bank services such as loan origination, credit payments, asset exchanges, and transaction settlements based on digital assets. To be more exact, Wanchain is a distributed financial market based on blockchain technologies, an alternative to traditional banking.
Today the number of digital assets and blockchains grows pretty fast, but an efficient and decentralized way to exchange values between them has not yet been found. Cryptocurrency users have to download a great number of wallets and depend on centralized exchanges to handle all their financial matters. This often involves risks and burdens.
Wanchain states its purpose to fix the problem of value transfers between various ledgers and blockchains. According to the project’s whitepaper, they strive to build a non-proprietary cross-chain protocol and a distributed ledger that records both cross-chain and intra-chain transactions.
With Wanchain, access to financial services will become easier and the costs will be reduced due to chains’ linking. Any person or organization can base its financial services on Wanchain. Wanchain defines three major groups of use cases of interconnection between different blockchain ledgers: decentralized exchanges, asset management tools and ICO (Initial Coin Offering) platforms.
At its start, Wanchain was an Ethereum-based generic ledger, but at the time of writing, it is already an independent separate blockchain with its own mainnet that went live on January 18, 2018.
The Cross-Chain Communication Protocol is a centerpiece that sets the performance of the entire Wanchain network. It provides the data transfer between other blockchains otherwise unconnected. There are three basic functional modules which enable the cross-chain communication protocol running. These are the registration module, the cross-chain transaction data transmission module and the transaction status query module.
The registration module registers the original chain and also keeps track of any asset transfer. The cross-chain transaction data transmission module provides the performance of the cross-chain transaction. The transaction status query module mainly performs as a monitoring tool for all cross-chain transactions.
Wan is the native utility token of Wanchain. WAN is used as security deposits for cross-chain transactions and activates tokenized transactions on the network.
The ICO started on October 4, 2017, and was completed in only 12 minutes helping the team reach its hard cap of 35.7 million USD. WAN tokens were initially offered as ERC-20 tokens to ICO participants, but then they were changed for tokens on the Wanchain mainnet via the token swap.
The total supply of WAN is 210 million. It is distributed in the following way: 51% of tokens were sold via ICO, 20% are dedicated to the project team, 19% are allocated to the foundation, and 10% are intended to be used for the network support.
WAN is not minable. It can be traded on some exchanges, such as Binance, Huobi, or Kucoin. Users may receive, send, and store WAN tokens with the help of the Wanchain official wallet. They may also use other wallets, such as Ledger Nano Wallet, Trezor, or Trust Wallet.
The Wanchain Foundation is a non-profit organization founded in 2017. Headquartered in Singapore, the Company has its offices in Beijing, China, London, UK, and Austin USA. Their remote employees work all around the world.
Jack Lu is the founder and CEO. He is also a co-founder of two other companies, Wanglu Tech and Factom with 20+ years of experience as a software engineer.
Li Ni is the VP of Business Development and Operations. Previously he worked for ZTE Telecom, Delta Electronics, and SuperMap Software, having 18+ years of experience in IT and Internet businesses.
Weijia Zhang is the VP of Engineering. He is also an EEA Regional Head of China at Enterprise Ethereum Alliance with extensive R&D knowledge and engineering experience in blockchain, cognitive sciences, mental modeling.
Wanchain is open to the partnership. In late 2017, Wanchain became a part of the Blockchain Interoperability Alliance (IOA). The Alliance is backed by ICON, Aion, and Wanchain, and it has a significant influence on the blockchain industry, promoting interconnectivity between the isolated blockchain networks.