Quick Summary
- Wanchain is a distributed ledger enabling cross-chain transactions and multi-chain interoperability. Wanchain has a number of use cases in DEXs, lending & borrowing platforms, stablecoins and much more.
It’s been a long time since Bitcoin has been created, and then Ethereum came. Many new innovations are necessary in the midst of worldwide cryptocurrency adoption, and there is one project that is solving many issues, mainly interoperability.
That project is Wanchain. What is it? What are its benefits?? Let’s have a look!
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What’s Wanchain?
Wanchain is a distributed ledger that enables cross-chain transactions and multi-chain interoperability. Wanchain is a stand-alone blockchain that runs independently, even though it supports transactions across blockchains. The protocol functions as a distributed ledger that records and processes cross-chain transactions.
Wanchain transactions take place not only between public blockchains but also between private chains. Wanchain, as an Ethereum (ETH) fork, benefits from some of the Ethereum blockchain’s features. The protocol uses smart contracts to process applications in a secure and autonomous manner. Decentralized exchanges (DEXs), lending and borrowing platforms, stablecoins, crowdsourcing, and multi-currency payments and settlements are among Wanchain’s use cases.
The network is completely decentralized, with no need for a third-party custodian to manage or confirm transactions. Wanchain, unlike other cross-chain systems, does not rely on a third-party platform for transaction authentication. The locked account system secures and manages network accounts while preventing third-party meddling.
One of the most important benefits of Wanchain’s blockchain is that it’s fully EVM-compatible (Ethereum Virtual Machine), fast, and with low transaction fees. Wanchain bridges are the safest and most decentralized, and they are the only ones to create direct bridges between non-EVM and EVM layers 1 and layer 2.
Wanchain Crosschain Bridge Types
Direct Bridges
To conduct cross-chain transactions, direct bridges do not require middlemen or a relay network. Assets are moved straight from the source chain to the destination chain when shifting assets from one blockchain to another.
Layer 2 Bridges
Layer 2 bridges connect assets between Ethereum Layer 2 networks like Polygon and Arbitrum via decentralized liquidity pools. Assets don’t need to pass through the Layer 1 blockchain, thereby preserving the Layer 2 network’s high transaction throughput and considerably low gas fees.
NFT Bridges
The lock-mint-burn-unlock mechanism is used in NFT bridges. The original NFT is safely locked on the source chain before a duplicate is minted on the destination chain when transporting NFTs from one blockchain to another. In addition, NFT IDs and attributes are transferred.
Token Information (WAN)
Wanchain’s token (WAN) has been launched at the beginning of 2018 and it had a pretty successful start, however, the token’s price rapidly declined over time. WAN is down 95% from its top, making it a very undervalued project. There’s a max supply of 210,000,000 tokens with 92% of them in circulation.
The current market cap of WAN is around $93 million (at the time of writing) with a regular seven or eight-figure trading volume. WAN is listed on the most prominent exchanges in the world, such as Binance, Huobi, KuCoin, etc. Approximately 42,000 people have Wanchain on their watchlist according to coinmarketcap, so we think this token still has ways to go.
Conclusion
Bitcoin has been just a start. Since then, many new projects came with new and better solutions. Wanchain is among the most interesting cryptocurrency projects because of its interoperability and cross-chain solutions.
Wanchain is the #386 biggest cryptocurrency at the moment, however, if people begin to use the utilities of this project, the token could grow in value more than people could ever imagine. The only question left is, will Wanchain succeed? Only time will tell.
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sources: coinmarketcap, wanchain, medium
author: Rene Remsik
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
